Strategisk regnskabsanalyse og værdiansættelse af Matas A/S

Abstract

The purpose of this report is to estimate the value of the company based on a theoretical calculated value and compare that value to the current value on the stock market. Matas has grown significantly since the company was founded in 1949. Matas has implemented a new strategy called “Growing Group Matas” with the purpose of growing more in the future. Towards 2025/26, Matas will invest over DKK 1 million in playing a greater role in customers' lives and everyday life. The integration between matas.dk and the physical stores is one of their main focuses. To answer the purpose of the report, a strategic analysis is performed. The analyses have an internal and external approach. The external analysis shows that the competition in the marked is high and changes in the culture which have an impact on the future of Matas as a growing company. The internal analysis shows that the company has an effective ERP system, they have insightful information regarding marketing through their membership program “Club Matas”. Matas also has a new strategy towards growing by buying other competitors. The financial analysis shows that Matas have experienced a decrease in ROE from 9,30% to 8,97% in 2021/22. The decrease is an effect of debt settlement. On the other hand, ROIC has increased from 6,75% to 7,28% in 2021/22, which is on a satisfactory level compared to the bond interest of 3,007%. The increase in ROIC is due to an improvement of Matas’ earning capacity. Based on the strategic and financial analyses a budget is created for a 10‐year period. In the budget Matas’ future growth rates has been estimated to give the most realistic picture of Matas. The budget is the basis for the valuation of Matas. We have chosen to valuate Matas using the Discounted Cash Flow valuation method (DCF). The calculated WACC is calculated to be 10,29%, which results in a valuation of 29,31 DKK per share. The DCF valuation has moreover been compared to a multiple valuation. Based on the value as of March 31, 2022, which was 93,87 DKK per share, the stock is overvalued.