Hartmann: Strategisk værdiansættelse af en turnaround virksomhed

Christian Hald Nielsen & Peter Fensholm

Student thesis: Master thesis


We began the thesis with the specific question "What is the fair value of the shares of Brødrene Hartmann A/S. The question was motivated by the particular challenges associated with the valuation of turnaround companies. Furthermore, we were curious to the valuation problems that arise when fundamental values are not reflected in stock prices. These two aspects are arising from the valuation of the tur-naround company Brothers Hartmann A/S. The analysis has been centered in two areas; the current strategic position and the expectations of the future business. Without historical data for the current business, there was a strong need for a link between the strategic and economic factors. The solution was a framework of empirical analysis integrated with the theoretical approach. In several cases, we found it appropriate to adjust the theoretical models to Hartmanns specific situa-tion. Hartmanns adverse situation.

EducationsMSc in Finance and Accounting, (Graduate Programme) Final Thesis
Publication date2009
Number of pages145