Pinho, Paulo Soares deMorais, Rafaela Pereira2026-02-192026-02-192025-12-112025-11-07http://hdl.handle.net/10362/200505This project aims to study the reasons behind the decision to maintain the LEGO Group as a privately owned company and what motivates them not to undergo an IPO. The analysis of LEGO’s journey will provide intel on how they changed over time and how the shareholder’s vision was impacted by crucial events such as the 2000’s successful turnaround story and sale of all LEGOLAND parks. Financial analysis, followed by a full valuation, will provide additional evidence on LEGO’s financial situation and overall placement in the market, to understand the need for an IPO and the estimated Enterprise Value.engLEGOInitial public offeringValuationRestructuringGovernancemaster thesis204134404