Por el presente trabajo pretende mostrar como objetivo principal, mostrar los resultados de la valorización económica realizado a la Empresa Minsur S.A. al cierre del período del año 2018. Para llegar a esa meta, se han analizado data histórica de la Empresa, información relacionada a ingresos, gastos e inversiones por un período de acuerdo a la vida útil de las minas, incluyendo supuestos utilizados en las metodologías de valorización con el propósito de sensibilizar los datos obtenidos. Como resultado final, se ha obtenido que el valor fundamental de la Empresa es de miles de USD $ 2,154,042 y el precio por acción es de S/. 1.584, los mismos que se han obtenido utilizando información tanto pública y de la propia Empresa, entre otras fuentes confiables de información, y por supuesto en el uso de herramientas financieras. Finalmente, el valor fundamental obtenido en el presente trabajo es de carácter conservador, debido a que no se está dentro de la misma, la valorización relacionada con nuevos proyectos mineros. Así mismo, en el desarrollo del presente trabajo hubo una ligera volatilidad en el precio de los commodities, con proyecciones basados en pronósticos que indicarían una turbulencia de los mismos en el futuro, de acuerdo a proyecciones del Banco Mundial publicadas en enero del año 2019. / For the present work it intends to show as its main objective, to show the results of the economic valuation made to the Minsur S.A. Company. at the end of the 2018 period. To reach this goal, historical data of the Company, information related to income, expenses and investments for a period according to the useful life of the mines have been analyzed, including assumptions used in the methodologies of recovery in order to sensitize the data obtained. As a final result, it has been obtained that the fundamental value of the Company is USD $ thousand 2,154,042 and the price per share is S /. 1,584, the same ones that have been obtained using both public information and that of the Company itself, among other reliable sources of information, and of course in the use of financial tools. Finally, the fundamental value obtained in this work is of a conservative nature, because it does not include the valuation related to new mining projects. Likewise, in the development of this work there was a slight volatility in the price of commodities, with projections based on forecasts that would indicate turbulence in the future, according to World Bank projections published in January 2019. / Trabajo de investigación

Software systems are today a part of more or less every organization. The varieties of software used in organizations are ranging from simple log-keeping applications to advanced decision support systems. The task of a priori valuation of software investments has attracted a lot of research for a long time. One of the main themes of this research has been which types of consequences software investments result in and how these consequences can be incorporated in the a priori valuation of the investment. Much of this research has stated the problem as how to incorporate intangible consequences in the valuation since intangible costs and benefits are assumed to represent a large part of the consequences from a software investment. These consequences are therefore highly relevant in the appraisal of software investments. This thesis is concerned with the question of how intangible consequences can be incorporated in the a priori valuation of a software investment. To answer this question, this thesis presents a theoretical model for the valuation of a software investment based upon a discounted cash flow model in continuous time. The general model argued for in this thesis is that usage results in consequences which must be translated into cash flows to be incorporated in a discounted cash flow model. The software usage is chosen as the underlying value creating function since it is the basic underlying function that creates all consequences specific to the software investment. This thesis develops a stochastic cash flow model to incorporate the uncertainty and characteristics of when the intangible conse quences have an effect on the cash flow by adopting a Brownian motion into the valuation model. To find an analytic model for the problem, the expectations of the future cash flows is transformed into risk-neutral expectations. This allows us to use the risk-free rate of return as a discount factor in the model.

Thesis (MBA)--Stellenbosch University, 2005. / ENGLISH ABSTRACT: The oil industry is under pressure to select refinery projects that will provide higher and more predictable returns. In the past Discounted Cash Flow (DCF) techniques have been used to choose between refinery project alternatives. One of the problems with DCF techniques is that they ignore management flexibility when evaluating projects that contain embedded options. Real Option Valuation (ROV) is an approach that takes management flexibility into account and places a value on this flexibility. ROV has been used extensively by the oil industry for the evaluation of oil and gas reserves. The aim of this study is to determine the extent to which the use of ROV will improve the decision making process when evaluating a refining project containing embedded options as well as to determine the most appropriate option valuation method for refining projects. This was done by evaluating a refining project using both a probabilistic DCF approach and the various option pricing models and comparing the results. It was concluded that ROV will improve the decision making process when evaluating refining projects containing embedded options. The most appropriate option pricing method for refining projects was found to be the simulation approach since simulation is already being used by refineries to perform probabilistic DCF analysis. It is not recommended that ROV should be blindly applied to all refining projects containing embedded options. The use of ROV should be limited to larger refining projects for which probabilistic cash flows have been developed and the extent of the ROV analysis required should be determined by a careful review of the net present value (NPV) cumulative probability curves. / AFRIKAANSE OPSOMMING: Die olie industrie is onder druk geplaas om projekte te kies met 'n hoër opbrengs op kapitaal en 'n opbrengs wat meer voorspelbaar is. In die verlede is slegs die Verdiskonteerde Kontant Vloei (VKV) metode gebruik om projekte te selekteer vir die raffinadery. Een van die onderliggende tekortkominge met die gebruik van die VKV metode is dat verskillende bestuursopsies in terme van alternatiewe met ingeboude opsies, nie voldoende ondersoek word nie. Reële Opsie Waardasie (ROW) is 'n metode wat bestuursopsies in ag neem deur 'n waarde te plaas op elke beskikbare bestuursopsie. ROW het wye toepassings in die olie industrie vir die evaluasie van gas en olie reserves. Die doel van hierdie studie is om te bepaal tot watter mate die gebruik van ROW die besluitnemingsproses sal verbeter in terme van die evaluasie van projekte met ingeboude opsies vir raffinaderye en watter opsiewaardasie metode die mees geskikte is vir sulke projekte. 'n Raffinadery projek is evalueer deur beide KV en verskeie opsie-prysbepalingsmetodes te gebruik en die resultate is vergelyk. Die resultate van die studie het bewys dat die ROW metode die besluitnemingsproses verbeter. Die studie het gewys dat die mees geskikte opsie-waardasie metode vir projekte in the raffinadery die simulasie benadering is omdat simulasie alreeds vir probalisties VKV ontleding gebruik word. 'n Verdere aanbeveling is dat die ROW metode nie blindelings gevolg moet word vir alle projekte met ingeboude opsies nie. Die gebruik van ROW moet beperk word tot groter projekte waarvoor probabilistiese kontantvloei alreeds ontwikkel is. Die mate van ROW ontleding moet bepaal word deur 'n noukeurige ondersoek te doen van die kumulatiewe netto huidige waarde-waarskynlikheidskurwe.

<p><strong>Abstract </strong></p><p><strong>Purpose </strong>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.</p><p><strong>Method </strong>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.      <strong></strong></p><p><strong> </strong></p><p><strong>Frame of References </strong>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.            <strong> </strong></p><p><strong> </strong></p><p><strong>Empirical Findings </strong>In this section the presentations of the respondents’ answers and</p><p><strong>and Analysis </strong>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.</p><p><strong>Conclusion </strong>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.</p><p> </p>

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. / 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]

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. / 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.

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] / 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]

The thesis deals with the assessing of investment opportunity in the field of renewable natural resources. Fundamental analysis is carried out on First Solar which is a company producing solar modules. Thus, the work is focused on the area of photovoltaics. To determine the company's value, the method of discounted cash flow is used. The overall situation of the company is analyzed by the implementation of global, industry and company analysis.

The aim of this diploma thesis is to estimate the market value of the company T-Mobile Czech Republic a.s., in order to sell the company to an unknown investor. The valuation is based on publicly known sources available to 01st December 2010. Thesis consits of two parts. In the theoretical part are defined common basics needed for valuation of the company. Second part covers all the steps resulting in final valuation.

The aim of this thesis is to estimate the market value of the company VETROPACK MORAVIA GLASS, a.s. on the date 31st March 2011 in order to eventual sale to an unknown buyer, using earnings valuation method. Within the frame of this valuation there is also presented the company and its history, realized the strategic analysis and the financial analysis and created the financial plan.