Värderingsskillnader mellan amerikanska och svenska bioteknikbolag
Background: Companies with a high level of research, such as biotech companies, rarely generates any profit in the begining. Mostly their history is short and their pipelines usually consists of one or a few products only. Significant for the line of business is also a future very uncertain, where relevant objects of comparison are few. Altogether the facts above makes valuation of Biotech companies difficult. Swedish Biotech companies, compared to their american competitors, seem to be of relatively low value. This in spite of their future potential. Purpose: The purpose of the master thesis is to compare the value of Swedish Biotech companies with the value of simular american Biotech companies and analyze the reasons for a possible difference in value. Limitations: The companies are listed at Nasdaq, NYSE or Stockholm Stock Exchange. Companies listed at other Exchange Markets will not be examined. Neither will unlisted companies. All american biotech companies will not be part of the thesis, only the ones we consider to be at level with the Swedish companies chosen, considering a number of criteria. Method: At choosing what Swedish companies to be part of the examination we have used Affärsvärldens aktieindikator. With 14 Swedish companies selected to be part, they were matched with American Biotech companies. As the matching started of Swedish and American Biotech companies a number of criteria we considered relevant find simular companies were chosen. To get an idea of wether there is a difference in value between Swedish and American Biotech companies, the companies have been compared through P/E-ratio,Technology value and Market value. Result: Among the companies examined we have found a difference in value. In almost every case the american biotech company have had a higher value than its Swedish comparison.