Værdiansættelse af HusCompagniet A/S

Louie Bau Brix

Student thesis: Diploma thesis

Abstract

The purpose of this thesis is to estimate the stock price of the Danish company HusCompagniet, which was listed on the NASDAQ OMX Copenhagen Stock Exchange on November 18, 2020. HusCompagniet is the largest house-building company for private persons in Denmark. HusCompagniet primarily builds detached houses, with 89% of HusCompagniet’s revenue coming from building detached houses, but they also build semi-detached houses and houses in Sweden. The strategic analysis is based on HusCompagniet’s strategy and the strategic analysis for the external environment. The external environment will be analyzed using PESTEL, Porter’s Five Forces, and then the SWOT analysis. The purpose of these analyses is to find the most important factors that affect the value of HusCompagniet. The financial analysis is based on historical financial figures from the annual reports for the years 2016 to 2020. The analysis shows how the company’s financial value drivers have changed since 2016. The analysis shows that ROE fell from 2016 to 2019 while in the subsequent year there was a positive development. The strategic and financial analysis is used to forecast the value drivers that will be used to make a budget that will be used for the valuation of HusCompagniet. To carry out the valuation two models will be used: the DCF and RIDO model. Both of these models use a discount rate, the Weighted Average Cost of Capital (WACC). WACC was estimated as 6.958%, which results in an enterprise value of 3,234,934,000 DKK and a stock price of 105.27 DKK on November 18, 2020.

EducationsGraduate Diploma in Finance, (Diploma Programme) Final Thesis
LanguageDanish
Publication date2021
Number of pages76