olivier don cato meelby soerensen og ja

A Valuation of Carlsberg

Master Thesis, February 2011
Department of Finance, Copenhagen Business School
M.Sc. in Financial & Strategic Management/ M.Sc. in Finance & Accounting
Pages: 121
Characters Count (with spaces): 209.448
Figures: 76
Characters Count (with spaces) with figures: 270.248
Authors
Olivier Don Cato Meelby Sørensen

Janus Rudolf

____________

____________

Counselor
Christian Wurtz
______________

page 1 of 151

Executive summary ................................................................................................. 4

1.0 Introduction - Chapter I

5

1.1 Motivation ...................................................................................................... 5
1.2 Problem Statement .............................................................................................. 6
This is Carlsberg (Chapter II).................................................................................... 6
Strategic Analysis (Chapter III) ................................................................................. 6
Financial Analysis (Chapter IV) ................................................................................. 7
Budgets and Forecasting (Chapter V) ........................................................................... 7
Valuation (Chapter VI) .......................................................................................... 7
1.3 Methodology, study design and empirical- and theoretical base.............................................. 8
Chapter I - Introduction .......................................................................................... 8
Chapter II – What is Carlsberg? ................................................................................. 9
Chapter III – Strategic Analysis ................................................................................. 9
Chapter IV – Financial Analysis ................................................................................ 9
Chapter V -

References: Bennedsen and Kasper Meisner Nielsen CIE, 2005 Beveragedaily.com 2010a: http://www.beveragedaily.com/Financial/Brewers-brace-themselves-forRussian-beer-tax-hike Bjerg 2006: De sociologiske metoders epistemologi, Bjerg, Ole (2006), i Bjerg, Ole & Villadsen, Kaspar (2006) ’Sociologiske metoder’, Samfundslitteratur, kapitel 1, side 11-28 Michel Chevalier the Journal of Marketing Vol. 38, No. 4 (Oct., 1974), pp. 29-34 (article consists of 6 pages). Euromonitor 2010: Euromonitor Report on Carlsberg A/S. published in feb. 2010. Flyvbjerg 1996: Rationalitet og magt, Flyvbjerg, Bent (1996): Akademisk Forlag, side 137 158 Frank 2009: Microeconomics and behaviour edition (September 24, 2009) Frank and Bernanke 2008: Principles of Macroeconomics McGraw-Hill Irwin, 2008 Fratianni & Marchionne 2009: The Role of Banks in the Subprime Financial Crisis (April 10, 2009). Fratianni, Michele U. and Marchionne, Francesco, Review of Economic Conditions in Italy, 2009/1 . Gordy & Howells 2004: 'Procyclicality in Basel II: can we treat the disease without killing the patient? ' Gordy MB and Howells B (2004), Grossman, G. & Helpman, E. (2002). Lessons from a near-war. Jacobides., M. G. (2007). Organization Science, 18, 3, 455-477. Jensen and Meckling 1976: Agency Costs and Ownership Structure, Jensen, Michael, and William Meckling, 1976, Theory of the Firm: Managerial Behavior, Journal of Financial Economics 3, 305360. Jensen,1986: Agency Costs of Free Cash Flow, Jensen, Michael C., 1986, Corporate Finance, and