Investeringsfonders påverkan på hållbara bolags marknadsvärdering

Sammanfattning: Sustainable investments have without doubt grown rapidly the last few years. Stock funds have recently implemented sustainability into their investments decisions and reallocated their assets from fossil assets to more green and sustainable choices. The purpose of this study is to show the impact of stock fund reallocations on the sustainable companies’ market valuations through a purpose-designed theoretical framework. The theoretical way to fundamentally analyze a company's market valuation is through financial ratios, e.g. price/earnings, price/book and price/sales, and will be this study’s platform. The empirical data comes from over 400 Nordic companies’ annual reports over the last 10 years. Since there is not a definite definition of what a sustainable company is, the study will use the stock funds own definitions of sustainability, and their holdings are therefore to be treated as sustainable. Companies that are not allocated by any of the funds but listed on Nasdaq Stockholm, are considered unsustainable. The data is processed and compared, using the companies’ annual reports data figures, and presented with graphical tables and descriptions. The result and findings of the study shows that there is an abnormally high valuation on sustainable holdings in investment funds compared to the average valuation of Nasdaq Stockholm. Two out of three financial ratios show that sustainable companies have a higher valuation, and the more sustainable industries show similar results. One out of three financial ratios show that sustainable companies have a higher valuation than unsustainable companies. Hence, our conclusion is that sustainable companies have a higher valuation than Nasdaq Stockholm in general, but not a significantly higher valuation than the unsustainable companies.