Carlsberg Essay

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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

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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 - Budgets and Forecasting ......................................................................... 10 Chapter VI - Valuation ......................................................................................... 10 Project structure ................................................................................................ 10 1.4 Delimitations .................................................................................................. 11 1.5 Source Criticism .............................................................................................. 12

2.0 What is Carlsberg? – Chapter II

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2.1 The History of Carlsberg ..................................................................................... 2.2 Organization .................................................................................................. 2.3 Corporate Governance ........................................................................................ 2.3.1 Ownership structure ..................................................................................... 2.3.2 Corporate Governance Practices at Carlsberg .......................................................... 2.4 The Strategy of the Carlsberg Group ........................................................................ 2.4.1 Excellence Programme .................................................................................. 2.4.2 Growth focus ............................................................................................. 2.4.3 Markets ................................................................................................... 2.4.4 Products .................................................................................................. 2.5 The Financial Development of Carlsberg .................................................................... 2.5.1 The...
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