Sammenlignende analyse og værdiansættelse af Andersen & Martini A/S og Semler-Gruppen

Mette Petersen

Student thesis: Master thesis


The purpose of the thesis is to identify the non-financial and financial value drivers for the two car dealers Andersen & Martini and Semler and clarify which car dealer is the best at creating value for its shareholders. The identification of the value drivers is performed on the basis of a strategic analysis, a financial analyses and a valuation as of 31 July 2014. Andersen & Martini deals cars within the segment of middle class cars with dealerships in the Copenhagen area. Semler deals a more differentiated range of cars with both middle and upper class cars. Semler’s dealerships are represented all over Denmark. Apart from the car dealerships Semler also imports the cars and sells the imported cars to independent dealerships. Andersen & Martini is quoted on the stock exchange, NASDAQ OMX, although the majority of shares are held by the chief executive officer and descendants of the company’s founders. Semler is a family-owned business and the management is the primary owners. The strategic analysis consists of analysis of both the external and internal environments, including analyzing the macro-economic environment, the industry and internal factors. The industry is highly competitive, and the non-financial value drivers are the brands of cars the dealerships are dealing and the placement of the dealerships. The financial analysis comprises an analysis of the return on equity in each of the two businesses. The financial analysis shows that Semler generally generates a better return on equity than Andersen & Martini which primarily relates to Semler’s ability to create profit from their investments, even in the short term. The valuation of the two businesses showed an underestimation of Semler’s value and an overestimation of Andersen & Martini’s value. The difference related to Semler’s valuation is primarily due to the fact that the valuation was compared to the per share value according to the Financial statements as of 31 December 2013 which do not take into account expectations on future returns. The difference related to Andersen & Martini’s difference is due to the slow reaction time to financial results on the stock exchange and the fact that people invest in shares with the purpose of long-term profit.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2014
Number of pages94