| dc.description.abstract | This master thesis has as a mission to conduct a valuation of Autostore, and hopefully give a good estimate of what should be their stock price. In this search I will use the fundamental valuation. The valuation is as of 1 of January 2023.
In the first chapter I will give you an introduction, moving on I will present Autostore. The product, shareholders, the value chain their stock price, competitors, and their litigation against Ocado will be presented here. Furthermore, I will introduce the industry which Autostore operates in, which is the robotic warehouse industry. In this chapter I will also say something about the supply and demand in this industry. Moving on to theory and methods, here there will be presented two different valuation models, such as the fundamental valuation and comparative valuation. In the end of this part, I will say which model that is to be used and why. In the strategic analysis there will be several different models to be used. Firstly, I will use PESTEL, before Porter five forces, and in the end, there will be conducted a SWOT analysis.
Now it is time to present the financial results for Autostore in the last 3 years. Furthermore, there will be presented two tables which includes their assets and their equity and liabilities. Moving on I will forecast Autostore’s cashflows for the next 5 years. I will use 25% increase in revenues and other parameters for all these five years. Now it time to move on to the valuation part. Here I will start by calculating the working capital, WACC, return on equity and weighting the equity and debt. From this I will present the terminal value before the fundamental valuation will be conducted. This valuation has as a result a sell recommendation as the share is worth NOK 22,613 | |