Værdiansættelse SAS

Anders Thomsen

Student thesis: Diploma thesis


The goal of this paper is to determine the marked value of 1. SAS AB Stock on the Swedish stock exchange. I have used two different models to determine the value, the first is the multiple analyses and the second one is the DCF model. The two models support each other very good. In the first case I have used a peer-group to establish the parameter for the value setting, the peer-group consists of Lufthansa, British Airways and Norwegian Air. The result of this analysis shows that, the value of one SAS stock, is serious undervalued, and has to double its value compared to the other companies, in revenue, turnover and book value. Because the value is a very complex object to determine, I have also used the DCF model as well. Using a fundamental analysis, the result of this analysis shows almost the same result as the multiple analyses. But there is higher significance behind the DCF models results, because of the amount of data used. But when both models are giving the same results, that the stock is undervalued it count for something more and gives a higher confidence that the results is right. The undervaluation of the stock can be seen as a result of the risk which is present at the moment. That the company will go bankrupt. This danger is real, but compared to other companies, SAS is owned partly by Nordic 3 stats Denmark, Norway and Sweden. The past has showed that it can be an advanced to have them as owners, in cases that the company gets in to financial trouble. As they did in 2009 the government of the 3 stats supported them financially. Once the “going concern” problem is out of the equation, the conclusion will therefore be that the stock should be traded at a much higher price.

EducationsGraduate Diploma in Accounting and Financial Management, (Diploma Programme) Final Thesis
Publication date2011
Number of pages88