Financial Analysis and Valuation of Hafslund AS
Bachelor thesis
Permanent lenke
https://hdl.handle.net/11250/3159682Utgivelsesdato
2024Metadata
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- Bachelor [880]
Sammendrag
This bachelor thesis aims to estimate the enterprise value of Hafslund AS, a company 100% owned by Oslo Municipality, as of December 31, 2023. We begin with an introduction to Hafslund and the power industry, followed by a description of the valuation techniques employed.
Our comprehensive strategic analysis, utilizing Porter’s five forces, PESTEL, and the VRIO framework, provided insights into the power market and Hafslund’s internal capabilities. This strategic analysis, combined with a historical financial analysis, allowed us to forecast Hafslund’s future performance and calculate future free cash to the firm for our valuation.
We calculated the enterprise value of Hafslund, using the Discounted Cash Flow (DCF) and Economic Value Added (EVA) models. To address the uncertainties inherent in these models, we performed a relative valuation using EV multiples from comparable companies, multiple iterations of the DCF and EVA models, and a Monte Carlo simulation. Finally, by weighing our different value approaches, we concluded with an enterprise value for Hafslund AS of 82 086 million NOK.
We acknowledge the limitations of our analysis due to our reliance on publicly available information, which may impact the accuracy of our valuation.
Beskrivelse
Bacheloroppgave i Business Administration fra Handelshøyskolen BI, 2024