Fundamentalanalyse og værdiansættelse af OW Bunker A/S

Patrick Søderholm De Bruin & Mark Wassmann

Student thesis: Diploma thesis


OW Bunker A/S was founded in 1953, and many decades later became one of the largest independent bunkering companies in the world. They operate in 29 different countries including some of the busiest and largest harbors throughout the whole world. The company went public on March 28, 2014 on the Copenhagen Stock Exchange and seven months later, they were declared bankrupt. The purpose of this thesis is to estimate the theoretical market value of OW Bunker A/S. We will for our strategic as well financial analysis, use the IPO prospectus, which is based on the annual report for 2013. The strategic analysis shows a strong positioned OW Bunker as one of the market leaders with a market share of 7 %, with a lot of potential to gain more. There are many opportunities for the Company, but there are also many threats. OW Bunker has shown that they can maintain a revenue growth rate about 20 %, which is high, compared to a market growth rate around 3-4 %. The financial analysis shows a high profitability. However, they are sensitive to changes in the oil prices. The low EBITDA-margin is mainly due to the focus and investment in key-employees within the organization and higher oil prices. Based on the strategic and the financial analysis, we have made some budget assumptions including expectations for the future. We have estimated a weighted average cost of capital (WACC) at 5,63 %, which is used to estimate an market value of tDKK 2.480.180 and a share price of DKK 71,97 per share.

EducationsGraduate Diploma in Accounting and Financial Management, (Diploma Programme) Final Thesis
Publication date2016
Number of pages95