Introduction: Analysts worldwide valuates stocks and companies by using different valuation models. The models are used to calculate how much public company’s stocks are worth and to identify whether stocks are over- or undervalued.   Objective: The objective of this essay is to study which valuation models are mainly used by financial analysts in Swedish banks. The purpose is also to study how reliable these models are considered.  Method: The empirical study is based on a qualitative approach through interviews with financial analysts. The study includes both primary data (interviews) and secondary data (literature, websites and scientific articles) Theory: The theory chapter includes methods of analysis (fundamental and technical  analysis), Valuation models, components of valuation and an example of a valuation with the Discounted cash flow model.  Empirical study: The study includes a qualitative research that consists of interviews with financial analysts. The study has been narrowed down to five of Sweden’s leading banks, which are: Avanza Bank, Nordea, Skandinaviska Enskilda Banken, Svenska Handelsbanken, and Swedbank.  Conclusion: Results of the empirical study shows similarities in opinions of the analysts interviewed. All of the analysts mainly use the same valuation model, which is the Discounted cash flow model (DCF). Multiples and other components of valuation are also frequently used. In terms of reliability, the analysts claimed that valuation models can, in many aspects, be unreliable.

Purpose: The purpose of this essay is to apply "Discount Dividend model" and "Discounted Cash Flow model" in reality during periods of economic boom alternatively recession. Method: A quantitative research method as well as secondary data and data collection method is used. This data consists of the company’s annual reports. Totally, 20 companies of different sizes under diverse economic conditions are involved in this data. Conclusion: After reviewing the companies’ calculations, it is noted that the both models that are used reflect better stock-exchange rate during an economic recession.

Aktievärdering innebär att man använder olika aktievärderingsmodeller för att fastställa ett rimligt värde på en aktie. Aktievärderingsmodellerna kan indelas i två huvudsakliga ansatser. Den fundamentala analysen värderar aktier med hjälp av uppgifter om företaget. Den tekniska analysen värderar aktien med utgångspunkt från aktiens tidigare utveckling och rörelsemönster på marknaden. Denna uppsats ämnar ta reda på vilka huvudsakliga aktievärderingsmodeller som används av fyra personer som arbetar med aktier samt hur tillförlitliga modellerna anses vara enligt dessa personer. Uppsatsen har utgått från en kvalitativ forskningsmetod i form av semistrukturerade intervjuer. Insamling av respondenter har utförts genom ett subjektivt urval samt ett bekvämlighetsurval. Modellerna som ligger till grund för uppsatsens teoriavsnitt är; kassaflödesvärdering, Gordons modell, relativvärdering i form av P/E-tal, teknisk analys och CAPM. De aktievärderingsmodeller som huvudsakligen används av de fyra respondenterna är kassaflödesvärdering och relativvärdering i form av P/E-tal. Flertalet av respondenterna anger att aktievärderingsmodellernas tillförlitlighet i många avseenden är bristande.

<p><strong>Background </strong>The stocksaving has during the last century increased and become more popular in Sweden and during the last 20 years the number of Swedes who save in stocks has more than doubled. While the interest in stocksaving has increased so has the interest in private saving. Today there is a group of people who live of the income which is generated from the stockmarket, they are called “Daytraders” and they do “Daytrading”.  They constantly observe the stockmarket and act as soon as new information that can affect the stockrate is revealed. And then there is also a group which makes purchases a few times a week or more seldom.</p><p> </p><p>The valuationmodels have through time changed and there are several models to choose from. The models are built by many complex assumptions that can affect the outcome of the valuation.</p><p> </p><p><strong>Purpose </strong>The purpose of this essay is to examine which of the theoretical stockvaluationmodels are used in private saving, and to find the reasons for the choice of model. In cases when the stockvaluationmodels are not used as a main valuationmodel a part of the purpose is also to find other factors that can affect the outcome of the valuation.</p><p> </p><p><strong>Method </strong>Based on the purpose the choice was made to use a qualitative method with personal interviews as a tool. The choice of method and tool was based on that depth information was needed to fulfill the purpose. My examination comprises five persons who do private saving in stocks. Their activity on the stockmarket varies, meaning that some buy more frequently and some more seldom. </p><p> </p><p><strong>Result</strong> The result of my examination shows that several of the theoretical stockvaluationmodels are not used in private saving, there are only two models that the privatesavers actually use. There are mainly three arguments to why the theoretical stockvaluationmodels are not used in private saving. The first argument is that the responders consider several models not to be motivating, they are not relevant. The second argument is that some of the models are considered to complicated and the third argument is that in many cases there is a lack of useable data.</p><p></p>

Background The stocksaving has during the last century increased and become more popular in Sweden and during the last 20 years the number of Swedes who save in stocks has more than doubled. While the interest in stocksaving has increased so has the interest in private saving. Today there is a group of people who live of the income which is generated from the stockmarket, they are called “Daytraders” and they do “Daytrading”.  They constantly observe the stockmarket and act as soon as new information that can affect the stockrate is revealed. And then there is also a group which makes purchases a few times a week or more seldom.   The valuationmodels have through time changed and there are several models to choose from. The models are built by many complex assumptions that can affect the outcome of the valuation.   Purpose The purpose of this essay is to examine which of the theoretical stockvaluationmodels are used in private saving, and to find the reasons for the choice of model. In cases when the stockvaluationmodels are not used as a main valuationmodel a part of the purpose is also to find other factors that can affect the outcome of the valuation.   Method Based on the purpose the choice was made to use a qualitative method with personal interviews as a tool. The choice of method and tool was based on that depth information was needed to fulfill the purpose. My examination comprises five persons who do private saving in stocks. Their activity on the stockmarket varies, meaning that some buy more frequently and some more seldom.    Result The result of my examination shows that several of the theoretical stockvaluationmodels are not used in private saving, there are only two models that the privatesavers actually use. There are mainly three arguments to why the theoretical stockvaluationmodels are not used in private saving. The first argument is that the responders consider several models not to be motivating, they are not relevant. The second argument is that some of the models are considered to complicated and the third argument is that in many cases there is a lack of useable data. 

Denna kandidatuppsats testar förmånsredovisningen IAS 19 på marknadens observerade aktiepris för företag listade på OMX30. Syftet är att analysera effekten av IAS 19R på tre absoluta aktievärderingsmodeller, diskonterade kassaflödesmodellen, utdelningsdiskonteringsmodellen och residualvinstmodellen. Dessutom, om löner och annan ersättning samt avsättningar till pension inom IAS 19 har haft en positiv effekt på de observerade aktiepriserna. Metoderna som har använts för att testa precisionen av modellerna är reella och absoluta prognosfeltermsberäkningar. Vidare, för att testa effekten av anställningsförmåner, aktievärderingsmodellerna och IAS 19 på det observerade aktiepriset genomförs en multipel regressionsanalys med paneldata mellan åren 2009–2017. Regressionsmodellen inkluderar 22 företag listade på OMX30 per den 1a juli 2009. Inom det ekonometriska ramverket, har fyra stycken regressioner, med fasta effekter testats. Resultaten tyder på att förmånsredovisningen, IAS 19, inte har någon signifikant påverkan på det observerade aktiepriset. Däremot, i motsats med tidigare forskning, visar resultaten att löner och bonusar har en positiv effekt på de observerade aktiepriserna för företag listade på OMX30. / This Bachelor thesis examines the employee benefits accounting IAS 19 on market share prices for companies listed on OMX30. The purpose is to analyze the effect of IAS 19R on three absolute valuation methods, Discounted Cash Flow, Dividend Discount and Residual Income valuation models. Also, what effect salaries, wages and defined benefits obligations in firms consolidated financial statements have had a positive effect on the market share price. The models which have been used to examine the predictability in the stock price valuations in the thesis are estimated using signed and absolute prediction errors. Furthermore, to examine the effect of employee benefits, share valuation models and IAS 19 on market share price a panel data between 2009-2017 have been used. The model includes 22 listed companies on OMX30 as of the 1stof July 2009. Within the econometric framework, four regressions have been applied, all with fixed effects. The results suggest that the employee benefits accounting have no significant impact on market share prices. However, in contrast to previous research, results show that salaries and wages have a positive impact on market share price for companies listed on OMX30.