Værdiansættelse af Vestas Wind Systems A/S
Notice bibliographique
Résumé
This thesis is a valuation of Vestas Wind Systems A/S (Vestas), which manufactures, sells, and services windmills across the globe. The valuation is broadly based on a strategic analysis, financial statement analysis and forecasting. The strategic analysis is conducted using a PESTLE analysis, Porter’s Five Forces, Ansoff’s Growth Matrix, Value Chain analysis and lastly, a SWOT analysis, which sums up the section. The models clarify the macroeconomic environment, the competitive landscape, and the growth strategies as well as categorizes the internal competencies of the company as either primary or support activities. Finally, the Discounted Cash Flow and RIDO models are used to calculate the present value of the company’s equity.\nThe political agenda of wind power seems unlikely to lose momentum in the future as several analyses point to the contrary. In the USA congress has approved that buyers of windmill projects will be subsidized in 2013 and Germany has made the drastic decision to shut down its 17 nuclear power plants by 2022. Based on market analyses Europe stands to lose its leading position and will only account for 27 percent of all wind energy in the world by 2016. The USA and Canada will continue to grow until 2016 and Brazil will become the country in Latin America with the greatest demand for wind power. South and East Asia, including China, will become the region with largest demand for wind energy by 2016 and will at that time consume 44.3 percent of the world’s wind energy. Although Vestas has sizable market shares on the European and American markets, they have a very small presence on the Chinese market where they only held a 3 percent market share in 2011.\nThe financial statement analysis is based on a 7 year period from 2006 to 2012. The best year was 2008, which saw Vestas achieve a ROIC of 33.96 percent and a ROE of 32.94 percent. The worst year was 2012 with a ROIC of -33.00 percent and ROE of -53.84. During this period Vestas has changed its capital structure significantly. Whereas Vestas had negative net financial obligations from 2006 to 2009, they drastically increased their gearing from 2010 and in 2012 they had a FGEAR of 59.94 percent.\nThe valuation is performed based on three possible scenarios. The first scenario is a “stand alone” valuation, the second is one in which Vestas is assumed to be acquired by an industry competitor and the third is a liquidation of Vestas where only the service department of the company is valued. The WACC that is used to discount the future cash flows is estimated to 9.02321 percent. The value of Vestas’ shares based on the “stand alone” scenario is calculated to be 7.28 EUR per share as of the 1st of May 2013. It is noteworthy that this value is higher, than the current market value of 6.6740 EUR per share.
Récupéré en direct depuis OpenAlex et désinversé. Les résumés ne sont pas conservés dans cette base de données : les index inversés représentent 8,6 Go des 9,3 Go de texte de la base, et le serveur dispose de 13 Go libres.
Comment cette classification a été obtenuedéplier
Prédiction distillée sur la base complète
Imitation des enseignantsNi prévalence calibrée, ni vérité terrain. Validation humaine à venir. Apprise à partir de 10 348 étiquettes directes de Codex et de 10 348 étiquettes directes de Gemma. Le mode candidate est l'union des têtes enseignantes seuillées; le consensus est leur intersection. Ces sorties portent le statut machine_predicted_unvalidated et ne sont ni des étiquettes humaines ni des étiquettes directes de modèles de pointe.
Scores Codex et Gemma par catégorie
| Catégorie | Codex | Gemma |
|---|---|---|
| Métarecherche | 0,002 | 0,001 |
| Méta-épidémiologie (sens strict) | 0,001 | 0,001 |
| Méta-épidémiologie (sens large) | 0,002 | 0,000 |
| Bibliométrie | 0,002 | 0,002 |
| Études des sciences et des technologies | 0,000 | 0,000 |
| Communication savante | 0,001 | 0,000 |
| Science ouverte | 0,001 | 0,000 |
| Intégrité de la recherche | 0,001 | 0,001 |
| Charge utile insuffisante (le modèle a refusé de juger) | 0,117 | 0,172 |
Scores machine (provisoires)
Les deux têtes enseignantes du modèle étudiant, lues sur ce travail. Un score ordonne la base pour la relecture; il n'affirme jamais une catégorie, et le statut de validation accompagne chaque rangée tel quel.
Scores de référence d'un modèle non mature (critères de maturité non atteints, 7 itérations). Un score ordonne; il n'affirme jamais une catégorie.
score_only:v0-immature-baseline · tel quel depuis la passe de notation : score_only signifie que le nombre peut ordonner les travaux, et qu'aucune étiquette de catégorie n'en découleClassification
machine, non validéePrédiction automatique; les deux têtes enseignantes s’accordent sur ce qui est montré ici.
Le détail, modèle par modèle et score par score, se trouve en fin de page sous « Comment cette classification a été obtenue ».