Værdiansættelse af Bang & Olufsen A/S
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Ahmed, Tauseef Riaz1, Forfatter
Sørensen, Ole 2, Vejleder
1Det Samfundsvidenskabelige Fakultet, Københavns Universitet, København, Danmark, diskurs:7001              
2Økonomisk Institut, Det Samfundsvidenskabelige Fakultet, Københavns Universitet, København, Danmark, diskurs:7014              
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 Abstract: In the light of the world economic crisis a lot of companies have experienced a big downfall in sales and revenue and also in their stock prices. Bang & Olufsen A/S (B&O) is a Danish company, which sells electronic goods like, high quality flat screen TV. In 2011 the company initiated a new five strategy called “Leaner, Faster, Stronger” which aim is to make the company come out of the crisis and reach standard it had before the crisis. Since they have also been a victim of this big crisis, the thesis was subjected to value the firm and evaluate a buy, hold or sell of the B&O’s share.
Before reaching to the conclusion a few steps were taken. First after an introduction of the company, a strategic analysis of the firm was executed. This analysis started with a PEST (Politic, Economic, Social and Technologic) analyses. This PEST analysis found that some politically factors can have an effect on the company, but not only changes in factors within Denmark but also EU.
The second thing this analysis looked on was economy factors. By looking at economic growth rates around in the world, it was discovered that countries like China is experiencing some high growth rate even though there is this big world economic crisis. Therefore it is no wonder why B&O is starting to look over in the East and trying to be established and marketing their products over there also. There was also looked at the socially and culturally changes over time, and how these changes has increased the demand for TV and big flat screens, which companies like B&O have been benefiting from.
The last thing analyzed in the PEST analysis was technology and how important it is to keep up with development in technology. B&O has been lagged in some of the technology development in some years, which had an adverse effect on their sales.
Other than PEST analysis there was also made an industry analysis, where Porters Five Forces were evaluated. The Five Forces being intensity of competitive rivalry, threat of new competition, threat of substitute products, bargaining power of customers and bargaining power of suppliers.
The conclusion on this was reached as followed; there was relative high intensity of competitive rivalry, and also a high bargaining power of customers and threat of substitute products. The remaining two factors namely bargaining power of suppliers and threat of new competition was rated to be of middle level.
Before ending the strategic analysis, there was performed a SWOT analysis. This analysis exposed the firm’s strength, weaknesses, opportunities and threats.
Some of the firm’s strength is their products which are of high quality with long lifetime. While their lack of technologically follow up was considered as a weaknesses.
One of their opportunities is to expand their target segment, which they have done by lacing a new brand called B&O Play which is supposed to reach to the younger generation.
One of the threats is that other firms can use this economic crisis and attract more customers to the low price products, because B&O is known for their high prices and will find it difficult to go much low in their prices.
B&O’s new five year strategy laced in 2011 is considered as a strategy, which has ideas and opportunities to achieve a stronger position on the market and a better financial position. Even though they can’t protect them fully from factors which they have no control over, they can at least guard them and minimize the damage.
Subsequently there was done a reformulation of the statements to prepare for an accounting analysis. It was looked on a five year period from 2007/08 to 2011/12. It started with an analysis of profitability where ROCE (return on common equity) is the main component. The analysis was break downed in three levels. The conclusion for the period for ROCE is that ROCE was generally low in the period. At the end of the period it started to grow and ended on 5,7 % in 2011/12, later the owners required return was found to be 9 % so the latest ROCE is still below their requirement.
In the first level it was seen that RNOA (return on net operating asset) is the mainly reason for the bad development in ROCE. In level 2 it was showed that the development in RNOA is caused by a worsen PM (profit margin) and a worsen ATO (asset turnover). In level 3 in the breakdown it was showed, that the bad PM was mainly caused by a falling gross margin. And the reason for the bad ATO is that there has been significantly attached lot money to plant asset and inventories.
Following the profitability analysis was a growth analysis, where there was looked at what causes the firm to grow. Therefore there was looked at Core income and it was discovered, that the growth in the company comes from the permanent profit since a large ratio is based on sustainable earnings and only a little fraction is due to unusual items.
After that there was forecasted 7 years ahead by using the founding’s from the strategic analysis. And to value the company B&O the ReOI (residual income model) was used and the conclusion was that the theoretically price per share for a B&O share is 89,3 kr. The actually
market price was on the October 4. 2012 for a B&O share 80,5 kr. So the evaluation whether it is a buy, hold or sell of the B&O share, the conclusion is buy.
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 Type: Speciale
Alternativ titel: Valuation of Bang & Olufsen A/S
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Sprog: Danish - dan
 Datoer: 2012-12-03
 Sider: -
 Publiceringsinfo: København : Københavns Universitet
 Indholdsfortegnelse: 1. Introduktion 8
1.1 Indledning . 8
1.2 Problemformulering 9
1.3 Konstruktion af opgaven 9
1.3.1 Præsentation af B&O . 9
1.3.2 Strategisk analyse . 9
1.3.3 Regnskabsanalyse 10
1.3.4 Vækstanalyse og fastlæggelse af kapitalomkostninger 10
1.3.5 Budgettering og Værdiansættelsen 11
1.3.6 Konklusion . 11
1.4 Afgræsning . 11
2. B&O 12
2.1 Historie . 12
2.2 Selskabsstruktur 13
2.3 Ejerforhold 14
2.4 Strategi 15
2.5 Forretningsområder 17
3. Strategisk analyse . 19
3.1 Pest analyse. 19
3.1.1 Politik og lovgivning 19
3.1.2 Økonomi og demografi 21
3.1.3 Sociale og kulturelle forhold 23
3.1.4 Teknologi og miljø . 24
3.1.5 Sammenfatning af PEST 25
3.2 Branche . 26
3.2.1 Konkurrenceintensiteten 27
3.2.2 Truslen fra nye konkurrenter . 28
3.2.3 Leverandørernes forhandlingsstyrke 29
3.2.4 Konkurrence fra substituerende produkter . 30
3.2.5 Kundernes forhandlingsstyrke . 31
3.2.6 Sammenfatning af Porter . 32
3.3 SWOT . 33
3.3.1 Stærke sider 34
3.3.2 Svage sider . 34
3.3.3 Muligheder . 35
3.3.4 Trusler 35
3.4 Delkonklusion . 36
4. Regnskabsanalyse . 37
4.1 Reformulering af Egenkapitalopgørelsen . 37
4.2 Reformulering af Balancen . 39
4.3 Reformulering af resultatopgørelsen 41
4.4 Rentabilitetsanalyse 44
4.5 Opsummering . 49
5. Vækst . 50
5.1 Ejernes afkastkrav . 50
5.2 Kapitalomkostninger (Wacc) 52
5.3 B&O’s Vækst for 2007/08-2011/12 . 54
5.4 Core . 55
6. Budgettering og Værdiansættelse 58
6.1 Nettoomsætning 58
6.2 Omkostninger . 59
6.3 Effektiv skat 60
6.4 Omsætningshastigheden . 61
6.5 Proforma budget . 61
6.6 Værdiansættelsen 63
6.7 Multipelanalyse 64
7. Konklusion . 67
8. Litteraturliste 70
8.1 Artikler. 70
8.2 Bøger 72
8.3 Hjemmesider . 72
8.4 Årsrapporter 73
9. Bilag 74
 Note: -
 Type: Speciale
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