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Peter Malmqvist Financial analyst Chairman, Swedish Financial Analyst Association Member of the EFRAG User Panel Visiting ...
Market values – which and where? Which? 1. Investment properties 2. Biological assets 3. Hedge accounting 4. Financial ins...
Market values – which and where? Which? 1. Investment properties 2. Biological assets 3. Hedge accounting 4. Financial ins...
Investment properties
Biological assets – forest land
Hedge accounting - Ericsson
Financial instruments - Nokia
Financial instruments in net debt <ul><li>+ Financial assets </li></ul><ul><li>Interest bearing debt </li></ul><ul><li>= N...
“ Net debt ”  in valuation Operating value  (EBIT / WACC) Net debt (to market values) = Equity value
Pensions in OCI – Astra Zeneca
Step acquisitions – Stora Enso
Gain on loan buy-back  – SEB
Gain on loan write-down  – Rottneros
Gain on loan write-down  – Rottneros
Translation adjustment - Ericsson
Goodwill write-down - Eniro
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Market values – which, where and why?

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Goodwill, valutaproblem, fastighetsvärderingar och fluktuerande värden på skog - problemen att tolka ett företags utveckling blir allt fler. Hur hanteras redovisningsproblemen i samband med en företagsanalys och -värdering? I detta föredrag går Peter Malmqvist, ordförande i finansanalytikernas förening, igenom sin syn på hur IFRS påverkar analytikerns arbete.

läs mer på www.groupaccounting.se

Published in: Economy & Finance, Business
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Transcript of "Market values – which, where and why?"

  1. 1. Peter Malmqvist Financial analyst Chairman, Swedish Financial Analyst Association Member of the EFRAG User Panel Visiting teacher at the Stockholm School of Economics Visiting teacher at the Stockholm University Investigator at Nasdaq OMX (Stockholm Exchange) Market values – which, where and why?
  2. 2. Market values – which and where? Which? 1. Investment properties 2. Biological assets 3. Hedge accounting 4. Financial instruments 5. Pension adjustments 6. Step acquisitions 7. Revaluation of debt 8. Translation adjustments 9. Write down of goodwill Where? Operating earnings Operating earnings OCI, recycled when realized Operating earnings, OCI Three parallel tracks OCI Financial net OCI, recycled when sold Operating earnings
  3. 3. Market values – which and where? Which? 1. Investment properties 2. Biological assets 3. Hedge accounting 4. Financial instruments 5. Pension adjustments 6. Step acquisitions 7. Revaluation of debt 8. Translation adjustments 9. Write down of goodwill Where? Real estate companies Forest companies Exporters Many companies OCI – few companies OCI – few companies Banks Most companies Many companies
  4. 4. Investment properties
  5. 5. Biological assets – forest land
  6. 6. Hedge accounting - Ericsson
  7. 7. Financial instruments - Nokia
  8. 8. Financial instruments in net debt <ul><li>+ Financial assets </li></ul><ul><li>Interest bearing debt </li></ul><ul><li>= Net debt </li></ul>
  9. 9. “ Net debt ” in valuation Operating value (EBIT / WACC) Net debt (to market values) = Equity value
  10. 10. Pensions in OCI – Astra Zeneca
  11. 11. Step acquisitions – Stora Enso
  12. 12. Gain on loan buy-back – SEB
  13. 13. Gain on loan write-down – Rottneros
  14. 14. Gain on loan write-down – Rottneros
  15. 15. Translation adjustment - Ericsson
  16. 16. Goodwill write-down - Eniro

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