Värdering av varumärkesstarka företag i samband med uppköp
- en empirisk studie av fem svenska företagsförvärv
The aim of this thesis is to investigate how a valuation of a company preceding an acquisition can be affected by the fact that a strong brand is attached to the target company. Techniques to value a company and theories of brands are well developed, but the link between them is partially missing even though the needs to value brands have increased. A case study of five Swedish acquisitions is conducted to identify possible complicating and simplifying factors and how these are handled in the context of a valuation of an acquired company with a strong brand. Important findings are that a decreased volatility of future earnings can lead to more accurate prognoses and valuations due to the existence of a strong brand. A strong brand can, on the other hand, also make the valuation of the target company more difficult due to the fact that it is a subjective asset which increases the overall risk of the company. It can also be difficult to value the brand on a stand alone basis, partly due the importance of the context for the brand value. Finally, due to the lack of the link between brands and finance it can be difficult to isolate the value a brand create.