Made available in DSpace on 2016-04-25T18:39:43Z (GMT). No. of bitstreams: 1 Mauro Quirino.pdf: 614575 bytes, checksum: cbfc96f24a3aba3fd5f16a5a442847e4 (MD5) Previous issue date: 2011-10-31 / It is considered as the main accounting objective, since its origin, to provide the users of financial statements with information to support them to make decisions. In order to achieve this objective in an efficient way the fair value accounting has been considered as a measurement alternative of selective assets, such as biological. The main characteristics of such asset are the biological transformation which comprises the processes of growth, degeneration, production and procreation that cause qualitative or quantitative changes. Therefore, it is understandable that measurement models based on historical cost do not reflect the real asset value and also do not measure in an efficient way the management performance on his/her role of manage the asset and the fair value could close this gap. As the quoted market price in an active market for a biological asset is the most reliable basis for determining the fair value of that asset, this paper aims to analyze the aspects related to the existence of active market for forest assets. Although there are limitations due to the limited wide of this analyze, it is not possible to say for sure that such market does not exist, but there are strong indications, on this actual stage of economic sector, that there is not active market for timber in this country. As an alternative for the lack of reliable market-basis prices for the measurement of the forest value, a discounted cash flow model will be presented in details. The choice of discounted cash flows model, out of other alternatives, is based on the fact that the majority of the forestry companies are using this tool / É considerado como função fundamental da contabilidade, desde seus primórdios, prover os usuários dos demonstrativos financeiros com informações que os ajudarão a tomar decisões. Para que essa função seja cumprida de maneira mais eficaz, tem-se assumido que o valor justo é a melhor medida de valor para alguns ativos, entre eles, o ativo biológico. A característica fundamental desse ativo é o processo de transformação biológica que compreende o crescimento, degeneração, produção e procriação, causando mudanças qualitativas e quantitativas. Portanto, compreende-se que modelos de mensuração baseados no custo histórico não reflete o valor real do ativo e nem mede de forma eficiente a gestão desses ativos pelos administradores e que o valor justo supriria essa deficiência. Como o valor justo é determinado, preferencialmente, pelo preço do ativo em um mercado ativo, esse trabalho analisou os aspectos relacionados à existência de mercado ativo para o ativo biológico florestal e a disponibilidade da informação de preços nesse mercado. Embora existam limitações devido à abrangência da análise, não podendo considerar que essa é uma verdade absoluta, encontram-se fortes indícios de que, no atual estágio de desenvolvimento desse setor, ainda não existe disponível em nosso país mercado ativo de madeira em toras. Como alternativa para a falta de preço nesse mercado para mensuração de florestas, um modelo de fluxo de caixa descontado será apresentado de forma detalhada. A escolha do fluxo de caixa descontado, entre as demais alternativas, deve-se ao fato dessa ferramenta ser a mais utilizada pelas empresas que possuem ativos florestais

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.

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

Abstract Purpose The purpose of this study is to investigate the methods used for valuating private limited knowledge based companies and if a new approach is required, create or modify a foundation that will constitute as a base within the valuation process. Method This is a qualitative study using interviews to obtain primary data. People working in the valuation industry were contacted and we got eight respondents. The questions were designed to answer our purpose and research questions. Telephone interviews were chosen due to the fact that we believed the response would be higher.      Frame of References The theories used in this section is divided into three parts; the financial analysis including traditional valuating methods such as the Discounted Cash Flow model and relative valuating and multiples. The non-financial analysis focus on the underlying analysis consistent of structural- and intellectual capital and also value drivers that are creating value for the firm. In the end other theories concerning the analysis are presented, such as the risk-return trade-off, risk rating systems and analytical hierarchy process.             Empirical Findings In this section the presentations of the respondents’ answers and and Analysis a brief analysis related to each question. After this an extended analysis is presented focusing on the subject and our risk scheme and guidelines we created/modified. The extended analysis is connected to the respondents’ answers. The purpose of this section is to have a better understanding about the risk of transient intellectual capital and give recommendations how to handle it. Also, guidelines of how to weight different value driver are discussed. Conclusion We concluded that all valuations utilize more than one approach in order to estimate the most accurate value for the company. For knowledge based companies the biggest risk with a M&amp;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.

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

企業價值評估是企業管理和企業投資的熱門問題，半導體產業又是高科技發展的關鍵。所以本文就台灣半導體產業的兩個晶圓代工企業之價值評估問題進行對比討論，分別用實質選擇權與自由現金流折現模型來對台積電和聯電進行價值評估。分析中發現實質選擇權方法在評價中比較能充分考量到企業投資決策的彈性，卻對於企業在行業中的領先地位比較難把握；而自由現金流折現模型對於財務報表的數據十分敏感，關於增長率的估計比較難把握，從而使企業價值評估的波動性較大，所以可以綜合兩個方法來進行評價，則可以減少估計誤差。本文的後半部分主要是基於半導體的產業狀況，對台積電與聯電兩家晶圓代工企業的經營策略進行分析，得出科技企業的經營收益與對技術研發的投入呈正相關，也與管理層的理念與穩定性以及上下游產業鏈穩定性密切相關。 / Business Valuation is an important issue for business management or business investment. The semiconductor industry is also an important part for high-tech development. Therefore, this paper focuses on the valuation of two foundry companies in semiconductor industry in Taiwan. Respectively, this paper uses the real option and the discounted cash flow models to assess the values of TSMC and UMC. The analyses find that the real option approach can consider the flexibility of enterprise investment strategy better than the discounted cash flow approach, while it is difficult to grasp the leadership of the company in the industry. The data from the financial statements is too sensitive for the discounted cash flow approach, and the uncertainty about the growth of a company contributes the volatility of the business valuation; therefore, by considering both approaches can reduce the valuation errors. The other part of this paper is based on the semiconductor industry analysis. With the comparison of the corporate business strategies of TSMC and UMC, we find that the operating income of scientific and technological enterprises is positively correlated with business investment in R&D, meanwhile it is closely related to the concept and stability of the manager, as well as the stability of the upstream and downstream supply chain.

Ne tik pasaulyje, bet ir Lietuvoje vertinti verslą tampa vis aktualiau. Anksčiau vadovams paprasčiausiai pakakdavo intuicijos, nuovokos ir logikos, vykdant strateginius sprendimus. Šiuo metu tai tampa neįmanoma dėl įvairių priežasčių. Pagrindinis baigiamojo magistro analitinės – metodinės dalies tikslas – pateikti susistemintą verslo vertinimo teisinę bei metodinę informaciją, esančią Europos Sąjungoje bei Lietuvoje, papildomai aprašyti įmonių finansinę analizę bei įvertinti jos svarbą. Eksperimentinėje – tiriamojoje dalyje, remiantis pirmojo skyriaus metodika, išanalizuota specialiosios paskirties AB „Lietuvos geležinkeliai“ Keleivių vežimo direkcija, išnagrinėti jos veiklos vertinimo ypatumai. Analizuojama, kodėl ne visais atvejais galima įvertinti verslą. Darbą sudaro 5 dalys: įvadas, verslo vertinimo teisinė bei metodinė informacija, specialiosios paskirties AB „Lietuvos geležinkeliai“ Keleivių vežimo direkcijos veiklos vertinimo ypatumai, išvados, literatūros sąrašas. / Not only in whole world, but also in Lithuania business valuation is becoming more relevant. Earlier managers used to take important decisions using only their intuition, perception, and logic. Today this is almost impossible because of various reasons. The main purpose of the analytic-methodic part of this final master’s degree thesis is to represent structured methodical and juristic information existent in European Union and Lithuania; and additionally describe the financial analysis of the companies and valuate its importance. Using analytic-methodic part as a reference, in experimental-research part is analyzed passenger transportation directorate of “Lietuvos Geležinkeliai” SP JSC, as well as the peculiarities of its activity valuation and evaluation, and why it is not possible to valuate business in all cases. Thesis consists of 5 parts: preface, methodical and juristic information of business valuation, peculiarities of valuation the passenger transportation directorate of “Lietuvos Geležinkeliai” SP JSC, conclusion, and list of literature.

Magistro baigiamajame darbe išanalizuoti veiklą pradedančių įmonių vertės nustatymo ypatumai. Pirmojoje, konceptualiojoje, darbo dalyje teoriniu aspektu analizuojami įmonės vertinimo ypatumai. Pateikiama įmonės vertės samprata ir reikšmė, išskiriami įmonės vertę įtakojantys veiksniai, aptarti įmonės vertės vertinimo principai. Išnagrinėti, susisteminti ir palyginti įmonės vertės nustatymo metodai, apžvelgiami tokių metodų parinkimo ypatumai. Antrojoje darbo dalyje atskleista veiklą pradedančių įmonių vertės modeliavimo tyrimo metodika. Trečiojoje, empirinėje, darbo dalyje atliktas išsamus UAB „FlixAuto“ veiklos vertinimas remiantis mokumo (likvidumo), pelningumo bei veiklos efektyvumo ir turto apyvartumo rodiklių analize, atliktas įmonės bankroto prognozavimas. Remiantis diskontuotų pinigų srautų (DCF) metodu apskaičiuota UAB „FlixAuto“ vertė. Atliekama kiekybinio tyrimo analizė. Pateikiamos atskirų vertinimų išvados. Tyrimas baigiamas išvadomis ir pasiūlymais. / Master's thesis analyzed the value of start-ups setting features. The first, conceptual, theoretical part of the work outlined in the company's assessment features. Presented the concept of the company's value and importance of secreted factors influencing the value of the company, to discuss the company's value evaluation. To examine the structure and compare the company valuation methods, a review of such methods for selecting features. The second part of start-ups revealed the value of simulation methods. Third, empirical work in a detailed JSC „FlixAuto“ performance evaluation based on solvency (liquidity), profitability and operating efficiency and asset turnover ratio analysis performed bankruptcy prediction. Based on the discounted cash flow (DCF) method calculated JSC „FlixAuto“ value. Performed a quantitative analysis of the research. Given for individual findings. The study ends with conclusions and suggestions.

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

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