Strategisk regnskabsanalyse & værdiansættelse af Alk – Abello A/Ss

Alexander Oliver Duschek

Student thesis: Master thesis


Executive Summary: The purpose of this paper is to estimate the share price value of the company ALK – Abello A/S. ALK-Abello A/S is a company based in Denmark, which engages in the production and development of pharmaceutical products to prevent and treat allergies. The company also manufactures tablet-based allergy vaccines for pollen, house dust mites, animals and insect stings. To estimate the share price value, the author conducted a strategic analysis combined with a financial analysis. The historical analysis is based on Annual Reports from 2010 – 2014 combined with publicly available information. The Discounted Cash Flow (DCF) model serves as the valuation model for defining the value of the company. The analysis involves both the external environment, as well as the internal. This is crucial to gain a deep understanding of ALK – Abello A/S, and ultimately to be able to evaluate the share price. For purpose of the valuation, the paper contains a discussion about the Conceptual Framework combined with a discussion on fair value measurement under IFRS 13. When valuating any company, investors need to evaluate the quality of the Annual Reports. For the case of ALK – Abello A/S, the most important aspect is the capitalization of research costs. Fair value measurement is always subject to biased judgments and because of that, investors must understand how assets and obligations are measured and which forms of measurement methods the company may choose from, before being able to evaluate the value of any company’s shares. Through the strategic analysis and the valuation, the conclusion is that the stock target price should be at DKK 833. This is slightly above the current trading price. However, due to market conditions and a high degree of uncertainty arising from the launch of new products, this target price is subject to a great deal of uncertainty.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2015
Number of pages90