Objectives and Structure of the Thesis
The goal of the thesis is to apply a model to estimate the intrinsic value
of Goldsun Packaging Joint Stock Company, providing a reference for both
the company and strategic investors in price decision.
Different popular valuation models will be discussed to select the most
appropriate model, according to the author’s view. Its is also necessary to
understand the company’s economic and industry context as well as the
management’s strategic responses to come to the valuation of the business.
For that purpose, the thesis is structured in three parts as following.
Chapter 1: Company Valuation – A Literature Review
The first chapter gives a general view about the current valuation
models with focus on the most common used ones. 2 main valuation models
including discounted cash flow valuation (DDM, FCF, residual Income) and
market-based multiples (P/E, P/B, P/S, P/CF, EV/EBITDA), which are
popular in most of the industries are discussed.
Chapter 2: The Business of Goldsun JSC.
This chapter focuses on Goldsun’s business, its performance and the
environment, including the economic and industry context that it is operating
in. An analysis of the economy and the packaging industry is presented to
give an insight about the opportunities and threats to company’s profitability
and future prospects. Then, an analysis of its internal operation,
infrastructure, strategy and capability as well as financial statements is
conducted to assess its past performance and future growth of the business,
which reflects the true value of the company.
Chapter 3: The Valuation of Goldsun JSC.
This chapter presents the rationale of choosing one valuation model
among the discussed models in chapter to estimate Goldsun’s value. The
chosen model is Free Cash Flow Model which is most suitable, in author’s
view, to evaluate the intrinsic value of a business like Goldsun. The chapter
includes all the works on the Free Cash Flow Model including calculating the
Free Cash Flow, Terminal Value, Weighted Average Cost to come to
recommended valuation for Goldsun. Recommendation is also made to both
the company and the potential investors on the reference price.
The gathering of information/data will primarily be focused on sources,
which are available such as the Audited Report of Goldsun 2005 – 2009,
different external articles, statistics and management interview, theoretical
articles and additional information concerning the industry, in which
The theory and models applied in this thesis will briefly be described in
the following. A more profound evaluation of the model/theory will be
presented in the sections, in which they are applied.
Scope of works
The target group of this research is set to being a potential investor of
Goldsun Packaging Joint Stock Company. The gathering of information/data
will therefore primarily consist of material available and allowed to be
The dissertation is based on the application of certain models/theories.
This means that chosen/given parameters and subjective evaluations are
used to determine the end results. Other possible models/theories are
therefore neglected, which might have lead to a different conclusion of the
This has been considered beforehand and the different models/theories
have been thoroughly evaluated in order to find the most relevant and optimal
The period before 2007 will not be looked into as the business was in
much smaller different scale, which doesn’t represent the current situation and
future possibility. The focus will be on the period of 2007 – 2009 and on
future forecasts/prospects of Goldsun.
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