Marine Harvest Group : Strategisk regnskapsanalyse og verdivurdering

Masteroppgave økonomi og administrasjon BE501 - Universitetet i Agder 2018The purpose of this thesis is to find Marine Harvest Groups equityandshare price as of 30.06.2018. We will use accounting data for the period 2011 to 2018 Q2 to carry out a fundamental-and the method of comparables analysis of the company. After relevant adjustments we ended up with a stock price of NOK 211,32. The priceindicates that Marine Harvestsvalue at the Oslo Stock Exchange of NOK 162,20 is undervalued. Therefore, we will recommend buying Marine Harvest stocks. To be able to conduct a fundamental valuation it has been necassary to obtain knowledge about thecompany and the industry. The information hasbeen gathered through a presentation of the company and the industry, followed by a strategic analysis of Marine Harvest. The strategic analysis we conducted were PESTEL, Porters five forces, Generic bulidningblocksofcompetitve advantage, SVIMA and SVI. The analysis gave us an overview of the external and internal affairs that affects the company. From the strategic analysis we uncovered that Marine Harvest are in posession of temporary strategic advanteges.The advantages areresources within research and development, in addition to having their own feed production. They also have some strategic disadvantages in the form of a weak brand name, low product differentiation and a lower cost efficiency than theircompetitors.The next step was to carry out a financial statement analysis, risk assesment and calculate the WACC. Further we used these calculations to forecast a financial statement for the future. The financial statement is based on our expecations for the future and thus uncertain. With the information we had gathered we conducted the fundamental valuation followed by a sensitivity analysis. From the sensitivity analysis it was obvious that Marine Harvests stock price was heavily effected by growth inoperating income, operating margin, the turnover rate of net operating assets and equity requirements. Then we conducted a method of comparables analysis.Acombination of thetwo methodswas used to establish a stock price and an appropriate trade strategy