Professionella svenska investerares värderingsmetoder för nordiska noterade medicinteknikbolag

Abstract

The purpose of this thesis is to study Swedish professional investors and their valuation methods for listed nordic medical technology (medtech) companies. Theories such as the Effective Market Hypothesis (EMH), Institutional Theory and Decision Theory were used to put the valuation methods into a broader context. A qualitative interview method has been used to capture the investors’ valuation processes. The thesis concludes that investors with a focus on medtech companies rather look at what they call soft factors than traditional valuation methods based on trailing multiples. They evaluate soft factors in order to be able to make the most sophisticated financial forecasts for each company. From the forecasts, the investors use different kinds of valuation methods depending on their occupation. According to the respondents, in order to estimate the value of medtech companies, the above mentioned soft factors as well as financial forecasts are necessary. This is, according to the respondents, because they by far outweigh the importance of a reasonable momentary valuation of the company.