Valuation of SalMar ASA

Master's thesis in FinanceThis thesis examines the fair value per share of SalMar ASA, a Norwegian salmon farming company, at 3rd of May 2017. The analysis has been performed using fundamental and relative valuation methods. Future cash flows are forecasted using key value drivers identified and analyzed in a thorough strategic and historical performance analysis. The value per share is derived by discounting future cash flows at a weighted average cost of capital before subtracting debt and non-equity claims. At last the sensitivity of estimates is thoroughly analyzed. Firstly, the macro analysis uncovers how regulations due sustainability challenges limits further organic growth in the industry, despite favorable economic conditions for a continued demand growth for salmon. Secondly, the industry analysis uncovers a threat of increased salmon supply due to new entrants within non-traditional salmon farming methods. Thirdly, the resource based-view analysis uncovers short term competitive advantages in SalMar ASA’s optimized value chain, license locations and ocean farming technology. At last, the historical performance analysis reveal how SalMar has a history of stronger operating margin, lower operational cost, and higher return on invested capital compared to peers. The development in non-financial drivers are forecasted based on the results of the strategic and historical performance analysis. Salmon price is expected to stay strong in the short run, but revert to a lower historical average as supply from non-traditional farming methods gradually increase. Cost of goods sold is expected to decrease while fixed assets per license is expected to increase over the explicit forecast period. This is due to larger investments in cost efficient solutions including ocean farming technology, and self- sufficient smolt production. As a result, the forecast exhibits a continued high operating margin while return on invested capital declines compared to historical levels. Based on, these assumptions the fundamental valuation derives a fair value per share of NOK 153, while the relative valuation suggests a value interval of NOK 174-240. The sensitivity analysis uncovers a large value sensitivity to forecasted salmon price and cost of goods sold. The scenario analysis investigates the effect of success and failure of investments in cost improving technologies, ceteris paribus, where the result suggests a fair value per share of NOK 201 in case of success, and 90 in case of failure. At last, a Monte Carlo Simulation based on the historical probability distribution of the salmon price, suggests that the base case fair value per share estimate is less than 40% probable. The thesis concludes that the fair value per share for SalMar ASA is NOK 153 ~30% lower than today’s market price

Praktisk religiøsitet. Religiøs mestring blant muslimske flyktninger

Denne oppgaven har religiøs mestring blant muslimske flyktninger som hovedtema. Jeg undersøker hvordan det i en muslimsk tro kan finnes ressurser til å håndtere vanskelige livssituasjoner som flukt, eksiltilværelse og integrering. Oppgaven har et ressursfokus på informantenes tro, men vil også i noen grad gå inn på troen som en faktor for mestringsmotstand. Som utgangspunkt for oppgaven er religionspsykologen Kenneth I Pargament sin teori om religiøs mestring (Pargament 1997)

Implementering af iPads i undervisningen på Skolen for Klinikassistenter, Tandplejere og Kliniske Tandteknikere (SKT), Aarhus Universitet.

Tema De unge, fra den digitale generation har mange digitale kundskaber, men det er de sociale medier de mestrer. De it-kompetencer som erhvervslivet efterlyser, hos nye medarbejdere, er i høj grad funktions og anvendelses kompetencer, hvor it kan bruges som værktøj til administration, drift, informations og kommunikations teknologi. I tandlægeerhvervet vil den fremtidige procedure for dokumentation, journalisering og kommunikation med de offentlige myndigheder være digitaliseret og baseret på medarbejdernes it-kompetencer. I pilot projekt blev iPads implementeret som værktøj for formidling af fagets grundbog og case kompendier. Det digitale undervisningsmateriale blev i projektet tilgængeligt som I-bog, video og PDF dokumenter, samt suppleret og understøttet af et LMS (Learning Management System). Fokus Målet var først og fremmest at udvikle et undervisningsforløb, som løftede eleverne fra at kunne anvende, analysere og forholde sig formaliseret til faget, til i højere grad at kunne generalisere, reflektere og fremsætte fagrelevante hypoteser. Konklusion En fagdidaktisk brug af moderne informationsteknologi kræver en reflekteret forberedelse, struktureret planlægning og holdningsændring hos både elever og undervisere. I denne artikel vil vi beskrive den forberedelse, investering og ændring, som én implementering af iPads i dette konkrete undervisningsforløb betød

Thiacalix[4]arene derivatives bearing imidazole units : a ditopic hard/soft receptor for Na⁺ and K⁺/Ag⁺ with an allosteric effect and a reusable extractant for dichromate anions

© 2016 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim Two novel receptors 5,11,17,23-tetra-tert-butyl-25,27-bis[(ethoxycarbonyl)methoxy]-26,28-bis-[1-methyl-(imidazole)meth-oxy] -2,8,14,20-tetra-thiacalix[4]arene (L1) and 5,11,17,23-tetra-tert-butyl-25,27-bis-[(benzyl)methoxy] -26,28-bis-[1-methyl-(imidazole)-methoxy]-2,8,14,20-tetrathiacalix[4] arene (L2) possessing imidazole moieties based on thiacalix[4]arene in the 1,3-alternate conformation have been synthesized and characterized. The crystal structures of L1 and L2 have been determined. The binding behaviour towards Li + , Na + , K + and Ag + ions has been examined by 1 H NMR titration experiments in (CDCl 3 /CD 3 CN; 10:1, v/v) solution. The exclusive formation of mononuclear complexes of L1 with metal cations is of particular interest revealing a negative allosteric effect in the thiacalix[4]arene family. Liquid-liquid extraction experiments indicate that synthesized L2 can be utilized as an efficient reusable extractant for dichromate anion by controlling the pH of the aqueous solution

South African women’s perspectives on self-sampling for cervical cancer screening: A mixed-methods study

Background. Self-sampling as a method of screening for cervical cancer and its precursors is an attractive option for low-resource settings. However, to allow successful integration of self-sampling into national screening programmes, it is necessary to understand women’s perceptions and beliefs surrounding this method of sampling the cervix.Objectives. To explore women’s attitudes to self-collection of samples for cervical screening in a low-resource setting in South Africa (SA).Methods. Mixed methods were used to meet the study objectives. We recruited women aged 30 - 65 years into a study in Cape Town, SA, to participate in a cross-sectional survey. All women collected a vaginal self-sample, and underwent visual inspection with acetic acid, colposcopy, and collection of cervical samples and appropriate histology specimens by a doctor. Women had a quantitative questionnairebased exit interview. A subset of these women participated in focus group discussions (FGDs).Results. A total of 822 women answered the exit survey questionnaire and 41 women participated in the FGDs. Most women from the survey had a positive perception of self-sampling, with 93.6% of the women reporting not feeling embarrassed and 89.4% reporting experiencing no discomfort at all when taking a self-sample. This was  corroborated by the FGD participants, who found self-sampling easier, more comfortable and less embarrassing than clinician sampling. However, many women (64.7%) felt more confident when the sample was taken by a clinician, despite having a positive attitude towards self-sampling. In most cases this was because they thought that the clinician would take a better sample, as explained by the FGD  participants. Although 93.9% of the women were  willing to collect a selfsample, the women in the FGDs expressed a preference for doing so at the health facility  rather than at home. There were many reasons for this, including the cost of returning to the clinic with the sample.Conclusions. Attitudes regarding self-sample collection were positive in this study population. Participants were willing to perform selfsampling, but expressed concerns regarding the quality of the specimen and the financial implications of returning to the clinic with it. Pilot implementation studies will be useful before this method of sampling is adopted and integrated into screening programmes

Hva gjør en festival konkurransedyktig? En casestudie om Vinjerock

Vår problemstilling omfatter festivalers konkurranseevne og festivaler som trend i norsk reiseliv. Ved å benytte en casestudie på Vinjerock har vi prøvd å avdekke hvilke faktorer som gjør en festival i Norge vellykket og konkurransedyktig. Med forskningsspørsmål vil vi få svar på disse faktorene. Våre forskningsspørsmål er: 1. Hvorfor velger folk å dra på festivaler? 2. Hvilke faktorer har vært avgjørende for at Vinjerock har blitt en så populær festival? 3. Hvordan kan Vinjerock være en ressurs for lokalsamfunnet? Vi har valgt å intervjue 10 personer som representerer ulike roller i næringslivet, blant annet ansatte fra festivalen, lokale og tidligere deltakere ved festivalen. Dette har gitt oss et bredt perspektiv fra alle involverte. Videre landet valget på kvalitativ metode med utgangspunkt i en casestudie, hvor vi benyttet oss av dybdeintervju for å få dypere innsikt om informantens erfaringer og informasjon. Funnene våre viser at Vinjerock har et godt nettverk med engasjerte lokale innbyggere som hjelper til med frivillighetsarbeid, og ved å delta på festivalen selv. De viser støtte og positivitet rundt festivalen. Dette kan kobles opp mot at Vinjerock gir tilbake til lokalsamfunnet ved at de øker sysselsettingen og skaper identitetsbygging, samhold og verdiskaping i det lokale næringslivet. Videre viser funnene at atmosfære og lokalisering er to faktorer som påvirker deltakerne i stor grad, og at fokus rundt bærekraft gir gode resultater for både natur, lokalområde og deltakere. I tillegg til dette ser man at musikk ofte ikke er hovedgrunnen til at man deltar på Vinjerock. Naturglede og opplevelser er faktorer som stiller sterkt og i funnene ser vi at disse er Vinjerocks største konkurransefortrinn

A rare and exclusive endoperoxide photoproduct derived from thiacalix[4]arene crown-shaped derivative bearing 9,10-substituted anthracene moiety

A rare and exclusive endoperoxide photoproduct was quantitatively obtained from a thiacalix[4]arene crown-shaped derivative upon irradiation at λ=365 nm; the structure was unambiguously confirmed by 1H/13C NMR spectroscopy and X-ray crystallography. The prerequisites for the formation of the endoperoxide photoproduct have also been discussed. Furthermore, the photochemical reaction rate could be greatly enhanced in the presence of the thiacalix[4]arene platform because it served as a host to capture oxygen