Submitted by Guilherme Asai (guilherme.asai@gmail.com) on 2014-10-17T11:17:17Z No. of bitstreams: 1 Dissertação ativo biológico.pdf: 1540430 bytes, checksum: ece6ff31761be17ab042789c22ce8c39 (MD5) / Approved for entry into archive by Fabiana da Silva Segura (fabiana.segura@fgv.br) on 2014-10-17T11:58:27Z (GMT) No. of bitstreams: 1 Dissertação ativo biológico.pdf: 1540430 bytes, checksum: ece6ff31761be17ab042789c22ce8c39 (MD5) / Made available in DSpace on 2014-10-17T14:53:30Z (GMT). No. of bitstreams: 1 Dissertação ativo biológico.pdf: 1540430 bytes, checksum: ece6ff31761be17ab042789c22ce8c39 (MD5) Previous issue date: 2014-10-03 / O conceito de valor justo na agricultura, introduzido com a adoção das normas CPC 29 e IAS 41, entre 2009 e 2010, estabeleceu uma nova forma de mensurar e contabilizar os ativos biológicos. A mensuração dos ativos biológicos passa a ser feita, também, pelo meio do valor presente dos fluxos de caixa que o ativo gerará durante sua vida. Através deste novo panorama, o presente trabalho tem como objetivo principal propor uma metodologia que permita mensurar o valor justo de qualquer de ativo biológico, aliando conceitos econômicos e agronômicos. Assim, para compor a proposta metodológica do cálculo do valor justo dos ativos biológicos, buscou-se ajustar alguns parâmetros da composição do fluxo de caixa descontado para que o método consiga aferir a situação da planta ou do animal a ser avaliado no local onde eles se encontram. Além dos ajustes propostos no fluxo de caixa, uma avaliação das condições agronômicas dos ativos biológicos foi recomendada, como parte integrante da metodologia de avaliação proposta. Posteriormente, como alvo secundário, testou-se empiricamente a metodologia proposta (em exceção a parte agronômica) com uma avaliação da lavoura de soja. / The ideia of fair value in agriculture, introduced with the adoption of the CPC 29 and IAS 41 standards, between 2009 and 2010, established a new way of measuring and accounting for biological assets. The measurement of biological assets shall be made, likewise, by the present value of cash flows that the asset will generate during its lifetime. Through this new panorama, this paper aims to propose a methodology to measure the fair value of any biological asset, combining economic and agronomic concepts. Therefore, to compose the proposed methodology of calculation of fair value of biological asset, we attempted to adjust some parameters of the discounted cash flow method wherefore the method can measure the condition of the plant or animal to be evaluated at the place where they found. In addition to the proposed adjustments on discounted cash flow method, an evaluation of agronomic conditions of biological assets was recommended as part of the proposed evaluation methodology. Later, as a secondary aim, was to test empirically the proposed methodology (except in the agronomic part) with an assessment of the soybean crop.

This thesis aims to find an optimal method for the creation and evaluation of the investment and use this method in the analysis of a specific investment objective. Was chosen option to acquire an investment bank loan with 30% participation and recovery time of three, respectively. four years, finance lease with a 30% repayment of outstanding recovery time also with three, respectively. four years, own resources. Other variants were designed alternative to hiring a car transport and rental vehicles through operating leases. Based on the discounted cash flow is optimal variant chartered transport. Acquisition of investments (new vehicles) is disadvantageous for the company.

A globalização, a maior ou menor estabilidade financeira e política e o atual nível de desenvolvimento econômico que o Brasil vem apresentando, condição que lhe concedeu a classificação de investment grade, obtido em 30 de abril de 2008, pela Agência Standard & Poor’s, conjugado com o nível de renda que a população vem atingindo, está transformando o país num mercado atrativo ao capital externo. A regulamentação do setor de saúde privada iniciada com a lei 9656/98 e com a criação da Agência Nacional de Saúde Suplementar – ANS, em 2000, fez com que este segmento mercadológico passasse a atrair a curiosidade e, agora, o direcionamento da atenção de mega investidores. Neste mercado há uma importante participação das cooperativas médicas e odontológicas - com significativa parte no share – aproximadamente 40%, no seu conjunto. A regulamentação vem causando certa concentração do setor pela aquisição de carteiras ou até mesmo de toda a empresa, sendo que estas negociações atingem a casa dos bilhões de reais. Essas situações encontram nas sociedades cooperativas médicas e odontológicas peculiaridades que divergem destas facilidades de negociação. / Globalization, financial and political stability and current degree of economical development that Brazil are living (because of these condition Standard & Poor’s gave to Brazil the classification of investment grade on April 30th, 2008) combined with Brazilians income degree are converting Brazil in an attractive market for outside capital. Private health sector regulamentation which started with the Brazilian law number 9656 from 1998, and the creation of Agência Nacional de Saúde Suplementar – ANS (in 2000) let this sector to attract curiosity and nowadays the attention of big stakeholders. Medical and odontological cooperatives have important participation in this market with signification part in share – like 40% on its set. The regulamentation bring on a concentration in the sector by portfolio purchase or until same all firm acquisition – that involves trillion of Brazilian reais. These situations find on medical and odontological cooperatives quirks that diverge from negotiations facilities.

A globalização, a maior ou menor estabilidade financeira e política e o atual nível de desenvolvimento econômico que o Brasil vem apresentando, condição que lhe concedeu a classificação de investment grade, obtido em 30 de abril de 2008, pela Agência Standard & Poor’s, conjugado com o nível de renda que a população vem atingindo, está transformando o país num mercado atrativo ao capital externo. A regulamentação do setor de saúde privada iniciada com a lei 9656/98 e com a criação da Agência Nacional de Saúde Suplementar – ANS, em 2000, fez com que este segmento mercadológico passasse a atrair a curiosidade e, agora, o direcionamento da atenção de mega investidores. Neste mercado há uma importante participação das cooperativas médicas e odontológicas - com significativa parte no share – aproximadamente 40%, no seu conjunto. A regulamentação vem causando certa concentração do setor pela aquisição de carteiras ou até mesmo de toda a empresa, sendo que estas negociações atingem a casa dos bilhões de reais. Essas situações encontram nas sociedades cooperativas médicas e odontológicas peculiaridades que divergem destas facilidades de negociação. / Globalization, financial and political stability and current degree of economical development that Brazil are living (because of these condition Standard & Poor’s gave to Brazil the classification of investment grade on April 30th, 2008) combined with Brazilians income degree are converting Brazil in an attractive market for outside capital. Private health sector regulamentation which started with the Brazilian law number 9656 from 1998, and the creation of Agência Nacional de Saúde Suplementar – ANS (in 2000) let this sector to attract curiosity and nowadays the attention of big stakeholders. Medical and odontological cooperatives have important participation in this market with signification part in share – like 40% on its set. The regulamentation bring on a concentration in the sector by portfolio purchase or until same all firm acquisition – that involves trillion of Brazilian reais. These situations find on medical and odontological cooperatives quirks that diverge from negotiations facilities.

This master thesis deals with the proposal of a chosen company by using the income-based methods called Discounted Cash Flow and Economic Value Added. The theoretical part provides the description of the methodology of business valuation process. The practical part presents financial, strategic and SWOT analysis of the company. Furthermore particular valuation methods are applied. In conclusion statement of value is reported.

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.

The aim of my diploma thesis is to estimate the market value of the company MSV Metal Studénka, a. s. as of 31st December 2015. The evaluated company produces large variation of steel forgings, pressings and railcar components. The thesis will bring financial analysis of the company and based on strategic analysis and value drivers of the company the financial plan will be drawn up. The valuation of the company will be estimated using income methods of discounted cash flows APV adding market comparison method specifically called similar public company method.

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.

There are many moments in a company life, where we need to find out the firm's value from different reasons. It is possible to proceed by several methods. Firstly, I deal in theory with the valuation procedure of the firm and with selected methods of firm valuation. I apply the depicted theoretical apparat in the next part of this thesis. I assess the value of the firm Continental Teves Czech Republic, Ltd on the date of 16th of December 2009 according to the methods of which application, based on completed situation and financial analyses, indicated to be the best one. The chosen method has to correspond to the aim of valuation. The aim of this thesis is valuation of the equity. The revenue method of discounted cash flow to the equity was chosen for this purpose. I also valuate the firm according to the method of book value so that I can decide whether the methods are appropriate or not. The result of my work is partly the factual valuation of the firm, partly the determination of advantages and disadvantages of the both methods and the appointment, which one to use in specific situation.

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.