Verdsettelse av Marine Harvest Group

Gjennom denne masterutredningen har vi gjennomført en verdivurdering av egenkapitalen i Marine Harvest. Verdiestimatet den 31.12.15 fastsettes på bakgrunn av en fundamental analyse i form av fri kontantstrøm fra drift og fri kontantstrøm til egenkapitalen, supplert med en komparativ verdsettelse i form av multipler. Vi begynner masterutredningen med en kort presentasjon av bransjen og Marine Harvest for å gi leseren den grunnleggende innsikten vi mener er relevant for denne utredningen. Første steg i den fundamentale analysen er en strategisk analyse for å få innsikt i oppdrettsbransjen, Marine Harvest sin posisjon i bransjen og interne ressurser i selskapet. Vi benytter PESTEL-rammeverket for å kartlegge hvilke makroforhold som påvirker oppdrettsbransjen, mens Porters fem krefter benyttes for å kartlegge konkurransesituasjonen. Videre analyserer vi de interne ressursene i Marine Harvest ved bruk av SVIMA-rammeverket før vi oppsummerer den strategiske analysen i SWOT-rammeverket. Videre omgrupperer og justerer vi regnskapene slik at disse blir klare for investororientert analyse, da dagens oppstilling er i stor grad kreditororientert. Deretter analyseres regnskapene for å få innsikt i hvilke verdidrivere som historisk har vært viktig i Marine Harvest og oppdrettsbransjen. Disse analysene danner sammen med den strategiske analysen utgangspunktet for det prognostiserte fremtidsregnskapet. På bakgrunn av fremtidsregnskapet fastsettes den frie kontantstrømmen fra driften og den frie kontantstrømmen i Marine Harvest, før disse kontantstrømmene neddiskonteres med henholdsvis WACC og egenkapitalkravet. Den fundamentale verdsettelsen gir et verdiestimat per aksje på 185,41 NOK den 31.12.15. Den komparative verdsettelsen gav et gjennomsnittlig verdiestimat på 118,83 NOK. Endelig verdiestimat for Marine Harvest er 163,22 NOK og dette er fastsatt ved å vekte verdiestimatet etter den fundamentale verdsettelsen med 2/3 og verdiestimatet etter den komparative analysen med 1/3. Dette er vårt beste estimat på det vi mener er den korrekte egenkapitalverdien per aksje i Marine Harvest per 31.12.15. Vårt endelige verdiestimat på 163,22 NOK per aksje er høyere enn den observerbare aksjeverdien den 2.12.15 som er 119,20 NOK. Basert på vår handelsstrategi anbefaler vi kjøp av aksjen, fordi vi mener den er undervurdert.nhhma

Same same but different? Non-traditional students and alumni in Germany

The article gives an overview about current research of non-traditional students and alumni in Germany. Its aim is to highlight similarities and differences with their traditional counterparts. The paper concentrates on the motivation to study, the study performance, and labor market success (status and income) of those who do not hold a traditional higher education entry certificate but entered university via their occupational qualification. We show a widespread divergence in findings from no statistical difference at all to clear differences between non-traditionals and traditionals. This holds true, with regard to student motivation, study performance, and labor market success after graduation. We conclude that biggest challenge are the non-completion rates of non-traditionals, which pose a development task for institutions of higher education. (DIPF/Orig.

Dynamics of linear polymers in random media

We study phenomenological scaling theories of the polymer dynamics in random media, employing the existing scaling theories of polymer chains and the percolation statistics. We investigate both the Rouse and the Zimm model for Brownian dynamics and estimate the diffusion constant of the center-of-mass of the chain in such disordered media. For internal dynamics of the chain, we estimate the dynamic exponents. We propose similar scaling theory for the reptation dynamics of the chain in the framework of Flory theory for the disordered medium. The modifications in the case of correlated disordered are also discussed.Comment: 4 pages, no figure

Bariatric surgery and brain health: A longitudinal observational study investigating the effect of surgery on cognitive function and gray matter volume

Dietary modifications leading to weight loss have been suggested as a means to improve brain health. In morbid obesity, bariatric surgery (BARS)—including different procedures, such as vertical sleeve gastrectomy (VSG), gastric banding (GB), or Roux-en-Y gastric bypass (RYGB) surgery—is performed to induce rapid weight loss. Combining reduced food intake and malabsorption of nutrients, RYGB might be most effective, but requires life-long follow-up treatment. Here, we tested 40 patients before and six months after surgery (BARS group) using a neuropsychological test battery and compared them with a waiting list control group. Subsamples of both groups underwent structural MRI and were examined for differences between surgical procedures. No substantial differences between BARS and control group emerged with regard to cognition. However, larger gray matter volume in fronto-temporal brain areas accompanied by smaller volume in the ventral striatum was seen in the BARS group compared to controls. RYGB patients compared to patients with restrictive treatment alone (VSG/GB) had higher weight loss, but did not benefit more in cognitive outcomes. In sum, the data of our study suggest that BARS might lead to brain structure reorganization at long-term follow-up, while the type of surgical procedure does not differentially modulate cognitive performance

Overexpression of COP9 signalosome subunits, CSN7A and CSN7B, exerts different effects on adipogenic differentiation

The COP9 signalosome (CSN) is an essential regulator of cullin-RING-ubiquitin (Ub) ligases (CRLs), which ubiquitinate important cellular regulators and target them for degradation by the Ub proteasome system (UPS). The CSN exhibits deneddylating activity localized on subunit CSN5, which removes the ubiquitin-like protein Nedd8 from the cullins of CRLs. CSN-mediated deneddylation is an important step in the process of CRL remodeling, in which new substrate recognition units are incorporated into Ub ligases to meet changed requirements for proteolysis in cells. For instance, extensive CRL remodeling occurs during adipogenic differentiation when new CRL3s are formed. Diversification of CSN complexes during evolution is most likely another adaptation to meet different cellular requirements. Best known CSN variants are formed by different CSN subunit isoforms. For instance, in plant cells, isoforms have been identified for the MPN-domain subunits CSN5 (CSN5A and CSN5B) and CSN6 (CSN6A and CSN6B) which form four distinct CSN variants. In mammalian cells CSNCSN7A and CSNCSN7B variants are generated by CSN7 isoforms. We demonstrate that the two variants coexist in human LiSa-2 cells and in mouse embryonic fibroblasts. During adipogenic differentiation of LiSa-2 cells CSN7B increases in parallel with an elevation of the total CSN complex. Permanent overexpression of Flag-CSN7B but not of Flag-CSN7A accelerates adipogenesis in LiSa-2 cells indicating a specific function of the CSNCSN7B variant in stimulating adipogenesis. Silencing of CSN7A as well as of CSN7B in LiSa-2 cells and in mouse embryonic fibroblasts (MEFs) reduces adipogenic differentiation demonstrating that both CSNCSN7A and CSNCSN7B variants are involved in the process

Hochschulbildung und Statusreproduktion: Erreichen nicht-traditionelle HochschulabsolventInnen den gleichen beruflichen Status wie traditionelle AbsolventInnen?

Tertiäre Bildung gilt als zentraler Prädiktor sozialer Mobilität. In Deutschland ist der Hochschulzugang sozial selektiv und nur einer begrenzten Schicht zugängig. Zur Verbesserung des Zugangs zu dieser zentralen Ressource hat die Kultusministerkonferenz die Öffnung der Hochschulen für beruflich Qualifizierte ohne Abitur beschlossen. Seitdem besteht für das Gros der Gesellschaft die Möglichkeit zu studieren. Es gibt Hinweise, dass diese Gruppe – sogenannte nicht-traditionelle Studierende – aufwärtsgerichtete intergenerationale Bildungsmobilität erfährt. Offen ist die Frage, ob der Studienabschluss auch berufliche Statusmobilität nach sich zieht und wie diese im Vergleich zu den AbsolventInnen mit Abitur aussieht. In dem Vortrag frage ich (a) ob sich die Öffnung der Hochschulen für nicht-Traditionelle in ihrer beruflichen Mobilität niederschlägt und vergleiche diese (b) mit ihren traditionellen Kommilitonen.Unter Rückgriff auf Statusreproduktionstheorien nehme ich an, dass beide Gruppen die Reproduktion des im Elternhaus kennengelernten Status anstreben. Ich nehme zudem an, dass sich nicht-Traditionelle  vor dem Studium von dem Status im Elternhaus lösen und das Studium als Möglichkeit zur Wahrung des eigenen Status sehen. In der Folge eines sticky bottom-Effektes sollten sie statusniedriger als ihre traditionellen Kommilitonen in den Arbeitsmarkt einsteigen und im Berufsverlauf verbleiben.Ich teste meine Annahmen mit Daten des Nationalen Bildungspanels. Ich zeige, dass nach dem Abschluss der elterliche Status nur für Traditionelle einen Effekt auf die berufliche Statusplatzierung hat. Dagegen beeinflusst die berufliche Aufwärtsmobilität der nicht-Traditionellen vor dem Studium ihren weiteren Berufserfolg positiv. Trotzdem können nicht-Traditionelle die im Elternhaus produzierten Statusungleichheiten nicht ausgleichen. Sie bleiben während ihrer gesamten Berufskarriere auf einem niedrigeren beruflichen Statusniveau als ihre traditionellen Kommilitonen