Værdiansættelse af NKT Holding A/S

Ruben Kirkegaard & Lasse René Sørensen

Student thesis: Diploma thesis

Abstract

The purpose of this bachelor thesis has been to make an estimate of the market value for the shares in NKT Holding A/S at 31 March 2013. To estimate the market value, we have performed strategic- and financial analyses. And based on this analyses we have performed, under the conditions in the discounted cash flow model (DCF), an estimate the future free cash flow in NKT Holding. The strategic analysis expounds the strength and weakness of internal conditions, furthermore this give a position at the opportunities and the threats witch NKT Holding my continually faced. Based on the performed analysis, we can concluded that NKT Holding have stable foundation, were NKT Cables and Nilfisk-Advance are the major drivers in the concern, and have a good market connection that makes the future look bright for NKT Holding. The financial analysis has been performed to expound the financial drivers that influencing NKT Holding. These have showed that the foundation of NKT Holding is solid, but that the financial depression has made its impact at the financial condition in NKT Holding. Based on this analysis, we have made an estimate value at the shares in NKT, which shows that the estimated value of the shares as of 31 March 2013 was DKK 240.64. A sensitivity analysis was prepared to show, how sensitive essential elements in the DCF model are, and how smaller changes in the elements affect the estimate value of the share value. Our valuation shows that the stock market value of the NKT Holding share is underestimating compared to our estimate value, which this bachelor thesis accounts of.

EducationsGraduate Diploma in Financial and Management Accounting, (Diploma Programme) Final Thesis
LanguageDanish
Publication date2013
Number of pages130