Værdiansættelse af Chr. Hansen

Morten Jager Rasmussen & Christian Hochstrasser

Student thesis: Master thesis


This thesis deals with a valuation of Chr. Hansen. Chr. Hansen is one of the world's leading bioscience companies and was founded in 1874 by pharmacist Christian D.A. Hansen. The company has 2,450 employees worldwide and has it’s headquarter in Hørsholm. Chr. Hansen is listed on NASDAQ OMX Copenhagen and presented in the latest annual report a turnover of EUR 699 million. Chr. Hansen is divided into three divisions, Cultures & Enzymes, Health & Nutrition and Natural Colors and is the market leader in all three divisions. The divisions are primarily engaged in the production of food cultures, probiotic, dairy enzymes and natural color solutions. This thesis contains a strategic analysis and a financial analysis which together form the basis for the budgeting. The strategic analysis consists of a PEST analysis and a Porters Five Forces. The strategic analysis is summarized in a SWOT-model. On the basis of budgeting, the value of Chr. Hansen is calculated by using two different fundamental methods, DCF and EVA. The value estimated on the basis of fundamental value methods are then compared to the value of Chr. Hansen calculated on the basis of a multiple analysis. Finally the sensitivity of the value of Chr. Hansen is examined by changing the value drivers, the weighted average cost of capital (WACC) and the growth rate (g). The value of Hansen in this thesis is estimated to DKK 201.0 per share and the stock price on 2 September 2013 was DKK 190.5. The conclusion of the thesis is that Chr. Hansen on 2 September 2013 was underestimated by DKK 10.5.

EducationsMSc in Finance and Accounting, (Graduate Programme) Final Thesis
Publication date2013
Number of pages133