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Nyintroduktioner och finansiella nyckeltal i låg och högkonjunktur: En studie i huruvida nyintroducerade bolag har åtskiljande nyckeltal i olika konjunkturlägen
Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
2017 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesisAlternative title
IPO companies and financial ratios during economic recession and expansion (English)
Abstract [sv]

Tidigare forskning visar på att ett större antal börsintroduktioner sker under högkonjunkturer än vid lågkonjunkturer. Denna uppsats studerar fenomenet på de två största marknadsplatserna för börshandel i Sverige: First North och Stockholmsbörsen. Under högkonjunkturen 2014-2016 har listorna haft ett rekordhögt antal introduktioner trots att konjunkturläget tidigare varit högre. Uppsatsen inriktar sig dels på detta särskilda marknadsläge men jämför även bolag som noterats under låg- respektive högkonjunkturer mellan åren 2007-2016. Genom användandet av prospekt, delårs- samt årsrapporter har de nyintroducerade bolagens finansiella nyckeltal kunnat tas fram för att sedan undersöka om dessa tal kan kopplas till olika konjunkturlägen. Studien riktar sig främst till investerare, som genom uppsatsen får ta del av värderingar av nyintroduktioner. Detta är något som idag är av stort intresse eftersom aktiemarknaden blivit alltmer populär. Genom att värdera introduktionsbolagen och deras kvalité ges även en indirekt bedömning av introduktionsmarknadens riskläge. Detta kan vara användbart för investerare och kan förenkla bedömandet av riskläget samt investeringsmöjligheterna förknippade med marknaden för nyintroducerade bolag.

Resultatet i denna studie visar på att nyckeltalen EV/EBITDA och RE har den största kopplingen till rådande konjunkturläge. De övriga nyckeltalen P/S, RT, rörelsemarginal och soliditet bedöms inte ha en lika tydlig koppling till rådande konjunkturläge. Vad gäller 2016 års nyckeltal går det enbart att se särskilda skillnader för P/S-talet, som visar ett mycket högre värde jämfört med resterande år. Således anses inte några särskilda skillnader hos de nyintroducerade bolagens finansiella nyckeltal enskilt utgöra den avgörande förklaringen till de senaste årens höga antal börsnoteringar. Resultatet indikerar att även andra faktorer som dagens låga räntor samt introduktionsbolagens begränsade belåningsmöjligheter påverkar antalet introduktioner.

Abstract [en]

Previous studies shows that a larger number of IPO:s take place during periods of economic expansion compared to periods of economic recession. This paper focuses on studying this phenomena on the two largest marketplaces for stock trading in Sweden: First North and Nasdaq Stockholm. During the economic expansion 2014-2016 the two marketplaces had a record number of IPO:s even though the Swedish economy historically has been better. This paper investigates this market abnormality but also compares IPO:s throughout both economic recessions as well as expansions throughout the years 2007-2016. With the help of prospectuses, interim and annual reports the IPO companies financial key figures have been calculated and then investigated for potential connections to the state of the economy. The study is mostly directed at investors, who through the results of this paper can gain information about the valuation of IPO:s. This is something that currently is of large interest because of the stock markets increasingly popularity. By evaluating the IPO companies and their quality, an indirect valuation of the risk associated with the introduction market is also presented. This can also be useful for investors and can ease the valuation of the current risk as well as the current investment possibilities that are associated with the market for IPO companies.

The result in this study shows that the key figures EV/EBITDA and RE have the greatest connection to the state of the economy. The other key figures P/S, RT, operating margin and equity ratio did not have a clear connection to the state of the economy. The only key figure with major differences exclusively associated with the IPO companies of 2016 was shown to be P/S, which had a substantially higher value compared to the rest of the years. It is therefore concluded that the last years high quantity of IPO:s cannot exclusively be explained by significant differences in the financial key figures of IPO companies. The result indicates that other factors such as the low market interest rates and the IPO companies limited opportunities of borrowing affects the number of IPO:s.

Place, publisher, year, edition, pages
2017. , p. 67
Keywords [en]
IPO, state of the economy, financial measure
Keywords [sv]
Nyintroduktion, nyintroducering, konjunktur, finansiella nyckeltal
National Category
Business Administration
Identifiers
URN: urn:nbn:se:liu:diva-139088ISRN: LIU-IEI-FIL-A--17/02551--SEOAI: oai:DiVA.org:liu-139088DiVA, id: diva2:1118417
Subject / course
Master Thesis in Business Administration (Magisteruppsats i Företagsekonomi); Master Thesis in International Business and Economics Programme (Business Administration)
Supervisors
Examiners
Available from: 2017-08-22 Created: 2017-06-30 Last updated: 2017-08-22Bibliographically approved

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