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The Gladiators of the OMXSPI: What are the key drivers trailing the durable performance?
Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
2019 (English)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesis
Abstract [en]

Background and problem: The impact on the stock market of macroeconomic factors have been analyzed in several earlier studies. These are forces constantly changing and thereby they contribute to changing the supply and demand of stocks. The fact that macroeconomic variables have affected the top performing stocks of the OMXSPI during 2004 – 2018, in terms of performance, plays an important part of the study. Different authors have recognized different factors to affect the stock price development and there has not yet been established an explanation of the determinants of stock prices.

Purpose: The purpose of the study was to identify the stocks that continuously have had a development superior to the OMXSPI, and therefore have contributed the most to the development of the OMXSPI during 2004 – 2018. Moreover, the study analyzes the drivers that have contributed to the performance of these stocks. Furthermore, the study clarifies which factors that have contributed to the development of the P/E and the EV/EBITDA of the top performers.

Methodology: The study followed a quantitative and deductive approach. The Swedish stock market was analyzed with a focus on the OMXSPI were the top performing stocks of this index were identified through a screening process. Moreover, the top performers were put against the OMXSPI in different time periods to compare the performance. Furthermore, multiples of these top performers and the sectors which they trade in were calculated in order to compare the multiples to each other, with the purpose of analyzing them relative to each other in different time periods.

Conclusion: From the findings it could be established very similar patterns between the top performers and the OMXSPI. The difference mainly being that the top performers in every sequence experienced a superior development than the OMXSPI, but also greater declines during short sequences. Moreover, the tables displayed remarkable returns of the top performers and the aggregated top performers traded at premium levels in all analyzed time periods.

Place, publisher, year, edition, pages
2019. , p. 86
Keywords [en]
OMXSPI, top performers, stock price, drivers, P/E, EV/EBITDA, multiples
National Category
Business Administration
Identifiers
URN: urn:nbn:se:liu:diva-159177ISRN: LIU-IEI-FIL-A--19/03026--SEOAI: oai:DiVA.org:liu-159177DiVA, id: diva2:1339482
External cooperation
Handelsbanken Capital Markets; Enter Fonder
Subject / course
Master Thesis in International Business and Economics Programme (Business Administration)
Presentation
2019-06-05, 10:30 (Swedish)
Supervisors
Examiners
Available from: 2019-08-22 Created: 2019-07-29 Last updated: 2019-08-22Bibliographically approved

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