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Valuation of William Demant Holding A/S

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Valuation of William Demant Holding A/S VALUATION OF WILLIAM DEMANT HOLDING A/S “I hear it’s a sound investment” MASTER THESIS MSc. (cand.merc.) in Accounting, Strategy and Control Copenhagen Business School Pawel Sebastian Stania 106605 Pages: 112 Rune Patrick Sørensen 107586 STU’s: 267.656 Supervisor: Evis Sinani Date of submission: 15-05-2018 Copenhagen Business School Cand.merc ASC Abstract This thesis seeks to value the firm William Demant Holding, with the intent of making a buy, hold or sell recommendation on their shares. William Demant is a global hearing aid company with Danish origin, and a key player in the industry. The firm develops, manufactures and distributes hearing aid products and also have ties to the headphone market. In order to value the firm, the thesis performed a strategic analysis and a financial statement analysis, which was used to create a forecast for William Demant’s future earnings and assets. The value of the forecast was then calculated using an EVA valuation model, and a sensitivity analysis of the conclusion was performed to ensure the validity of the results. The strategic analysis included three parts: PESTLE, Porters Five Forces and Value chain analysis. The strategic analysis revealed that there is a global increase in demand for hearing aid products, which translate to projected growth in the industry. The US, which is a large market for William Demant, recently passed a new law, which allows for hearing aid devices to be sold over-the-counter, where consumers were previously required to buy them through hearing aid specialists. It also revealed that technology plays a key role in the industry, which forces the industry to invest in R&D to stay competitive. The industry is currently dominated by a few large firms, which all keep R&D investments high. The industry is considered to be profitable, with no substituting products, industry growth and high entry barriers, which prevents further competition. The financial statement analysis included two parts: profitability analysis and liquidity analysis. The profitability analysis revealed that William Demant is highly value-creating, and a strong performer in the industry, with higher than average industry returns. This stems from their lower production costs, which gives them a competitive advantage. The liquidity analysis showed that William Demant holds less liquidity than peers, which impacts the firm’s financial costs and management’s ability to implement strategies, however given the low amount of debt and the low interests rates, this is a limited concern. From the forecast and valuation model, it is shown that the value of one William Demant share at 22/02/2018 is DKK 399.30, compared to a market price of DKK 210.60. As such, the stock is undervalued, and it is recommended to buy William Demant stock, as it is a sound investment. Page 1 of 156 Copenhagen Business School Cand.merc ASC Table of contents: 1. Introduction ................................................................................................................................. 8 2. Problem Statement ...................................................................................................................... 9 2.1 Sub-Questions ....................................................................................................................... 9 2.1.1 Strategic and Financial Analysis ..................................................................................... 9 2.1.2 Forecast, Valuation and Sensitivity Analysis ................................................................ 10 3. Methodology .............................................................................................................................. 10 3.1 Research Onion ................................................................................................................... 10 3.1.1 Research approach ....................................................................................................... 11 3.1.2 Research strategy ......................................................................................................... 11 3.1.3 Method choices and time horizons ............................................................................. 12 3.1.4 Data collection methods .............................................................................................. 12 3.1.4.1 Secondary data .................................................................................................................... 12 3.2 Competing Paradigms of Research ..................................................................................... 12 3.2.1 The Functionalist paradigm.......................................................................................... 13 3.2.2 The Interpretative paradigm ........................................................................................ 13 3.2.3 The Radical Humanist paradigm .................................................................................. 14 3.2.4 Radical Structuralist paradigm ..................................................................................... 14 3.2.5 The chosen paradigm ................................................................................................... 14 3.3 Limitations ........................................................................................................................... 14 3.4 Literature review ................................................................................................................. 15 3.4.1 Strategic analysis in valuations .................................................................................... 15 3.4.2 Environmental analysis ................................................................................................ 15 3.4.3 Industry Analysis .......................................................................................................... 16 3.4.4 Internal firm analysis .................................................................................................... 17 3.4.5 Financial statement analysis ........................................................................................ 18 3.4.6 Valuation model ........................................................................................................... 18 4. Research approach and structure .............................................................................................. 19 4.1 Chosen models and frameworks ......................................................................................... 20 4.1.1 Strategic analysis .......................................................................................................... 20 4.1.1.1 PESTLE .................................................................................................................................. 20 4.1.1.2 Porter’s Five Forces ............................................................................................................. 20 4.1.1.3 Porter’s Value Chain ............................................................................................................ 22 Page 2 of 156 Copenhagen Business School Cand.merc ASC 4.1.2 Financial analysis .......................................................................................................... 23 4.1.3 Valuation ...................................................................................................................... 24 5. Company Overview – William Demant ...................................................................................... 24 5.1 History ................................................................................................................................. 24 5.2 Business model and company strategy ............................................................................... 25 5.3 Products and performance of business activities ............................................................... 25 5.3.1 Hearing devices ............................................................................................................ 25 5.3.2 Hearing implants .......................................................................................................... 26 5.3.3 Diagnostic instruments ................................................................................................ 27 5.3.4 Personal communication ............................................................................................. 27 5.4 Ownership structure ........................................................................................................... 27 5.5 William Demant stock price development .......................................................................... 28 5.5.1 2009-2012 Highlights ................................................................................................... 28 5.5.2 2013-2015 Highlights ................................................................................................... 28 5.5.3 2016-2017 Highlights ................................................................................................... 29 5.6 Company outlook ................................................................................................................ 29 6. Strategic analysis ........................................................................................................................ 29 6.1 PESTLE.................................................................................................................................
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