Ocenění nadnárodní společnosti Beiersdorf

This master’s thesis focuses on determining the market value of a 53.17% majority interest in the share capital of Beiersdorf AG, held by maxingvest GmbH & Co. KGaA, as of the valuation date of 31 March 2026. The valuation is prepared for the purpose of a non-cash contribution of the interest to a newly established trust fund, which requires the value of the company to be determined at the level of financial control. The thesis is based on a strategic and financial analysis of the company, followed by a forecast of the key value drivers and the preparation of a comprehensive financial plan for the explicit forecast period from 2026 to 2035. The primary valuation method applied is the entity approach to the Discounted Cash Flow (DCF) method, supplemented by a market approach as a cross-check. The Discounted Cash Flow method results in an equity value of EUR 16,943 million, corresponding to EUR 77.54 per share on a minority basis. A financial control premium of 1.4%, derived from the optimization of the capital structure towards the industry level, increases the value per share to EUR 78.63. The resulting market value of the valued interest as of the valuation date was determined at EUR 9,136,000,000.