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AF gruppen - valuation and case study on economic moats

Simenstad, Markus Kristoffer; Johnsen, Eirik Skaare
Master thesis
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1758927.pdf (2.024Mb)
GRA 19502 Master Thesis Preliminary.pdf (299.3Kb)
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http://hdl.handle.net/11250/2476584
Utgivelsesdato
2017
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Samlinger
  • Master of Science [1116]
Sammendrag
Economic moats represent sustainable competitive advantages that allow

companies to protect their value and lead to excess returns over a long-term horizon

(Morningstar, 2016). This sentence lays the fundament for this thesis in a way that

we will elaborate on the subject of economic moats; what it is, how it’s obtained

and how it’s valued. Legendary investor Warren Buffett and CEO of Berkshire

Hathaway once said the following:

“The most important thing to me (when considering an investment) is

figuring out how big a moat there is around the business. What I love, of

course, is a big castle and a big moat with piranhas and crocodiles.” –

(Buffet, 1994).

The subject has to some extent been discussed in other literature and whether or not

an economic moat creates excess return has been tested empirically, to be discussed

later on. However, we wish to put the matter into context by performing a case

study on AF Gruppen, where we will perform a fully-fledged valuation of the

company and attempt to value their suspected moat using the frameworks and

theories soon to be introduced.
Beskrivelse
Masteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2017
Utgiver
BI Norwegian Business School

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