Strategisk analyse & værdiansættelse af Matas A/S

Abstract

Matas A/S is a Danish company that specializes in the sale of cosmetics, personal care, and health products. The company was founded in 1949 and was listed on the Danish stock exchange in 2013. Since then, the stock price has been fluctuating, which forms the basis of the question: - Is the fundamental value of Matas A/S of April 1st 2022 in line with the stock prices of April 1st 2022? To answer the question (problem statement), the project will consist of a strategic analysis, financial analysis, and valuation. Matas holds a large market share but has faced massive completion in recent years, due to an increased focus on environment and online shopping, as well as a range of other factors. With a strong customer club, wide assortment, and well-educated staff, the company has managed to maintain its strong position as a market leader. Based on Matas’ financial performance over the past 5 years, it’s clear that the company is growing, especially after 2019/20, when the COVID-19 pandemic had an impact on the declining financial results. Matas has developed a growth strategy plan, which aims to ensure a higher growth rate for the company up to 2025/26, by focusing on 6 strategic tracks, including increased online sales, expansion of product range, and several other factors. Budgeting has been prepared based on the findings and analysis from the strategic and financial analysis. A budget for the next 10 years has been developed. The valuation is calculated based on figures from the budgeting and is made by using the DCF-model. Based on the valuation analysis, the company’s stock price is calculated to be 666,55 DKK which is 568,85 DKK higher than the official stock price of 97,70 DKK as of April 1st 2022. The calculated stock price is based on figures from the future budget and therefore involves many uncertainties, while the official price is based on shareholders expectations. Based on the project’s investigations, analysis, and calculations, it can be concluded that Matas’ official value is undervalued compared to the calculated stock price of 666,55 DKK.