Analytikers värdering av Goodwill -En kvalitativ studie av goodwillens betydelse vid företagsvärdering

Abstract

Time has passed since the new standards regarding goodwill were introduced. During the period that occurred pre the financial crisis several companies managed to create great goodwill assets on their balance sheet. These assets were highlighted during the financial crisis and the aim of this study is to evaluate analysts contemporary consideration of these assets. The study will be of interest due to the fact that we now find ourselves in-between periods, post financial crisis and pre euro crisis. Our empirical study has been carried out by interviewing analysts covering IT-companies traded on the Swedish stock exchange. Our analysts were chosen with consideration to the fact that they were covering companies where acquisitions are common. The empirical study is presented and compared to previous relevant studies concerning goodwill. We find in our study that analysts seem to ignore the goodwill in great extent when valuating companies. Furthermore we find in our study that there seem to exist information asymmetry between management of companies and the analysts covering them.