Den strategiske analyse er udarbejd

Den strategiske analyse er udarbejdet ved at se på SAS' eksterne og interne situation, for at se på hvordan disse har påvirket SAS' fremtidige værdiskabelse.
Til den eksterne analyse benyttes PESTEL for at belyse hvilke udefrakommende faktorer, der påvirker SAS. Dernæst benyttes modellen Porters Five Forces for at belyse SAS’ eksterne konkurrencesituation samt deres egen positionering i luftbranchen.
Til den interne analyse anvendes Porters værdikæde. Denne anvendes for at belyse, hvilke konkurrencemæssige fordele SAS har ved deres værdikæde. Den strategiske analyse afrundes med en opsamling i en SWOT-analyse, hvor de væsentlige punkter fra den interne og eksterne analyse fremhæves. Regnskabsanalysen udarbejdes gennem en reformulering og en rentabilitetsanalyse. Den strategiske regnskabsanalyse skal danne grundlaget for det fremtidige budget for SAS. Budgetteringen danner grundlaget for værdiansættelsen af SAS, hvilket gøres ved brug af Discounted Cash Flow (DCF) modellen.
PESTEL analysen gjorde det klart, at SAS indtil nu har været meget afhængige af, at de er 50 % statsejet og at dette ejerskab fremover også vil have stor betydning, specielt i økonomiske vanskeligheder. De høje oliepriser som er meget svære at forudsige, medfører høje omkostninger til brændstof og det er området, som SAS har meget stort fokus, så man kan nedbringe omkostninger på dette område. Konkurrencen i flybranchen er steget markant og udviklingen i teknologien har bl.a. medført lettere og hurtigere fly, som kan være med til at reducere omkostninger for flyselskaberne. For SAS er det positivt, at der siden 2010 har været vækst i passagerantallet, hvilket er en tendens, som kan blive særdeles værdifuld for SAS.
Porters Five Forces analysen gjorde det klart, at flybranchen ikke er særlig attraktiv og konkurrenceintensiteten er relativ stor. Det relativ høje indtrængningsbarrierer for at komme ind på markedet, med mindre man har en stor start kapital eller man leaser fly. Billetprisen har afgørende betydning og derfor har køberne en høj forhandlingsstyrke, da de ved en for høj pris har forholdsvis let ved at substituere over til andre produkter. Leverandørernes forhandlingsstyrke er høj og rivaliseringen i branchen er meget stærk. Samlet set må det konstateres, at man skal have en meget stærk økonomi for at kunne klare sig i flybranchen.
Ud fra analysen af Porters værdikæde vurderes det, at der er nogle faktorer og interne ressourcer som har væsentlig betydning for SAS fremtidige muligheder for indtjening. Det er ressourcer, som først og fremmest giver dem muligheder for at differentiere sig fra konkurrenterne. Selskabets eurobonusprogram er i stor vækst målt på antal medlemmer, det brede rutenetværk og deres stabilitet på punktlighed giver dem også unikke muligheder overfor konkurrenterne.
For at blive profitable skal SAS have reduceret lønomkostninger og brændstofomkostningerne yderligere, hvilket de også har fokus på ved reducering af medarbejdere samt brændstofbesparende udviklingsprogrammer.
Den strategiske analyse har ført til, at SAS har som nænt ovenfor nogle væsentlige styrker, som giver selskabet gode muligheder for fremtidig indtjening. SAS' største svaghed er selskabets dårlige økonomi i forhold til konkurrenter, hvilket skyldes de meget høje omkostninger.
Regnskabsanalysen er foretaget for at vurdere SAS’ historiske performance i de seneste 5 år (2009-2013), for at se udviklingen i de finansielle værdidrivere gennem analyseperioden. Der er foretaget reformuleringer af egenkapitalopgørelsen, balancen og resultatopgørelsen.
Ud fra de reformulerede opgørelser, er der udarbejdet en rentabilitetsanalyse med udgangspunkt i den udvidede Dupont-model. Rentabilitetsanalysen viser tydeligt, at SAS igennem de senere år har været i økonomiske vanskeligheder. Nøgletallene har dog haft en positiv udvikling i de seneste par år, hvilket tyder på at udviklingen går i den rigtige retning. Egenkapitalforretningen (ROE) gav et positivt resultat i 2012/2013 efter at have været negativ i mange år, hvilket også gælder afkastningsgraden (ROIC). Effekten af den finansielle gearing var dog negativ, hvilket betyder at samlet set har det ikke haft en positiv indflydelse på ROE. Mens AOH har været stabil, viser overskudgraden tydeligt de høje driftsomkostninger der i SAS, hvor lønomkostninger og andre driftsomkostninger udgør en stor andel af omsætningen. Samlet set ser det ud til, at SAS er ved at få vendt skuden, da udviklingen i de finansielle værdidrivere peger i en positiv retning.
På baggrund af den strategiske regnskabsanalyse, er der udarbejdet en budgettering af SAS’ fremtidige udvikling. Budgetperioden på 5 år viser en positiv udvikling i omsætningen og omkostningerne. Der budgetteres med, at SAS i budgetperioden skaber et positivt driftsoverskud efter skat. Selvom der er budgetteret på baggrund af de forudgående analyser, kan det ikke undgås med subjektive vurderinger.
Ud fra ovenstående analyser er værdiansættelsen af SAS foretaget med udgangspunkt i DCF-modellen. Det medførte, at SAS værdi pr. aktie er på 17,04. Markedskursen pr. 21.11.2014 angiver en aktiekurs på 13,70 SEK. Ud fra dette kan det konkluderes, at SAS aktien er fastsat for lavt af markedet ellers har denne afhandling et mere positivt syn på SAS’ fremtidige udvikling end hvad markedet har.

Resultater (Engelsk) 1:

The strategic analysis is compiled by looking at SAS ' external and internal situation, to look at how these have affected SAS ' future value creation.To the external analysis is used in order to elucidate which PESTEL exogenous factors affecting SAS. Porter's Five Forces model then used to illuminate SAS ' external competition situation as well as their own positioning in the air industry. To the internal analysis used Porter's value chain. This is used in order to elucidate what competitive advantages SAS has by their value chain. The strategic analysis is rounded off with a collection in a SWOT analysis, where the essential points from the internal and external analysis is highlighted. Accounting analysis is drawn up through a reformulation and a cost-benefit analysis. The strategic financial analysis should form the basis for future budget for SAS. Budgeting forms the basis for the valuation of the SAS, which is done by the use of Discounted Cash Flow (DCF) model.PESTEL analysis made it clear that SAS until now has been very dependent, that they are 50% State owned and that this ownership also will have great significance in the future, especially in times of economic difficulties. High oil prices which are very difficult to predict results in high costs for fuel and it's area, as SAS has very large focus, so you can reduce costs in this area. Competition in the airline industry has increased markedly and the evolution of technology has, among other things. led to easier and faster planes, which can help to reduce costs for airlines. For SAS, it is positive that since 2010 has been growth in passenger numbers, which is a trend that can be extremely valuable for SAS. Porter's Five Forces analysis made it clear that the airline industry is not very attractive and competitive intensity is relatively large. The relative high penetration barriers to enter the market unless you have a large initial capital or to lease aircraft. The fare is of vital importance and that is why the buyers a high bargaining power, as they know a too high price have relatively easy to substitute to other products. Bargaining power of suppliers is high and the rivalry in the industry is very strong. Overall, it is found that you have to have a very strong economy in order to be able to cope in the airline industry. Based on the analysis of Porter's value chain, it is estimated that there are some factors and internal resources which have substantial importance for SAS future opportunities for earnings. It is resources, which first and foremost provides them with opportunities to differentiate itself from its competitors. The company's euro bonus program is in great growth measured on number of members, the wide route network and their stability on punctuality also gives them unique opportunities to competitors.In order to be profitable, SAS have reduced labor costs and fuel costs further, which they also have focus on by reducing staff and fuel-saving development programmes. The strategic analysis has led to SAS as nænt above some significant forces, which gives the company good opportunities for future earnings. SAS ' main weakness is its poor economy compared to competitors, because of the very high costs.Accounting analysis is carried out in order to assess the SAS ' historical performance in the past five years (2009-2013), in order to see the evolution in the financial value drivers throughout the analysis period. Made equity statement, balance sheet and reformulations to the profit and loss account. On the basis of the statements, there is prepared a reformulates the profitability analysis based on the extended Dupont model. Profitability analysis clearly shows that SAS through the last few years has been in financial difficulties. Key figures, however, has had a positive development over the last few years, suggesting that the development goes in the right direction. Business equity (ROE) gave a positive result in 2012/2013 after having been negative in many years, which also applies to the return on investment (ROI) (ROIC). The effect of the financial leverage, however, was negative, which means that overall it has not had a positive influence on ROE. While AOH have been stable, showing profits degree clearly the high operating costs in SAS, where labour costs and other operating costs represent a large share of turnover. Overall, it seems that SAS is by getting turned things around, since the development of the financial value drivers pointing in a positive direction. On the basis of the strategic financial analysis, there is prepared a budgeting of SAS ' future development. Five-year budget period shows a positive development in turnover and costs. Who posits that the SAS in the budget period creates a positive operating profit after tax. Although there are budgeted on the basis of the preceding analysis, it cannot be avoided with subjective assessments. On the basis of the above analysis is the valuation of the SAS carried out on the basis of the DCF model. It led to the SAS value per share is at 17.04. The market price per 21.11.2014 specifies a stock price at 13.70 SEC. From this it can be concluded that the SAS share is set too low by the market would otherwise have this thesis a more positive view of SAS ' future development than what the market has.

Resultater (Engelsk) 2:

The strategic analysis prepared by looking at SAS external and internal situation, to look at how these have affected SAS 'future value creation.
For the external analysis used PESTEL to illuminate the outside factors that affect SAS. Model is then used Porter's Five Forces to illuminate SAS external competition and their positioning in the air industry.
For the internal analysis used Porter's value chain. This is used to illustrate the competitive advantages SAS at their value chain. The strategic analysis is rounded off by a collection of a SWOT analysis, the main points from the internal and external analysis highlighted. Financial analysis is conducted through a reformulation and profitability analysis. The strategic financial analysis will form the basis for future budget for SAS. The budgeting forms the basis for valuation of SAS, which is done using the Discounted Cash Flow (DCF) model.
PESTEL analysis made ​​it clear that SAS until now has been very dependent on that is 50% government-owned and that this ownership will also in future be of great importance, especially in financial difficulties. High oil prices are very difficult to predict, resulting in high costs of fuel and it is the area that SAS has very strong focus in order to reduce costs in this area. The competition in the airline industry has increased significantly and the evolution of technology has, among other things resulted in easier and faster aircraft, which can help to reduce costs for airlines. For SAS, it is encouraging that since 2010 has been the growth in passenger numbers, which is a trend that can be extremely valuable for SAS.
Porter's Five Forces analysis made ​​it clear that the airline industry is not very attractive and competitive intensity is relatively large. The relatively high barriers to entry to enter the market, unless you have a high initial capital or to lease aircraft. The fare is crucial and therefore buyers have a high bargaining power as they at too high a price has fairly easily by substituting to other products. Bargaining power of suppliers is high and rivalry in the industry is very strong. Overall, it should be noted that one must have a very strong economy in order to survive in the airline industry.
From the analysis of Porter's value chain, it is estimated that there are some factors and internal resources are vital for SAS opportunities for future earnings. The resources that primarily allow them to differentiate themselves from competitors. Company EuroBonus program is in great growth in terms of number of members, the wide route network and their stability on punctuality also gives them unique opportunities facing the competition.
To be profitable, SAS must have reduced labor costs and fuel costs further, they also focus on the reduction of employees and fuel-efficient development.
The strategic review has led to SAS's nænt above some significant strengths, which gives the company good prospects for future earnings. SAS 'biggest weakness is its poor economy compared to competitors, due to the very high costs.
Financial analysis is carried out to assess SAS 'historical performance in the last 5 years (2009-2013), to see the evolution of the financial value drivers through analysis period. There have been reformulations of changes in equity, balance sheet and income statement.
From the reformulated statements have been prepared profitability analysis based on the extended Dupont model. Profitability analysis clearly shows that SAS in recent years has been in financial difficulties. The ratios have had a positive development in the past few years, suggesting that the trend is in the right direction. On equity (ROE) gave a positive result in 2012/2013 after having been negative for many years, as is the return on assets (ROIC). The effect of financial leverage, however, was negative, which means that overall it has not had a positive impact on ROE. While AOH has been stable, the operating margin clearly the high operating costs in SAS, where labor and other operating costs represent a large share of revenue. Overall, it seems that SAS is to have turned things around since the development of the financial value drivers pointing in a positive direction.
On the basis of the strategic financial analysis, there developed a budgeting of SAS's future development. The budget period of 5 years shows a positive trend in revenue and costs. The budget that the SAS during the budget period creates a positive operating profit after tax. Although there are budgeted based on the preliminary analysis, it can not be avoided with subjective assessments.
Based on the above analysis, the valuation of SAS made ​​based on the DCF model. This meant that the SAS value per. the stock is at 17.04. The market price per. 11.21.2014 indicates a share price of 13.70 SEK. From this it can be concluded that the SAS share is set too low the market otherwise, this dissertation a more positive view of SAS 'future development than what the market has.

Resultater (Engelsk) 3:

The strategic analysis has been drawn up by the SAS' external and internal situation, to look at how these have affected SAS' future value creation.
to the external analysis PESTEL is used to shed light on the external factors that affect SAS.Then use the model Porter"Five forces in order to shed more light on SAS' external competitive position as well as their own positioning in luftbranchen.
To the internal analysis is applied Porter"value chain. This is used to shed light on the competitive advantages SAS, in their value chain. The strategic analysis should be rounded off with a collection of a SWOT analysis,Where the essential points from the internal and external analysis is highlighted. Regnskabsanalysen shall be established through an amendment and a cost-benefit analysis. The strategic analysis is to provide the basis for the future budget of SAS. Budgeting is the basis for the valuation of SAS, which is done by using the discounted cash flow (DCF) model.
PESTEL analysis made it clear that SAS has until now been very much dependent on the fact that they are 50% state-owned and that this ownership in future will also be of great importance, in particular in financial difficulties. The high oil prices which are very difficult to predict, resulting in high costs for fuel and it is the area which SAS has very large focus, so you can reduce costs in this area.Competition in the airline industry has increased substantially and the development of technology has, inter alia, led to easier and faster aircraft, which can help to reduce costs for the airlines. The SAS is the positive, that since 2010 there has been growth in passenger revenue, which is a trend, which can be very valuable for SAS.
Porter"Five Forces analysis made it clear,The airline industry is not particularly attractive and intensity is relatively high. The relatively high indtrængningsbarrierer to enter the market, unless you have a large starting capital or lease aircraft. The ticket price is of vital importance and that is why buyers have a high bargaining power, since they are in a too high price is relatively easy to substitute to other products.Suppliers' bargaining power is high and rivalry in the industry is very strong. Overall, it should be noted that it is necessary to have a very strong economy in order to be able to cope in the airline industry.
Based on the analysis of Porter"value chain, it is considered that there are some factors and internal resources which have significant implications for SAS opportunities for future profits. It is resources,First and foremost, gives them the opportunities to differentiate themselves from the competition. The eurobonusprogram is in high growth measured on number of members, the wide route network and their stability on punctuality also gives them unique opportunities across from its competitors.
in order to be profitable, SAS will be reduced labor costs and fuel costs further,Which you have also focused on the reduction of staff, as well as fuel-efficient development programs.
The strategic analysis has led to the SAS, as nænt above some of the essential forces, which gives it good opportunities for future income. SAS'S main weakness is its poor economy in relation to competitors, because of the very high costs.
Regnskabsanalysen is carried out in order to assess SAS'S historic performance in the last 5 years (2009-2013), in order to see development in the financial værdidrivere through analysis period. There is made by reformuleringer egenkapitalopgørelsen, balance sheet and profit and loss account.
From the reformulerede inventories, there is produced a cost-benefit analysis on the basis of the extended Dupont model.Profitability analysis clearly shows that SAS in recent years have been in financial difficulties. Key metrics, however, has had a positive development in the last few years, which suggests that the development is going in the right direction. Egenkapitalforretningen (ROE) gave a positive result in 2012/2013 after that have been negative for many years, which also applies to return on investment (ROI) (ROIC).The effect of the financial leverage, however, were negative, which means that overall, it has not had a positive impact on ROE. While AOH has remained stable, overskudgraden clearly shows the high operating costs in SAS, where labor costs and other operating costs account for a large proportion of turnover. Overall, it seems that SAS is to have turned pointlessly weighing down,Since the development of the financial værdidrivere is pointing in a positive direction.
On the basis of the strategic analysis, has developed a budgeting of SAS' future development. Budget period of 5 years will show a positive development in sales and costs. In terms of the SAS during the financial period creates a positive operating profit after tax.Although there are budgeted on the basis of the preceding analysis, it can not be avoided with subjective assessments.
From the above analysis is the valuation of SAS carried out on the basis of DCF-model. As a result, SAS value per share is at 17.04. Market rate per 11.21.2014 indicates a share price of 13.70 SEK. From this it can be concluded,The SAS share value is set too low of the market would otherwise have this paper a more positive view of SAS' future development than what the market has.