Bolagsvärdering enligt valuebased management : - tillämpning på Skistar

Detta är en Kandidat-uppsats från Mälardalens högskola/Mälardalens högskola/Institutionen för Ekonomi och InformatikAkademin för hållbar samhälls- och teknikutveckling; Mälardalens högskola/Akademin för hållbar samhälls- och teknikutveckling


Level: Thesis in Business Administration

Date: 20009-06-11

Authors: Anders Johansson & Johan Myhr

E-mail: [email protected][email protected]

Tutor: Mona Andersson

Title: Company valuation according to Value Based Management – application to SkiStar

Problem: Different operators constantly supervise Companies listed at the stockmarket. The stock exchange market is continuously updating the companie’s present value and their forecasted value. It is important that the companies are able to communicate with the market so that the stockvalue reflects the real value of the company. A misguiding or wrong stockvalue could lead to bad strategy decisions and misplaced investments. The Value Based Management theory is seeking to focus on valuation based on the free cashflow generated by a company. A correct company value leads to increased opportunities as to making right strategic decisions about how to dispose available assets in such a way that the shareholder value is maximized and the company longterm survival is secured.

Purpose: The purpose of the thesis is to describe the basic principals of company valuation according to Value Based Management and to illustrate this empirically. We also discuss how the company’s management can use the calculated company value. 

Method: The thesis is written from a positivistic point of view. The method from which specific information has been gathered is characterized by both a qualitative and quantitative approach, such as intervjues, literature compilation and collecting specific company facts. The information that has been compiled constitutes the foundation from which the thesis is written.

Results: We believe that if company management have access to a calculated company value to compare with the stockvalue, they have greater possibilities of making right decisions in terms of guarding shareholdervalue interests. Our calculation points to the fact that the stock is undervalued. This presents management with different options regarding strategic decisions such as repurchasing own stocks, dividends and alternative investments. When executing a company valuation largely based on forecasts you need to be aware of the insecurity involved. It is therefore of great importance that the forecasts are continuously revised and updated.


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