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Förhållande som avgör köpeskillingen vid förvärv av onoterade bolag : Beror prislappen på värderaren, köparen eller säljaren?

by Wahlström, Johan; Ivert, Rikard; Karlsson, Christian

Abstract (Summary)
Background: The first quarter of 2006, acquisitions at a value of 2 600 billion SEK were announced. If this trend holds for the entire year, 2006 will go to history as the most active year of acquisitions ever. The fundamentals of an acqui-sition is to generate added value through different forms of synerigies that are potentially created from the combined companies or to pay a lower price than the company is actually worth. Company valuation has because of this increased in importance to determine what the correct price of a company is. The valuation of a company performed by a business broker is not always consistent with the price a company pays for another due to different strategic circumstances that affect the purchase price.Purpose: The purpose of this thesis is to analyse the valuation process in connection with acquisitions of unlisted companies. The study also aims to clearify the circumstances causing the purchase price to differ from the cashflow or book valuation.Method: To meet the purpose of this thesis, a qualitative approach based on three acquisition processes in the Jönköping region has been chosen. The collection of empirical data has been made through personal interviews with Svensk Företagsförmedling (SFF) in Jönköping with complementing telephone interviews.Conclusion: Based on the cashflow or book valuation, which is the foundation upon which the selected companies are priced, we can draw the conclusion that in every unique case the broker must be presented with several strategical variations the different acquistions presents. These strategic presumptions considered, a company should be valuated to its highest defendable value. The study also demonstrates that a company’s fundamental value alone only constitutes a guideline in coming negotiaions. The strategic categories goodwill, potential synergies and form of payment makes up the the negotiable part of the purchase price.
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School:Högskolan i Jönköping

School Location:Sweden

Source Type:Master's Thesis

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Date of Publication:03/12/2007

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