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Valuation of Bmw

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Valuation of Bmw
Bachelor Thesis

Department of Business Studies Århus, the 3rd of May 2010

Valuation of BMW
- Financial & Strategic Analysis

Authors Rasmus Ramshøj Pløen Exam no. 282821 BSc (B/IM) Mikkel Kronborg Olesen Exam no. 283755 BSc (B)

Academic Advisor Nicolai Borcher Hansen ASB Aarhus School of Business

TABLE OF CONTENTS 1 PREFACE ................................................................................................................................................................ 4 1.1 1.2 1.3 1.4 1.5 1.6 2 EXECUTIVE SUMMARY ................................................................................................................................................ 5 BRIEF INTRODUCTION ................................................................................................................................................. 6 PROBLEM STATEMENT ................................................................................................................................................ 8 STRUCTURE .............................................................................................................................................................. 9 DELIMITATIONS AND ASSUMPTIONS ............................................................................................................................ 10 METHODS .............................................................................................................................................................. 12

HISTORICAL FINANCIAL ANALYSIS........................................................................................................... 13 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 REARRANGING THE BALANCE SHEET - ANALYZING INVESTED CAPITAL .................................................................................. 13 REARRANGING THE INCOME STATEMENT – ANALYZING NOPLAT ...................................................................................... 14
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