Matas A/S: Strategisk analyse og værdiansættelse

Daniel Bengtsson

Student thesis: Diploma thesis

Abstract

On June 28th 2013 Matas became stock listed at Nasdaq Nordic by the private equity fund behind the owner of Matas, M Holding 1. At the first trading day, the initial price was DKK 115 and it closes that day at DKK 119. The stock started trending well with price increases well into February 2014 where it closes at an all-time high DKK 162,50. The next 6 months the prices started to decline but increased to new high at DKK 165 on April 16th 2015. Since then, the stock has lost momentum and today 4 years after the stock seems to have met some resistance at DKK. A fairly significant price decline of almost 40% since the IPO. Based on the above, it has been the intention to carry out a detailed fundamental analysis of Matas, and to assess whether there is an unprecedented potential in the near future. As part of the analysis, Matas is evaluated by PESTEL in order to determine the environment and get crucial information about the economy, legislation and so on and what to expect from the outside. This has led to considering Matas in relation to the industry as it is immediately apparent that there is increasing competition despite the fact that it is a mature industry. Here, the internal analysis has clarified a number of competitive advantages that Matas has to utilize in order to maintain the relatively high profit margins and an opportunity to further boost the turnover rate, benefiting ROIC. The strategic analysis has led to the financial analysis that revealed a generally good profitability with increasing ROE and ROIC, coupled with rising profit margins and turnover rates, however, after a fall in 2012/13 profitability is rising again. A valuation of Matas has been made on the basis of a forecast prepared on the basis of the conclusions that have been made, which has led to a share price of DKK 263.33 using the DCF model and DKK 206.56 using the APV model.

EducationsGraduate Diploma in Finance, (Diploma Programme) Final Thesis
LanguageDanish
Publication date2017
Number of pages87