Made available in DSpace on 2016-03-15T19:32:44Z (GMT). No. of bitstreams: 1 Eduardo Lambiasi.pdf: 2168244 bytes, checksum: dda037e965a294e8ab04fa3259535261 (MD5) Previous issue date: 2013-05-21 / Through an interventionist approach, this research modifies the reality of three SMEs, specifically in the management aspect. SMEs, as the vast literature suggests worldwide, have some difficulties in surviving, as one of the main causes the management and financing control. The researcher mediated in the reality of three companies associated to SINAFER, Iron Crafts, Metals and Tools Companies Union in São Paulo State, mainly the cash flow, not only in its operational aspect, as well the management view, as to the itemized ordination, separating the operational generation of investments and financial events, as well the prospective aspect, developing cash flow projections. It was exploited a working capital tool, facing to a comparison of EBITDA with a cash operational generation and variation analysis. The used methodology considered an initial phase which consisted in training sections and later field intervention sections. The main output results showed an increase of the financial controls of the researched companies, generating knowledge which allowed them to have more adequate information to take decision, disclosing to the researchers the adherence of the theme for this company profile, something that may be replied in a major scale. The results also showed that the problems of the research, despite planned, emerge from the field as a result of the interaction among the researches and the managers of the studied companies, which is a characteristic that differ from the consultant reports, where the issues are previously defined by the company managers. / A presente pesquisa se propôs, utilizando uma abordagem intervencionista, a modificar a realidade de três pequenas empresas, especificamente no aspecto da gestão financeira. Pequenas empresas, como sugere a vasta literatura existente tanto no âmbito nacional como internacional, têm dificuldades de sobrevivência, sendo uma das principais causas o Controle e Gestão Financeira. O pesquisador interveio na realidade dessas empresas ― associadas ao SINAFER, Sindicato das Empresas de Artefatos de Ferro, Metais e Ferramentas em Geral do Estado de São Paulo―, notadamente no fluxo de caixa, não só em seu aspecto operacional, como também na visão gerencial, tanto no que se refere à ordenação das rubricas, separando-se a geração operacional dos eventos de financiamentos e investimentos, como também ao aspecto prospectivo, desenvolvendo projeções de fluxo de caixa. Explorou-se uma ferramenta para controle do capital de giro, mediante a comparação do EBITDA com a geração operacional de caixa e análise das variações. A metodologia adotada contemplou uma fase inicial que consistiu em sessões de treinamento e, posteriormente, sessões de intervenção em campo. Os principais resultados mostram um aprimoramento dos controles financeiros das empresas pesquisadas, gerando conhecimento e permitindo que elas tivessem informações mais adequadas para tomada de decisão, o que revelou aos pesquisadores a aderência do tema para esse perfil de empresa, algo que pode ser replicado em maior escala. Os resultados também mostraram que os problemas de pesquisa, apesar de serem planejados, emergem do campo como fruto da interação entre pesquisadores e os gestores das empresas estudadas, o que já é uma característica que diferencia de relatos de consultoria, em que os problemas são previamente definidos pelos gestores da empresa.

Abstract Background: The popularity of stocks in Sweden is high and with the prevailing low interest climate investors must invest in stocks to earn return on their investment. Achieving a higher return than the market has been a continuous struggle for professional as well as private investors. Having an investment strategy is of great importance because it helps the investor make rational decisions, avoid psychological traps, and prevents them from losing out on possible return. Investing in securities with different characteristics diversifies the portfolio and reduces the total risk taken. Therefore, an interest among investors in examining whether multiple valuation is a fitting investment strategy should exist. Further to examine if there are any multiples that are especially suited for specific branches. Purpose: The purpose of the study is to analyze which multiple of P/E, P/BV, EV/S and EV/EBITDA generates the highest risk-adjusted return through relative valuation within six branches on the Stockholm Stock Exchange. The study also aims to analyze whether high or low multiples generates the highest risk adjusted return in a Bull Market and try to explain why. Method: Too achieve the purpose, a quantitative study with an abductive approach has been used. An analysis of historical stock prices and multiples has been made. A total of 48 portfolios have been constructed including high respectively low P/E, P/BV, EV/S and EV/EBITDA multiples. The portfolios have been weighted on a yearly basis and afterwards compared with several risk-adjustment tools. The risk-adjusted return has thereafter been compared to a general index too make it possible to draw conclusions. Result: The result implies that it is statistically assured that investors can achieve a higher return than index by using multiple valuation as an investment strategy in four out of six examined branches. A difference in return among the branches and portfolios can be concluded and there were in total 18 out of 48 portfolios that showed a higher risk-adjusted return in which twelve were statistically assured. statistically assured higher return than the chosen index. Keywords: Multiple Valuation, Relative Valuation, Branches, P/E, P/BV, EV/S, EV/EBITDA, Stock Market Psychology, Bull Market.

[pt] A recente internacionalização da economia, o processo de integração dos mercados e a perspectiva de obtenção de condições competitivas via maior escala suscitaram a reestruturação produtiva e fomentaram a maior concentração econômica por meio de contínuas fusões e aquisições de empresas. Esta situação insere o estudo acerca das taxas de crescimento de indicadores contábeis das companhias entre os temas mais relevantes no âmbito das finanças corporativas. As variáveis contábeis utilizadas neste trabalho foram as taxas de crescimento anuais da receita bruta, do EBITDA e do lucro operacional de empresas listadas na Bolsa de Valores de São Paulo (BOVESPA) durante o período 1994-2002. A conclusão acerca da variabilidade e da não-persistência destas taxas de crescimento constitui-se obstáculo aos exercícios de previsão no mercado brasileiro. Simulações adicionais foram realizadas visando auferir o efeito do porte e dos múltiplos de transação das respectivas ações destas empresas sobre as taxas de crescimento. Visando maior detalhamento sobre a forte resistência à persistência de taxas anuais consecutivas superiores à mediana do mercado durante os oito anos de análise, foram aplicados testes econométricos essenciais ao modelo ARIMA (Box e Jenkins), constatando a não correlação e a não correlação parcial das taxas de crescimento anuais das empresas para todas as variáveis analisadas, caracterizando um processo clássico de white noise e fornecendo indícios para um comportamento típico de random walk ou random walk with drift. / [en] The recent economy internationalization, the market integration process and the perspective of obtaining differentiated conditions through scale led to production restructuring and fomented a higher economic concentration by means of continuous mergers and acquisitions of companies. This scenario inserts the study of the variability and persistence of growth rates of accounting indicators of companies among the most relevant subjects of corporate finance. The accounting variables selected in this work were the annual growth rates of the gross revenue, of the EBITDA and of the operating profit of companies listed at São Paulo Stock Exchange (BOVESPA) during the period 1994-2002. The observed variability and the non persistence of the growth rates represents a relevant obstacle to forecasting exercises in the Brazilian market. Additional simulations were performed, in order to test the effect of the firms` size and of the transaction multiples of their respective stocks ont growth rates. Looking for a deeper understanding of the strong resistance to the persistence of consecutive annual rates above market median values along the eight years period of analysis, econometric tests essential to ARIMA model (Box and Jenkins) were applied, and the resuts portrayed the non correlation and non-partial correlation between the annual growth rates for all variables, characterizing a classical white noise process, signaling a typical random walk or a random walk with drift behavior.

Made available in DSpace on 2016-03-15T19:32:52Z (GMT). No. of bitstreams: 1 Vinicius Jose Ribeiro de Carvalho.pdf: 508933 bytes, checksum: 35f5bc3268f8eb84a3d4d15678926b51 (MD5) Previous issue date: 2015-02-03 / This study seeks to understand the utilization of EBITDA by Brazilian market professionals. EBITDA, which emerged in the 1970s in the United States as a tool to measure the operating performance of companies with heavy capital investments and / or highly leveraged companies, due to its success quickly spread throughout the world as an important proxy for cash flows. However, over the years the academic and professional community, as well as regulators and standard-setting bodies, raised a number of criticisms and warnings on its use, possibly greater than its virtues. Thus, was born the motivation of this work: why and how highly skilled and qualified professionals continue utilizing EBITDA in their daily work, despite its conceptual weaknesses? Additionally, there was the motivation to discuss an issue lacking depth in Brazil. This is a qualitative and exploratory study, conducted through interviews with a sample of professionals selected by convenience and the data analyzed by the content analysis technique, with ATLAS.ti software support. The results show that the professionals of the sample continue using EBITDA mainly for ease of use and calculation, and deem it a good measure of operating performance. However, in addition to several criticisms, also showed us that they continue to utilize EBITDA due to the lack of a good proxy for cash flow that has a similar cost-benefit relation. Finally, we identified that one of the probable reasons for its mass utilization lies in Mimetic Isomorphism, as analyzed by the New Institutional Sociology, or Neo-institutionalism. / Este trabalho buscou entender a utilização do EBITDA por profissionais atuantes no mercado profissional brasileiro. O EBITDA, que despontou na década de 1970 nos Estados Unidos da América como uma ferramenta para medir o desempenho operacional de empresas com pesados investimentos em capital intensivo e/ou empresas altamente alavancadas, devido ao seu sucesso rapidamente se disseminou por todo o mundo como uma importante proxy para fluxos de caixa. No entanto, ao longo dos anos a comunidade acadêmica e profissional, assim como órgãos reguladores e normatizadores, levantaram uma série de críticas e ponderações quanto ao seu uso, possivelmente maiores que suas virtudes. Assim, nasceu a motivação deste trabalho: por que e como profissionais tão gabaritados continuam utilizando o EBITDA em seu dia a dia, apesar de suas fragilidades conceituais? Também teve-se a motivação de discutir um tema pouco aprofundado no Brasil. Trata-se de um trabalho de cunho qualitativo e exploratório, realizado através de entrevista com amostra de profissionais selecionados por conveniência e com os dados analisados pela técnica de análise de conteúdo, com suporte do software ATLAS.ti. Os resultados apontaram que os profissionais da amostra continuam utilizando o EBITDA principalmente pela facilidade de uso e de cálculo, além de entenderem ser uma boa medida de desempenho operacional. No entanto, além das diversas críticas tecidas, apontam também que o utilizam devido a falta de uma boa proxy para fluxo de caixa que tenha custo benefício de utilização semelhante. Por fim, identificamos que uma das razões para sua utilização reside no Isomorfismo Mimético, conforme analisado pela Nova Sociologia Institucional, ou Neo-institucionalismo.

The aim of the thesis is the valuation of functioning gynecological surgery for the primary purpose of selling this meical practice in the next 5-10 years. The value of this surgery was based on the strategic and financial analysis and compiled financial plan for the next 5 years. The resulting valuation is done first by using the equity method and then by the method of returns and also by relative valuation method. The first two methods were then used as the basis for the valuation by the combined method. All calculated values of the company are set to 31st December, 2013. Finally, it contains the recommendation wheather it is better to sell this medical practice as a self-employed person or a as legal entity.

Background: Sustainability is a commonly discussed topic that continues to grow and has become more important in investment decisions. The opinions regarding the relationship between sustainability and financial performance are divided, and research in the field indicates different results. ESG has gained greater focus because of the Covid-19 pandemic, and widespread claims that companies and funds with higher ESG score would have greater resilience have emerged. Purpose: The main purpose of this study is to investigate and analyse a possible relationship between ESG score and financial performance for Swedish listed companies during the Covid-19 pandemic. The sub-purpose of the study is to investigate whether sector divisions affect the ESG's significance for financial performance. Method: In this study, a quantitative method with a deductive approach was used. The data material was obtained from Refinitiv Eikon and comprised data from 306 companies. The examined period of the study refers to the year 2020. The statistical models applied were univariate analysis, bivariate analysis, and multiple regression analysis.  Conclusion: The results indicate a negative relationship between ESG and financial performance during the Covid-19 pandemic. There is a spread regarding financial performance between the sectors, but it is not possible to draw concrete conclusions about the sectors' impact. This study contributes to the literature in the field of sustainability and financial performance by analyzing empirical data during the Covid-19 pandemic. / Bakgrund: Hållbarhet är ett aktuellt ämne som fortsätter att växa och får allt mer betydelse vid investeringsbeslut. Det råder delade meningar kring sambandet mellan hållbarhet och finansiell prestation och forskning inom ämnet visar på olika resultat. ESG har fått större fokus till följd av covid-19-pandemin, och utbredda påståenden om att bolag och fonder med högre ESG-betyg skulle ha större motståndskraft har växt fram. Syfte: Syftet med denna studie är att undersöka och analysera eventuella samband mellan ESG-betyg och finansiell prestation för svenska noterade bolag under covid-19-pandemin. Studiens delsyfte är att undersöka om sektorindelning påverkar ESG:s betydelse för finansiell prestation. Metod: I denna studie användes en kvantitativ metod med en deduktiv ansats. Datamaterialet inhämtades från Refinitiv Eikon och omfattade data från 306 bolag. Studiens undersökningsperiod avser år 2020. De statistiska modellerna som tillämpats är univariat analys, bivariat analys och multipel regressionsanalys. Slutsats: Studiens resultat tyder på ett negativt samband mellan ESG och finansiell prestation under covid-19-pandemin. Det förekommer spridning avseende finansiell prestation mellan sektorerna, men det går däremot inte att dra konkreta slutsatser kring sektorernas påverkan. Denna studie bidrar till litteraturen inom området för hållbarhet och finansiell prestation genom analys av empiriska data under covid-19-pandemin.

Bakgrund: Med ett ökande intresse för aktier söker fler efter tips och knep för att åstadkomma det alla investerare strävar efter, att överprestera marknaden. Investeringsstrategier som ämnar slå marknaden har länge studerats på en rad olika marknader och över olika tidsperioder, men få har utförts på Nasdaq First North. Tidigare studier har främst fokuserat på större aktiemarknader likt NYSE eller FTSE, medan svenska studier tenderar att undersöka Stockholmsbörsen. Därmed finns ett utrymme att undersöka huruvida en investeringsstrategi kan konstrueras som kan slå Nasdaq First North över tid. Strategierna som analyseras bygger på de multiplar som anses mest lämpade för de relativt unga och små bolagen på First North. Syfte: Studien ämnar analysera om investeringsstrategier baserade på multiplarna EV/Sales, EV/EBITDA, och P/B kan utnyttjas för att generera överavkastning i såväl absoluta som riskjusterade mått över en längre tid gentemot jämförelseindexet First North All-Share, som utgörs av samtliga värdepapper noterade på aktiemarknaden First North. Metod: Studien använder sig av en kvantitativ forskningsansats med ett deduktivt tillvägagångssätt. Datan för samtliga bolag noterade på First North under tidsperioden 2010- 2021 har hämtats in för att skapa lågt respektive högt värderade portföljer för varje multipel. Dessa har sedan utvärderats utifrån årlig och ackumulerad avkastning samt riskjusterade mått i form av Jensens alfa, Treynorkvot och Sharpekvot. Resultat: Fem av sex portföljer genererade ackumulerad överavkastning gentemot index medan samtliga portföljer överavkastat index sett till riskjusterade mått över studiens elvaåriga tidsperiod. Högst absolut avkastning genererades av den lågt värderade EV/Sales portföljen, och lägst avkastning genererades av den högt värderade P/B portföljen. / Background: With an increasing interest in the stock market, more people are searching for simple tips and tricks in order to achieve what all investors strive for, beating the market. Several investment strategies have been studied on different markets and over different time periods, however few of these on Nasdaq First North. Previous studies have mainly focused on larger stock markets such as the NYSE or FTSE, whilst Swedish studies tend to analyse Nasdaq Stockholm. As a result, there is room for examining whether an investment strategy can be constructed which can beat Nasdaq First North over time. The strategies which are analysed are based on the multiples deemed most suitable for the relatively young and small companies listed on First North. Purpose: The study aims to analyse whether investment strategies based on the valuation multiples EV/Sales, EV/EBITDA and P/B can be exploited to generate excess returns in both absolute and risk adjusted terms against the benchmark index First North All-Share, which is comprised of all stocks listed on the stock market First North.  Method: The study applies a quantitative research approach. Data for all companies listed on First North over the time period 2010-2021 have been collected in order to create low and high valued portfolios for each multiple. These have in turn been evaluated based on yearly and accumulated returns as well as risk adjusted measures such as their Jensens alpha, Treynor index and Sharpe ratio.  Results: Five of six portfolios generated excess accumulated returns against the benchmark index and all six generated excess risk adjusted returns against the benchmark index over the eleven-year time period. The highest absolute return was generated by the low EV/Sales portfolio and the lowest absolute return was generated by the high P/B portfolio.

Den tidigare redovisningsstandarden för leasing, IAS 17, var tämligen tillåtande gällande attleasade tillgångar och tillhörande åtaganden inte togs upp i balansräkningen. Från och medden 1 januari 2019, då den nya standarden IFRS 16 Leasing trädde i kraft, måste företag somredovisar i enlighet med IASB:s redovisningsstandard IFRS ta upp merparten av derasleasade tillgångar i balansräkningen som tillgångar och skulder. Denna redovisningsåtgärdhar förväntats slå hårt mot grundläggande finansiella nyckeltal i företag inomleasingintensiva branscher, däribland detaljhandelsbranschen.Syftet med denna studie är att undersöka i vilken grad den nya standarden för leasing, IFRS16, har påverkat nordiska och svenska detaljhandelsföretags finansiella nyckeltal. Studien hargenomförts med en kvantitativ metod där 47 börsnoterade, nordiska detaljhandelsföretagsfinansiella nyckeltal, det vill säga skuldsättningsgrad, räntabilitet på totalt kapital,rörelsemarginal och EBITDA, två år före och två år efter implementering av IFRS 16jämförts. Vår studie visar att det finns en statistisk signifikans för en förändring i prediceradriktning när det gäller skuldsättningsgrad och EBITDA, vilket är i linje med de flesta tidigarestudier i ämnet. När det gäller de två andra nyckeltalen, räntabilitet på totalt kapital ochrörelsemarginal, visar vår studie att det saknas en statistisk signifikans för förändring. Studienvisar till och med att nyckeltalet rörelsemarginal resulterade i ett medelvärde av förändring imotsatt riktning än predicerat.Studiens resultat indikerar att implementeringen av den omtalade standarden IFRS 16, i dennordiska och svenska kontexten av detaljhandelsbranschen, till stor del resulterat i denenorma påverkan på företags finansiella nyckeltal samt efterföljande ekonomiskakonsekvenser, som många förutspått. / The previous accounting standard for leasing, IAS 17, was fairly lenient regarding accountingfor assets and liabilities arising from leasing contracts. As of January 1st 2019, when the newstandard IFRS 16 Leases came into effect, companies that compile their financial statementsin accordance with the IASB’s accounting standard IFRS, must record the majority of theirleased assets on the balance sheet as assets and liabilities. This accounting measure has beenexpected to hit hard against key financial ratios of companies in lease-intensive industries,including the retail industry.The object of this study is to examine the extent to which the new standard for leasing, IFRS16, has affected Nordic and Swedish retail companies’ key financial ratios. The study wasconducted using a quantitative method in which 47 listed, Nordic retail companies’ keyfinancial ratios, i.e. debt-equity ratio, return on assets, operating margin and EBITDA, twoyears prior to and two years after implementation of IFRS 16 were compared. Our studyshows that there is a statistical significance for a change in the predicted direction in terms ofdebt-equity ratio and EBITDA, which is in line with most previous studies on the subject. Asfor the other two key financial ratios, return on assets and operating margin, our study showsthat there is no statistical significance for change. The study even shows that the key financialratio of operating margin resulted in an average change in the opposite direction thanpredicted.The results of this study indicate that the implementation of the much debated accountingstandard IFRS 16, in a Nordic and Swedish context of the retail industry, for the most part hasresulted in the, by many anticipated, enormous impact on companies' key financial ratios andsubsequent financial consequences.

Title: Theoretical multiples as an investment strategy Authors: August Forsberg och William Rydman Supervisor: Øystein Fredriksen Background: Whether it is possible to generate excess return over time has been debated throughout the history and the results of previous research have found it possible. One approach to generate excess return is by using relative valuation. Even though there are theories on how to conduct the valuation method, a lot of actors in the market simplifies and misinterpret relative valuation. This leads onto the question if the gap between theory and practice has grown too big and if the common mistakes in relative valuation might be counteracted by calculating and using theoretical multiples as an investment strategy. Aim: The aim of this study is to analyze whether theoretical multiples can identify mispricing’s in the stock market. Further, the authors aim to examine if it is possible to generate excess return and a more accurate valuation by calculating the difference between theoretical- and reported multiples. Methodology: To achieve the aim of the study, a quantitative method with a deductive approach has been used. The study examines Swedish listed companies at OMX Stockholm Large Cap during the period 2008 to 2018. In order to evaluate the investment strategy, comparative portfolios have been designed based on the difference between theoretical and reported multiples. A total of eight portfolios have been constructed with low respectively high P/E, EV/EBITDA, P/BV and EV/Sales, where the portfolios are weighted once a year. Results: The study's results show that theoretical multiples work as an investment strategy for generating excess returns. In three out of four multiples, the overvalued shares performed better than the undervalued ones. By contrast, the undervalued shares generate higher riskadjusted returns than the overvalued ones. Although the psychological element in relative valuation is reduced by the investment strategy, the authors conclude that the share prices are largely influenced by other actors in the market. Key words: Efficient market hypothesis, Excess return, Investment strategies, Relative valuation, Multiples, Theoretical multiples, P/E, EV/EBITDA, P/BV, EV/Sales. / Titel: Teoretiska multiplar som investeringsstrategi Författare: August Forsberg och William Rydman Handledare: Øystein Fredriksen Bakgrund: Huruvida det är möjligt att generera överavkastning över tid har länge diskuterats och tidigare forskning menar att det är möjligt. Ett tillvägagångssätt för att generera överavkastning är att använda sig av relativvärdering. Trots att det finns teorier om hur värderingsmetoden ska genomföras, förenklas och misstolkas relativvärdering ofta av aktörer på marknaden. Det leder in på frågan om gapet mellan teori och praktik har blivit för stort samt om värderingsmetodens fallgropar kan motverkas genom beräkningen av teoretiska multiplar som investeringsstrategi. Syfte: Syftet med studien är att analysera om teoretiska multiplar kan identifiera felprissättningar på marknaden. Vidare ämnar studien att undersöka om det genom att beräkna differensen mellan teoretiska- och redovisade multiplar går att generera överavkastning och en mer precis värdering. Metod: För att uppnå syftet med studien har en kvantitativ metod med deduktiv ansats använts. Studien undersöker bolag noterade på OMX Stockholm Large Cap under perioden 2008 till 2018. För att utvärdera investeringsstrategin har jämförelseportföljer utifrån differensen mellan teoretiska och redovisade multiplar utformats. Totalt har åtta portföljer konstruerats med låga respektive höga P/E, EV/EBITDA, P/BV och EV/Sales där portföljerna viktas om en gång per år. Resultat: Studiens resultat visar att teoretiska multiplar fungerar som investeringsstrategi för att generera överavkastning. I tre av fyra multiplar har de övervärderade aktierna presterat bättre än de undervärderade. Däremot genererar de undervärderade aktierna högre riskjusterad avkastning än de övervärderade. Även om det psykologiska inslaget i relativvärdering minskas av investeringsstrategin, blir författarnas slutsats att aktiekurserna till stor del påverkas av andra aktörer på marknaden. Sökord: Effektiva marknadshypotesen, Överavkastning, Investeringsstrategi, Relativvärdering, Multiplar, Teoretiska multiplar, P/E, EV/EBITDA, P/BV, EV/Sales.

Bakgrund: De senaste åren har svenska privatpersoner aktiehandel ökat markant. Det låga ränteläget tillsammans med lägre entrébarriärer har resulterat i att ett stadigt inflöde av nya användare har tillkommit till plattformar för aktiehandel. Det är dock ingen lätt uppgift att skapa överavkastning. Föreliggande studie ämnar undersöka om det med hjälp av relativvärdering kan skapas en strategi som konsekvent kan skapa en riskjusterad överavkastning. Studien har valt att fokusera på den nordiska verkstadsindustrin, som historiskt har gett en stabil avkastning och innehåller flera väletablerade företag. Syfte: Studiens syfte är att analysera om man med hjälp av nyckeltalen P/E, EV/EBITDA, P/B, EV/S och förändring av Cash Conversion Cycle kan skapa riskjusterad avkastning på nordiska verkstadsföretag som är högre än jämförelseindex under perioden 2012–2022. Metod: För att uppfylla studiens syfte har en kvantitativ studie med en deduktiv ansats använts. Ett urval ur Nasdaqs listade industriaktier med rensade från producerande och finansiella företag har använts för att skapa portföljer baserade på P/E, P/B, EV/S, EV/EBITDA och ΔCCC. Totalt 10 portföljer skapades, 5 baserade låga respektive 5 på höga nyckeltal. Portföljerna har sedan ombalanserats årligen, den observerade avkastningen har sedan riskjusterats och satts emot ett jämförelseindex. Resultat: Höga EV/EBITDA-, höga EV/S-, låga EV/EBITDA-, låga EV/EBITDA- och störst negativ ΔCCC-portföljerna presterade överavkastning under den aktuella perioden mellan 2012–2022 för verkstadsföretag i Norden. Portföljen som bestod av höga EV/EBITDA-aktier skapade högst riskjusterad avkastning. Totalt presterade 50% av portföljerna högre riskjusterad avkastning än jämförelseindex. Ingen av de överpresterande portföljerna visade sig vara signifikanta. / Background: In recent years, Swedish private equity trading has increased markedly. The low interest rate in addition to fewer entry barriers have resulted in a steady influx of new users of stock trading platforms. However, creating excess returns is no easy task. This study intends to investigate whether, with the help of relative valuation, a strategy can be created that can consistently create a risk-adjusted excess return. The study has chosen to focus on the Nordic manufacturing companies, which has historically provided a stable return and includes several well-established companies. Purpose: The purpose of the study is to analyze whether the key figures P/E, EV/EBITDA, P/B, EV/S and Changes in Cash Conversion Cycle can create a risk adjusted return on Nordic manufacturing companies that is higher than the comparable stock index during the period 2012–2022. Method: To fulfill the purpose of the study, a quantitative study with a deductive approach has been used. A sample of Nasdaq listed industrial shares cleared of non-producing and financial companies has been used to create portfolios based on P/E, P/B, EV/S, EV/EBITDA and ΔCCC. A total of 10 portfolios were created, 5 based on low and 5 on high key figures. The portfolios have since been rebalanced annually, the observed return has since been risk adjusted and compared against a comparable index. Result: High EV/EBITDA-, high EV/S-, low EV/EBITDA-, low EV/EBITDA- and the largest negative ΔCCC portfolios achieved excess returns during the period between 2012–2022 for manufacturing companies in the Nordic countries. The portfolio consisting of high EV/EBITDA stocks created the highest risk-adjusted return. In total, 50% of the portfolios performed higher risk adjusted return than the benchmark index. None of the overperforming portfolios proved to be significant.