Carlsberg Essay
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
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