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Regnier, Eva Dorothy. "Discounted cash flow methods and environmental decisions." Diss., Georgia Institute of Technology, 2001. http://hdl.handle.net/1853/24544.
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Superina, Marco. "Praxis der discounted cash flow-Bewertungsmethode in der Schweiz : unter besonderer Berücksichtigung /." Bern : P. Haupt, 2000. http://aleph.unisg.ch/hsgscan/hm00007143.pdf.
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Tomaševič, Vladislav. "Analysis and Evaluation of the Efficiency of Investment Projects (Using the Discounted Cash Flow Methods)." Doctoral thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20101230_094156-53600.
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Subject of research: evaluation of economic efficiency of investment projects. Objective of research: to develop a model for the evaluation of economic efficiency of investment projects based on the discounted cash flow methods and adapted to the Lithuanian business environment. The modern science of economics offers quite a wide range of methods for evaluating the economic efficiency of investments, however, most of them are highly time-consuming and involve complicated calculations. Whereas investors usually require a measure of investment projects‘ efficiency which is readily calculated, objective and easily understandable and which reveals the attractiveness of business ideas. Therefore, in the author‘s view, the current technique of evaluating investment projects based on cash flows can fully meet the investors‘ needs provided that specific features of the technique‘s application are taken into account. Based on the examinations involving the theoretical and application aspects of the analysis and evaluation of investment projects, i. e. the investment project‘s life cycle model, the cash flow calculation and the discount rate setting methods, as well as the main and auxiliary methods for evaluating investment projects‘ efficiency, a model for the evaluation of investment projects which enables the analysis and selection of alternative investment projects has been developed.<br>Mokslinių tyrimo objektas – investicinių projektų ekonominio efektyvumo vertinimas. Tyrimų tikslas – sukurti investicinių projektų ekonominio efektyvumo vertinimo modelį, pagrįstą diskontuotų pinigų srautų metodais ir pritaikytą Lietuvos verslo sąlygoms. Šiuolaikinis ekonomikos mokslas siūlo pakankamai platų investicijų efektyvumo rodiklių spektrą, tačiau daugeliu atvejų siūlomi metodai pasižymi daug išteklių reikalaujančiais ir gana sudėtingais skaičiavimais, o investuotojui reikalingas lengvai ir pakankamai greitai skaičiuojamas, objektyvus ir visiems suprantamas investicijų efektyvumo vertinimo matas, parodantis tam tikros verslo idėjos patrauklumą. Įvertinus šias aplinkybes, autoriaus nuomone, esama pinigų srautais grindžiama investicinių projektų vertinimo metodologija gali visiškai patenkinti investuotojų poreikius, su sąlyga, kad bus atsižvelgta į įvairius aspektus, susijusius su jos taikymo ypatumais. Remiantis atliktais tyrimais, kurių metu išnagrinėti teoriniai ir taikomieji investicinio projekto analizės ir vertinimo aspektai – investicinio projekto gyvavimo ciklo modelis, pinigų srautų skaičiavimo ir diskonto normos nustatymo metodai, investicinio projekto vertinimo pagrindiniai ir pagalbiniai metodai, buvo parengtas investicinių projektų ekonominio efektyvumo vertinimo modelis, leidžiantis atlikti alternatyvių projektų analizę ir atranką.
Raktiniai žodžiai: investicinių projektų vertinimas, pinigų srautai, projekto gyvavimo ciklas, diskontuotų pinigų srautų... [toliau žr. visą tekstą]
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Scholze, Andreas. "Discounted cashflow und Jahresabschlussanalyse zur Berücksichtigung externer Rechnungslegungsinformationen in der Unternehmensbewertung." Frankfurt, M. Berlin Bern Bruxelles New York, NY Oxford Wien Lang, 2008. http://d-nb.info/991683943/04.
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Sonntag, Alexander. "Bewertung von Banken : ein Discounted-cash-flow-Ansatz für commercial banks unter Einbeziehung der Marktzinsmethode /." Wiesbaden : Wiesbaden : Deutscher Universitäts-Verlag ; Gabler, 2001. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=009461080&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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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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Kovtunov, Serafim. "Stanovení hodnoty firmy." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-124932.
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The task of the final thesis is to estimate the value of the enterprise in order to sell the minority stock to unknown buyer. Whole the work is divided to two parts. The first one is theoretic part, which is presented by description of strategic analysis, financial analysis, financial plan and valuation methods. Strategic analysis consists of analysis of external potential of company and its competitive strength. The purpose of financial analysis is to show financial condition of the company using chose ratios and other financial tools and methods. The last important part is financial plan. In accordance with financial plan are predicted future revenues and cash-flow, which is the essential for method discounted cash-flow. In the second practical part were applied strategic analysis, financial analysis of financial statements, created financial plan and estimated the value of the company by the most appropriate method of valuation of enterprise.
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Otterberg, Simon, and August Zetterberg. "Relative and Discounted Cash Flow Valuation on Swedish Listed Companies : How applicable are the methods to companies in different industries?" Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-85602.
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The purpose of this thesis is to look at how the two widely used valuation approaches Free Cash Flow to Firm and Relative valuation can contribute to the explanation of market prices of shares. The study also aims to investigate if it is possible to find any significant differences between industries, while using the two valuation methods. There are a large number of models that are used to value assets and corporations, which have been used for a long time in the banking sector and similar contexts. It is widely known that a single valuation method or model which could predict a future stock price is hard to find or might even not exist. The study uses a quantitative method, in which we evaluated 36 Swedish companies, to be able to draw conclusions about the two valuation approaches. Our results suggest that the calculated prices obtained from the two methods correlate with the market price of the share, and that the result differ between different industries.
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Lodowicks, Arnd. "Riskantes Fremdkapital in der Unternehmensbewertung : Bewertung von Insolvenzkosten auf Basis der Discounted-Cashflow-Theorie /." Wiesbaden : Dt. Univ.-Verl, 2007. http://d-nb.info/985771518/04.
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Kreyer, Felix. "Strategieorientierte Restwertbestimmung in der Unternehmensbewertung eine Untersuchung des langfristigen Rentabilitätsverlaufs europäischer Unternehmen." Wiesbaden Gabler, 2009. http://d-nb.info/994758529/04.
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Pospíšilová, Jana. "Oceňování podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2010. http://www.nusl.cz/ntk/nusl-222663.
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The subject of the Master´s thesis is problem of the Estimation of Company Market Value. Theoretical part contains elementary knowledge from literature and possiblities for Estimation of the Company Value. Practical part includes estamation of real company market value by profit method of discounted cash flow.
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Zeifang, Nico. "Ansätze zur Bewertung von Internet Domainnamen." St. Gallen, 2007. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/04608931001/$FILE/04608931001.pdf.
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Timmreck, Christian. "Kapitalmarktorientierte Sicherheitsäquivalente : Konzeption und Anwendung bei der Unternehmensbewertung /." Wiesbaden : Dt. Univ.-Verl, 2006. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=014160126&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Kainbacher, Sonja. "Unternehmensbewertung : Problemfelder im Dienstleistungssegment /." Saarbrücken : VDM Verlag Dr. Müller, 2008. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=017764690&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Krotter, Simon. "Performance-Messung, Erwartungsänderungen und Analystenschätzungen theoretische Konzeption und empirische Umsetzung." Frankfurt, M. Berlin Bern Bruxelles New York, NY Oxford Wien Lang, 2008. http://d-nb.info/993047653/04.
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Bauer, Michael. "An analysis of the use of discounted cash flow methods and real options to value flexibility in real estate development projects." Master's thesis, University of Cape Town, 2007. http://hdl.handle.net/11427/5628.
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Includes abstract.<br>Includes bibliographical references (leaves 68-71).<br>Surveys of firms outside the property sector indicate the growth in the use of DCF methods such as the NPV and IRR methods to evaluate projects as compared to the use of such naïve methods as Payback and the Accounting rate of return. The growing convergence of theory and practice is indicated by the growing use of the NPV method. The objective of this study is to determine the capital budgeting methods used to evaluate real estate development projects and to compare the results of a survey with the results of other studies. Further, recent developments in capital budgeting theory, indicate that the investment valuation tools such as the Net Present Value (NPV), Internal Rate of Return (lRR), Payback Period (PP), and theAccounting Rate of Return (ARR) may fail to recognize flexibilities in real estate development projects. As a consequence, the discounted cash flow methods (DCF) may systematically undervalue strategic or large-scale real estate development projects. Two methods are introduced as an alternative to address the weaknesses of the DCF methods. Decision Tree Analysis (DTA) employs an approach to analyse flexibilities by creating a chain of possible options and allows alternative courses of action for management to adapt their initial strategies in order to capitalise on new opportunities or to minimise losses. Real Option Analysis (ROA) introduces the theory of valuing financial derivates, in particular call options, and allows the staging of the development. These instruments further introduce a risk management aspect, as call options have a limited down side and an unlimited upside. Each approach has advantages and shortcomings and should only be used in appropriate circumstances. DTA is suited for the analysis of the project specific risks. ROA on the other hand, is a superior tool when dealing with uncertainty. The thesis finds that that over 90% of all respondents are using a combination of NPV and IRR methods most often to evaluate development opportunities. Interestingly, 85% of all respondents are also using the payback period. Other methods used are the profitability index, residual value, free cash flow, economic value, and return on equity. Developers have adopted DCF methods such as NPV and IRR as the primary methods to evaluate projects rather than naïve methods such as Payback and ARR, although these latter methods remain in use. The use of decision tree analysis and real option analysis is very limited.
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Karasová, Pavlína. "Tržní oceňování podniku jako podklad pro strategická rozhodnutí." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-376765.
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The subject of this Diploma thesis is problem of the Estimation of Company Market Value. Theoretical part contains elementary perspectives and possibilities for Estimation of the Company Market Value. This thesis presents most of using (so less using) techniques for evaluation end rocommendation for its using. Pracitical part includes estimation of real company market value by profit method of discounted cash flow.
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Scherer, Frank. "Kapitalmarktorientierte Bewertung ertragsteuerlicher Verlustvorträge /." Frankfurt am Main [u.a.] : Lang, 2003. http://www.gbv.de/dms/zbw/363288236.pdf.
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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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Bauer, Georg. "Wertorientierte Steuerung multidivisionaler Unternehmen über Residualgewinne." Frankfurt, M. Berlin Bern Bruxelles New York, NY Oxford Wien Lang, 2008. http://d-nb.info/993231012/04.
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Gehrig, Marco. "Unternehmensbewertungsmethoden in Theorie und Praxis Eine Praxisanalyse aus Sicht von Kapitalgesellschaften, Finanzanalysten, Revisions- und Beratungsgesellschaften /." St. Gallen, 2006. http://www.biblio.unisg.ch/org/biblio/edoc.nsf/wwwDisplayIdentifier/01280478001/$FILE/01280478001.pdf.
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Schmundt, Wilhelm. "Die Prognose von Ertragsteuern im Discounted-cash-flow-Verfahren : eine Analyse der decision usefulness der IAS 12 und SFAS 109 /." Wiesbaden : Gabler, 2008. http://d-nb.info/988383608/04.
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Jorová, Petra. "Ocenění společnosti TBG Betonmix, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2013. http://www.nusl.cz/ntk/nusl-198277.
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This Master thesis deals witht he valuation of TBG Betonmix, a. s. to the date January 1, 2013. As a valuation method was used the earnings valuation method based on discounted free cash flow to the equity (FCFE). Important parts of Master thesis are analysis of external environment, analysis of building industry and financial analysis of the company. Process of valuation was implemented on the base of well-prepared financial plan and quantification of necessary input variables such as discount rate and rate of growth. Was used regression analysis as the basic method to predict the most signifiant value generator, sales. Results were then adjusted according to the predictions published in qualitative studies of the Czech building industry. The demand for enterprise production was reduced as a result of the economic crises, it enforced production reduction and led to decline in sales and profit from year 2009 and also deterioratingof rentability indicators or long-term assets turnover.
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Schneider, Christine. "Principais métodos de avaliação utilizados pelos analistas financeiros no Brasil." Master's thesis, Instituto Superior de Economia e Gestão, 2009. http://hdl.handle.net/10400.5/2247.
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Mestrado em Finanças<br>Os relatórios escritos por analistas financeiros de bancos de investimento assumem uma fonte de consulta indispensável de apoio à decisão dos investidores, englobando geralmente previsões de resultados, recomendações de estratégias de investimento (compra ou venda de acções) e target prices. A definição correcta do target price depende da escolha da metodologia de avaliação e esta, por sua vez, tem em conta pressupostos e/ou características específicas da empresa. Para justificar o valor da empresa, os analistas financeiros preferem a utilização de modelos de Discounted Cash Flow (DCF -fluxos de caixa actualizados) ou modelos baseados em múltiplos (market comparables - comparação com o mercado), ou da combinação dos dois modelos. Embora a utilização do método do Discounted Cash Flow é largamente referenciada na teoria, na prática é o metódo dos múltiplos que tem maior presença na avaliação de empresas. O presente estudo tem como objectivo determinar quais os métodos de avaliação mais utilizados pelos analistas financeiros no Brasil para o período de Julho de 2006 à Junho de 2007 e comparar os resultados obtidos com os estudos anteriormente efectuados. Os dados de pesquisa foram obtidos através de relatórios escritos por analistas financeiros referentes às acções de empresas que compõe a carteira do Índice BOVESPA. A base de dados utilizada foi a Thomson One Analytics. Os resultados da pesquisa mostraram que analistas brasileiros preferem a utilização do Discounted Cash Flow para avaliar as empresas, utilizando frequentemente os múltiplos para complementar a avaliação. O modelo do Abnormal Earnings não foi citado nos relatórios selecionados. As análises descritiva, univariada e multivariada mostraram que a combinação de métodos foi a metodologia adoptada para justificar o target price em empresas onde o processo de avaliação é considerado uma tarefa desafiante.
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Nováková, Lucie. "Ocenění firmy ELIT CZ, spol. s r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2016. http://www.nusl.cz/ntk/nusl-261812.
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This thesis deals with methods and options of valuation of companies, valuation process and everything that goes with it. An integral part of the strategic analysis is financial analysis and financial plan to years 2016 - 2020. For the financial analysis following methods have been used: vertical and horizontal analysis, a ratio indexes and the balancing rules. The financial plan has been drawn up by value generators. The aim is to valuate a specific company ELIT CZ, Ltd., which is engaged in the purchase and sale of spareparts for cars. I used to valuation by discounted cash flow method (DCF). The company is valuated to date 31. 12. 2015.
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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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Huxham, Annalie. "Property development : feasibility and impact parameters in the Vaal Triangle / A. Huxham." Thesis, North-West University, 2010. http://hdl.handle.net/10394/4437.
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One of the important operational and in some cases, also strategic business decisions, is in respect of the investment of funds. Although there are a number of assets to invest in, two particular popular investment asset classes are land and/or property. Land however, is becoming a very scarce resource. It can be argued that many companies investing in the property sectors' main income is generated from the sale of land. A new way of gaining a sustainable income stream is followed. This is done by investing in different kinds of property development projects.
One of the problems that companies face is to determine whether a property development project is a good investment, meaning that it will generate sustainable and acceptable profits in the long term.
Companies evaluate prospective investment opportunities by assessing whether the expected return, adjusted for project risk, exceeds the company?s required return.
Different impact parameters exist and were identified in the study. Valuation methods used in determining the overall feasibility were discussed and evaluated to see the impact on the property development project.<br>Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2011.
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Nečasová, Šárka. "Ocenění společnosti s r. o. Exterier Beton." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2013. http://www.nusl.cz/ntk/nusl-223906.
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Goal of this Diploma thesis is determination of the value of Exterier Beton, s.r.o. company on the methods based of discounted cash flow. Theoretical part is focused on primary definitions, definition of value and the reasons why to carry out of valuation. There are also mentioned parts of valuation method and specification process during valuation in diploma thesis. The practical part deals with the characteristics of the company, strategic analysis, evaluation of the financial health of the company, setting up of financial plan and application of selected methods of valuation.
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Tatár, Dávid. "Ocenenie skupiny AAA Auto Group N.V." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-149801.
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The objective of diploma thesis is about to define a value of a international group AAA Auto Group N. V. which operates on the czech, slovak and russian market with used cars and analysis of an ability to increase shareholder's value in the future. It is structured as an expert opinion. It defines purpose, subject and exact date of valuation, valuation method's overview, strategic (macro and micro) and financial group analysis on the main markets. Consolidated financial plan was created as a prediction with a quick financial analysis. Group was evaluated by three discounted-based method - free cash flow to firm, free cash flow to equity, discounted economic value added as they were compared to market capitalization method. Final group value AAA Auto Group N. V. to 7th of December 2012 was defined by free cash flow to equity method and compared to market capitalization method, which is determined by the market.
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Cueto, Guillermo Elvis Luis, and Malpica Alejandro García. "Valoración de pequeñas empresas." Bachelor's thesis, Universidad Peruana de Ciencias Aplicadas (UPC), 2019. http://hdl.handle.net/10757/626419.
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Este documento tiene como primer objetivo mostrar los diferentes métodos de valoración de empresas estudiados en las últimas décadas. No obstante, el trabajo profundiza en la valoración de pequeñas empresas como tema central, debido a que hasta la actualidad no se las ha investigado con el mismo interés que a empresas corporativas, lo que pone en evidencia una falta de consenso. Así, el segundo objetivo es ofrecer al lector una fuente de información, a manera de compendio inicial, que motive a investigar el tema, realizar estudios específicos, servir de materia de tesis académicas, entre otras contribuciones.
El primer capítulo de este trabajo aborda el tema partiendo de la definición del concepto de valor, y sustenta la diferencia entre valor y precio. Asimismo, en él se realiza una reseña de la evolución del estudio de valoración de empresas, se explica qué es una pequeña empresa en el marco nacional e internacional, y, finalmente, se aborda la valoración de pequeñas empresas en específico. Por su parte, el segundo capítulo describe los métodos de valoración de empresas más utilizados y aceptados, y presenta sus ecuaciones y guía detallada de uso. El tercer capítulo expone errores encontrados en valoración de empresas; el cuarto capítulo describe seis metodologías de valoración de pequeñas empresas, y presenta sus respectivas ecuaciones y los pasos a seguir para su uso. Finalmente, el quinto capítulo se enfoca en un tema de similar importancia, la estimación del costo de capital en pequeñas empresas, el cual genera, inclusive, mayor controversia.<br>The first objective of this document is to show the different Company valuation methods studied in the last decades. However, the work looks into the valuation of small business, as a central topic, because until now they have not been investigated with the same interest than the Corporative Companies, which evidences a lack of consensus. Thus, the second objective is to offer a source of information to the reader, as an initial summary, that motivates to investigate the topic, do specific studies, serve as a topic for Academic Thesis, among other contributions.
The first chapter of this paper approaches the topic starting from the definition of the concept of the value and supports the difference between value and price. Moreover, there is an outline of the evolution of the study of valuation of Companies, it is explained what is a small business in the national and international framework and, finally, the valuation of specific small business is approached. On its part, the second chapter describes the most used and accepted companies’ valuation methods and presents its equations and detailed user guide. The third chapter shows mistakes found in companies’ valuation; the fourth chapter describes six methodologies of the valuation of small business and shows its respective equations and the steps to follow for its use. Finally, the last chapter focuses on a topic of similar importance, the estimation of the capital cost in small companies that generates, even, more controversy.<br>Trabajo de Suficiencia Profesional
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Tomaševič, Vladislav. "Investicinių projektų ekonominio efektyvumo analizė ir vertinimas (taikant diskontuotų pinigų srautų metodus)." Doctoral thesis, Lithuanian Academic Libraries Network (LABT), 2010. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2010~D_20101230_094306-26933.
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Mokslinių tyrimo objektas – investicinių projektų ekonominio efektyvumo vertinimas. Tyrimų tikslas – sukurti investicinių projektų ekonominio efektyvumo vertinimo modelį, pagrįstą diskontuotų pinigų srautų metodais ir pritaikytą Lietuvos verslo sąlygoms. Šiuolaikinis ekonomikos mokslas siūlo pakankamai platų investicijų efektyvumo rodiklių spektrą, tačiau daugeliu atvejų siūlomi metodai pasižymi daug išteklių reikalaujančiais ir gana sudėtingais skaičiavimais, o investuotojui reikalingas lengvai ir pakankamai greitai skaičiuojamas, objektyvus ir visiems suprantamas investicijų efektyvumo vertinimo matas, parodantis tam tikros verslo idėjos patrauklumą. Įvertinus šias aplinkybes, autoriaus nuomone, esama pinigų srautais grindžiama investicinių projektų vertinimo metodologija gali visiškai patenkinti investuotojų poreikius, su sąlyga, kad bus atsižvelgta į įvairius aspektus, susijusius su jos taikymo ypatumais. Remiantis atliktais tyrimais, kurių metu išnagrinėti teoriniai ir taikomieji investicinio projekto analizės ir vertinimo aspektai – investicinio projekto gyvavimo ciklo modelis, pinigų srautų skaičiavimo ir diskonto normos nustatymo metodai, investicinio projekto vertinimo pagrindiniai ir pagalbiniai metodai, buvo parengtas investicinių projektų ekonominio efektyvumo vertinimo modelis, leidžiantis atlikti alternatyvių projektų analizę ir atranką.<br>Subject of research: evaluation of economic efficiency of investment projects. Objective of research: to develop a model for the evaluation of economic efficiency of investment projects based on the discounted cash flow methods and adapted to the Lithuanian business environment. The modern science of economics offers quite a wide range of methods for evaluating the economic efficiency of investments, however, most of them are highly time-consuming and involve complicated calculations. Whereas investors usually require a measure of investment projects‘ efficiency which is readily calculated, objective and easily understandable and which reveals the attractiveness of business ideas. Therefore, in the author‘s view, the current technique of evaluating investment projects based on cash flows can fully meet the investors‘ needs provided that specific features of the technique‘s application are taken into account. Based on the examinations involving the theoretical and application aspects of the analysis and evaluation of investment projects, i. e. the investment project‘s life cycle model, the cash flow calculation and the discount rate setting methods, as well as the main and auxiliary methods for evaluating investment projects‘ efficiency, a model for the evaluation of investment projects which enables the analysis and selection of alternative investment projects has been developed.
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Xinrui, Cao. "Equity research - Wuliangye Yibin Co., LTD." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16499.
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Mestrado em Finanças<br>Este projeto inclui uma avaliação detalhada e a respetiva estimação do valor das ações da Wuliangye Yibin para o final do ano de 2018, de acordo com as regras do projeto final do Mestrado em Finanças do ISEG.
A escolha da empresa Wuliangye Yibin deve-se ao meu interesse pessoal na indústria de Baijiu, que é uma das indústrias mais tradicionais da China. O preço-alvo foi obtido através do método de avaliação absoluta, mais especificamente o método do Flow to Equity (FTE). Adicionalmente, utilizamos o método de avaliação relativa, o método dos Múltiplos, como método complementar para apoiar a recomendação final. Uma análise de sensibilidade e uma simulação de Monte Carlo foram realizadas para analisar a robustez das estimativas obtidas. Com um preço-alvo de CNY 72.63 para FA2018 e um potencial de desvalorização de 3.78%, face ao preço de CNY 75.49 do dia 8 de março de 2018, a nossa recomendação final para a Wuliangye Yibin é de VENDA. A avaliação de risco estima um risco elevado para a empresa.<br>This project contains the detailed valuation and the respective estimation of Wuliangye Yibin Co., Ltd. intrinsic share value for the year end of 2018, according to ISEG?s Master in Finance final work project.
The choice of Wuliangye Yibin Co., Ltd. comes from my personal interest in the Baijiu industry which is a traditional industry in China. The price target was obtained through an absolute valuation method, more specifically the Discounted Cash Flow (DCF) method. In
addition, we used Relative Valuation Method approach, as a complemented method, in order to support the final recommendation. A sensitivity analysis and a Monte Carlo simulation were performed to further complement the analysis. With a price target of CNY 72.63 at YE2018, a downside potential of 3.78%, from March 8th, 2018, current price of CNY 75.49, our final recommendation for Wuliangye Yibin Co., Ltd. is to SELL, taking into consideration, the risks
that may occur and that can affect the company?s performance. Our risk assessment estimates a high risk for the company.<br>info:eu-repo/semantics/publishedVersion
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Hlavenka, Dušan. "Stanovení hodnoty vybrané společnosti." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2018. http://www.nusl.cz/ntk/nusl-377987.
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The diploma thesis deals with the issue of determinig the value of the company operating in the automotive industry. The thesis deals with summarizing the theoretical backgrounds, which also explain the methods and procedures that are related to the valuation of economic subjects themselves. The analytical part identifies the company, processes the financial statements and, on the basis of them, creates the prerequisite for a correct numerical representation of the strategic and financial analysis. The valuation itself is part of the final portion, which is based on discounted cash flow and economic value added. Consequently, a summary evaluation of the achieved results for the monitored period 2012 – 2017 is produced.
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Ferreira, Ricardo João Dias Fernandes Lopes. "Equity Research - Sport Lisboa e Benfica - Futebol, SAD." Master's thesis, Instituto Superior de Economia e Gestão, 2017. http://hdl.handle.net/10400.5/14474.
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Mestrado em Finanças<br>O presente estudo efetua uma análise detalhada da Sport Lisboa e Benfica SAD (SLBEN). A necessidade da realização deste estudo prende-se com o constante crescimento da Industria do futebol, com a hegemonia desportiva alcançada pelo Sport Lisboa e Benfica e ainda com o objetivo traçado pelos Diretores da empresa que pretendem efetuar uma grande mudança na sua estrutura de capital. Todo o estudo segue as normas e recomendações do CFA Institute.
Para a realização deste estudo, foi tida em consideração toda a informação disponível à data de 7 de Setembro de 2017, sendo que quaisquer informações ou eventos ligados à Benfica SAD, ou ao mercado envolvente após essa data não tem qualquer impacto ou relevância para os resultados obtidos.
Foram efetuadas duas abordagens para o cálculo do preço-alvo: uma avaliação relativa, de acordo com o método dos múltiplos e uma avaliação absoluta, tendo por base o método dos Fluxos de Caixa Descontados. De referir que por ambas as abordagens o preço-alvo atingido foi de €1.84, representado um potencial de valorização de 101.3%, uma vez que à data do levantamento do preço histórico da ação, encontrava-se valorizada a €0.92. Com base nesta informação a recomendação para as ações do SLBEN é de compra. De referir ainda que é assumido um risco médio uma vez que se trata de uma industria volátil em que os resultados desportivos tem alguma influencia nos resultados financeiros, bem como a baixa liquidez das ações referidas.<br>The present study makes a detailed analysis of Sport Lisboa and Benfica SAD (SLBEN). The need to carry out this study is related to the constant growth of the Football Industry, with the sporting hegemony achieved by Sport Lisboa and Benfica and also with the objective drawn by the Directors of the company that intend to make a major change in its capital structure. The entire study follows the standards and recommendations of the CFA Institute.
In order to carry out this study, all information available as of September 7, 2017 has been taken into account, and any information or events related to Benfica SAD or to the surrounding market after this date has no impact or relevance to the results obtained.
Two approaches were used to calculate the target price: a relative valuation according to the multiples method and an absolute valuation based on the Discounted Cash Flow method. It should be noted that for both approaches the target price reached was €1.84, representing a potential appreciation of 101.3%, since at the date of the historical price of the share, it was valued at €0.92. Based on this information the recommendation for the shares of SLBEN is to purchase. It should also be noted that an average risk is assumed since it is a volatile industry in which sports results have some influence on the financial results as well as the low liquidity of the referred actions.<br>info:eu-repo/semantics/publishedVersion
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Zapletal, Tomáš. "Ocenění společnosti ZAPA beton a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-71770.
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The aim of this Master's thesis was to find out enterprise value dated 1.1. 2011, characterise risk connected with this value, for example as a variability of possible results and to judge how the enterprise was affected by the economic crises. I used method discounted cash flow in variant FCFF to calculate enterprise value. I used regression analysis as the basic method to predict the most significant value generator, sales, then I adjusted the results according to the predictions published in qualitative studies of the Czech building industry. The demand for enterprise production was reduced as a result of the economic crises; it enforced production reduction and led to decline in sales and profit in years 2009 and 2010, deteriorating of rentability indicators and long-term assets turnover. I found out the enterprise value with the help of software Crystal Ball also by the stochastic model. In this case I regarded the factors influencing the enterprise value as random quantities. Variability of the possible results ranges between upper and lower limit, i.e. between 1,8 and 3,2 billion crowns.
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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<br>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.<br>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.<br>info:eu-repo/semantics/publishedVersion
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Kozáková, Klára. "Ocenění společnosti Arysta LifeScience." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-193265.
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The aim of this master thesis is to assess the objectified value of equity of the company Arysta LifeScience Czech s.r.o. Estimation is conducted from the parent company's perspective, assessing the value of equity before the moment of purchase of the parent company by American firm Platform Specialty Products. Discounted cash flow method based on FCFE is used for the valuation. Essential foundation for application of this method is the financial plan, which is based on internal company data and performed strategic and financial analysis. Monte Carlo simulation is applied to the DCF method in order to verify the accuracy of determining the value of equity under uncertainty. Moreover, sensitivity analysis is used to identify risk factors, which are impacting value of equity the most. Discounted cash flow method is complemented by asset-based approach, specifically by the book value method. The value of equity based on income approach is estimated to be 932 367 thousand CZK.
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Bartošková, Andrea. "Stanovení hodnoty podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2016. http://www.nusl.cz/ntk/nusl-241582.
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The subject of this master´s thesis is value estimation of a company. Theoretical part defines basic concepts such as company, categories of value, financial analysis and methods of valuation. The practical part deals with strategic analysis, financial analysis and value estimation of a company by profit method of discounted cash flow.
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Dostál, Jiří. "Oceňování podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223372.
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The subject of this master’s thesis is estimation of company value. Theoretical part defines basic concepts such as value, categories of value, company, financial analysis and methods of valuation. The practical part deals with strategic analysis, financial analysis and estimation of real company market value by profit method of discounted cash flow.
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Siničáková, Gabriela. "Ocenenie spoločnosti Rodinný pivovar Bernard a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-9319.
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The goal of the thesis is to valuate the company Rodinný pivovar Bernard a.s. for the purpose of possible sale or merger in the future. The thesis is divided into a theoretical and a practical part. The theoretical part explains the valuation procedure, particular analyses and methods used in the practical part. A discounted cash flow method was applied, specifically the two-phased model using free cash flow to the firm. The practical part started with a strategic and financial analysis, which helped to build a financial plan. The financial plan made a basis for valuation of the company by income method.
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Lančaričová, Katarína. "Ocenění podniku s promítnutím rizika do diskontní sazby." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-233038.
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The master’s thesis deals with the subjective value of stock company IFE-CR, a.s. via selected revenue method. Value estimation will be made to 31. December 2013. The teoretical part explains the main concepts and describes the methodological approaches, related to the company value estimation. Theoretical basis of literature search are developed and applied to specific businness entity in practical part. This part introduces the evaluated company, includes the results of the strategic and financial analysis and in the final stage also the suggestion of value estimation.
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Lopes, Sofia Teixeira. "Equity research - Jerónimo Martins." Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20841.
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Mestrado em Finanças<br>Este projeto consiste em estimar o preço alvo da ação da Jerónimo Martins para o final do ano de 2020, de acordo com as normas do ISEG do trabalho final de mestrado de Finanças. Este relatório de avaliação está de acordo com as diretrizes recomendadas do Instituto CFA.
A Jerónimo Martins é uma empresa portuguesa que opera no sector de retalho e distribuição alimentar na Portugal, Polónia e Colômbia, cotada na Euronext Lisbon desde 1989, fazendo parte do índice PSI-20, com um valor de capital social de mais de €629M.
Este projeto tem como objetivo analisar as demonstrações financeiras da empresa, o seu modelo de negócio, da respetiva indústria e os maiores concorrentes, como parte do processo do relatório de avaliação para estimar o preço alvo, e apresentar uma recomendação de investimento. O método escolhido para fazer a avaliação da empresa foi através dos Fluxos de Caixa Ponderados (DCF), obtendo um preço alvo no final de 2020 de €16.36, com um potencial de valorização de 19.39% comparando com o preço da ação disponível a 30 de setembro de 2020 de €13.70. A recomendação de investimento é para comprar. Complementarmente, foi usado o método dos múltiplos comparáveis através de EV/EBITDA e EV/Revenues.
A atribuição de risco para a empresa é de médio risco devido à elevada competitividade existente na indústria. Os maiores riscos considerados derivam do custo da dívida, da taxa de retorno sem risco, o prémio de risco de mercado e a taxa de crescimento perpétuo.<br>This project consists of estimating the target price of Jerónimo Martins for the end of 2020, according to ISEG's Master of Finance Final Work Project. This Equity Research follows the CFA Institute research report recommended guidelines.
Jerónimo Martins is a Portuguese company operating in the food retail and distribution sector in Portugal, Poland, and Colombia. The company is listed in Euronext Lisbon since 1989, being one of the companies included in PSI-20, with a share capital over €629M.
This Masters Final Work Project analyzes the financial statements of Jerónimo Martins, its business model, the respective industry and major competitors, as part of the equity valuation process. The aim is to estimate the market value of the share at 2020 year-end and provide an investment recommendation.
The methodology chosen to perform the valuation of the company's share was through Discounted Cash Flow method (DCF) reaching a target price at the end of 2020 of €16.36, with an upside potential of 19.39% comparing with the share price displayed on 30th September 2020 of €13.70. The investment recommendation is to Buy. In addition, the valuation has also used the Multiples Valuation by using EV/EBITDA and EV/Revenues.
The risk assessment for the company is based on medium risk due to this industry being highly competitive. In addition, it was considered that the main risks come from the cost of debt, risk-free rate, market risk premium and perpetual growth rate.<br>info:eu-repo/semantics/publishedVersion
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Vrábľová, Michaela. "Ocenění majetku podniku pro účely jeho prodeje s promítnutím rizika do diskontní sazby." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-232861.
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The diploma thesis deals with a valuation of a company for a selling purpose by using the discounted cash flow method with an entity approach. Initially the theoretical basis gets defined. Afterwards the theoretical findings are applied in the practical part, which consists of a strategic and a financial analysis ending up in a financial plan. In the following the value of the company gets calculated and finally a range from a pessimistic to an optimistic company value results.
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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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Almeida, Michael Aparício de. "Equity research da Air France - KLM." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19085.
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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais<br>A Air France-KLM (AF-KLM) é a companhia de bandeira da França, é resultado da fusão entre as empresas Air France (francesa) e KLM (holandesa) possuindo dois hubs principais situados em Paris e Schipol. O grupo é atualmente líder da europa em termos de tráfego e tem como objetivo ser uma das maiores companhias à escala global. O trabalho final de mestrado que se segue tem como objetivo principal estimar o valor intrínseco das ações da AF-KLM para 31 de dezembro de 2018. Este projeto é composto por uma revisão bibliográfica onde são analisados os métodos de avaliação possíveis e a partir da qual é definida a metodologia para este mesmo projeto. Foi também feita uma análise em relação ao ambiente macroeconómico, da indústria e especificamente da AF-KLM. De forma a calcular o valor intrínseco procedeu-se à avaliação por fluxos de caixa atualizados baseado em valores de FCFF pelo qual foi determinado um valor intrínseco de 11.33 euros para as ações da AF-KLM para a data de 31 de dezembro de 2018. Este valor sugere que as ações se encontram subvalorizadas e que possuem um potencial de crescimento de 19.55% face ao preço de 9.48 euros registado a 31 de dezembro de 2018. Através da avaliação relativa foram utilizados dois múltiplos, em que o enterprise valueto-EBITDA resultou num preço de 23.5 euros por ação e o price-to-earnings foi igual a 5.3 euros por ação culminando numa média de 14.43 euros por ação que corresponde a um potencial de crescimento de 52.2%.<br>Air France-KLM (AK-KLM) is the flag carrier of France resulted of the fusion between Air France (french) and KLM (dutch). It has two main hubs located in Paris and Schipol. The group is the current european leader in passenger traffic and aims to be one of the world's best airline companies. The following project aims to estimate the intrinsic value of AF-KLM's stock price as of December 31, 2018. It consists of a literature review where possible evaluation methods are analysed from which the methodology of this project is defined. An analysis was also made of the macroeconomic environment, industry and the company's specifics. In order to estimate the intrinsic value, cash flow discount model based on FCFF values was carried out whereby an intrinsic value of 11.33 euros was determined for AFKLM's shares as of 31 December 2018. This result suggests that shares are undervalued and have a growth potential of 19.55% compared to the closing price of 31 December 2018 (9.48 euros). Through the relative valuation two multiples were used, in which enterprise-value-to-EBITDA resulted in 23.5 euros per share and where the price-toearnings ratio gave a price of 5.3 euros per share, culminating in an average of 14.43 euros per share which corresponds to a growth potential of 52.2%.<br>info:eu-repo/semantics/publishedVersion
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Duarte, André Miguel Brito. "Equity research - Diageo Plc." Master's thesis, Instituto Superior de Economia e Gestão, 2019. http://hdl.handle.net/10400.5/19082.
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Mestrado em Finanças<br>Este relatório contém uma estimação detalhada e respetiva avaliação do valor intrínseco das acções da Diageo, relativamente a junho de 2018, de acordo com o projeto final do Mestrado de Finanças do ISEG. Este projeto segue o formato recomendado pelo Instituto CFA. Diageo foi escolhida devido ao interesse pela indústria das bebidas alcoólicas assim como pela boa reputação da empresa. O preço-alvo foi calculado através de um método de avaliação absoluto, mais especificamente o método do Flow to Equity (FTE). Adicionalmente, foi utilizado um método de avaliação relativo, o método dos Múltiplos Comparáveis. Uma simulação de Monte Carlo e uma análise de sensibilidade foram também realizadas de modo a complementar a análise. Com um preço-alvo de £30.65 para junho de 2018, representando um potencial de valorização de 12.59%, face ao preço atual de £27.22, do dia 30 de junho de 2018, a nossa recomendação final para a Diageo é MANTER, tendo em conta os riscos que poderão afetar o desempenho da empresa. A nossa avaliação do risco estima um risco médio para a empresa.<br>This report contains a detailed estimation and the respective valuation of Diageo's intrinsic share value for June 2018, according to ISEG's Master in Finance final work project. This project follows the recommended format by the CFA Institute. Diageo Plc was chosen due to the interest in the alcoholic beverages industry and due to the firm's good reputation. The price target was computed through an absolute valuation method, more specifically the Flow to Equity (FTE) method. Additionally, a relative valuation method was used, the Comparable Multiples method. A Monte Carlo simulation and sensitivity analysis were also performed in order to complement the analysis. With a price target of £30.65 for June 2018, representing an upside potential of 12.59% from June 30th, 2018, current price of £27.22, our final recommendation for Diageo Plc is to HOLD, considering the risks that may affect the firm's performance. Our risk assessment estimates a medium risk for the firm.<br>info:eu-repo/semantics/publishedVersion
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Balytė, Birutė. "Tarptautinio verslo vertinimas." Master's thesis, Lithuanian Academic Libraries Network (LABT), 2011. http://vddb.laba.lt/obj/LT-eLABa-0001:E.02~2011~D_20110202_153946-96621.
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Baigiamajame magistro darbe nagrinėjami tarptautiniame versle veikiančių įmonių vertinimo ypatumai ir pasiūlomas tinkamiausias metodas, tokioms įmonėms vertinti. Pirmoje darbo dalyje yra analizuojami tarptautinio verslo ypatumai, išskiriant politinę ir valiutų kursų svyravimo riziką, verslo vertinimo esmė, seniau žinomi ir naujai sukurti verslo vertinimo metodai ir parenkamas metodas, kuris geriausiai tinka tarptautiniam verslui vertinti. Antroje dalyje analizuojamas diskontuotų pinigų srautų metodo tinkamumas tarptautiniam verslui vertinti ir šio metodo etapai, išskiriant pinigų srautų nustatymą, diskonto normos apskaičiavimą, tęstinės vertės ir pinigų srautų diskontavimą. Didžiausias dėmesys skiriamas diskonto normos apskaičiavimui. O trečioje dalyje atliekamas praktinis tarptautinio verslo vertinimas tarptautinėje alkoholinių gėrimų rinkoje veikiančios Lietuvos įmonės AB „Stumbras“ pavyzdžiu. Šiame etape yra atlikta pasaulio, Europos ir Lietuvos alkoholinių gėrimų rinkos ir Lietuvos makroekonominės situacijos analizė, įmonės konkurencinė ir SWOT analizė, įvertinta įmonės 2002–2009 metų finansinė būklė, naudojant vertikaliąją, horizontaliąją ir santykinę analizę, nustatyta įmonės vertė ir nustatyta, kurie veiksniai daro didžiausią įtaką verslo vertei. Darbo pabaigoje pateikiamos išvados ir siūlymai.
Darbą sudaro 6 dalys: įvadas, teorinė dalis, diskontuotų pinigų srautų metodo tinkamumo tarptautiniam verslui vertinti analizė, tarptautinio verslo vertinimas AB „Stumbras“... [toliau žr. visą tekstą]<br>In this final master thesis are analyzing international business evaluation features and suggested the best method to evaluate international business. In the first part of the work are analyzed international business features, highlighting the political and currency fluctuation risks, business evaluation aspects, long established and newly developed business evaluation methods and selected the method which is best suited to evaluate international business. In the second part of the work is analyzed the feasibility of discounted cash flow method to evaluate international business and the steps of the method, highlighting the determination of cash flows, the discount rate calculation, continuous value and cash flow discounting. The focus is on discount rate calculation. In the third part of the work is done the practical business evaluation of Lithuanian company AB „Stumbras“ which is working in the international alcohol sphere. In this stage is given the characterization of world, Europe and Lithuanian alcohol drinks sectors. Also there is analyzed the Lithuanian macroeconomics situation. There is performed company competitive and SWOT analyze. Also there is done company’s financial analyze (vertical, horizontal and financial ratio analyze), determined the company value and factors which have the greatest impact to business value.
Structure: introduction, theoretical part, discounted cash flow feasibility to evaluate the international business analyze, practical international... [to full text]
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Bouchalíková, Aneta. "Ocenění podniku s promítnutím rizika do diskontní sazby." Master's thesis, Vysoké učení technické v Brně. Ústav soudního inženýrství, 2014. http://www.nusl.cz/ntk/nusl-233042.
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Diplom´s thesis deals with the valuation of the company Zeltr Agro a. s. The first part of the thesis are defined theoretical bases required for the valuation of the company. The practical part contains strategic analysis, financial analysis and financial plan. Subsequently the method of valuation is applied. In conclusion the value of the company is determined to 1.1.2013.
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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.
Full textAbstract:
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.