Det Nordjyske Ægteskab
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Det Nordjyske ægteskab - Nordjyske Banks opkøb af Nørresundby Bank Vejleder: Christian Farø Kennet Hansen: 20137615 Specialeafhandling 30. April 2015 Thomas Frost: 20137599 HD Finansiel Rådgivning Nanna Thørring Vestergaard: 20137624 HD Finansiel Rådgivning Speciale 2015 Nanna Thørring Vestergaard Kennet Hansen Thomas Frost Indholdsfortegnelse Executive summary .................................................................................................................................. 3 1. Indledning ............................................................................................................................................. 5 1.1. Problemformulering ...................................................................................................................... 6 1.2. Afgrænsning .................................................................................................................................. 7 1.3. Metode .......................................................................................................................................... 8 2. Præsentation af pengeinstitutterne ...................................................................................................... 10 2.1. Nordjyske Bank ............................................................................................................................10 2.2. Nørresundby Bank .......................................................................................................................12 3. Strategiske overvejelser i forbindelse med opkøbet ........................................................................... 13 4. Regnskabsanalyse ............................................................................................................................... 14 4.1. Indtægter .....................................................................................................................................14 4.2. Delkonklusion ..............................................................................................................................22 4.3. Udgifter........................................................................................................................................23 4.4. Delkonklusion ..............................................................................................................................36 5. Organisationsanalyse .......................................................................................................................... 38 5.1. Organisationen i Nordjyske Bank og Nørresundby Bank ............................................................38 5.2. Delkonklusion ..............................................................................................................................43 6. Kulturanalyse af Nordjyske Bank og Nørresundby Bank .................................................................. 43 6.1. Nordjyske Bank ............................................................................................................................43 6.2. Nørresundby Bank .......................................................................................................................43 6.3. Delkonklusion ..............................................................................................................................47 7. Interessentanalyse ............................................................................................................................... 48 7.1. Ansatte ........................................................................................................................................49 7.2. Medier .........................................................................................................................................51 7.3. Ledelsen .......................................................................................................................................52 7.4. Ejere/aktionærer .........................................................................................................................56 7.5. Kunder .........................................................................................................................................57 7.6. Myndigheder ...............................................................................................................................58 7.7. Delkonklusion ..............................................................................................................................61 8. Nordjyske Bank anno 2015 ................................................................................................................ 62 8.1. Begrundelse for opkøbet .............................................................................................................62 8.2. Aktieanalyse ................................................................................................................................63 Side 1 af 180 HD Finansiel Rådgivning Speciale 2015 Nanna Thørring Vestergaard Kennet Hansen Thomas Frost 8.3. Performance for den nye Nordjyske Bank ..................................................................................65 8.4. Branchefordeling .........................................................................................................................69 8.5. Delkonklusion ..............................................................................................................................70 9. Værdiansættelse af pengeinstitutterne ................................................................................................ 71 9.1. Generelt om værdiansættelse af virksomheder .........................................................................71 9.2. Modificeret DCF-model ...............................................................................................................74 9.3. Budgettering ................................................................................................................................76 9.4. Værdiansættelse af Nørresundby Bank ......................................................................................76 9.5. Værdiansættelse af Nordjyske Bank ...........................................................................................95 9.6. Den nye Nordjyske Bank efter opkøbet ......................................................................................97 9.7. Delkonklusion på værdiansættelsen ...........................................................................................98 10. Værdiansættelse ud fra multipler ..................................................................................................... 99 10.1. P/E (Price/Earnings) ...................................................................................................................99 10.2. Kurs/Indre værdi (K/I)..............................................................................................................101 10.3. Delkonklusion på værdiansættelse ved multipler ...................................................................103 11. Konklusion ..................................................................................................................................... 104 11. Litteraturliste .................................................................................................................................. 106 Bilag ..................................................................................................................................................... 113 Side 2 af 180 HD Finansiel Rådgivning Speciale 2015 Nanna Thørring Vestergaard Kennet Hansen Thomas Frost Executive summary This paper is based on the acquisition of Nørresundby Bank by Nordjyske Bank. Mergers and acquisitions have been used in many decades and the financial sector in Denmark has been no exception. The number of banks in Denmark has decreased significantly, which is emphasized in the period from 2008-2013, where the number of banks went from 138 to 89, as a consequence of mergers, acquisitions and bankruptcies. This paper seeks to investigate who will benefit from the acquisition of Nørresundby Bank; the shareholders, the stakeholders, or both? The paper departs with a brief introduction of the two involved banks; Nordjyske Bank and Nørresundby Bank, which will be followed by a discussion of the strategic alternatives used by Nordjyske Bank in the acquisition. The discussion will deal with whether or not Nordjyske Bank could have gained more value by opening a branch in Aalborg or by a simple buyback of the stock capital. Afterwards the financial performance of the two banks will be analysed individually and finally compared. This analysis will be based on the annual reports of the two banks from 2010-2014. To compare the two banks, the paper have used key performance indicators, such as; ROE, ICGR and WACC amongst others. To evaluate the other aspects of the acquisition, an organizational, cultural and stakeholder analysis of the two banks were conducted. The organizational and cultural analyses aimed at determine which obstacles the acquisition could face, if any. The organizational analysis has been based on Mintzberg’s types of organisations, and the cultural analysis on the internal values in Nordjyske Bank and Nørresundby Bank. The stakeholder analysis has been conducted to highlight the distribution of power prior to and after the acquisition was completed. Furthermore the