Relevant bibliographies by topics / Business valuation

Contents

  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
  6. Reports

Academic literature on the topic 'Business valuation'

Author: Grafiati
Published: 4 June 2021
Last updated: 20 February 2023

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Journal articles on the topic "Business valuation"

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Prof. J.M. Ramanuj, Prof J. M. Ramanuj. "Business Valuation." Paripex - Indian Journal Of Research 3, no. 7 (January 1, 2012): 1–3. http://dx.doi.org/10.15373/22501991/july2014/41.

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Nowicki, Margaret D., Eric E. Lewis, and Jeffrey W. Lippitt. "Preparing your business for valuation." New England Journal of Entrepreneurship 8, no. 2 (March 1, 2005): 59–64. http://dx.doi.org/10.1108/neje-08-01-2005-b006.

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There is a tremendous need for the valuation of small businesses. Oftentimes, small businessowners do not have the wherewithal to gather the data and keep it up to date for use in situations that require valuation. Formal valuations are necessary because they provide objective evidence of value, in contrast to value set by markets on which public companies are traded. This article focuses on some factors that impact the valuation of the business and will help small businessowners feel more comfortable talking with financial professionals about how the business might be valued.
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Razali, Muhammad Najib, Rohaya Abdul Jalil, Kamalahasan Achu, and Hishamuddin Mohd Ali. "Identification of Risk Factors in Business Valuation." Journal of Risk and Financial Management 15, no. 7 (June 27, 2022): 282. http://dx.doi.org/10.3390/jrfm15070282.

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It is widely accepted that risk and uncertainty are integral parts of the property valuation process. Uncertainty in property valuation is derived from the characteristics of property itself. The issue pertaining to risk and uncertainty in property valuations is currently one of the key concerns in global valuation practice to date in addressing the decision of risk and uncertainty in valuation, especially for business purposes or in the current term known as business valuation. The judgment and experience still depend on the expertise of the individual valuers alone. The valuation methods used can cause problems if certain elements in business such as risk are highlighted, especially to determine market value. There is a need for valuers to express assumptions which take into account risk and uncertainties, and then pass on the results of the estimation process to the end user of the valuation report. This research employed Analytical Hierarchical Process (AHP) to identify the level of risk in business valuation for valuers to identify which risk areas will expose them to professional liabilities, which then leads to mitigation of risk to determine value in business valuations. AHP will also be able to identify the level of risk in each of the approaches in business valuation which could help valuers to determine the value and market value in the valuation process. This paper will propose some practical approaches of how to address the risk and uncertainty of the valuation process, especially for the purpose of business valuation.
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MURINA, Hanna. "BUSINESS VALUATION WITH IRREGULAR CAPITAL EXPENDITURES." WORLD OF FINANCE, no. 2(71) (2022): 57–69. http://dx.doi.org/10.35774/sf2022.02.057.

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Introduction. The assumption of steady-state annual growth in perpetuity may be justified for cash flows from business operations. However, this assumption is less justified for capital expenditures, which are inherently irregular expenditures on long-term assets. In addition, the irregularity of capital expenditures is a particular characteristic of capital-intensive industries, infrastructure businesses, real estate businesses, and small and medium-sized businesses. To estimate business value in such cases, we propose an improvement that makes the method of discounted cash flows more universal and reliable. The purpose of the article is to derive a formula for normalization of irregular capital expen­ditures taking into account the impact of inflation and real growth. Results. Business valuation methodology has been complemented with an improvement, which is the formula for normalizing irregular capital expenditures in terminal year. The correct­ness of the normalization formula is verified by a simulated valuation model of discounted cash flows with a long forecast period. The model indicates that the rules of thumb, such as equating capital expenditures to depreciation, are a source of inaccuracy in business valuations, while the proposed normalization formula is a solution for justified valuation without restrictive and, in many cases, unrealistic assumptions of infinite divisibility and even renewal of fixed assets. Conclusions. The proposed normalization formula increases the reliability of business valuation with irregular capital expenditures and makes the DCF valuation with Gordon growth model more universal.
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Ernst, Dietmar. "Risk Measures in Simulation-Based Business Valuation: Classification of Risk Measures in Risk Axiom Systems and Application in Valuation Practice." Risks 11, no. 1 (January 6, 2023): 13. http://dx.doi.org/10.3390/risks11010013.

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Simulation-based company valuations are based on an analysis of the risks in the company to be valued. This means that risk analysis is decisively important in a simulation-based business valuation. The link between risk measures, risk conception and risk axiom systems has not yet been sufficiently elaborated for simulation-based business valuations. The aim of this study was to determine which understanding of risk underlies simulation-based business valuations and how this can be implemented via suitable risk measures in simulation-based business valuations. The contribution of this study is providing guidance for the methodologically correct selection of appropriate risk measures. This will help with avoiding valuation errors. To this end, the findings were combined from risk axiom systems with the valuation equations of simulation-based business valuations. Only position-invariant risk measures are suitable for simulation-based business valuations.
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Brotons, José M., and Manuel E. Sansalvador. "Fuzzy Systems in Business Valuation." International Journal of Uncertainty, Fuzziness and Knowledge-Based Systems 26, Suppl. 1 (December 2018): 1–19. http://dx.doi.org/10.1142/s0218488518400019.

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This research aims to develop a model that is able to integrate and objectify information provided by the different business valuation methods, incorporating quality management in its formal approach, which to date has not been considered in the literature about business valuation or quality management. Firstly, the company is valued using the methods which best adapt to its specific characteristics. Because of the subjectivity inherent in any valuation process, the results will be expressed through Triangular Fuzzy Numbers (TFN). These Fuzzy Numbers will be aggregated and summarized by applying Basic Defuzzification Distribution Uncertain Probabilistic Ordered Weighted Averaging operator (BADD-UPOWA). The weighting factors will be: the degree of confidence in each of the business valuation methods applied, and the innovative use of the company’s position on Crosby’s Quality Administration Grid. The results from application of the model in a case study show a significant reduction in uncertainty in contrast to the initial valuations. Moreover, the proposed methodology is seen to increase the final value of the company as its advances in quality management.
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Ernst, Dietmar. "Simulation-Based Business Valuation: Methodical Implementation in the Valuation Practice." Journal of Risk and Financial Management 15, no. 5 (April 26, 2022): 200. http://dx.doi.org/10.3390/jrfm15050200.

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The simulation-based company valuation values a company on the basis of the risks actually present in the company without having to derive them from the capital market data. The simulation-based company valuation takes into account the market imperfections, such as the probability of insolvency or the lack of diversification, and fulfils the legal requirements and auditing standards for a company valuation. The simulation-based company valuation is an alternative to the CAPM-based company valuation, which, under the assumption of perfect capital markets, derives the risks through capital market comparisons. A simulation-based business valuation has many advantages and is particularly suitable for valuing medium-sized companies, start-ups, companies in a crisis, and for integrating country-specific risks into business valuations. Due to the internationally widespread use of the CAPM, a simulation-based company valuation is still rarely used in practice. This article shows which valuation formulas are necessary for the application of a simulation-based company valuation. These are used for both the certainty equivalent method and for the risk premium method. In a concrete and valuation example, the simulation-based business planning and company valuation is carried out, and the derived valuation formulas are applied in a way that allows a transfer to concrete valuation cases in practice. It is shown that the certainty equivalent method and the risk premium method lead to identical company values.
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Ernst, Dietmar. "Simulation-Based Business Valuation: Methodical Implementation in the Valuation Practice." Journal of Risk and Financial Management 15, no. 5 (April 26, 2022): 200. http://dx.doi.org/10.3390/jrfm15050200.

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The simulation-based company valuation values a company on the basis of the risks actually present in the company without having to derive them from the capital market data. The simulation-based company valuation takes into account the market imperfections, such as the probability of insolvency or the lack of diversification, and fulfils the legal requirements and auditing standards for a company valuation. The simulation-based company valuation is an alternative to the CAPM-based company valuation, which, under the assumption of perfect capital markets, derives the risks through capital market comparisons. A simulation-based business valuation has many advantages and is particularly suitable for valuing medium-sized companies, start-ups, companies in a crisis, and for integrating country-specific risks into business valuations. Due to the internationally widespread use of the CAPM, a simulation-based company valuation is still rarely used in practice. This article shows which valuation formulas are necessary for the application of a simulation-based company valuation. These are used for both the certainty equivalent method and for the risk premium method. In a concrete and valuation example, the simulation-based business planning and company valuation is carried out, and the derived valuation formulas are applied in a way that allows a transfer to concrete valuation cases in practice. It is shown that the certainty equivalent method and the risk premium method lead to identical company values.
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FOWLER, BRADLEY A., and EDWARD C. FOWLER. "Coordinating “Business Valuation Overlay” With Asset Based Valuations." Business Valuation Review 15, no. 4 (December 1996): 171–73. http://dx.doi.org/10.5791/0882-2875-15.4.171.

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Reitmaier, Christine, and Wolfgang Schultze. "Enhanced business reporting: value relevance and determinants of valuation-related disclosures." Journal of Intellectual Capital 18, no. 4 (October 9, 2017): 832–67. http://dx.doi.org/10.1108/jic-12-2016-0136.

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Purpose Enhanced business reporting (EBR) seeks to address the information needs of investors when making company valuations for investment decisions. The purpose of this paper is to analyze the relevance for market valuation of EBR disclosures that are directly related to firm valuation (value-based reporting (VBR)). Design/methodology/approach Data are hand collected from annual reports of German publicly listed companies over five years. The content analysis is based on the valuation-related disclosure framework of the German Schmalenbach Society of Business Administration. A 2SLS approach accounts for potential endogeneity. Findings Share-based compensation, leverage, corporate size, and share volatility are significant determinants of VBR. The level of VBR is significantly associated with market values and provides additional market value explanatory power, indicating its relevance to investors in the process of valuation and decision making. Also, the relevance of book value and earnings for explaining market values increases for firms with better VBR. The findings are robust to the exclusion of banks and assurance companies and to alternative model and variable specifications. Research limitations/implications The research contributes to the literature on voluntary disclosures by testing an EBR framework explicitly derived from valuation theory. The results provide indirect evidence of the investors’ use of respective valuation techniques in decision making. A contribution is made to the value relevance literature by showing that valuation-related disclosures constitute a suitable proxy for “other information” in the Ohlson’s (1995) model. Such disclosures complement traditional accounting metrics, i.e. book value and earnings, as basis for valuations. Potential caveats relate to the content analysis of annual reports and the endogeneity of voluntary disclosures. Originality/value This paper informs the debate on further developments of EBR in helping to identify important components thereof.
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Dissertations / Theses on the topic "Business valuation"

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Jonsson, Emma, and Linda Samuelsson. "Business Valuation : Valuation of IT-companies in the area of Jönköping." Thesis, Jönköping University, JIBS, Business Administration, 2008. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-1322.

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Background:

In Sweden Internet was introduced in 1983 and IT became a popular phe-nomenon in the 1990s. In the middle of this decade IT-companies had a prosperous period. Many companies acquired competitors frequently dur-ing these years in order to build brand names and stay competitive. More than 400 IT-companies went bankrupt during 2001, due to the burst of the IT-bubble. Today, there is no doubt that IT-companies are willing to acquire other companies in the industry. Before an acquisition both the purchaser and seller do a careful valuation of the current company, using different valuation methods. Lately, there are some IT-companies in the area of Jönköping and its surroundings that have carried out acquisitions.

Purpose:

In this thesis IT-companies in the area of Jönköping are considered in or-der to describe what valuation methods that are used when valuing these before an acquisition. Intangible assets are of great importance for this in-dustry. Therefore the aim is also to find out which these are and how they are valued.

Method:

In order to fulfill the purpose a qualitative research is maintained. Primary data is collected from two telephone interviews and six face-to-face inter-views. Three of the interviews are conducted with people working at IT-companies that have carried out an acquisition between 2006 and 2008. The other interviews were performed with people working with business valuation on a daily basis.

Conclusion:

When valuing IT-companies as well as the intangible assets, where good-will is significant due to synergies, the net present value approach is most commonly used. The relative valuation approach is also useful, especially for companies in the early phase of the life cycle since these do not show any historical facts. Within the IT-industry; P/S, P/E, and value per em-ployee, are all useful. The net asset value approach is the most common before a direct acquisition. In this research indirect acquisitions are most often applied.


Bakgrund:

I Sverige introducerades internet 1983 och IT blev ett populärt fenomen under 1990-talet. I mitten av decenniet hade IT-företagen en blomstrande period. Många företag förvärvade konkurrenter ofta för att skapa varu-märke och fortsätta vara konkurrenskraftiga. Över 400 IT-företag gick i konkurs under 2001 på grund av IT-bubblan. Idag är det ingen tvekan om att IT-företag är villiga att förvärva andra företag i denna industri. Innan ett förvärv genomför både förvärvaren och säljaren en noggrann värdering av det aktuella företaget med användning av olika värderingsmetoder. Det finns några IT-företag i Jönköpingsregionen som genomfört företagsför-värv på sista tiden.

Syfte:

Syftet i denna uppsats är att beskriva vilka värderingsmetoder IT-företag i Jönköpingsregionen använder vid värdering innan ett företagsförvärv. Immateriella tillgångar är viktiga i denna industri. Därför är syftet även att identifiera dessa och se hur de värderas.

Metod:

För att uppfylla syftet används en kvalitativ metod. Primärdata är insamlad från två telefonintervjuer och de andra sex på intervjuobjektens kontor. Tre intervjuer genomfördes med personer som arbetar på IT-företag som genomfört företagsförvärv mellan 2006 och 2008. De andra intervjuerna genomfördes med personer som arbetar med företagsvärdering dagligen.

Slutsats:

Vid värdering av IT-företag såväl som de immateriella tillgångarna, främst goodwill tack vare synergier, används i första hand avkastningsvärdering. Relativvärdering är också användbar, särskilt för företag i det tidiga skedet av livscykeln då ingen historisk information finns att tillgå. Inom IT-industrin är; P/S, P/E och värde per anställd, alla användbara. Substans-värdering är vanligast vid ett direkt förvärv. I denna studie är indirekta förvärv oftast förekommande.

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Holeček, Václav. "Business Valuation - Budweiser Budvar, National Corporation." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-165534.

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The goal of this master thesis is to appraise Budweiser Budvar, national corporation to 1st August 2013 with the purpose of selling the company to an unknown potential buyer. The thesis is divided into theoretical and practical part. In the theoretical part, all the important theoretical aspects are defined and methods for business valuation used in this thesis are described. In the second -- practical -- part, theory is applied to the particular company. Firstly, the appraised company is introduced followed by its strategic and financial analysis, value generators, and financial plan. The core valuation methods used are the two phase discounted free cash flow method and method based on industry multiples.
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HARCKBART, GUSTAVO. "REAL OPTIONS THEORY APPLIED TO BUSINESS VALUATION." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2001. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=1960@1.

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COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
Esta pesquisa tem três objetivos. Como primeiro objetivo, pretendemos ilustrar uma aplicação prática de avaliação de uma empresa empregando a teoria de opções reais baseada no tratamento dado por Dixit & Pindyck [1994]. Nossa idéia é empregar a técnica de opções reais para avaliar uma empresa que detenha uma opção de adiar um projeto de investimento na presença de competidores, que entram no mercado aleatoriamente. A incerteza do mercado é modelada através de processo estocástico de Movimento Geométrico Browniano, enquanto que a entrada dos competidores é modelada através de uma componente de Poisson. A Companhia Siderúrgica de Tubarão foi escolhida para ilustrar a aplicação devido ao fato da mesma possuir três grandes projetos em fase de estudo/execução. Como segundo objetivo, pretendemos adaptar uma aplicação da teoria de opções reais para avaliação de empresas de alta tecnologia desenvolvida por Schwartz [2000]. Em seu trabalho, Schwartz faz uma avaliação da Amazon.com levando em consideração o fato de que seus acionistas tem perdas de capital limitadas em caso de falência da empresa. Desta forma, empregando técnicas de simulação, Schwartz propõe um corte na distribuição de probabilidades dos fluxos de caixa da empresa nos casos em que ocorrem falências. Nossa idéia é adaptar o processo para avaliar a Globo Cabo, empresa de TV a Cabo, Internet e Telecomunicações das Organizações Globo. Como nosso terceiro objetivo, pretendemos verificar qualitativamente, dentro de nosso universo de exemplos limitado, o quanto a teoria de opções reais pode agregar ao processo de avaliação de empresas.
This research has three objectives. Our first objective is to apply real options theory, based on Dixit & Pindyck [1994] development to value a listed company. In particular, our intention is to value a company that has investment projects with delay options, in markets subjected to competitors random entry. We adopted the Geometric Brownian Motion to model the market uncertainty. The uncertainty concerning the competitors entry is assumed to be described by a Poisson Process. The company we have chosen is the Companhia Siderúrgica de Tubarão. The main reason behind our choice is the fact that the company has publicly announced that it is studying three big projects for investment.As a second objective, we intend to apply real option theory to value a high technology company using the methodology developed by Schwartz [2000]. In his work, Schwartz valued Amazon.com taking into account of the fact that Amazon`s shareholders have limited liability in case of Amazon`s bankruptcy. Our idea is to adapt Schwartz`s framework to value Globo Cabo, the Organizações Globo subsidiary in the business of cable TV, internet and telecommunications. Our third objective is to study qualitatively how much real options theory can contribute to the business valuation process. Our conclusion will take into account our very limited sample.
Las opciones reales basadas en el tratamiento dado por Dixit&Pindyck [1994]. Nuestra idea es emplear la técnica de opciones reales para evaluar una empresa que considere el atraso de un proyecto de inversión en presencia de competidores, que entran en el mercado aleatoriamente. La incerteza del mercado es modelada a través de proceso estocástico de Movimiento Geométrico Browniano, mientras que la entrada de los competidores se modela a través de una componente de Poison. La Compañía Siderúrgica de Tubarão fue elegida para ilustrar la aplicación ya que posee tres grandes proyectos en fase de estudio/ejecución. Como segundo objetivo, se pretende adaptar una aplicación de la teoría de opciones reales para la evaluación de empresas de alta tecnologia desarrollada por Schwartz [2000]. En su trabajo, Schwartz faz una evaluación de la Amazon.com considerando el hecho de que sus acionistas tienen pérdidas de capital limitadas en caso de quiebra de la empresa. De esta forma, utilizando técnicas de simulación, Schwartz propone un corte en la distribución de probabilidades de los flujos de caja de la empresa en los casos de quiebra. Nuestra idea es adaptar el proceso para evaluar la Globo Cabo, empresa de TV a Cabo, Internet y Telecomunicaciones de las Organizaciones Globo. Nuestro tercer objetivo es verificar cualitativamente, dentro de nuestro universo de ejemplos limitado, cuanto la teoría de opciones reales puede agregar al proceso de evaluación de empresas.
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Mičudová, Soňa. "Business Valuation of the company Le Montmartre." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-113700.

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The goal of the diploma thesis is to evaluate company Le Montmartre located in London to know the value of the company when Le Montmartre will be contained from four food shops. It is important to know the value of the company because Le Montmartre business development will take a lot of owner's energy and personal time, so the future value of the business will be a good motivation for him.. This diploma thesis is divided into 2 sections, theoretical and practical. Practical part involved company's introduction, product portfolio, strategic analysis and finance analysis. Company was evaluated by Free cash flow to firm within two phases. Le Montmartre is analysed and evaluated like two separated entities. Le Montmartre is a patisserie and boulangerie and Le Montmartre as a catering company. The value of Le Montmartre as patisserie and boulangerie is estimated on 2 675 295 pounds and Le Montmartre as catering company on 3 739 700 pounds. Company was evaluated on 31.12.2011 in real prices.
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Dupree, Lee. "Valuation Strategies for Small Businesses' Intangible Assets." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7135.

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Small business owners who attempt to sell their businesses may not receive full value if they do not adequately value their intangible assets. The purpose of this multiple case study was to explore effective strategies business leaders used to value intangible assets when considering the sale of their businesses. The participants for this study were 5 business owners in a metropolitan area in the southeastern United States who had successful valuation experiences during the sale of their businesses. Data were collected through semistructured interviews with participants, methodological triangulation, observations, and review of company documents. Data were analyzed using thematic analysis, coding narrative segments, and reviewing secondary data. The themes that emerged from data analysis include collecting and using company data concerning intangible assets; hiring a reputable accounting firm to assist in valuation; understanding the values of brand, customer base, and goodwill; and choosing the appropriate asset valuation approach. To accurately value the intangible assets of their businesses, the most significant and recurring theme in the participants' responses was the need for assistance from a reputable accounting firm. The implications of this study for positive social change include the potential to enhance the economic investment in local areas where business owners appropriately value intangible assets.
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Смоленніков, Денис Олегович, Денис Олегович Смоленников, Denys Olehovych Smolennikov, Y. I. Shkurko, Y. V. Fashchuk, and D. D. Guzenko. "Practical application of modern approaches to business valuation." Thesis, Sumy State University, 2013. http://essuir.sumdu.edu.ua/handle/123456789/31264.

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Every day, thousands of participants in the investment profession — investors, portfolio managers, regulators, researchers — face a common and often perplexing question: What is the value of a particular asset? The answers to this question usually determine success or failure in achieving investment objectives. When you are citing the document, use the following link http://essuir.sumdu.edu.ua/handle/123456789/31264
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Morys, Thomas. "Company valuation and environmental value." Thesis, Stellenbosch : Stellenbosch University, 2008. http://hdl.handle.net/10019.1/15046.

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Thesis (MBA)--Stellenbosch University, 2008.
ENGLISH ABSTRACT: The natural environment has gained intensified importance in recent years (Stern, 2007) as the depletion of free natural resources and creation of non-intentional by-products speeds up. Especially air quality-related issues such as carbon dioxide emissions caused by non-intentional by-products from fuel combustion intensify the pressure on nature and thereby on human beings. Global commitments to greenhouse reduction by different nations, manifested in the Kyoto Protocol, increase the pressure on the economic environment as they force nations and in particular companies to reduce their greenhouse gas emissions to the agreed levels. This means that companies unable to meet the emission targets are forced to acquire additional emission rights. This has an impact on the value of a company. The lower the emissions, the more emission rights can be sold on the carbon markets. Furthermore, the less natural environmental risk a company is exposed to, the higher its value. In general, the risk reductions result from creating benefits for the natural environment. This research project shows how the natural environment impacts on the value of a company. It considers the green value, described as the overall tradable benefit from the reduction of non-intentional by-products, of a small liquid-petroleum-gas (LPG)-converting company. It is assumed that emission benefits created through the reduction of relevant marketable byproducts will lead to emission credit notes, equal to emission rights, offered to companies at the carbon spot market. This enables the companies participating on the carbon market to buy additional emission rights. This non-empirical report focuses on a study of the theory. Topics such as the global natural environment, awareness of natural environment and willingness to pay for higher quality of the natural environment, traditional valuation, and environmental accounting give an understanding of the subject. In addition, personnel communication was used to discuss relevant market expectations and prospects. The outcome is a valuation approach to determine the potential value of companies. The intention is to show that the value goes beyond a purely financial approach. From the valuation procedure performed one can easily see that the value of a company is strongly influenced by the green value component derived from valued environmental benefits.
AFRIKAANSE OPSOMMING: Die natuurlike omgewing het in die afgelope paar jaar toenemend belangrik geword (Stem, 2007) namate die uitputting van gratis natuurlike hulpbronne en die skep van toevallige neweprodukte toeneem. Veral kwessies wat met die gehalte van lug verband hou, soos koolsuurgasvrystellings wat deur toevallige neweprodukte van brandstofverbranding veroorsaak word, verhoog die druk op die natuur en dus ook op die mens. 'n Wereldwye verbintenis tot die vermindering van die kweekhuis-effek deur verskillende lande, wat in die Kyoto Protokol inslag vind, verhoog die druk op die ekonomiese omgewing, aangesien dit lande, en spesifiek maatskappye, dwing om hulle kweekhuis-gasvrystellings tot by die ooreengekome vlakke te verminder. Dit beteken dat maatskappye wat nie die vrystellingsteikens kan haal nie, gedwing word om bykomende vrystellingsregte te bekom. Dit het 'n impak op die waarde van 'n maatskappy. Hoe laer die vrystellings, hoe meer vrystellingsregte kan op die koolstofmarkte verkoop word. 'n Maatskappy se waarde verhoog indien die risiko rakende die natuurlike omgewing verlaag word. Oor die algemeen is hierdie risikoverminderings die resultaat van die skep van voordele vir die natuurlike omgewing. Hierdie navorsingsprojek toon aan wat die natuurlike omgewing se impak op die waarde van 'n maatskappy is. Dit ondersoek die groen waarde, wat beskryf word as die algehele verhandelbare voordeel uit die vermindering van toevallige neweprodukte, van 'n klein vloeibarepetroleumgas-maatskappy. Die aanname word gemaak dat vrystellingvoordele wat geskep word deur die vermindering van toepaslike verkoopbare neweprodukte daartoe sal lei dat vrystellingskredietnotas, wat gelykstaande aan vrystellingsregte is, aan maatskappye by die koolstoflokomark aangebied sal word. Dit stel die maatskappye wat op die koolstofmark handel dryf in staat om bykomende vrystellingsregte te koop. Hierdie nie-empiriese verslag fokus op 'n studie van die teorie. Onderwerpe soos die globale natuurlike omgewing, bewustheid van die natuurlike omgewing en 'n gewilligheid om te betaal vir 'n natuurlike omgewing van 'n hoer gehalte, en omgewingsrekeningkunde dra by tot 'n beter begrip van die onderwerp. Verder is persoonlike kommunikasie gebruik om toepaslike markverwagtinge en -vooruitsigte te bespreek. Die uitkoms is 'n waardasiebenadering om die potensiele waarde van maatskappye te bepaal. Die doel is om aan te toon dat die waarde verder as 'n suiwer finansie1e benadering strek. Uit die waardasieprosedure wat uitgevoer is, kan maklik gesien word dat die waarde van 'n maatskappy sterk beinvloed word deur die groenwaarde-komponent wat deur gewaardeerde omgewingsvoordele bepaal word.
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Claesson, Johan, Frida Wengbrand, and Sofia Eriksson. "Valuation of Family Businesses : A case study." Thesis, Jönköping University, JIBS, Business Administration, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-156.

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Bakgrund

Majoriteten av alla svenska företag är familjeföretag. Forskning inom området har inte bedrivits i någon större utsträckning förrän på senare år. Därtill kommer att forskning inom värdering av familjeföretag är närmast obefintlig. Familjeföretag skiljer sig på många sätt från icke-familjeföretag, t.ex. när det gäller kultur, ägande och ledning. Härav finns det anledning att tro att familjeföretag värderas annorlunda än icke-familjeföretag.

Syfte med uppsatsen

Syftet med denna uppsats är att beskriva hur värdering av familjeföretag går till från ett uppköpande företags synvinkel.

Metod

För att utföra denna uppsats har ett kvalitativt, hermeneutiskt tillvägagångssätt använts för att förstå helheten av fenomenet familjeföretags värdering. Vi har genomfört en fallstudie bestående av tre familjeföretags uppköp gjorda av Företag X som noggrant har studerats.

Slutsats

När ett familjeföretag värderas är det avgörande att ha erfarenhet, branschkännedom, intuition och framför allt kunskap och erfarenhet om familjeföretag. De immateriella tillgångarna i ett familjeföretag, som till exempel rykte, kultur och kunskap bidrar tillsammans med olika värderingsmodeller till ett rättvist värde av familjeföretaget.


Background

The vast majority of all Swedish companies are family businesses. Research within the field of family businesses has not until recent years been developed. Moreover, the research regarding valuation of family businesses is close to non-existing. Family businesses differ in many ways from non-family businesses, for example when it comes to culture, ownership and management. Hence, there is a possibility that family businesses are valuated differently from non-family businesses.

Purpose of this thesis

The purpose with this thesis is to describe how valuation of family businesses is done from the perspective of an acquiring company.

Method

For this thesis a qualitative, hermeneutic approach was applied in order to understand the whole picture of the valuation of the family business phenomenon. A case study approach was carried out by carefully studying three acquisitions of small private family businesses in the service sector made by Company X.

Conclusions

The crucial skills to possess are experience, industry knowledge, intuition and most of all family business knowledge and experience when determining a fair value of a family business. The intangible assets of a family business, for instance reputation, culture and knowledge, together with different valuation methods contribute to the estimation of the value of a family business.

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Sedlák, Jiří. "Zero Waste - "Valuation and business planning" pro potenciálního investora." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-206492.

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The target of Zero Waste "Valuation and business planning" for a potential investor is to explore and evaluate the identified market opportunity. Business plan concerns the foundation of food and consumer goods retail business which is aimed towards reducing consumers negative impact on the environment, supporting local jobs and sustainable farming. The thesis is based on theoretical knowledge from the publications listed in the resources which were confronted with the reality in interviews with the owners of comparable businesses. Resulting from the business planning a calculation of present value of the proposed model enterprise has been made. Value calculated using discounted cash flows had shown that cannot be unequivocally recommended to establish the company. Pessimistic scenario shows a negative net present value and realistic option shows a positive net present value. However it is necessary to understand the thesis as a model business plan for valuation of such businesses. As for example with a different form of funding or reduction of initial investment, the company may change to a version that would be recommendable to implement.
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Kim, Walsgård Mijung. "Internet Business Valuation : Case Study of two Korean and two Swedish Internet Companies using Adjusted DCF Valuation Model." Thesis, Stockholm University, School of Business, 2006. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-6331.

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Internet business valuation is a challenge because internet business has unique features and thus, needs to consider other issues than the traditional income statement and balance sheet numbers. Furthermore, many of the internet companies have generated negative accounting income in spite of extraordinarily high stock price. Given these circumstances, the advanced valuation model for internet business with consideration of the high growth potential capacity is apparently needed. This paper is designed primarily to review previous researches on the corporate valuation models as the theoretical background and then to select a possibly best suited valuation model for internet business among the presented models. Secondly, I apply the selected valuation model to two Swedish and two Korean leading internet businesses in order to check out the reliability of this valuation model as the empirical study. When it comes to the internet business, both countries have a pretty good internet infrastructure and a high internet penetration in both private life and business environment. Therefore, it could be interesting to compare how different the value of internet companies which have such common conditions is estimated with each other. For the empirical study, I employ the adjusted DCF valuation model and select four internet companies. Two Swedish internet Companies – Net on Net and Unibet - and two Korean internet companies – Interpark and Neowiz – are selected and each company is listed on the respective stock exchange – OMXS and KOSDAQ. The adjusted DCF valuation model is the traditional DCF model with capitalization of R&D costs and marketing expenses as investments. the adjusted DCF valuation model suits best for the valuation of the selected internet companies since they are online gambling provider and online retailer which put large sums in marketing expenditures. This intensive marketing effort in the end contributes to the high future growth. In this sense, the marketing expenditures should be considered as investment rather than costs. By the calculation of the NPV and the comparison with the stock price, I found that the companies with the high growth potential generate the higher NPV than the value derived from the stock price. On the other hand, the NPV of the companies with the moderate growth rate and the mature market situation remains at the almost same level of the stock price value. This empirical result shows that the adjusted DCF model gives the reasonable number and so indicates the high forecast capacity. Except Net on Net of which the NPV seems to be too high, the NPVs of the companies are well-consistent with the present stock price and the stock price change.

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Books on the topic "Business valuation"

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Longhofer, Ronald S. Business valuation. New York: Law Journal Press, 2010.

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Institute, Pennsylvania Bar. Business valuation. Mechanicsburg, Pa: Pennsylvania Bar Institute, 2006.

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Dietrich, Mark O. Business valuation. [Boston, MA]: MCLE, 2008.

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Coffey, James F., Gregg Hamilton-Piercy, and Michael E. Morrissey. Business valuation. [Boston, MA]: MCLE, 2011.

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Fazzini, Marco. Business Valuation. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-89494-2.

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R, Campbell Ian, and Canadian Institute of Chartered Accountants, eds. Business valuation. [Toronto]: Canadian Institute of Chartered Accountants, 2012.

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Business valuation demystified. New York: McGraw-Hill, 2011.

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Callard, Lloyd M. Business valuation practice. North Ryde, NSW: Law Book Co., 1994.

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Trugman, Gary R. Understanding Business Valuation. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2016. http://dx.doi.org/10.1002/9781119448662.

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Ratner, Ian. Business valuation and bankruptcy. Hoboken, N.J: Wiley, 2010.

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Book chapters on the topic "Business valuation"

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Lynn, Stephen. "Business Valuation." In Springer Texts in Business and Economics, 137–76. Singapore: Springer Singapore, 2020. http://dx.doi.org/10.1007/978-981-15-0357-3_5.

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Galanti, Joseph J. "Business Valuation." In Litigation Services Handbook, 1–34. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119204794.ch10.

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Cornwall, Jeffrey R., David O. Vang, and Jean M. Hartman. "Business Valuation." In Entrepreneurial Financial Management, 273–302. Fifth Edition. | New York: Routledge, 2019. | Revised edition of the authors’ Entrepreneurial financial management, 2016.: Routledge, 2019. http://dx.doi.org/10.4324/9780429320484-15.

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Crain, Michael A. "Business Valuation." In The Portable MBA in Finance and Accounting, 413–43. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118257494.ch16.

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Galanti, Joseph J. "Business Valuation." In Litigation Services Handbook, 1–38. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2017. http://dx.doi.org/10.1002/9781119363194.ch11.

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Thibierge, Christophe, and Andrew Beresford. "Business Valuation." In A Practical Guide to Corporate Finance, 158–94. London: Palgrave Macmillan UK, 2015. http://dx.doi.org/10.1057/9781137492548_7.

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Lam, Miranda S., and Gina Vega. "Business Valuation." In Entrepreneurial Finance, 287–312. Second Edition. | New York : Routledge, 2021. | Revised edition of the authors’ Entrepreneurial finance, 2016.: Routledge, 2020. http://dx.doi.org/10.4324/9780429325045-15.

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Moro-Visconti, Roberto. "From Business Models to Business Planning." In Startup Valuation, 9–45. Cham: Springer International Publishing, 2021. http://dx.doi.org/10.1007/978-3-030-71608-0_2.

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Fazzini, Marco. "Value, Valuation, and Valuer." In Business Valuation, 1–22. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-89494-2_1.

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Fazzini, Marco. "Integrated Valuation Approach (IVA)." In Business Valuation, 23–37. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-89494-2_2.

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Conference papers on the topic "Business valuation"

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"Contemporary Challenges in Business Valuation." In rd Joint International Conference on Accounting, Business, Economics and Politics. Tishk International University, 2021. http://dx.doi.org/10.23918/icabep2021p1.

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Wei, Jiang. "Business Valuation in China's Transitional Period." In 2011 International Conference on Management and Service Science (MASS 2011). IEEE, 2011. http://dx.doi.org/10.1109/icmss.2011.5998469.

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Bakulina, Anna A., Alla A. Lysochenko, Irina A. Pryadko, and Natalya S. Zemlyakova. "Risk accounting in Russian business valuation in times of sanctions." In Sustainable and Innovative Development in the Global Digital Age. Dela Press Publishing House, 2022. http://dx.doi.org/10.56199/dpcsebm.gcwt3209.

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The West approved a number of packages of sanctions against Russian legal entities and individuals, which noticeably affected many sectors of the Russian economy and business of Russian entrepreneurs. In support of the USA, the countries of the European Union and other states unfriendly towards Russia have drawn up their sanctions programs. Thus, the following question is especially acute for the founders of various companies: “What risks should be taken into account in business valuation in today’s crisis caused by the current geopolitical situation and a number of sanctions?” The relevance of the chosen topic is due to the presence of demand for business valuation, which is growing exponentially in modern realities. Due to these factors, Russian entrepreneurs and their businesses found themselves under enormous pressure from the risks that have arisen, which will remain relevant in the coming years.
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Neubauer, Thomas, Markus Klemen, and Stefan Biffl. "Business process-based valuation of IT-security." In the seventh international workshop. New York, New York, USA: ACM Press, 2005. http://dx.doi.org/10.1145/1083091.1083099.

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Titko, Jelena, and Natalja Lace. "Valuation Model for Latvian Banks." In The 7th International Scientific Conference "Business and Management 2012". Vilnius, Lithuania: Vilnius Gediminas Technical University Publishing House Technika, 2012. http://dx.doi.org/10.3846/bm.2012.032.

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Ho, S. Ping, and Li-yu Tang. "Valuation and Computing Algorithm for Bot Associated Business." In 21st International Symposium on Automation and Robotics in Construction. International Association for Automation and Robotics in Construction (IAARC), 2004. http://dx.doi.org/10.22260/isarc2004/0021.

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Luchyk, Svitlana, Yulia Manachynska, Volodymyr Yevdoshchak, and Marharyta Luchyk. "6D-model of business valuation management: actuarial aspect." In Proceedings of the 6th International Conference on Strategies, Models and Technologies of Economic Systems Management (SMTESM 2019). Paris, France: Atlantis Press, 2019. http://dx.doi.org/10.2991/smtesm-19.2019.36.

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Yan, Xiao. "Property Valuation Education Under Internationalization." In 2015 Conference on Informatization in Education, Management and Business (IEMB-15). Paris, France: Atlantis Press, 2015. http://dx.doi.org/10.2991/iemb-15.2015.145.

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Plotkina, A. R., and A. A. Monin. "FEATURES OF BUSINESS VALUATION AND VALUE IN MODERN CONDITIONS." In Problems and mechanisms of implementation of national priorities of socio-economic development of Russia. Khabarovsk State University of Economics and Law, 2020. http://dx.doi.org/10.38161/978-5-7823-0740-0-2020-074-077.

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The paper considers the features of determining the cost and evaluating business in the new reality caused by the pandemic, highlights the main factors that affect the cost of business, and concludes that it is necessary to use various sources of analytical data to assess cash flows
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Georgiopoulos, Panayotis, Ryan Fellini, Michael Sasena, and Panos Y. Papalambros. "Optimal Design Decisions in Product Portfolio Valuation." In ASME 2002 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. ASMEDC, 2002. http://dx.doi.org/10.1115/detc2002/dac-34097.

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Product portfolio valuation is a core business milestone in a firm’s product development process: Determine what will be the final value to the firm derived from allocating assets into an appropriate product mix. Optimal engineering design typically deals with determining the best product based on technological (and, occasionally, cost) requirements. Linking technological with business decisions allows the firm to follow a product valuation process that directly considers not only what assets to invest but also what are the appropriate physical properties of these assets. Thus, optimal designs are determined within a business context that maximizes the firm’s value. The article demonstrates how this integration can be accomplished analytically using a simple example in automotive product development.
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Reports on the topic "Business valuation"

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Karpunin, A. YU, and E. V. Karpunina. Distance learning course «Business valuation». OFERNIO, June 2021. http://dx.doi.org/10.12731/ofernio.2021.24856.

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Gabriel, Stuart, Owen Hearey, Matthew Kahn, and Ryan Vaughn. Public School Quality Valuation Over the Business Cycle. Cambridge, MA: National Bureau of Economic Research, September 2016. http://dx.doi.org/10.3386/w22668.

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Hammerstrom, Donald J., Atefe Makhmalbaf, and Maria C. Marinovici. Diagramming Transactive Building Business Cases: Using Principles of e3 Value to Document Valuation Studies. Office of Scientific and Technical Information (OSTI), December 2016. http://dx.doi.org/10.2172/1353353.

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Ryan, Daniel. Valuation of businesses and intellectual property assets. CAGE, October 2020. http://dx.doi.org/10.47445/144.

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Tarrant, Hannah. Valuation and liquidity issues for private businesses: quantitative evidence. CAGE, February 2021. http://dx.doi.org/10.47445/125.

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Savings Bank of New South Wales - Sydney (Head Office) - Mortgage (Investment) Department - Business Transactions - Interest, Taxes and Valuation - 1897 - 1899. Reserve Bank of Australia, March 2021. http://dx.doi.org/10.47688/rba_archives_2006/21293.

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