Flera tidigare studier har visat att det går att generera överavkastning genom att investera i aktier baserat på olika nyckeltal. Genom relativvärdering ställs företag i relation mot varandra för hitta indikationer på under- eller övervärdering. För att bidra ytterligare till den redan existerande forskningen fokuserar författarna till studien på en specifik bransch, industribranschen. Genom en branschindelning bör jämförbarheten öka mellan nyckeltal. Syftet med studien är att undersöka huruvida det är möjligt att generera överavkastning genom att investera i undervärderade aktier i industribranschen enligt nyckeltalen P/E, DY och P/BV. Resultatet kommer att härledas till och diskuteras utifrån teorier inom Behavioral Finance, för att förstå och förklara resultatet. Undersökningen baseras på en kvantitativ metod där tre nyckeltal har undersökts. Fem portföljer har skapats för respektive nyckeltal under tidsperioden 2001-2010. Vidare har allmänt publicerade rekommendationer samt förändringar i nyckeltalen i extremportföljerna undersökts för att bidra till en underliggande förklaring av resultatet. Studiens resultat stödjer tidigare forskning och vi kan visa att samtliga värdeportföljer presterar bättre än motsvarande tillväxtportföljer för de tre nyckeltalen. Störst överavkastning ger portföljer baserat på ett lågt P/BV. Vi har kunnat statistiskt säkerställa överavkastning mellan värde- och tillväxtportfölj för nyckeltalen P/E och P/BV. Effekten existerar alltså även i en specifik bransch och industribranschen visade upp en starkare effekt än tidigare studier där hela marknaden har undersökts. Vidare drar vi slutsatsen att överoptimistiska analyser leder till för höga förväntningar och i kombination med ett flockbeteende bland investerare är detta en förklarande faktor till studiens resultat. / Previous studies have shown the possibility to generate excess returns through investing in stocks based on multiples. A strategy called relative valuation, where companies are compared to one another, aims to find signs of under- or overvaluation. To support existing research, the authors of this study focus on a specific sector, the industrial sector. Supposedly by focusing on one sector the comparability improves. The purpose of the study is to investigate whether it’s possible to generate excess return through investing in undervalued stocks in the industrial sector, according to the multiples P/E, DY and P/BV. Theories from Behavioral Finance will be used to explain, and understand, the result. The study is based on a quantitative method to examine three multiples. During the period 2001-2010 five portfolios were created for each multiple. Publically published recommendations and the change in multiples for the outlying portfolios have been examined to support the explanation for the results. This study supports previous research and shows that, according to the three used multiples, value portfolios perform better than corresponding growth portfolios. The portfolio based on a low P/BV achieves the highest excess return. We can statistically prove that the value portfolios for P/E and P/BV achieve excess returns over their corresponding growth portfolios. The anomaly also exists in a specific sector and the industrial sector proved to have a stronger effect compared to previous studies with a full market research. We can also see that the analyses are overly optimistic and that this leads to high expectations. This in combination with the behavior of herding is a factor explaining the result of the study.

Bakgrund: Något som många privatpersoner upplever svårt, är att välja aktier att investera i bland de tusentals som finns noterade på  aktiemarknader runt om i världen. Enbart på Stockholmsbörsen i Sverige finns det enligt Nasdaq OMX (2010) 288 stycken noterade aktier att välja mellan på huvudlistorna. En investerare har idag även tillgång till mycket information om företagen vilket bidrar till att det blir svårt att sortera bort vad som är oviktigt. Då målet för många investerare är att slå index är det intressant att titta på investeringsstrategier som kan tänkas slå index på längre sikt. Syfte: Syftet med studien är att undersöka investeringsstrategier på Stockholmsbörsen baserade på nyckeltalen P/E-talet, P/S-talet, P/BV-talet och direktavkastning. Detta för att komma fram till om det är det möjligt att generera överavkastning genom att följa någon eller några av dessa och om det visar sig stämma, komma fram till vilket eller vilka nyckeltal som är att föredra. Metod: Studien bygger på en kvantitativ metod där fyra nyckeltal har undersökts. Resultat: Studiens resultat visar på att det är möjligt att generera överavkastning gentemot index genom att följa en investeringsstrategi baserad på de studerade nyckeltalen. Av strategier som ingår i studien var det de baserade på värdebolag som överlag genererade den högsta avkastningen, både före och efter justering för risk. Därigenom visar studien på att investera i värdebolag gentemot tillväxtbolag är att föredra. Resultatet av studien ger också tecken på att den svenska aktiemarknaden inte är fullt effektiv utan att det förmodligen finns ett inslag av irrationalitet på den. / Background: Something that many individuals finds difficult, is to choose which shares they should invest in among the thousands of listed stocks on stock markets around the world. Only on the Stockholm Stock Exchange in Sweden, there are according to Nasdaq OMX (2010) 288 stocks listed to choose from on the main lists. An investor nowadays also has access to an amount of information about companies that makes it difficult to sort out what is important and not. With the aim of many investors being to beat the index, it is interesting to look at investment strategies that may beat the index over the long term. Aim: The purpose of this study is to study investment strategies on the Stockholm Stock Exchange based on the following financial ratios P/E ratio, P/S ratio, P/BV ratio and dividend yield. This is to investigate if it is possible to generate excess returns by following any of these and if it proves corrects, to choose which of these ratios are preferable to use as investment strategy. Methodology: The study is based on a quantitative method in which four financial ratios were examined. Results: The results show that it is possible to generate abnormal returns exceeding that of index by adopting an investment strategy based on the studied ratios. Of the studied strategies those based on value stocks generally generated the highest returns, both before and after adjustment for risk. This study shows that an investment in value stocks is preferable to one in growth stocks. The result of this study also provides evidence that the Swedish stock market may not be fully efficient and probably is affected by irrationality.

Bakgrund: Denna studie har genomförts för att bringa klarhet i hur väl relativvärdering fungerar som investeringsstrategi mellan åren 2005 och 2014 på de nordiska marknaderna. Huruvida det finns någon skillnad mellan hur väl strategin fungerar om marknaderna sorteras efter branschtillhörighet samt om tidigare välanvända nyckeltal kan generera olika hög avkastning i olika branscher är ett outforskat område. Tidigare studier på området har antingen undersökt hela marknader eller enskilda branscher där resultaten delvis har tolkats med hjälp av aktiemarknadspsykologi.Syfte: Syftet med studien är att analysera huruvida det finns skillnader i hur väl relativvärdering fungerar som investeringsmetod inom olika branscher för att generera överavkastning; samt huruvida det statistiskt går att säkerställa om det finns en koppling mellan bransch och nyckeltal.Genomförande: Studien använder en kvantitativ metod där aktierna sorteras i kvartilportföljer baserade på dess branschtillhörighet och sin värdering relativt branschkonkurrenter. Portföljerna omplaceras på årlig basis och avkastning räknas ut på månadsbasis samt kumulativt. Portföljerna utvärderas sedan med hjälp av välanvända riskmått samt en diversifieringsprocess och aktiemarknadspsykologi.Resultat: Relativvärdering kan användas för att generera överavkastning i samtliga branscher utom i energibranschen. En skillnad i avkastning, beroende på i vilken bransch, kvartil och nyckeltal som används för investeringen kan konstateras. Diversifiering sänker effektivt risken samtidigt som avkastningen inte sjunker i samma takt. Aktiemarknadspsykologi kan endast till viss del kopplas till skillnaderna i avkastning mellan portföljerna. / Background: This thesis has been executed in order to bring clarity into the matter whether relative valuation works as an investment strategy in the Nordic region between the years 2005 and 2014. Whether the strategy performs differently if the markets are sorted by sector affiliation, as well as if previously commonly used key ratios can generate different returns in different sectors is an unexplored area. Previous studies have focused on examining entire markets or specific industries where the results partially have been interpreted with behavioral finance.Aim: The aim of the thesis is to analyze whether there are any differences in how well relative valuation works as an investment method in different sectors, in order to generate excess return; as well as if it is statistically possible to find a connection between sectors and key ratios.Completion: A quantitative approach is used where the stocks are sorted into quartile portfolios in accordance with their sector affiliation and based on their valuation relative to sector competitors. The portfolios are then rebalanced on a yearly basis and returns are calculated on monthly and cumulative basis. Furthermore the portfolios are evaluated using risk measures, a diversification process and behavioural finance.Results: Relative valuation can be used to generate excess return in all sectors except in the energy sector. A discrepancy in returns is shown, depending on which sector, quartile and key ratio that is used for the investment. Moreover, diversification effectively lowers the risk without lowering the return at the same pace. Behavioural finance can only partially explain the differences in return between the portfolios.

O principal objetivo da dissertação é verificar se é possível superar o principal índice acionário brasileiro (Ibovespa) no longo prazo utilizando indicadores relativos (múltiplos de mercado), baseados em dados passados ou projetados. Foram escolhidos quatro indicadores, advindos de uma pesquisa com relatórios de 33 instituições que operam no mercado brasileiro e na disponibilidade de dados históricos e projetados. São eles: Preço/Lucro (P/L), Enterprise Value/Ebitda (EV/Ebitda), Preço/Valor Patrimonial (P/VPA) e Enterprise Value/Receita Líquida (EV/RL). A comparação entre portfolios passados e projetados procura verificar se é válido o que o mercado aplica na prática, de melhor performance dos dados futuros em relação aos históricos. Considerando limitações inerentes ao mercado financeiro e ao período da pesquisa, os resultados sugerem que é possível obter um desempenho superior ao principal benchmark nacional, o Ibovespa, principalmente usando carteiras de Valor baseadas em menor Preço/Lucro (P/L) projetado e/ou passado. Os indicadores de menor Preço/ Valor Patrimonial (P/VPA) e Enterprise Value/Receita Líquida (EV/RL) desempenharam bem, inclusive acima do Ibovespa, contudo foram estatisticamente menos significantes do que o P/L em diversos testes. Em relação ao múltiplo EV/Ebitda, os resultados para o portfolio de menor índice projetado foram um tanto quanto decepcionantes. O segundo indicador mais utilizado pelo mercado não teve significância estatística em seus retornos se comparado com zero. A montagem de portfolios considerou um caso base com 12 ações igualmente ponderadas. Também foram feitas sensibilidades de porfolios compostos de diferentes números de ações, bem como com ponderação por valor de mercado, exames de consistência através de portfolios randômicos e testes de retornos diários/mensais. / The main goal of this dissertation is to verify if it is possible to outperform the Brazilian stock index (Ibovespa) over the long term using relative valuation, based on past and predicted data. It was chosen four market multiples, according to a survey done with 33 brazilian investment firms: Price/Earnings (P/E), Enterprise Value/Ebitda (EV/Ebitda), Price/Book (P/B) and Enterprise Value/Net Sales (EV/Sales). Considering the limitation of time and data availability, the results suggest that it is possible to beat the market index using relative valuation, mainly with projected and past Value Price/Earnings portfolios. The P/B and EV/sales portfolios also had a good performance, but in smaller proportion when compared against P/E. Regarding to EV/Ebitda, the results were a little disappointing as the pure returns were not statistically different from zero. The base case portfolios were compounded by 12 stocks equally weighted. It was also run a sensitivity analysis using portfolios with different compositions (ranging from 5 to 18 stocks), randon portfolios and with value weighted.

O principal objetivo da dissertação é verificar se é possível superar o principal índice acionário brasileiro (Ibovespa) no longo prazo utilizando indicadores relativos (múltiplos de mercado), baseados em dados passados ou projetados. Foram escolhidos quatro indicadores, advindos de uma pesquisa com relatórios de 33 instituições que operam no mercado brasileiro e na disponibilidade de dados históricos e projetados. São eles: Preço/Lucro (P/L), Enterprise Value/Ebitda (EV/Ebitda), Preço/Valor Patrimonial (P/VPA) e Enterprise Value/Receita Líquida (EV/RL). A comparação entre portfolios passados e projetados procura verificar se é válido o que o mercado aplica na prática, de melhor performance dos dados futuros em relação aos históricos. Considerando limitações inerentes ao mercado financeiro e ao período da pesquisa, os resultados sugerem que é possível obter um desempenho superior ao principal benchmark nacional, o Ibovespa, principalmente usando carteiras de Valor baseadas em menor Preço/Lucro (P/L) projetado e/ou passado. Os indicadores de menor Preço/ Valor Patrimonial (P/VPA) e Enterprise Value/Receita Líquida (EV/RL) desempenharam bem, inclusive acima do Ibovespa, contudo foram estatisticamente menos significantes do que o P/L em diversos testes. Em relação ao múltiplo EV/Ebitda, os resultados para o portfolio de menor índice projetado foram um tanto quanto decepcionantes. O segundo indicador mais utilizado pelo mercado não teve significância estatística em seus retornos se comparado com zero. A montagem de portfolios considerou um caso base com 12 ações igualmente ponderadas. Também foram feitas sensibilidades de porfolios compostos de diferentes números de ações, bem como com ponderação por valor de mercado, exames de consistência através de portfolios randômicos e testes de retornos diários/mensais. / The main goal of this dissertation is to verify if it is possible to outperform the Brazilian stock index (Ibovespa) over the long term using relative valuation, based on past and predicted data. It was chosen four market multiples, according to a survey done with 33 brazilian investment firms: Price/Earnings (P/E), Enterprise Value/Ebitda (EV/Ebitda), Price/Book (P/B) and Enterprise Value/Net Sales (EV/Sales). Considering the limitation of time and data availability, the results suggest that it is possible to beat the market index using relative valuation, mainly with projected and past Value Price/Earnings portfolios. The P/B and EV/sales portfolios also had a good performance, but in smaller proportion when compared against P/E. Regarding to EV/Ebitda, the results were a little disappointing as the pure returns were not statistically different from zero. The base case portfolios were compounded by 12 stocks equally weighted. It was also run a sensitivity analysis using portfolios with different compositions (ranging from 5 to 18 stocks), randon portfolios and with value weighted.

O principal objetivo da dissertação é verificar se é possível superar o principal índice acionário brasileiro (Ibovespa) no longo prazo utilizando indicadores relativos (múltiplos de mercado), baseados em dados passados ou projetados. Foram escolhidos quatro indicadores, advindos de uma pesquisa com relatórios de 33 instituições que operam no mercado brasileiro e na disponibilidade de dados históricos e projetados. São eles: Preço/Lucro (P/L), Enterprise Value/Ebitda (EV/Ebitda), Preço/Valor Patrimonial (P/VPA) e Enterprise Value/Receita Líquida (EV/RL). A comparação entre portfolios passados e projetados procura verificar se é válido o que o mercado aplica na prática, de melhor performance dos dados futuros em relação aos históricos. Considerando limitações inerentes ao mercado financeiro e ao período da pesquisa, os resultados sugerem que é possível obter um desempenho superior ao principal benchmark nacional, o Ibovespa, principalmente usando carteiras de Valor baseadas em menor Preço/Lucro (P/L) projetado e/ou passado. Os indicadores de menor Preço/ Valor Patrimonial (P/VPA) e Enterprise Value/Receita Líquida (EV/RL) desempenharam bem, inclusive acima do Ibovespa, contudo foram estatisticamente menos significantes do que o P/L em diversos testes. Em relação ao múltiplo EV/Ebitda, os resultados para o portfolio de menor índice projetado foram um tanto quanto decepcionantes. O segundo indicador mais utilizado pelo mercado não teve significância estatística em seus retornos se comparado com zero. A montagem de portfolios considerou um caso base com 12 ações igualmente ponderadas. Também foram feitas sensibilidades de porfolios compostos de diferentes números de ações, bem como com ponderação por valor de mercado, exames de consistência através de portfolios randômicos e testes de retornos diários/mensais. / The main goal of this dissertation is to verify if it is possible to outperform the Brazilian stock index (Ibovespa) over the long term using relative valuation, based on past and predicted data. It was chosen four market multiples, according to a survey done with 33 brazilian investment firms: Price/Earnings (P/E), Enterprise Value/Ebitda (EV/Ebitda), Price/Book (P/B) and Enterprise Value/Net Sales (EV/Sales). Considering the limitation of time and data availability, the results suggest that it is possible to beat the market index using relative valuation, mainly with projected and past Value Price/Earnings portfolios. The P/B and EV/sales portfolios also had a good performance, but in smaller proportion when compared against P/E. Regarding to EV/Ebitda, the results were a little disappointing as the pure returns were not statistically different from zero. The base case portfolios were compounded by 12 stocks equally weighted. It was also run a sensitivity analysis using portfolios with different compositions (ranging from 5 to 18 stocks), randon portfolios and with value weighted.

A determinação do valor das empresas é o fator chave nas negociações de fusões e aquisições e tem por objetivo estimar uma faixa de referência que sirva como base nas negociações de tais empresas. A avaliação também é fundamental na determinação do valor de mercado das empresas. As metodologias de Fluxo de Caixa Descontado (FCD) e de múltiplos são as principais formas de se avaliar empresas. A abordagem por múltiplos baseia-se no princípio de que ativos e empresas semelhantes deveriam ter preços e múltiplos semelhantes. Os múltiplos obtidos de empresas semelhantes são aplicados aos respectivos parâmetros da empresa avaliada, dando como resultado o “valor de referência da empresa.” Entretanto as empresas comparáveis precisam apresentar fundamentos e características semelhantes. Como a regressão permite o controle das diferenças entre as variáveis que fazem os múltiplos variar de uma empresa para outra, não seria necessário limitar a procura por empresas comparáveis apenas ao setor da empresa avaliada. Desta forma, esta dissertação tem por objetivo desenvolver um modelo de estimação relativa baseada em indicadores contábeis do valor das empresas não financeiras negociadas nas principais bolsas de valores do mundo. A parte empírica desta dissertação tem por objetivo identificar quais indicadores contábeis são direcionadores de valor, ou seja, os que estão fortemente correlacionados com o valor das empresas e avaliar as relevâncias que estes indicadores assumem em bolsas e setores diferentes. / The main methodologies to value companies are Discounted Cash Flow and Relative Valuation (multiples). In relative valuation, the value of an asset is compared to the values assessed by the market for similar or comparable assets. The obtained multiple of a comparable firm, like Firm Value/EBITDA, is applied to the same parameter of the company being valued, resulting in its relative value. Otherwise, comparable companies need to have similar fundamentals and characteristics. The question of how to control for these differences, when comparing a multiple across several firms, becomes a key one. The multiple regressions can control the differences between the variables that make multiples change company by company. With the multiple regressions it would not be necessary to limit the choice of comparable companies to the one from the same sector of the company being valued. This study aims to develop a valuation model based on accounting indicators to estimate the Firm Value of listed companies of the main stock exchanges of the world. The main goal of this dissertation is to identify what accounting indicators are value drivers (that are strongly correlated with the Firm Value) and determine the relevance that these indicators have in different countries and sectors.

Background: Investing in stocks seems to be more widespread than ever. The question is whether there are strategies that mean that investors systematically and over a longer period of time can generate excess returns. Proponents of the efficient market hypothesis believe that this is not possible as a higher return than the market is obtained only as a result of fortuity or a higher risk-taking. In contrast, there are those who believe that investment strategies, by exploiting market inefficiencies, can generate excess returns. This study examines whether this is possible by applying an investment strategy based on theoretically derived multiples. Purpose: The purpose of this study is to analyze whether an investment strategy based on theoretically derived multiples can generate excess returns by identifying mispricings in the Swedish stock market. Methodology: This study has been conducted with a quantitative research method and deductive approach to be able to achieve the purpose of the study. The study's measurement period extends from 2007-2022 and is limited to companies that have been listed on the OMX Stockholm Large Cap. During the measurement period, the investment strategy has been applied with three different investment horizons for the multiples P/E, P/BV, EV/EBITDA and EV/S. To examine the strategy's ability to generate excess returns, the return and risk of constructed portfolios have been analyzed in relation to OMXSPI. Result: The results of the study show that the strategy should be applied with a longer investment horizon. All portfolios with an investment horizon of one or three years have generated a higher return than the study's benchmark index. The strategy thus seems to be able to generate excess returns, even though the results indicate that it works better during periods of upturn in the market. As the proportion of shares developed in line with the forecast was over 50% for all multiples, the excess return also seems to be explained by the fact that the strategy works well for identifying mispricings.

Bakgrund: I takt med den stigande börsen så har intresset för aktiehandel ökat. Det finns ett stort antal investeringsstrategier att använda i jakten på att generera maximal avkastning. Två sådana strategier är att investera i företag med låga respektive höga multiplar. Tidigare studier har primärt fokuserat på icke teoretiska (redovisade) multiplar för stora bolag, varför det kan vara relevant att undersöka hur väl investeringsstrategier baserade på teoretiska multiplar för små och medelstora bolag presterar. Syfte: Syftet med denna studie är att med hjälp av teoretiska multiplar identifiera undervärderade bolag listade på Stockholmsbörsen Large, Mid samt Small Cap, för att sedan studera om en sådan strategi kan användas för att överavkasta över tid. Investeringarnas optimala tidshorisont undersöks också. Metod: Studien använder en kvantitativ forskningsstrategi med en deduktiv ansats. Bolagen som undersöks är listade på OMXSPI under perioden 2016–2022 med 3, 6, 9 och 12 månaders portföljer. De redovisade och teoretiska multiplarna P/E, EV/EBITDA och EV/Sales jämförs och totalt har nio portföljer skapats. Dessa portföljer utvärderas med avseende på årlig avkastning och ackumulerad avkastning samt med olika utvärderingsmått såsom Sharpekvot, Treynorkvot, Modigliani-Modigliani och Jensens alfa. Resultat: Resultatet visar att det inte är möjligt att överavkasta genom att investera i teoretiskt undervärderade bolag. Ingen av årsportföljerna hade en riskjusterad avkastning som översteg index. Den multipel som lyckades bäst i denna studie var EV/EBITDA, och den marknadslista som presterade bäst var Mid Cap, dock utan signifikans i resultaten vilket innebär att det kan ha varit slumpmässigt. Vad gäller portföljerna med kortare tidshorisont presterade de klart bättre än årsportföljerna, men även här är det svårt att dra några slutsatser eftersom signifikansen överlag var låg. / Background: With a stock market rising for a long time, interest in the share trading has increased. There is a great number of investment strategies to use in the pursuit of generating maximum returns. Two of these are to invest in companies with low and high multiples, respectively. Previous studies have primarily focused on non-theoretical (reported) multiples for large companies. Thus, it is relevant to examine how well investment strategies based on theoretical multiples will perform for small and medium companies. Purpose: The purpose of this study is to identify undervalued companies listed on the Stockholm Stock Exchange Large, Mid and Small Cap by means of theoretical multiples, and then study whether such a strategy can be used to over-return over time. The optimal time horizon for the investments is also examined. Method: In this study, we have used a quantitative research strategy with a deductive approach. The companies under investigation are listed on OMXSPI during the period 2016–2022 with 3, 6, 9 and 12- month portfolios. The reported and theoretical multiples P/E, EV/EBITDA, and EV/Sales are compared and a total of nine portfolios were created. These portfolios are evaluated with respect to annual returns and accumulated returns and with various evaluation measures such as Sharpe ratio, Treyone ratio, Modigliani-Modigliani, and Jensen's alpha. Result: The results of the study show that it is not possible to over-return by investing in theoretically undervalued companies. None of the annual portfolios managed, risk-adjusted, to outperform the market. The multiple that succeeded best in this study was EV/EBITDA, and the market list that performed best was Mid Cap, although without significance in the results, which means that it may have been random. As for the portfolios with a shorter time horizon, they performed clearly better than the 12-month portfolios, but even here it is difficult to draw any conclusions as the significance was generally low

<p><strong>Datum</strong>: 2010-06-03</p><p><strong>Kurs</strong>: Kandidatuppsats i Företagsekonomi</p><p><strong>Lärosäte</strong>: Mälardalens högskola, Västerås</p><p><strong>Institution</strong>: Akademin för hållbar samhälls- och teknikutveckling</p><p><strong>Titel</strong>: Företagsvärdering med Fundamental analys</p><p><strong>Författare</strong>: Sebastian Järvinen och Slavisa Stupic</p><p><strong>Handledare</strong>: Riitta Lehtisalo</p><p><strong>Examinator</strong>: Cecilia Lindh</p><p><strong>Frågeställningar</strong>: Vilka värderingsmetoder och modeller är mest lämpliga för en värdering av Eolus Vind AB?</p><p>Är Eolus aktie över- eller undervärderad?</p><p>Vilken påverkan har avvikelser gentemot prognos i värderingen av Eolus?</p><p><strong>Syfte</strong>: Syftet med studien är att utföra en företagsvärdering av Eolus för att fastställa om dess aktie är över- eller undervärderad samt behandla osäkerheten kring en värdering.</p><p><strong>Metod</strong>: I studien har en deduktiv metod tillämpats då vi valt att utgå från redan befintlig teori. Vidare har kvalitativa och kvantitativa metoder tillämpats för att få en djupare förståelse för hur värderingsmetoderna och modellerna används i praktiken som sedan ligger till grund för värderingen av Eolus.</p><p><strong>Slutsats</strong>: Lämpligaste metoden för en värdering av Eolus är en så kallad DCF analys, där en fundamental analys ligger till grund för de prognostiserade antaganden. Det innebär att bolaget, marknaden och dess bransch studeras för att sedan ligga till grund för de prognoser och antaganden som krävs i en DCF analys. En multipelvärdering är att föredra då den anses göra DCF analysen komplett. Enligt våra prognoser, antaganden och beräkningar anser vi Eolus aktie vara undervärderad gentemot dagens kurs.</p><p><strong>Nyckeltal</strong>: Företagsvärdering, Fundamental analys, Eolus Vind AB, DCF, CAPM, WACC, multipelvärdering</p> / <p><strong>Date</strong>: 2010-06-03</p><p><strong>Subject</strong>: Bachelor Thesis in Business Administration</p><p><strong>University</strong>: Mälardalen University, Vasteras</p><p><strong>Institute</strong>: School of Sustainable Development of Society and Technology</p><p><strong>Title</strong>: Business valuation with Fundamental analysis</p><p><strong>Authors</strong>: Sebastian Järvinen and Slavisa Stupic</p><p><strong>Tutor</strong>: Riitta Lehtisalo</p><p><strong>Examiner</strong>: Cecilia Lindh</p><p><strong>Questions</strong>: What valuation methods and models are most appropriate for the valuation of Eolus Vind AB?</p><p>Is Eolus share over- or undervalued?</p><p>What influence do the deviations in the prognosis have against the forecasted valuation of Eolus?</p><p><strong>Purpose</strong>: The purpose of this study is to perform a Business valuation of Eolus and determine it its share is over- or undervalued. The study will also deal with the uncertainty in the valuation.</p><p><strong>Method</strong>: The study has a deductive approach, which says that the starting point lies in a existing theory. Furthermore, qualitative and quantitative methods are used to obtain a deeper understanding of how valuation methods and models are used in the practice, which t hen forms the basis of a valuation of Eolus.</p><p><strong>Conclusion</strong>: The most appropriate method for a valuation of Eolus is a DCF analysis, where the first step is to do a fundamental analysis, which involves a study of the company, its industry and the market to form a basis for the forecasts, and assumptions that are required in a DCF analysis. A relative valuation is a preferable combination with the DCF analysis. According to our projections, assumptions and estimates we believe that Eolus share is undervalued in relation to today’s share price.</p><p><strong>Keywords</strong>: Business Valuation, Fundamental analysis, Eolus Vind AB, DCF, CAPM, WACC, relative valuation</p>