Spelling suggestions: "subject:"[een] DISCOUNTED CASH FLOW"" "subject:"[enn] DISCOUNTED CASH FLOW""
141 |
Mapeamento e análise crítica do processo de avaliação de investimentos: um estudo de casoMontini, Mario José 03 August 2015 (has links)
Made available in DSpace on 2016-04-25T16:44:44Z (GMT). No. of bitstreams: 1
Mario Jose Montini.pdf: 1228889 bytes, checksum: 8ecf9e824f548c285293119b8ca60f3a (MD5)
Previous issue date: 2015-08-03 / The complex nature of investment decisions, which involves a wide range of
factors, results that the decision maker rarely dominates all aspects that determine the quality
of his/her decision. Decisions are made by individuals and their personal preferences may
influence the outcome of their decision. Investment evaluation processes of an organization
should help to ensure the manager that investment projects are analyzed according to a welldefined
evaluation guide, in the same way and with due impartiality, in order to avoid that
such personal preferences outweigh the "canons" of the organization. There are within the
theory the necessary and sufficient tools for the investment evaluation, however, with regard
to guides for investment evaluation, these are developed by the own organizations to meet
their specific needs. In this study, an exploratory research seeks to conceptualize investment
project and investment evaluation. Discounted cash flow methodology, capital asset pricing
model and traditional metrics of investment evaluation are studied, as well as the aspects
related to risk, uncertainty and irreversibility of real projects. Then, having as objective to
extract from the theory an investment evaluation guide based on discounted cash flow
methodology, several guides for evaluating investments were analyzed, looking for a
systematization of procedures able to gather the essential steps of an evaluation, to ensure
that these are carried out systematically. Afterwards, based on a case study, the resulting
investment evaluation guide has been tested in a real case - previously assessed by a
renowned consulting firm - and it has been confirmed that the said evaluation guide could
have been successfully employed to evaluate the real case / A natureza complexa das decisões de investimento, por envolver um largo
espectro de fatores, resulta em que raramente o gestor domina todos os aspectos
determinantes da qualidade de sua decisão. As decisões são tomadas por indivíduos e suas
preferências pessoais podem influenciar o resultado de sua decisão. Os processos de
avaliação de investimento de uma organização deveriam contribuir para assegurar ao gestor
que os projetos de investimento fossem analisados segundo um roteiro de avaliação bem
definido, da mesma maneira e com a devida imparcialidade, de forma a evitar que tais
preferências pessoais pudessem sobrepujar os cânones da organização. Encontram-se na
teoria as ferramentas necessárias e suficientes para a avaliação de investimento, entretanto,
no que concerne aos roteiros para avaliação de investimento, estes são desenvolvidos pelas
próprias organizações para atender às suas necessidades específicas. Nesse estudo, por meio
de uma pesquisa exploratória, procurou-se conceituar projeto de investimento e avaliação de
investimento, estudou-se metodologia de fluxo de caixa descontado, metodologia de
precificação de capitais, as métricas tradicionais de avaliação de investimento, e os aspectos
relativos ao risco, incerteza e irreversibilidade dos projetos reais. Em seguida, tendo como
objetivo extrair da teoria um roteiro para avaliação de investimentos com base na
metodologia de fluxo de caixa descontado, vários guias de avaliação de investimentos foram
analisados, em busca de uma sistematização de procedimentos capaz de reunir as etapas
essenciais de uma avaliação, de forma a assegurar que essas sejam levadas a cabo,
sistematicamente. Depois, com base em um estudo de caso, o guia de avaliação de
investimento resultante do estudo foi testado em um caso real previamente avaliado por
uma empresa de consultoria de renome e confirmou-se que o referido guia de avaliação
poderia ter sido empregado com sucesso para avaliar o caso real
|
142 |
Avaliação de empresas e análise de seus direcionadores de valor: um estudo de caso / Valuation and analysis of value drivers: a case studySantos, José Augusto Rodrigues dos 04 April 2006 (has links)
Made available in DSpace on 2016-04-25T16:44:47Z (GMT). No. of bitstreams: 1
MAKRO - Final PDF.pdf: 865456 bytes, checksum: ca6647d9d943428c67d411680f2c4302 (MD5)
Previous issue date: 2006-04-04 / nenhum / The purpose of this paper is to analyze the relationship between the strategies implemented by the management and the growth in shareholders wealth. The case study evaluates the Makro Atacadista S/A operation, a private Brazilian branch of a multinational wholesale distributor that operates in the self-service format. The strategy of this Company is based on having an efficient cash management and maximizing its customers results.
This work uses different methods of valuation. The most important is the Discounted Cash Flow (DCF) followed by economic profit, MVATM and residual profit. The conclusion presents a comparison among the calculated valuations, its equity and last market value. There is also an evaluation of its strengths and threats based on structural industry analysis theory (Porter, 1986, pg. 22) / Esta dissertação consiste em um estudo de caso, que visa a analisar a relação entre as estratégias adotadas pela administração de uma empresa e a geração de riqueza para os acionistas. Para tanto, pesquisamos e avaliamos a operação do Makro Atacadista S/A, empresa de auto-serviço atuante no mercado atacadista distribuidor, que inclui uma administração financeira eficiente e a maximização dos resultados de seus clientes como parte de seus objetivos estratégicos.
A avaliação foi realizada sob diversos enfoques. O principal foi pelo uso do DCF empresarial, ou fluxo de caixa descontado. Além desse, também foi mensurado o valor agregado pelos métodos de lucro econômico, MVA® e lucro residual. Nas conclusões, além da comparação entre o valor gerado com o patrimônio líquido contábil e com o último valor pago pela oferta de compra de ações promovida pela empresa, também foram analisadas suas forças e ameaças, com base na teoria de análise estrutural das indústrias (Porter, 1986)
|
143 |
Decisão de investimento em empresa de pequeno porte de comércio e serviços: uma abordagem probabilística com a teoria das restrições e a teoria das opções reaisSantos Neto, João Batista dos 03 July 2012 (has links)
Made available in DSpace on 2016-04-25T18:39:48Z (GMT). No. of bitstreams: 1
Joao Batista dos Santos Neto.pdf: 5372264 bytes, checksum: 5b73656abd38b37375064ac0954feec8 (MD5)
Previous issue date: 2012-07-03 / Many investment projects present as relevant characteristics: the uncertainty to
future earnings, the irreversibility of investment and the managerial flexibility, with
regard to the freedom with the decision making in the time. Studies show that these
characteristics are not treated by the traditional methods of planning and evaluation of
investment, and for to supplement the limitations of these methods, an alternative
that is gaining prominence is the Real Options Theory, whose application has been
studied with a focus on investments that require large amounts of capital, such as
mining, oil exploration and power generation. This alternative can also benefit
investment projects for micro and small companies, providing that are taken into
account their constraints, especially in relation to the amount of capital available. This
paper aims to propose a method for planning and evaluation of investment, with the
joint application of the Theory of Constraints - TOC - and of the Real Options Theory
- TOR - in the process of decision making for investment in small businesses the
trade sectors of products and services. The methodology consisted of an exploratory
research and development of a Single Case Study, which focused on the application
of the proposed method in financial planning before the opening of a business
focused on sales of products and services for pets. The case study validated the
hypothesis and attested the effectiveness of the proposed method, because beyond of
make possible a level of free cash flow near to the traditional methods, the proposed
method has made possible: the optimization of production capacity and financial
resources available; the identification of the lower risk option, and the maximizing of
the return on investment / incerteza quanto aos ganhos futuros, a irreversibilidade do investimento e a
flexibilidade gerencial, no que diz respeito à liberdade de decisão no tempo. Estudos
demonstram que estas características não são tratadas pelos métodos tradicionais
de planejamento e avaliação de investimento, e para suprir as limitações destes
métodos, uma alternativa que vem ganhando destaque é a Teoria de Opções Reais,
cuja aplicação vem sendo estudada com foco em investimentos que requerem
elevados montantes de capital, tais como: mineração, exploração de petróleo e
geração de energia. Esta alternativa também pode beneficiar os projetos de
investimentos de Micro e Pequenas Empresas, contanto que sejam levadas em
consideração as suas restrições, sobretudo, em relação ao montante de capital
disponível. Este trabalho tem por objetivo propor um método de planejamento e
avaliação de investimento, com a aplicação conjunta da Teoria das Restrições
TOC e da Teoria das Opções Reais TOR no processo de tomada de decisão
de investimento em empresas de pequeno porte dos setores de comércio e serviços.
A metodologia consiste numa pesquisa exploratória e no desenvolvimento de um
Estudo de Caso Único, que enfocou a aplicação do método proposto no
planejamento financeiro antes da abertura de um empreendimento voltado para a
comercialização de produtos e serviços destinados a animais de estimação. O
estudo de caso validou as hipóteses e atestou a eficácia do método proposto, pois
além de viabilizar um nível de Fluxo de Caixa Livre próximo ao dos métodos
tradicionais, o método proposto viabilizou ainda: a otimização do uso da capacidade
produtiva e dos recursos financeiros disponíveis; a identificação e a opção de menor
risco, e a maximização do retorno sobre o Investimento
|
144 |
Practical differences in business valuation using the market value, value in use and the value for price negotiations / Praktické rozdíly při ocenění podniku tržní hodnotou, value in use a pro cenové jednáníVlček, Michal January 2010 (has links)
This thesis aims to explain the basic characteristics of valuation method in practice use. The first chapter is about basic character of each method of valuation and factors which influence its applicability. The second chapter mentions estimation of market value/appraisal, includes affecting factors. Then, the third and fourth parts aim to comparing these appraisals (market. vs. price bargaining, subjective and objective, complex appraisal) and price formation for price bargaining in the Czech a EU market. Chain of model facets in appraisal is demonstrated by fair example in the fifth part. Mainly prefeasibility appraisal and bargaining based on the categories of value are followed. These entire complexes comparing of advantages and disadvantages of each category of value with a focus on valuation methods, in particular the consequences of their use are gone to conclusion of my thesis. At the very end of the thesis there are the main points of practical differences and their benefits to it and their contributions summarized.
|
145 |
Ein Verfahren zur Wertermittlung von bergbaubeeinflussten Immobilien unter Verwendung des DCF-Verfahrens und der Fuzzy-LogikRomańska-Sobol, Anna 17 May 2013 (has links) (PDF)
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.
|
146 |
Stanovení hodnoty podniku CRV Czech Republic, s.r.o. / Determining the value of CRV Czech Republic, LtdHanzalová, Mirka January 2017 (has links)
An aim of this diploma thesis is to determine the value of CRV Czech Republic, Ltd. The document will serve to help to improve management's awareness of a management of the enterprise they lead. The thesis is divided into two parts, namely theoretical and practical. The theoretical part explains a valuation process, including a definition of valuation methods. The practical part then presents results of parts of evaluations conducted by a strategic analysis and a financial analysis. Next follows the analysis and prognosis of the value generators and a compilation of a financial plan. Finally, the valuation is done using discounted cash flow methods, an economic added value and capitalized net returns. The valuation method also uses an equity method. At the end, synthesis of results is made and the final value of the company is stated to 31 August 2016.
|
147 |
Ocenění společnosti Povltavské mlékárny, a. s. / Valuation of the company Povltavské mlékárny, a.s.Čunková, Ludmila January 2009 (has links)
The main target of this thesis is to determine the value of the company Povltavské mlékárny, a.s. The thesis is divided into two parts, theoretical and practical. There is described the basic steps of the valuation process and some methods in the theoretical part. In the practical part there are used these methods to determine the value of the company. For the valuation a discounted free cash flow to the equity method in two stage model was used.
|
148 |
Stanovení hodnoty podniku / Business ValuationHromek, Jan January 2017 (has links)
This diploma thesis deals with assesing the value of a specific company and with theoretical aspects of such valuation. A construction company called MORAVOSTAV Brno, a. s. stavební společnost was chosen for the assessment. Based on the theoretical findings a strategic and financial analysis was conducted and the value of the company was established by valuation methods of discounted cash flow and economic value added.
|
149 |
Stanovení hodnoty podniku výnosovou metodou / Valuation of a Firm by Using Income Capitalization ApproachOulehla, Patrik January 2017 (has links)
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.
|
150 |
Stanovení hodnoty podniku výnosovou metodou / Business Valuation by Using Income Capitalization ApproachProcházka, Jan January 2017 (has links)
This master thesis deals with evaluation of the company TSS, spol. s r.o. (Ltd.) Třebechovice pod Orebem using earning based methods. The theoretical part contains theoretical foundations and procedures used for company evaluation. The practical part consists of strategic analysis, financial analysis, SWOT analysis, financial plan construction and final calculation of company value via DCF entity and EVA methods. The result of the thesis is the ekvity value of TSS company.
|
Page generated in 0.0306 seconds