Strategisk analyse og værdiansættelse af Tivoli A/S

Marco Moustgaard Kræmer

Student thesis: Diploma thesis

Abstract

What is the fair value of Tivoli A/S?
Tivoli A/S is well-established in the very heart of Copenhagen. Not only is it placed at – some would say – the best location in Denmark, it is also a well-beloved attraction. Tivoli is a well renowned amusement park. It has been among us all since 1843: Through economic depressions, world wars and adoption of the Danish constitution.
There is not much doubt about Tivoli’s historical impact – but how are the strategic position?
During this thesis a thoroughly strategic analysis of said company will take place. This analysis will show that Tivoli’s earning potential depends on numerous things; Growth in tourism, growth in GNP, changes in weather conditions amongst other. It will also be clear that Tivoli is the absolute market-leader in this industry – and that Tivoli posses the strategic capabilities needed for defending this position. However, there are no such thing as a free meal, and Tivoli’s position is a result of rather intense investments. In the past couple of years, Tivoli has been strengthening its strategic position with a new addition to the park; a semi-inside area enabling more opening days and a better usage of the capacity. This investment in particularly will show its value in the final valuation, where the discounted cash flow model – along with the RIDO-model – will estimate one common stock to 703 DKK.

EducationsGraduate Diploma in Accounting and Financial Management, (Diploma Programme) Final Thesis
LanguageDanish
Publication date2020
Number of pages78