Verdsettelse av Storebrand ASA

Abstract

The objective of this thesis was to identify Storebrand ASA’s intrinsic value on the 21st of March 2023. To accomplish this, a fundamental analysis was executed by discounting estimated cash flows to present value.

In its first part, the thesis presented Storebrand’s main business segments and a strategic analysis revolving around these. Insights from the strategic evaluation facilitated for an analysis of Storebrand’s financial statements, which was followed by future earnings estimates. From here, the estimated cash flows were discounted to present value, providing a share price of NOK 83.94.

To supplement the fundamental valuation, the thesis performed a relative valuation, though the results were inconclusive. Lastly, the thesis tested the assumptions in the fundamental analysis, by manipulating several input values.

The objective of this thesis was to identify Storebrand ASA’s intrinsic value on the 21st of March 2023. To accomplish this, a fundamental analysis was executed by discounting estimated cash flows to present value.

In its first part, the thesis presented Storebrand’s main business segments and a strategic analysis revolving around these. Insights from the strategic evaluation facilitated for an analysis of Storebrand’s financial statements, which was followed by future earnings estimates. From here, the estimated cash flows were discounted to present value, providing a share price of NOK 83.94.

To supplement the fundamental valuation, the thesis performed a relative valuation, though the results were inconclusive. Lastly, the thesis tested the assumptions in the fundamental analysis, by manipulating several input values.