Dissertations / Theses: 'Discounted cash flow (DCF) model'

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Fetibegovic, Ahmed, and Adam Nilsson. "Real Estate Discounted Cash Flow Model Development and Design : The process of developing a new DCF model at a multinational real estate consultancy." Thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-76078.

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Due to increasing skill and awareness of overall functions in programs such as Excel, an increasing number of analysts at real estate firms and consultancies have started developing "desktop" versions of valuation models used for professional appraisal of property value. Due to personal preferences, differences in schools and professional backgrounds, these so called desktop models vary in quality, robustness, accuracy, design and user friendliness. Professional software suites are not suitable either, as they are expensive, hard to learn, hard to adapt to specific needs of the business, outdated design and need of additional IT resources. At a multinational Real Estate consultancy such as Jones Lang LaSalle, requirements on tools used for professional opinions on questions as important as property value, are rigorous. Therefore, decision was made to develop a new DCF model which would be closely monitored by management and have a prismatic approach meaning that the model would satisfy the needs of more than one division at Jones Lang LaSalle. When reviewing existing models and practices at the company, the result became a tailored DCF valuation model that was focused on increasing efficiency of appraisers at Jones Lang LaSalle. Aside from being robust and technically sophisticated, the result also suited the specific needs of Jones Lang LaSalle in terms of features and user interface. Development of the model involved several divisions to ensure that the needs were met for Research & Valuation, Capital Markets, Corporate Solutions and Asset Management at Jones Lang LaSalle.

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Cardwell, Katharine Jean Zoglauer. "Equity research - Redes Energéticas Nacionais SGPS S.A. : examining DCF valuation model invariance." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16520.

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Mestrado em Finanças
Este projeto contém uma análise financeira abrangente das Redes Energéticas Nacionais S.G.P.S, S.A (REN). Foi desenvolvido de acordo com os padrões do projeto final do Mestrado em Finanças do ISEG e escrito de acordo com as diretrizes do CFA Institute Research Challenge. A empresa em causa foi definida pela CFA Society Portugal, que a selecionou de entre as empresas que integram o Índice PSI20. A REN é o único operador e gestor em Portugal da infraestrutura de transmissão terrestres do Sistema Eléctrico Nacional e do Sistema Nacional de Gás Natural. Uma abordagem de soma total das partes (SoP) foi usada para atingir uma recomendação de compra com uma preço alvo de € 2,78 / ação para o final de 2018, implicando um potencial de valorização de +15% sobre a cotação de € 2,43 / ação em 9 de fevereiro. A avaliação principal é complementada com uma análise de robustez sobre a SoP, através da construção de um modelo de valor residual (também conhecido como lucro anormal) para avaliar as ações. O resultado geral confirma as estimativas de preço iniciais, no entanto, é analisado em mais detalhe um pressuposto relevante sobre o rácio price-to-book de longo prazo na avaliação da REN, uma vez que considera-se que este pressuposto causa uma grande variação no preço alvo. As informações utilizadas ao longo deste relatório estavam disponíveis publicamente à data de 9 de fevereiro de 2018, portanto, qualquer informação ou eventos subsequentes não foram considerados.
This project contains a comprehensive financial analysis of Redes Energéticas Nacionais S.G.P.S, S.A (REN). It was conducted in accordance with ISEG´s Master in Finance final work project standards and written following the CFA Institute Research Challenge guidelines. The subject company was assigned by CFA Society Portugal who selected it from the Portuguese PSI20 Index. REN is Portugal's sole operator and manager of the National Electric System's mainland transport infrastructure and the National Natural Gas System. A sum-of-the-parts (SoP) FCFF approach was used to reach a BUY recommendation with a 2018YE price target of €2.76/sh, implying a +15% upside potential from the February 9th closing price of €2.43/sh. The original research is extended in the current work to consider the robustness of the SoP valuation by constructing a residual income (also known as abnormal earnings) model to value the shares. The result overall confirms the original price targets, however a strong assumption regarding the long-term price-to-book ratio of REN's valuation is investigated and found to cause large variation in the resulting price targets. The information used throughout this report was publicly available as of February 9, 2018, thus any information or subsequent events have not been considered.
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Lehmann, Christopher, and Alexander Alfredsson. "Intrinsic Equity Valuation : An Emprical Assessment of Model Accuracy." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-30377.

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The discounted cash flow model and relative valuation models are ever-increasingly prevalent in today’s investment-heavy environment. In other words, theoretically inferior models are used in practice. It is this paradox that has lead us to compare the discounted cash flow model (DCFM), discounted dividend model (DDM), residual income-based model (RIVM) and the abnormal earnings growth model (AEGM) and their relative accuracy to observed stockprices. Adding to previous research, we investigate their performance in relation to the OMX30 index. What is more, we test how the performance of each model is affected by an extension of the forecast horizon. The study finds that AEGM outperforms the other models, both before and after extending the horizon. Our analysis was conducted by looking at accuracy, spread and the inherent speculative nature of each model. Taking all this into account, RIVM outperforms the other models. In this sense, one can question the rationale behind investor’s decision to primarily use the discounted cash flow model in equity valuation.

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Tran, Vinh. "Differential Impact of Investor Sentiment on the Capital Asset Pricing Model and Discounted Cash Flows Model Estimates of the Rate of Return on Equity." ScholarWorks@UNO, 2019. https://scholarworks.uno.edu/honors_theses/131.

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Traditional asset pricing models such as Capital Asset Pricing Model (CAPM) and Discounted Cash Flow (DCF) have been used widely in academics and practice due to their simplicity and popularity. The CAPM is a prescriptive model that describes the relationship between a stock’s required return and risk relative to the movements in the market, while the DCF is a descriptive model that measures the realized rate of return on a stock based on the market price of the stock, which in turn incorporates investor perceptions about the stock and the market. In an ideal, efficient market where investors behave rationally, we should not see much of a difference between stock returns estimated from these two models. However, because investor perceptions affect the DCF estimate of returns, changes in investor confidence without accompanying changes in firm risk can affect the DCF estimate without changing the CAPM estimate. High growth firm returns are more likely to incorporate changes in investor perception because more of their value is generated from realization of future growth opportunities. In this research, I study whether investor sentiment affects the DCF estimate of stock return more than the CAPM estimate, and whether this impact is more pronounced for high growth firms. I find results consistent with this hypothesis. I find that investor sentiment causes a divergence between the CAPM and DCF estimates of stock returns, and this divergence is higher for high growth firms compared to low growth firms. My findings suggest that high growth firm stock prices are more prone to distortions due to hype or investor pessimism.

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Berglerová, Lucie. "Ocenění podniku." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-193748.

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The Master's Thesis aims to analyze and evaluate the Vitana company at 31st December, 2013. The thesis is divided into parts that correspond with the valuation process. First of all the Vitana company is described. The valuation starts with a strategic analysis where strengths and weaknesses, market development, industry, economy and competition are identified. This is followed by a financial analysis that explains the past of the Vitana company. To determine the value of the company it is necessary to define generators of value and make their prognosis. After that the financial plan is drawn up. Determining the value is accomplished by using three valuation methods: valuation by using DFCFF, valuation by using EVA and book value.

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Dinstuhl, Volkmar. "Konzernbezogene Unternehmensbewertung : DCF-orientierte Konzern- und Segmentbewertung unter Berücksichtigung der Besteuerung /." Wiesbaden : Dt. Univ.-Verl, 2003. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=010456960&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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Strasser, Hans-Jürgen. "DCF-Bewertung von Versicherungsunternehmen /." Frankfurt, M. ; Berlin Bern Bruxelles New York, NY Oxford Wien : Lang, 2009. http://d-nb.info/996544119/04.

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Klim, Michal. "Ocenění inovativní organizace." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-199528.

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The main objective of my thesis is to evaluate an innovative organization STOMATOLOGICKÉ CENTRUM MUDr. IVO MAREK s.r.o. and its innovative process. Evaluation method uses the discounted cash flows of APV variant. The innovation process value is estimated as a difference between the estimation of the organization value and a hypothetical estimation of the organization without the innovative process. The result shows that the innovative process has a significant effect on the overall value of the organization.

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Pienaar, Petrus Terblanche. "The use of the Discounted Cash Flow (DCF) method as a method of valuation within the South African property industry: A critical review." Master's thesis, University of Cape Town, 2015. http://hdl.handle.net/11427/14125.

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The Discounted Cash Flow method of property valuation is a fairly new method and research in other English speaking countries indicated a trend towards the use of the DCF method in preference to the Capitalization method despite an initial hesitance due to the perceived complexity of the method. The aim of this study was therefore to form an understanding if similar perception of complexity exists in South Africa and how these perception influence the perceptions and preference of use of the DCF method of valuation by valuation professionals within the South African context. The research was guided by three specific research questions which probed valuers' methodology preference, valuers' education, and difficulties experienced in accessing data needed for DCF valuation input variables. A mixed method research approach was adopted using questionnaire and document surveys to gather data from valuation professionals, lecturers of valuation education programs accredited with the SACPVP, and the curricula of these programs. The results indicate a general low preference for the use of the DCF method of valuation while the Capitalisation method is indicated as the most preferred method. This low preference was found to be the result of a high degree of difficulty experienced in accessing data needed for DCF valuation input variables. It was also found that the level of valuation education increases the acceptance and preference for the use of the DCF method.

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De, Kock Neil. "Cluster management synergy valuation: Synthesis and illustration of a discounted cash flow synergy valuation model for cluster management organisations." Master's thesis, University of Cape Town, 2016. http://hdl.handle.net/11427/20440.

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The practice of cluster management has become an integral component to the modern cluster business environment. This research develops a framework for the valuation of synergies generated by a cluster management organisation (CMO) to be used as either a method of (ex-post) management evaluation or (ex-ante) for capital budgeting purposes. The theoretical framework is synthesised from clustering and business alliance (predominantly Mergers and Acquisitions (M&A) and Joint Ventures (JV)), literature. The case of the South African Furniture Initiative (SAFI) was used to inform model development and to illustrate practical application of the theoretical synergy valuation model. The case study found that the synergy valuation model faces problems with practical application due to the wide variety of activities commonly associated with CMO goals and objectives. It concludes that even though a synergy framework would provide a useful tool for evaluation and capital budgeting, further research is required to develop a more accurate method of impact estimation.

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Cheng, Jenny, and Josefin Westman. "Effects of Digitalization in Steel Industry : Economic Impacts & Investment Model." Thesis, KTH, Skolan för industriell teknik och management (ITM), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-279581.

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The awareness and interest for digitalization have increased tremendously during recent years. However, many companies are struggling to identify the economic benefits and often face long payback time and large initial investment costs. This study aims to assess the potential economic effects from digitalization projects in the steel production industry. The study begins by elucidating central concept like, digitization, digitalization, digital transform and the link between digitalization and automation. Furthermore, the study identifies effects of digitization at production level from an internal efficiency perspective, based on existing literature. On this basis, an investment tool for digitization projects has been developed, consisting of three different analyzes; a level of automation analysis, a quantitative analysis and a qualitative analysis. To continue, the investment model has been applied to a potential investment of a smart automatic crane. The results from all three analyses provided positive results and incentives to initiate the project. As a result of poor data collection and rigid data, only one effect could be accounted for in the quantitative analysis, which generated a net present value of nearly 12 MSEK over a tenyear period. The most critical parameter proved to be the timing of initiating the project.
Medvetenheten och intresset för digitalisering har ökat enormt under de senaste åren. Många företag kämpar emellertid med att identifiera de ekonomiska fördelarna och möter ofta långa återbetalningstider och stora initiala investeringskostnader. Denna studie syftar till att utvärdera de potentiella ekonomiska effekterna av digitaliseringsprojekt i stålproduktionsindustrin. Studien börjar med att redogöra för vad digitalisering är samt kopplingen mellan digitalisering och automation. Vidare identifierar studien effekter av digitalisering på produktionsnivå ur ett internt effektivitetsperspektiv baserat på befintlig litteratur. Baserat på detta har ett investeringsverktyg för digitaliseringsprojekt utvecklats, bestående av tre olika analyser; en automationsgradsanalys, en kvantitativ analys och en kvalitativ analys. Investeringsmodellen har dessutom tillämpats på en potentiell investering i form av en smart automatkran. Resultaten från samtliga tre analyser var positiva och utgjorde incitament till att initiera projektet. Som ett resultat av bristande datainsamling och ostrukturerade data kunde kostnadsbesparingen från endast en effekt redovisas i den kvantitativa analysen, vilken genererade ett nuvärde på nästan 12 MSEK under en tioårsperiod. Den mest kritiska parametern visade sig vara tidpunkten för att implementera projektet.

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Quinta, André Filipe Rodrigues. "Contabilidade e avaliação de empresas : aplicação prática do residual income model." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/17766.

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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
O presente trabalho tem como principal objetivo demonstrar a utilização do Residual Income Model (RIM). O trabalho é desenvolvido tendo uma abordagem teórica e prática da aplicação do Residual Income Model, sendo constituído pelo enquadramento teórico do modelo e de avaliação de empresas, bem como por um business case de aplicação prática do modelo à Airbus. O segundo objetivo é comparar a utilização do RIM com uma das metodologias mais aceites na avaliação de empresas, o Discounted Free Cash Flow to Equity (DFCFE). O caso é assim resolvido pelos dois modelos, o RIM e o DFCFE, de forma a comparar os procedimentos e os resultados obtidos por cada modelo. Para a conceção do business case foram utilizados unicamente dados reais, disponíveis publicamente, e está estruturado de forma a permitir diferentes abordagens e conclusões. O intervalo de preços obtido representa um desvio face à cotação no período de referência de 33% para o RIM e -16% para o DFCFE. Os resultados expõem a dificuldade de implementar os mesmos pressupostos para ambos os modelos, que podem ser influenciados tanto pelos dados considerados como pelos procedimentos utilizados para o forecast, nomeadamente no que diz respeito ao grau de detalhe necessário para os modelos. Ao mesmo tempo, os valores obtidos servem referência de intervalo de preço para o que poderá ser o valor justo da ação da Airbus.
The current project aims to demonstrate the application of the Residual Income Model. The project is based both on a theoretical and practical approach, consisting of a framework regarding the model itself and enterprise valuation, as well as a business case with the practical application of the model to Airbus. The second objective is to compare the model with one of the most accepted methods, the Discounted Free Cash Flow to Equity. Therefore, the case is solved by using two different approaches, the Residual Income Model and the Discounted Free Cash Flow to Equity, in order to compare the procedures and obtained results through each model. For the business case conception, only real and publicly available data was used, and it is structured to allow different approaches and conclusions. The obtained price range represents a variance from the price per share at the reference date of 33% through RIM and -16% through DFCFE. The results disclose the difficulty of implementing the same assumptions for both models, which can be influenced both by the methods used for the forecast as by the considered data, specifically to what regards the degree of detail required for the models. At the same time, the results can serve as a reference for the price range of what might be the fair price of Airbus' shares.
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Teixeira, João César Gomes. "Equity research Galp Energia SGPS SA : ESG approach to valuation." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20854.

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Mestrado em Finanças
Este projeto contém uma análise financeira abrangente da Galp Energia S.G.P.S., S.A. (GALP.LS). Foi realizado de acordo com os padrões do trabalho final de Mestrado em Finanças do ISEG e escrito de acordo com as orientações do CFA Institute Research Challenge. A GALP é uma empresa portuguesa integrada de Petróleo e Gás, com uma presença significativa em toda a cadeia de valor da indústria. Esta está presente em alguns dos projetos de Upstream mais rentáveis do mundo e tem sido líder de mercado em Portugal no segmento de Downstream, apresentando mais de 40% da quota de mercado. Através da utilização de um modelo DCF, foi obtida uma recomendação de COMPRA com um preço alvo €12,06 por ação para o final do ano de 2020, implicando um potencial de crescimento de 26% a partir do preço de fecho de 9 de março de 2020. A pesquisa original foi complementada no trabalho atual de forma a considerar a crescente curiosidade do mercado pela integração de critérios ESG na avaliação de empresas. Usando uma abordagem de Value Driver Adjustment, conseguimos alcançar o melhor dos dois mundos: utilização de práticas de avaliação bem enraizadas (Value Drivers) e a integração da análise das práticas de Responsabilidade Social nessa mesma avaliação. Através desta análise, concluímos que as políticas de ESG dão à GALP uma vantagem competitiva sobre seus pares, levando a um aumento da sua avaliação de €0,73/ação.
This project covers a comprehensive financial analysis of Galp Energia S.G.P.S., S.A. (GALP.LS). It was conducted following the ISEG's Master in Finance final work standards and written following the guidelines from the CFA Institute Research Challenge. GALP is a Portuguese Integrated Oil & Gas company, with a significant presence throughout the industry value chain. This company is present in some of the most profitable Upstream projects in the world and has been the market leader in Portugal in its Downstream segment with more than 40% of its market share. A Free Cash Flow to the Firm approach was used to reach a BUY recommendation with a 2020YE price target of €12.06/sh, implying a +26% upside potential from the March 9th, 2020 closing price of €9.58/sh. The original research is complemented in the current work to address the increasing demand of the market for the integration of ESG criteria in the valuation of companies. By using a Value Driver Adjustment (VDA) approach, we manage to achieve the best of both worlds: the use of deep-rooted valuation practices (Value Drivers) and Socially Responsible practices integration in the valuation. Through our analysis we concluded that the company's ESG policies will lead a competitive advantage over its peers, leading to an increase in its valuation of €0.73/sh.
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Starý, Michal. "Návrh ocenění podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2011. http://www.nusl.cz/ntk/nusl-223325.

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This master thesis deals with value estimation of company Jihomoravská plynárenská, a.s. using income-based valuation methods. The first part describes theoretical principles, fundametal approaches and business valuation methods. Afterwards strategic and financial analyses are performed. The proposal part includes value generators analysis and forecast, financial plan creation and business valuation by application of DCF method and capitalized past earnings method. In conclusion the estimation of value is stated to 1/1/2010.

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Fejfarová, Petra. "Ocenění podniku Vodafone Czech Republic a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-4869.

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This thesis is concerned with valuation of a firm. The Theoretic part contains a brief description of the valuation methods most commonly used at the present time and a procedure of valuation. The main part of the thesis focuses on application of yield pricing methods. The object of this thesis is to find out a value of Vodafone Czech Republic a.s. company by using Price-Earnings and Discounted Cash Flow methods. Macro and micro analysis together with financial analysis and financial plan create a good base for valuation. Finally, the work compares results derived from these methods and it assesses its suitability.

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Stoffers, Rickard, and Deibrant Helena Eriksson. "Business Valuation : A study of the accuracy of the free cash flow to equity approach and the dividend discount model." Thesis, Internationella Handelshögskolan, Högskolan i Jönköping, IHH, Företagsekonomi, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-43883.

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Background: In an inefficient market, the intrinsic value of an asset may not be equal to its true market value. Therefore, before engaging in a stock transaction, both the seller and the buyer would want to know the intrinsic value of the stock as neither would want to lose money during the process. An effective valuation model enabling investors to efficiently determine firm values is therefore considered to be a crucial factor. Purpose: The purpose of this thesis is to analyze the free cash flow to equity (FCFE) approach and the dividend discount model (DDM) on 30 Swedish companies. This to conclude if they are considered to be accurate valuation models and to determine if one of the methods gives a more accurate estimation of the companies’ share prices than the other. Additionally, the report will examine if one model is preferred for a specific sector and if a payout ratio exists where the DDM generates a particularly realistic valuation. Method: A database will be produced to estimate share prices for each company using both the FCFE approach and the DDM over five consecutive years. The accuracy of the models will be evaluated by dividing the projected share prices with their corresponding actual stock prices to calculate the percentage deviations. The smaller the percentage deviation, the more accurate is the estimated share price considered to be. Conclusion: It is evident from the findings of this thesis that the FCFE approach and the DDM produce accurate valuations for Swedish companies. It is difficult to determine that one is preferred over the other altogether, instead the FCFE approach is preferred in some cases and the DDM in others. This depends on the companies’ actual stock prices, which industry the companies operate in and the amount the companies are assumed to pay out as dividends.

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Pienaar, Tania Ruby. "Value based management and productivity : the mining situation / Tania Ruby Pienaar." Thesis, North-West University, 2009. http://hdl.handle.net/10394/4832.

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The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation.
Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

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Reis, Tomé Alexandre Torres dos. "Equity research - Kering S.A." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19999.

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Mestrado em Finanças
Equity research a Kering S.A com o intuito de determinar um determinado price target para o valores das acções da Kering S.A a 31 de Dezembro de 2019. No processo para determinar o price target foram utilizados 3 modelos de avaliação distintos, Discounted Cash Flow Model, Dividend Discount Model e Multiples Valuation dos quais se obteve um price target de 576.44 EUR representando um upside de 8.9% face ao preço base utilizado para esta analise de 520.10 EUR de 1 de Julho de 2019.
This project is mainly comprised on an Equity Research of Kering S.A. to determine a certain price target of Kering's stock by 31st December 2019. This assessment is mostly assembled by a set of assumptions, made the author of these document, for the time period of 2019F-2023F which reflect the historical performance of the company and the current market settings that may impact such target price. In regards of the computations around the price target definition, three valuation models were covered, the Discounted Cash Flow Model, which discounted all future cash flows generated in the period under analysis and through perpetuity, totaling a price of 580.12 EUR / share, and the Dividend Discount Model and Multiples Valuation Model which totaled 567.00 EUR and 582.22 EUR respectively. Based on these there valuation models, by assigning an equal weight to each one of them, a price target of 576.44 EUR was reached translating into a 8.9% upside potential regarding the reference date of analysis of 525.10 EUR in 1st July 2019. Once, computed the price target, the final recommendation for these equity research document was defined based on the risk criteria that better described Kering S.A market environment settings, providing this way a solid statement for Kering's share price within the period under analysis
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Algotsson, Daniel. "Konstruktion av en databas till stöd för kassaflödesvärdering : Construction of a database to support information management for discounted cash flow valuation of corporations." Thesis, Linköping University, Department of Computer and Information Science, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:liu:diva-236.

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När en kassaflödesvärdering genomförs prognostiseras företagets värde genom att summera framtida kassaflöden och diskontera dem med företagets kapitalkostnad. På grund av att prognostiserade kassaflöden är uppskattningar inför framtiden karaktäriseras en värdering alltid av hög osäkerhet. Till underlag för prognoserna används en omfattande mängd information. För att ett tillförlitligt värde ska kunna beräknas är det viktigt att relevant och pålitlig information samlas in och hanteras på ett effektivt sätt. I dagsläget är det problematiskt att hantera omfattande mängder information och ett tillräckligt datorstöd saknas. Syftet med den här uppsatsen är att konstruera ett förslag till en databas till stöd för informationshantering vid kassaflödesvärdering.

Uppsatsen är skriven utifrån en kvalitativ metod. En omfattande referensram presenteras till syfte att ge läsaren möjlighat att bekanta sig med både kassaflödesvärderingar och databaser. Vidare används ett fallföretag för att exemplifiera hur en kassaflödesvärdering går till, vad den kännetecknar och vilka informationshanteringsbehov som föreligger.

Uppsatsens resultat består av en konceptuell samt en logisk och fysisk databasmodell utvecklad i Microsoft Access. Den logiska och fysiska databasmodellen består av 20 tabeller där relationerna sammankopplar olika faktorer som påverkar företagets kassaflöde. Möjligheter som databasen ger upphov till är bland annat en förenklad härledning av företagets prognostiserade värde. Vidare kan en större mängd information lagras och hanteras i samband med värderingen. En databas kan också skapa en högre grad av flexibilitet och möjlighat att anpassa värderingen till företagets specifika dynamik. Det finns också möjlighet att lättare identifiera företagets risker och hur riskerna påverkar kassaflödena. Tänkbara problem med databasen är risk för lagring av irrelevant information och att det kan vara problematiskt att påvisa en tillräcklig validitet för databasen.

I uppsatsen argumenteras också för att det finns möjlighet att även använda den föreslagna databasen vid kassaflödesvärdering av andra företag. Det är dock viktigt att påpeka att flera attribut i den föreslagna databasen är specifika för fallföretaget och kan bli irrelevanta för andra företag.

When a discounted cash flow valuation is performed, the value of the asset is determined by summarising the predicted cash flows and discounting them with the cost of capital. Due to the fact that the future cash flows are predictions, a valuation is always affected by uncertainty. In order to improve the accuracy of the predictions, an extensive amount of information is used. To be successful, it is important to collect reliable and relevant information and manage the information in an efficient way. At present it is difficult to gather and manage information and sufficient computer aid is missing. The purpose of this master thesis is to construct a proposal for a database to support information management for discounted cash flow valuation of corporations. The thesis is conducted with a qualitative research method. An extensive frame of reference is presented in order to give the reader the possibility to get to know both databases and cash flow valuations.

The result of the study is a conceptual model as well as a logical and physical database model. The proposed database consists of 20 tables where the database relationships connect the value creating factors of the corporation. Possible positive effects of the database are simplified deriving of the corporate value and capacity to store and manage greater amounts of information in a logical manner. The database can also improve the flexibility and adjust the valuation to the dynamic nature of the corporation. Furthermore, the identification of risks and risk factors can be improved. A potential problem with the database is the risk of storing irrelevant information. It can also be difficult to prove a sufficient validity for the database since no user valuation has been carried out.

In the thesis, the author also argues that the database can be utilised for discounted cash flow valuation of any corporation. However, some tables, attributes and relationships need to be changed and adjusted to the specific nature of the corporation.

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Pienaar, Adrian Cecil Semino. "Value-based management : an assessment of the application in a mining company / Adrian Pienaar." Thesis, North-West University, 2008. http://hdl.handle.net/10394/4012.

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If a programme which intends to measure performance is to work successfully in an organisation, it is necessary to understand the contingent factors that need to be in place regardless of philosophical beliefs. It must be integrated with the overall strategy of the business; all approaches to performance measurement emphasise the alignment of objectives, measures, strategic decision making and rewards. This is crucial, as it is not possible to measure performance unless it is clear what an organisation is trying to achieve. Value-based management (VBM) is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. The application of VBM principles at the lower levels within the organisation is critical to ensure that lower level staff applies value-creating principles in their daily jobs. Anglo Platinum has also adopted VBM, which will help the organisation to enhance decision-making and ensure pursuing strategies that maximise value. Anglo VBM is a management system which will enable the company to significantly improve the quality and speed of decision-making and to drive performance and profitable growth. It requires a detailed understanding of where and why value is created or consumed within the businesses through assembling a comprehensive fact base. A quantitative study was done to collect primary data through the use of standardised questionnaires that were distributed to respondents at Bleskop and Brakspruit shafts as well all the accountants at Rustenburg Platinum Mine, which forms part of Anglo Platinum. The results from this study indicate that there is a low understanding of VBM as well as a strong focus on business unit objectives and on short-term goals. A key recommendation would be to use incentive mechanisms to be aligned to VBM.
Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

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Ludvíková, Denisa. "Ocenění podniku v mezinárodním prostředí." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264419.

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The aim of this diploma thesis is to determine the market value of the company Svijany, a.s. as of 31. 12. 2014 using the discounted cash flow methods FCFF and FCFE. The purpose of valuation is for company owners. The thesis is divided into two main chapters. A theoretical chapter defines the concepts, reasons for valuation and the main processes and principles of valuation. A practical chapter applies the methods specified in theoretical part. The practical part contains strategic and financial analysis necessary to determine the future value of the company. As a next, the results of previous analyses are applied to identify value drivers and create financial plan. Finally, based on previous calculations it is possible to focus on valuation of the company using the discounted cash flow methods. In the end the individual methods of valuation are compared.

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Vaňková, Radmila. "Hodnocení výkonnosti podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2013. http://www.nusl.cz/ntk/nusl-224181.

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This master‘s thesis deals with evaluation efficiency of the company XY. It analyses the company’s development in years 2007 – 2011 by the modern method of economic value added. Based on the recognized results I suggested measures for an improvement present situation of the company for several following years.

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Numminen, Emil. "Software Investments under Uncertainty : Modeling Intangible Consequences as a Stochastic Process." Licentiate thesis, Karlskrona : School of Management, Blekinge Institute of Technology, 2008. http://www.bth.se/fou/Forskinfo.nsf/allfirst2/c4fc1a96b53c2937c125746500360fec?OpenDocument.

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Marešová, Andrea. "Ocenění společnosti Hotel Slavia, spol. s r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16712.

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The aim of this thesis is to estimate the market value of the Hotel Slavia, Ltd. at 1st January 2010 in order to sell the company to an unknown buyer. The thesis is divided into the theoretical and the practical part. The theoretical part involves the theoretical aspects and methods of valuation of the company. In the second part, theoretical knowledge is applied to the selected firm. First of all the object and the purpose of valuation are introduced. They are followed by a strategic analysis, financial analysis and financial plan. Valuation is performed with the use of the discounted cash flow to the equity. The resulting value is compared with a book value of the firm.

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Wernerová, Kristýna. "Ocenění poradenské organizace." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-72698.

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The aim of the diploma thesis is to estimate the market value of a Czech software and consulting company as of 1. 1. 2011. The thesis comprises financial analysis, strategic analysis, value generators analysis and forecast, financial plan and the final valuation based on discounted cash flow method (DCF), supported by market approach method (industry multiples).

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Večeřová, Lucie. "Ocenění výrobního podniku Znovín Znojmo, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113350.

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The aim of the diploma thesis is to estimate the market value of the Czech wine production company Znovín Znojmo, a.s. as at 1. 1. 2011. The thesis comprises financial analysis, strategic analysis, value generators analysis and forecast, financial plan and the final valuation based on discounted cash flow method (DCF), supported by market approach method (industry multiples method). The final part of the thesis includes a discussion about the results of the used methods.

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Faria, Jorge Manuel Sarroeria Santos Alves de. "Equity research Galp Energia SGPS SA : Mozambique - Galp’s greener future is a real option." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20819.

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Mestrado em Finanças
Este projeto é um Equity Research da Galp Energia S.G.P.S., S.A. (GALP.LS), com um foco particular nas atividades e projetos da GALP em Moçambique. Foi elaborado no âmbito do Mestrado em Finanças do ISEG e segue as diretrizes do CFA Institute. Apenas informação de cariz público até à data de 12 de novembro foi considerada. A GALP é uma empresa portuguesa que atua na indústria do petróleo e gás natural. A empresa está presente em alguns dos projetos Upstream mais lucrativos do mundo e é líder de mercado em Portugal no segmento de Downstream. Para a avaliação da empresa, decidimos aplicar a metodologia FCFF (soma das partes). O resultado é uma recomendação de COMPRA com um preço-alvo de €12,06 por ação, implicando um potencial de subida de + 26% relativamente ao preço de fecho de 9 de março de 2020. Adicionalmente ao projeto original, foi feita uma análise complementar aos dois projetos de gás natural da GALP em Moçambique - Coral South FLNG e Rovuma LNG. Embora estes projetos tenham sido considerados na nossa avaliação inicial, esta análise fornece uma visão mais aprofundada de cada um deles, bem como, sugere algumas adaptações à nossa avaliação inicial devido a mudanças no mercado e nas condições económicas. Finalmente, um novo método de avaliação para o projeto Rovuma LNG é sugerido - avaliar o projeto usando uma abordagem de Opções Reais.
This project is an Equity Research of Galp Energia S.G.P.S., S.A. (GALP.LS), with a particular focus on GALP's activities and projects in Mozambique. The Equity Research was conducted following ISEG's Master in Finance framework and follows the CFA Institute guidelines. Only public information until November 12th, was considered. GALP is a Portuguese company that operates in the Oil & Gas industry. The company is present in some of the most profitable Upstream projects in the world and is market leader in Portugal in the Downstream segment. For the valuation of the company, we decided to apply a SoP Free Cash Flow to the Firm approach. We reached a BUY recommendation with a price target of €12.06/sh, implying a +26% upside potential from the March 9th, 2020 closing price. Following the original research, a complementary analysis of GALP's two natural gas projects in Mozambique - Coral South FLNG and Rovuma LNG- was carried out. Although these projects were considered in our initial valuation, this complementary analysis provides a a more in depth look to each of them, as well as, suggesting some adaptations to our initial valuation due to changes in market and economic conditions. Finally, a new valuation method for the Rovuma LNG project is suggested - valuing the project using a Real Options approach.
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Šlofová, Tereza. "Ocenění podniku výnosovou metodou." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2019. http://www.nusl.cz/ntk/nusl-399741.

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The objective of this thesis is valuation of the company Mikro Trading a.s., where the enterprise value is determined using yield methods. The theoretical part describes the basic theoretical framework that is necessary for enterprise valuation. This part is followed by strategic and financial analyses, prognosis of value drivers, and a financial plan is set up. Finally, the objectified value of the enterprise as at 1 January, 2018 is determined. The valuation is performed using discounted cash flow and economic value added.

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Račák, Rostislav. "Ocenění společnosti HOLLANDIA Karlovy Vary, s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-262042.

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The thesis focuses on business valuation. In the first part the methodology of valuation is described and then it is applicated to find out the market value of the company Hollandia Karlovy Vary a.s., which produces yogurts and yogurt products.

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Slabý, Ondřej. "Odhad hodnoty podniku." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15834.

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The purpose of this text is to estimate the value of Plzeňský Prazdroj, a.s. in order to determine value for yet unknown buyer. Approaches commonly used for appraisement of enterprises' value are used within the text, such as strategic analysis, financial analysis, finacial plan composition and the use of discounted cash flow methods. This thesis results in an appraisement of value of firm's equity on the date of evaluation.

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David, Carlos Ricardo de Freitas. "Investment valuation of a project in a winery : the case of Sociedade Agrícola de Vale de Fornos." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19324.

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Mestrado em Finanças
A produção e consumo de vinho no Mundo tem sido bastante regular. Em Portugal, o sector vitivinícola tem uma longa tradição, estando sempre presente na vida dos portugueses, que são os maiores consumidores de vinho per capita do Mundo. Contudo, a tradição não impediu que o nível de interesse e a exigência do consumidor de vinho aumentasse ao longo do tempo. Essa exigência, juntamente com a dinamização das exportações de vinho, com o forte apoio do Estado Português mediante a atribuição de subsídios para requalificação das explorações agrícolas, potenciaram o aparecimento de novos players de mercado de maior dimensão e, sobretudo, de novos vinhos de qualidade mais elevada. Actualmente, Portugal é um dos maiores produtores e consumidores de vinho em volume do Mundo, sendo ainda o sexto país onde a exportação deste produto tem maior valor acrescentado. Baseado no caso específico de uma empresa vitivinícola nacional, que tem como core business a produção, engarrafamento, comercialização e distribuição de vinho em Portugal, o presente trabalho tem os seguintes objectivos: (1) enquadrar e identificar o cenário competitivo da empresa e (2) efectuar uma análise de viabilidade de um projecto de investimento com base no cenário anteriormente identificado, utilizando como método de avaliação os Discounted Cash Flows. Serão usados os modelos FCFF, APV e FCFE de forma a apurar o valor actualizado líquido do projecto de investimento e será demonstrado que, mantendo um rácio debt-to-equity constante, o resultado da avaliação é igual usando qualquer dos modelos.
Wine production and consumption in the world has been pretty regular. In Portugal, the wine production sector has a long tradition, being always present in the lives of Portuguese people who are the biggest wine consumers per capita in the world. However, tradition has not avoided an increase, over the time, of the level of interest and demand of the wine consumer. That demand, together with the revitalization of the wine exports, with the strong support of the Portuguese Government that has given subsidies for the requalification of wine explorations, has allowed the emergence of new and bigger market players, and above all, of new wines of higher quality. Currently, Portugal is one of the biggest wine producers and consumers in the world. And it is the sixth country in which the exportation of that product has a bigger added value. Based on the specific case of a national winery company, that has as core business the production, bottling, trading and distribution of wine in Portugal, this work as the following goals: (1) put in context and identify the competitive scenario of the company and (2) make an analysis of the viability of an investment project based on the previously identified scenario, using the Discounted Cash Flows as an evaluation method. Will be used the FCFF, APV and FCFE models to obtain the net present value of the project investment, aiming to proof that, if we maintain a constant debt-to-equity, the result of the evaluation is the same.
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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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Rullkötter, Nils. "Grenzüberschreitende Unternehmensbewertung in Emerging Markets." Saechsische Landesbibliothek- Staats- und Universitaetsbibliothek Dresden, 2014. http://nbn-resolving.de/urn:nbn:de:bsz:14-qucosa-152351.

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Mit zunehmender wirtschaftlicher Bedeutung der Emerging Markets steigt der Bedarf an Unternehmensbewertungen im Kontext dieser Länder. Ihre besonderen Charakteristika erschweren jedoch eine Anwendung der in Industrieländern standardmäßig verwendeten Methoden. Ausgehend von idealisierenden Bedingungen wird in einer integrativen Betrachtung der Frage nachgegangen, wie die vorherrschenden Bedingungen (insbesondere Länderrisiken und Investmentbarrieren) in einem grenzüberschreitenden Bewertungskalkül berücksichtigt werden können.

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Drbalová, Lucie. "Ocenění stavební společnosti." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16734.

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The aim of the diploma thesis is to determine the value of the construction company as at March 1, 2010. The thesis is divided into 2 parts -- theoretical and practical. Theoretical part deals with techniques, methods, and tools of company evaluation. Practical part applies these methods to the company. Basic information about the company is presented in the beginning of the practical part. The following strategic analysis consists of analysis of development of macro-environment and micro-environment, and financial analysis, which evaluates the performance of the company. The financial plan of the company is prepared based on acquired information. Two-phase discounted cash flow method in the version of FCFF was applied for the valuation of the company.

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Sabilika, Keith. "Valuation of banks in emerging markets: an exploratory study." Thesis, Rhodes University, 2014. http://hdl.handle.net/10962/d1013057.

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Practitioners and academics in emerging markets are yet to agree on how best they can value companies in emerging markets. In contrast, academics and practitioners in developed markets seem to agree on mainstream valuation practices (Bruner, Eades, Harris and Haggins, 1998; Graham and Harvey, 2001). This study was therefore aimed at achieving such consensus with particular attention being paid to the emerging market banks. Emerging market banks are by no means small and are growing fast. Furthermore, these banks are currently involved in lots of cutting age economic activities such as mergers and acquisitions (M&A), joint ventures and strategic alliances which require sound valuation practices that are based on empirical evidence. The primary purpose of this research was to establish consensus of opinion among experts with regard to the valuation of banks in emerging markets. To achieve the purpose of this study the Delphi technique, which is a structured survey method that relies on a panel of experts to answer questionnaires in two or more Delphi rounds, was used to gather data and develop consensus among experts (Kalaian and Kasim, 2012). The main findings in this study pertain to aspects concerning the type of analysis considered by experts when analysing the performance of banks, how experts compare the discounted cash flow (DCF) approach to multiples valuation approach, the challenges encountered by experts when valuing banks in emerging markets, and how experts compute the cost of capital for banks in emerging markets. The main findings of this study can be summarised as follows: ∙ When analyzing the performance of banks, it is essential to conduct a bank-specific, industry and macroeconomic analysis; ∙ When estimating the future performance of banks, the time series analysis and an explicit forecast period of between 4-10 years may be used; ∙ When estimating the terminal value for banks in emerging markets, the perpetuity with growth is used; ∙ When computing the value for banks, the DCF valuation approach (equity DCF and DDM valuation models) are used as primary valuation methods and the relative valuation approach (P/E and P/BV ratio) are used as secondary valuation methods; ∙ The DCF valuation approach is considered as more accurate and popular when valuing banks in emerging markets; and ∙ When estimating the cost of equity, the capital asset pricing model (CAPM) is used.

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Oliveira, Marta Olívia Rovedder de. "Modelo de estimação de Brand Equity." reponame:Biblioteca Digital de Teses e Dissertações da UFRGS, 2013. http://hdl.handle.net/10183/78034.

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Embora haja um consenso sobre a importância do valor da marca, um modelo de estimação único e uniformemente aceito ainda não surgiu, nem na perspectiva baseada no cliente ou consumidor nem na perspectiva da firma ou financeira. Assim, os profissionais de marketing ainda são desafiados a estimar o valor da marca. Além disso, é importante para a construção de um modelo de estimativa de valor da marca detectar as percepções dos consumidores e também apresentar uma estimativa monetária do valor da marca, satisfazendo às exigências de financistas, contabilistas e acionistas empresariais. A maioria dos modelos de valor da marca baseado no consumidor existentes não oferece uma estimativa monetária do valor da marca e muitos modelos de valor da marca baseado na firma não observam as percepções dos consumidores. A maioria deles não avalia o desempenho das marcas em futuros períodos de tempo. Esta pesquisa desenvolveu um modelo que permite estimar o valor da marca observando as probabilidades de escolha (manutenção ou troca) de marca pelos consumidores, com a aplicação da Matriz de Troca Markov. A matriz de troca de marca foi estimada por um estudo transversal, utilizando um modelo de escolha logit, analisando todas as marcas competidoras no mercado. Esta pesquisa também investigou o valor monetário da marca, utilizando o mecanismo de fluxo de caixa descontado. O modelo permite o cálculo do valor da marca de um produto, em particular, bem como o cálculo do valor da marca da empresa. Além disso, o modelo possibilita o estabelecimento da relação entre o mindset do cliente e a avaliação do desempenho de marca no mercado, comparando a marca de seus concorrentes. A integração entre valor da marca baseado no consumidor e valor da marca baseado na firma permite estimar o retorno financeiro das ações de marketing, verificando a contribuição de cada um dos condutores (consciência de marca, qualidade percebida, lealdade à marca, valor percebido, personalidade da marca e associações organizacionais) ao valor marca.
Although there is a consensus about brand equity importance, a single, uniformly accepted estimation model has not yet emerged, neither from consumer-based brand equity or firm or financial-based brand equity perspectives. Hence, marketing professionals are still challenged to estimate the value of the brand. Furthermore, it is important to build a brand equity estimation model, which detects the consumers’ perceptions and also presents a monetary estimation of brand equity, satisfying shareholders’ requirements. Most of the existent consumer-based brand equity models do not offer a monetary estimation of brand equity and many firm-based brand equity models do not observe consumers’ perceptions. Most of them do not evaluate the brands’ performance in future periods of time. This research developed a model that permits estimation of brand equity observing the consumers’ brand choices probabilities (purchase maintenance and brand-switching), by applying the Markov Matrix. The brand-switching matrix was estimated by a cross-sectional survey, using a logit choice model, analyzing all competing brand. This research also investigated the monetary value of the brand, using the discounted cash flow mechanism. Our model allows the calculation of the value of the brand of a product, in particular, as well as the calculation of the company's brand. Our model enables the establishment of the link between customer mindset and evaluating the performance of brand in market, comparing the brand to its competitors. The integration between consumer-based brand equity and firm or financial-based brand equity allows the estimation of the financial return of marketing actions, checking the contribution of each of the drivers (brand awareness, perceived quality, brand loyalty, perceived value, brand personality and organizational associations) in brand equity.

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Romańska-Sobol, Anna. "Ein Verfahren zur Wertermittlung von bergbaubeeinflussten Immobilien unter Verwendung des DCF-Verfahrens und der Fuzzy-Logik." Doctoral thesis, Technische Universitaet Bergakademie Freiberg Universitaetsbibliothek "Georgius Agricola", 2013. http://nbn-resolving.de/urn:nbn:de:bsz:105-qucosa-113618.

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Die vorliegende Arbeit beschäftigt sich mit der Entwicklung einer Methode zur Wertermittlung von bergbaubeeinflussten Immobilien, welche die wesentlichen Bergbaurisiken berücksichtigt. Die Untersuchungen ergaben, dass das Risiko von Investitionen in bergbaubeeinflusste Immobilien durchschnittlich dreimal größer ist als das Risiko von Investitionen in Immobilien ohne Bergbaueinflüsse. Für die Ermittlung des Risikos kamen eine immobilien- und eine bergbauspezifische Komponente zum Einsatz. Letztere umfasst Prognosen zu potentiellen Oberflächenvernässungen, zur Sickerwassergefahr und zu bergbaubedingten Wertminderungen von Gebäuden unter besonderer Berücksichtigung der Gebäudeempfindlichkeit gegenüber bergbauinduzierten Bodenbewegungen. Für die Wertermittlung von Immobilien kam das Discounted Cash Flow-Verfahren zur Anwendung. Der Diskontfaktor wurde mit Hilfe eines speziell entwickelten Fuzzy-Modells bestimmt. Die erstellte Bewertungsmethode kann als relevante Entscheidungshilfe für Investitionen in Bergbaugebiete dienen.

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Marcos, Francisco de Jesus. "Equity research - Daimler Group." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20731.

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Mestrado em Finanças
Daimler AG é uma empresa alemã centenária, que apresenta um vasto portefólio de produtos e serviços, provenientes das suas três subsidiárias - Mercedes-Benz Cars and Vans, Daimler Trucks AG e Daimler Mobility AG. O Grupo segue uma sólida e bem estruturada estratégia focada nos seus consumidores, que permitiu à empresa manter-se na vanguarda desde a sua existência, com uma presença mundial e uma forte reputação no mercado. Em 2019, a Daimler AG vendeu mais de 3.35 milhões de unidades, apresentando uma quota de mercado de 3.7%. A estrutura deste projeto baseia-se nas recomendações do CFA Institute e tem como objetivo estimar o valor da ação da Daimler AG no final de 2020, concluindo com uma recomendação de compra, venda ou de manter a ação. Para chegar a esta conclusão, os métodos utilizados foram o Discounted Cash-Flow, o Adjusted Present Value, o Relative Valuation e o Dividend Discount Model. Com base no Discounted Cash-Flow, no Adjusted Present Value e no Relative valuation, foram obtidos preços-alvo superiores ao preço de fecho da ação a 19 de Setembro, de 45.5€. Para o Dividend Discount Model, as conclusões não foram consideradas relevantes, visto que o pagamento de dividendos irá ser severamente afetado nos próximos anos, como resultado da crise financeira causada pela proliferação pandémica mundial em 2020. Após estas análises e avaliações feitas da Daimler AG, foi considerada uma recomendação final de compra e um potencial de aumento de 26% para a ação da Daimler no final de 2020.
Daimler AG is a centenary German automotive company with a wide portfolio of products and services, provided from its three subsidiaries - Mercedes-Benz Cars and Vans, Daimler Trucks AG and Daimler Mobility AG. The Group follows a solid and well-structured strategy focused on its customers, which allowed the company to remain at the forefront since its existence, with a worldwide presence and a strong market reputation. In 2019, Daimler AG sold more than 3.35 million units, presenting a 3.7% market share. The structure of this project follows the CFA Institute recommendations and aims to estimate the fair value of a Daimler AG share at 2020 year end, concluding with a buy, hold or sell recommendation. To achieve this conclusion, the valuation methods carried out were the Discounted Cash-Flow, the Adjusted Present Value, the Relative Valuation and the Dividend Discount Model. Based on the Discounted Cash-Flow, the Adjusted Present Value and the Relative valuation, it were obtained target prices above the closed stock price on September, 19th, of 45.5€. For the Dividend Discount Model, the conclusions were not considered relevant, since the payment of dividends will be severely affect in the following years, as result of the financial crisis caused by the global pandemic that proliferated in 2020. After the analysis and valuations made on Daimler AG, it was considered a final buy recommendation, with an upside potential of 26% for the 2020 year end Daimler share.
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Pešková, Barbora. "Ocenění společnosti GMF Aquapark Prague a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359104.

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This diploma thesis deals with methods and options of valuation of companies.An integral part of the valuation is also financial analysis, strategical analysis and financial plan for year 2015 - 2019. The aim is to valuate a specific company GMF Aquapark Prague a.s. which is an entrepreneur of water park in Čestlice near Prague. I used to valuation by discounted cash flow method and economic value added method. The company is valuated to date 31. 12. 2014.

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Kašparcová, Helena. "Určení hodnoty podniku výnosovou metodou." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2019. http://www.nusl.cz/ntk/nusl-402034.

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This diplom thesis is focused on determining the value of the KSK Precise Motions a.s. by using income-based method at 1. 1. 2018. The part of thesis is strategic analysis, financial analysis and SWOT analysis of selected enterprise. The valuation is based on method of discount cashflow.

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Beisler, Matthias Werner. "Modelling of input data uncertainty based on random set theory for evaluation of the financial feasibility for hydropower projects." Doctoral thesis, Technische Universitaet Bergakademie Freiberg Universitaetsbibliothek "Georgius Agricola", 2011. http://nbn-resolving.de/urn:nbn:de:bsz:105-qucosa-71564.

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The design of hydropower projects requires a comprehensive planning process in order to achieve the objective to maximise exploitation of the existing hydropower potential as well as future revenues of the plant. For this purpose and to satisfy approval requirements for a complex hydropower development, it is imperative at planning stage, that the conceptual development contemplates a wide range of influencing design factors and ensures appropriate consideration of all related aspects. Since the majority of technical and economical parameters that are required for detailed and final design cannot be precisely determined at early planning stages, crucial design parameters such as design discharge and hydraulic head have to be examined through an extensive optimisation process. One disadvantage inherent to commonly used deterministic analysis is the lack of objectivity for the selection of input parameters. Moreover, it cannot be ensured that the entire existing parameter ranges and all possible parameter combinations are covered. Probabilistic methods utilise discrete probability distributions or parameter input ranges to cover the entire range of uncertainties resulting from an information deficit during the planning phase and integrate them into the optimisation by means of an alternative calculation method. The investigated method assists with the mathematical assessment and integration of uncertainties into the rational economic appraisal of complex infrastructure projects. The assessment includes an exemplary verification to what extent the Random Set Theory can be utilised for the determination of input parameters that are relevant for the optimisation of hydropower projects and evaluates possible improvements with respect to accuracy and suitability of the calculated results
Die Auslegung von Wasserkraftanlagen stellt einen komplexen Planungsablauf dar, mit dem Ziel das vorhandene Wasserkraftpotential möglichst vollständig zu nutzen und künftige, wirtschaftliche Erträge der Kraftanlage zu maximieren. Um dies zu erreichen und gleichzeitig die Genehmigungsfähigkeit eines komplexen Wasserkraftprojektes zu gewährleisten, besteht hierbei die zwingende Notwendigkeit eine Vielzahl für die Konzepterstellung relevanter Einflussfaktoren zu erfassen und in der Projektplanungsphase hinreichend zu berücksichtigen. In frühen Planungsstadien kann ein Großteil der für die Detailplanung entscheidenden, technischen und wirtschaftlichen Parameter meist nicht exakt bestimmt werden, wodurch maßgebende Designparameter der Wasserkraftanlage, wie Durchfluss und Fallhöhe, einen umfangreichen Optimierungsprozess durchlaufen müssen. Ein Nachteil gebräuchlicher, deterministischer Berechnungsansätze besteht in der zumeist unzureichenden Objektivität bei der Bestimmung der Eingangsparameter, sowie der Tatsache, dass die Erfassung der Parameter in ihrer gesamten Streubreite und sämtlichen, maßgeblichen Parameterkombinationen nicht sichergestellt werden kann. Probabilistische Verfahren verwenden Eingangsparameter in ihrer statistischen Verteilung bzw. in Form von Bandbreiten, mit dem Ziel, Unsicherheiten, die sich aus dem in der Planungsphase unausweichlichen Informationsdefizit ergeben, durch Anwendung einer alternativen Berechnungsmethode mathematisch zu erfassen und in die Berechnung einzubeziehen. Die untersuchte Vorgehensweise trägt dazu bei, aus einem Informationsdefizit resultierende Unschärfen bei der wirtschaftlichen Beurteilung komplexer Infrastrukturprojekte objektiv bzw. mathematisch zu erfassen und in den Planungsprozess einzubeziehen. Es erfolgt eine Beurteilung und beispielhafte Überprüfung, inwiefern die Random Set Methode bei Bestimmung der für den Optimierungsprozess von Wasserkraftanlagen relevanten Eingangsgrößen Anwendung finden kann und in wieweit sich hieraus Verbesserungen hinsichtlich Genauigkeit und Aussagekraft der Berechnungsergebnisse ergeben

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Thakarshi, Bhavik Jayesh. "Equity research - The Home Depot, INC." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20850.

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Mestrado em Finanças
Este estudo contém a avaliação do The Home Depot, Inc, elaborado em conformidade com o Projeto de Trabalho Final do Programa de Mestrado em Finanças do Instituto Superior de Economia e Gestão (ISEG). O Relatório de Avaliação segue as recomendações do Instituto CFA (Pinto, Henry, Robinson e Stowe, 2010). Esta pesquisa é emitida tendo em conta a informação pública sobre The Home Depot, Inc disponível em 30 de Outubro de 2020. Deste modo, o relatório não tem em consideração eventos ou circunstâncias que tenham ocorrido após essa data. Os pressupostos considerados para realização deste trabalho foram o resultado de uma análise de dados históricos divulgada publicamente pela empresa, das tendências da indústria e das projeções macroeconómicas. A preço-alvo foi obtido com recurso a métodos de avaliação absoluta, especificamente o método de Discounted Cash Flow (DCF). Adicionalmente, foi utilizado o Dividend Discount Model (DDM) e um método de avaliação relativo, o método dos Múltiplos Comparáveis. Uma análise de sensibilidade e uma simulação de Monte Carlo foram realizadas para complementar a análise. Com um preço-alvo de $312.23 para o fim do ano 2020, representando uma potencial valorização de 18% aquando comparado com o preço de fecho a 30 Outubro de 2020 de $265.70, a recomendação final para The Home Depot, Inc é de 'Compra', tendo em consideração os riscos que podem ocorrer e afetar o desempenho da empresa. A nossa avaliação de risco estima um médio para a empresa.
This study contains the valuation of The Home Depot, Inc elaborated in accordance with the Lisbon School of Economics & Management´s (ISEG) Finance Master´s Final Work Project. Our Equity Research follows the adaptable format of a research report recommended by the CFA Institute (Pinto, Henry, Robinson, and Stowe, 2010). This research is issued considering the public available information on The Home Depot, Inc on October 30th, 2020. Thus, the report does not consider any events or circumstances which have arisen after this date. The assumptions considered to conduct this work were the result of a historical data analysis publicly disclosed by the company, industry's trends and macroeconomic projections. The price target was obtained through an absolute valuation method, specifically the Discounted Cash Flow (DCF) approach. In addition, was used the Dividend Discount Model (DDM) and a relative valuation method, the Multiples approach. A sensitivity analysis and a Monte Carlo simulation were performed to further complement the analysis. With a price target of $312.23 for YE2020, representing an upside potential of 18% when compared to the closing price on October 30th 2020 of $265.70, the final recommendation for The Home Depot, Inc stands for 'Buy', taking into consideration, the risks that may occur and that can affect the company's performance. Our risk assessment estimates a medium risk for the company.
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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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Kazachenko, Sergey, and Diana Paz. "Stockperformance indicators post recession : - A Study of valuation tools and strategies during recovery." Thesis, Umeå universitet, Handelshögskolan vid Umeå universitet, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-23181.

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Problem: What are the most useful techniques to indicate the stocks that will outperform the market 12 month post the recession period? Purpose: The purpose is to find out which method(s): P/B, EV/EBIT, level of debt and so on, will offer investors the highest returns on the investments post the recession period based on the example of the IT crisis of 2000/2001. Method: Quantitative study, covering the Swedish OMX Index from 2001 until December 2002. Conclusions: Three variables should be reconsidered when making an investment decision post the recession period. These variables were earlier 12 months returns, dividend yield and P/E ratios. However, it is crucial to understand that these three tools should not be viewed all together.

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Carneiro, Duarte Maria Filipe. "Equity research - Airbus SE." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20702.

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Mestrado em Finanças
O seguinte Relatório de Equity Research da Airbus foi escrito em conformidade com o formato recomendado pelo Instituto CFA, e reflecte a informação pública da empresa publicada até 30 de Junho de 2020. O projecto começa com uma descrição empresarial da empresa, incluindo uma introdução à sua história, uma análise detalhada a cada segmento operacional, e as estratégias concebidas para o futuro. Além disso, o ESG é também destacado no presente relatório. Além disso, uma análise aprofundada da Indústria menciona as tendências A&D, as perspectivas económicas, o modelo PESTEL, e os motores da oferta e da procura da Indústria. O Posicionamento Competitivo é também fornecido, através da análise SWOT. O Preço Alvo de 74,81 euros para 30 de Junho de 2021, equivalente a um potencial de +17,80% de aumento em relação ao preço fechado em 30 de Junho de 2020 (63,52 euros) foi calculado através do modelo DCF, utilizando o Fluxo de Caixa Livre para a Empresa (FCFF). Foram utilizados outros métodos de avaliação, incluindo o Modelo de Desconto Dividido, o Valor Presente Ajustado, o FCFE, a Avaliação Relativa através de múltiplos de pares. Foi realizada uma simulação de Monte Carlo. O relatório inclui a análise de sensibilidade a alguns riscos seleccionados para o preço-alvo, nomeadamente as taxas de produção de aeronaves comerciais, o custo médio ponderado do capital (WACC) e a taxa de crescimento do terminal (g). Traduzido com a versão gratuita do tradutor - www.DeepL.com/Translator
The following Equity Research Report on Airbus was written in line with the research report format recommended by the CFA Institute, and it reflects the public information of the company published until 30th June 2020. The project starts with a business description of the Company, including an introduction to its history, a detailed analysis to each operational segment, and the strategies designed for the future. In addition, ESG is also highlighted in the present report. Moreover, an In-depth Industry analysis mentions the A&D trends, the economic outlook, the PESTEL model, and the supply and demand drivers of the Industry. The Competitive Positioning is also provided, through the SWOT analysis. The Price Target of €74.81 for 30th June 2021, equivalent to a +17.80% upside potential from the close price on 30th June 2020 (€63.52) was computed through the DCF model, using the Free Cash Flow to Firm (FCFF). Other valuation methods were used, including the Dividend-Discount Model, the Adjusted Present Value, the FCFE, the Relative Valuation through Peers' multiples. A Monte Carlo Simulation was performed. The report includes sensitivity analysis to a few selected risks to the price target, namely the Commercial Aircraft production rates, the weighted average cost of capital (WACC) and the terminal growth rate (g).
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Oulehla, Patrik. "Stanovení hodnoty podniku výnosovou metodou." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2017. http://www.nusl.cz/ntk/nusl-319422.

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This master thesis deals with the estimation of the value of enterprise Prefa Brno a.s. via income based methods. Specifically via methods DCF and EVA in variant entity. The theoretical part is mainly focused on theoretical foundations and procedures used for valuation of company The practical part uses theoretical patterns and is targeted on the analysed enterprise. It consists of strategic analysis, financial analysis, SWOT analysis and also procedure of valuation of the firm by using income based method.

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Olsson, Fredrik, and Martin Persson. "Business Valuation : How to Value Private Limited Knowledge Based Companies." Thesis, Jönköping University, JIBS, Business Administration, 2009. http://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva-9301.

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Abstract

Purpose The purpose of this study is to investigate the methods used for valuating private limited knowledge based companies and if a new approach is required, create or modify a foundation that will constitute as a base within the valuation process.

Method This is a qualitative study using interviews to obtain primary data. People working in the valuation industry were contacted and we got eight respondents. The questions were designed to answer our purpose and research questions. Telephone interviews were chosen due to the fact that we believed the response would be higher.

Frame of References The theories used in this section is divided into three parts; the financial analysis including traditional valuating methods such as the Discounted Cash Flow model and relative valuating and multiples. The non-financial analysis focus on the underlying analysis consistent of structural- and intellectual capital and also value drivers that are creating value for the firm. In the end other theories concerning the analysis are presented, such as the risk-return trade-off, risk rating systems and analytical hierarchy process.

Empirical Findings In this section the presentations of the respondents’ answers and

and Analysis a brief analysis related to each question. After this an extended analysis is presented focusing on the subject and our risk scheme and guidelines we created/modified. The extended analysis is connected to the respondents’ answers. The purpose of this section is to have a better understanding about the risk of transient intellectual capital and give recommendations how to handle it. Also, guidelines of how to weight different value driver are discussed.

Conclusion We concluded that all valuations utilize more than one approach in order to estimate the most accurate value for the company. For knowledge based companies the biggest risk with a M&A transaction is the probability of diminishing the intellectual capital. We constructed a model that will manage this risk based on our interviews and established theories.

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Velebová, Štěpánka. "Valuation of the company Gerresheimer Horsovsky Tyn spol. s r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-124952.

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The goal of this master thesis is to appraise the medical plastic systems producer Gerresheimer Horsovsky Tyn spol. s r.o. as of July 1, 2012 with the purpose of selling the company to an unknown buyer. The thesis is divided into theoretical and practical part. In the theoretical part there are defined all the important theoretical aspects and methods for business valuation used in this thesis. 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 cash flows method and the comparable companies method. At the end, the estimated business value is discussed.

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Šťastný, Vojtěch. "Ocenění obchodního závodu společnosti Bankovní akademie - Gymnázium a Střední odborná škola, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-358800.

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The aim of the master thesis named Valuation of the company Bankovní akademie - Gymnázium a Střední odborná škola, a.s. is to estimate market value of the company as at the date of August 31, 2015. The common valuation methods are used in the process of determination of the value. At first, the company is being shortly introduced, which is followed by a strategic and a financial analysis in order to examine the companys financial soundness and assess the perspective of the companys future. The conclusions of the analysis are used for value drivers prognosis and financial plan elaboration, which is followed by valuation of the company. Taking into account the good prospects of the company I choose the DCF equity method to determine its value. The comparable transactions method is used as a supplemental valuation method.

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Geletová, Miroslava. "Stanovení hodnoty podniku výnosovou metodou." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-383568.

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This master´s thesis deals with the estimation of the value of company COMINFO, a.s. to the date 1.10.2016 using income based methods. Specifically using the method discounted cash flow in variant entity and economic value added in variant entity. In the theoretical part are described the basic theoretical starting points concerning the valuation of company. The practical part includes strategic analysis, financial analysis, analysis and prognosis of value drivers, financial plan and also the determination of the value of the company.

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Dissertations / Theses on the topic 'Discounted cash flow (DCF) model'

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