[pt] O presente estudo ilustra os principais métodos usados no mercado e na academia para valorar uma empresa familiar de capital fechado. A Avaliação pelo Método Contábil, o Fluxo de Caixa Descontado e a Avaliação por Múltiplos são os métodos mais utilizados e serão abordados passo a passo em um estudo de caso para se identificar qual deles melhor se adequa à realidade da empresa alvo com o intuito de se obter um valor econômico financeiro justo. A empresa alvo ficará em sigilo por uma questão de estratégia, possibilitando assim, um possível venda total ou parcial. / [en] This study presents the main valuation methods often used in the market and in the research fields for small family companies. Accounting Valuation, Discounted Cash Flow and Multiples Method are the most used methods and they will be explained step by step in a study case tthat will point out which one is the most suitable one for the company. The company will remain confidential as a way of assuring its strategies and a future sale.

This diploma thesis deals with the comparing prices of external work on an estate in detached house as a whole functional complex set by cost method to prices of simplified method situated in a village with no more than 1000 inhabitants. The theoretical part is concerned with explanation of basic terms commonly used in evaluation real estate such as a detached house or external work. This part also describes methods and technique used during the valuation. The practical part of my diploma thesis is focused on the valuation of the external work what make accessories of a detached house, by the cost and simplified method and their subsequent comparison.

Master´s thesis addresses the issue of valuation of residental houses in the insurance field. The aim is not only to describe how the houses are valued for insurance purposes, but also highlight the potential risks of insurance. The first section contains general issues of property valuation, basic concepts and most frequently used method. Further follow-up of the work is already fully focused on valuation methods in the insurance field, the description of most used method and other selected methods. The practical part contains the valuation of selected house by cost way method, through the itemized budget and according to unit prices. After the valuation is dealt accuracy and elaborateness of selected methods and assessed the risks that may result in property price misused to influence.

In the current context of globalisation and development of international investment market along with increasing influence of European Union legislation and activities of professional organisations, there is an urgent need for standardisation and harmonisation of not only valuation procedures but also individual terms, definitions, approaches, methods and requirements for the qualification of valuers. This takes on special importance particularly in the field of real property valuation and market value („the usual price“ according to Czech law) assessment. At present there are three large international organisations contributing significantly to the development of this process through the development of their standards. The main objective of this thesis is standardisation and harmonisation of expert valuation procedure in establishing real property market value (the usual price), particularly in view of international valuation standards, namely IVS, EVS and the Red Book. To achieve this main goal it was necessary to clarify at first several related issues, as proper understanding of the background and context in particular is always an indispensable basis for successful harmonization process. The result of this work is thus both the design of a standard and harmonised procedure carried out by a qualified valuer in establishing the market value (the usual price), and the clarification of related issues, terms, definitions, methods and valuation approaches used in the Czech Republic and abroad, as well as the requirements imposed on the resulting report, etc.. The knowledge and information from this work will thus contribute to the development of the field of forensic engineering both in terms of theory, practice and teaching.

The thesis is focused on determining the value of the ABC, s.r.o. company by using income-based methods at 1.3.2015. The first part is dedicated to theoretical basis. The second part deals with the analysis of the current state of the company, which includes strategic and financial analysis, formulating of financial plan and established valuation of the company. At the close of this thesis are summarized the results and there are suggested recommendations for future decisions of management, too.

En värdering är en uppskattning av olika förväntningar om framtida nyttor där framtiden är mer eller mindre oförutsägbar, men en sådan process är inte fri från osäkerhet. Osäkerheten ärett universellt faktum som kommer alltid att finnas med vid värdering av kommersiella fastigheter utan hänsyn till vilka värderingsmetoder värderarna tillämpar. Därför måste den hanteras väl och rapporteras på ett tydligt sätt till uppdragsgivaren för att minska graden av osäkerheten och öka värderingens trovärdighet. Med anledning av att det alltid finns en viss grad av osäkerhet vid värderingsprocessen är syftet med denna rapport att undersöka hur olika auktoriserade fastighetsvärderare hanterar osäkerheten vid värdering av kontors- och butiksfastigheter i både Stockholm och Göteborg.Detta genom att ta reda på vilka värderingsmetoder värderarna använder sig av och hur de tillämpas i verkligheten. Rapporten undersöker också̊ vilka faktorer som kan orsaka osäkerheten vid tillämpning av de olika metoderna och hur dessa hanteras av fastighetsvärderarna under olika konjunktursvängningar som till exempel under Corona-pandemin. Studien bygger på en kvalitativ metod i form av en semistrukturerad intervju för att kunna erhålla det empiriska materialet till rapporten och koppla teorin till praktiken. Intervjuerna genomfördes med fem erfarna auktoriserade fastighetsvärderare som värderar ständigt i Stockholm och Göteborg samt två fastighetsbolag som verkar i hela Sverige med kommersiella fastigheter och andra fastighetssegment. Resultaten har visat att det finns olika faktorer som orsakar osäkerhet vid tillämpning av olika värderingsmetoder. Studien har även visat att värderarna använder sig av olika sätt för att minska graden av osäkerheten samt att hanteringen av osäkerheten skiljer sig delvis mellan teorin och praktiken. / A valuation is an estimate of various expectations of future benefits where the future is more or less unpredictable, but such a process is not free from uncertainty. Uncertainty is a universal fact that will always be included in the valuation of commercial real estate regardless of the valuation methods used by the valuers. For that reason, it must be handled well and reported clearly to the client to reduce the degree of uncertainty and increase the credibility of the valuation. Given that there is always a certain degree of uncertainty in the valuation process, the purpose of this report is to investigate how various authorized property valuers handle the uncertaintyin valuing office and retail properties in both Stockholm and Gothenburg. This is by finding out which valuation methods the values use and how they are applied in reality. The report also examines which factors can cause uncertainty in the application of the various methods and how these are handled by the property valuers during different business cycles, like the Corona pandemic. The study is based on a qualitative method in the form of a semi-structured interview to obtain the empirical material for the report and link the theory to the practice. The interviews were conducted with five experienced authorized property valuers who constantly evaluate in Stockholm and Gothenburg and with two real estate companies operating throughout Sweden with commercial real estate and other property segments. The results have shown various factors cause uncertainty when applying different valuation methods. The study has also shown the valuers use different ways to reduce the degree of uncertainty and that the handling of the uncertainty differs partly between theory and practice.

Sedan finanskrisen 2008 har reglerna kring bankers kapital och likviditetshantering stramats åt i nya reformpaketet Basel Ⅲ vars implementering fortgår. I dagsläget styrs bankernas kreditgivning av det internationella regelverket samt Finansinspektionens bolånetak på 85 procent av fastighetens marknadsvärde. För att ta fram ett marknadsvärde gör huvudsakligen en auktoriserad värderare en värdering eller fastighetsmäklare en prissättning av fastigheten, vanligen i och med fastighetstransaktioner. När banken ska ta fram ett marknadsvärde som underlag för utlåning tillämpas primärt en statistisk värdering eller kompletteras med externa värderingar utförda av ovan nämnda aktörer. Uppsatsen syftade till att undersöka hur värdering skiljde sig åt mellan dessa tre aktörer samt att utröna om värderingen kunde skilja sig åt i olika scenarier men hänsyn till bankens utlåning. Arbetet avgränsades till fastigheter i form av småhus. Metoden som användes för att utreda detta var av kvalitativ karaktär med semistrukturerade intervjuer. Studien innehar åtta intervjuer med respondenter från respektive aktör.  Studien resulterade i att aktörernas värdering märkbart skiljer sig åt. Framför allt skiljde sig banken från de andra aktörerna med avsaknaden av platsbesök i samband med den statistiska värderingen. Det gick dessutom att skilja mäklarna från värderarna med tanke på att deras primära verksamhet är bunden till försäljning och kan således påverka värderingen. Värdering beroende på scenario skiljde sig åt för mäklarna medan värderarna alltid värderar lika. Bankerna gjorde inte heller någon skillnad på värdering beroende på scenario men det framgick att de i mycket större utsträckning tar in en mäklares värdeutlåtande än en auktoriserad värderares i samband med utlåning. / Since the 2008 financial crisis occurred the rules regarding the capital and liquidity management for banks has become stricter in the new reform package Basel Ⅲ which is still being implemented. Today’s lending is guided by the international regulations and the 85 percent limit of the propertys market value regarding housing mortgages set by the Swedish authority Finansinspektionen. To set a market value, a valuation of the property is performed mainly by an accredited real estate valuer or a real estate agent most commonly in situations regarding real estate transactions. When the bank is setting a market value as grounds for lending, a statistical valuation is primarily used. Otherwise, an external valuation by the two actors on the market mentioned above is used as a complement to their own.  The purpose of this thesis was therefore to examine how property valuation differs between these three actors and also to investigate if valuation may differ within various scenarios considering loans from the bank. The thesis is delimited to only investigate detached houses. To examine this a qualitative method with semi-structured interviews was used. The study involves eight interviews with respondents each from one of the three categories of actors. The study showed that the actors' valuation noticeably differed. The main difference lies between the bank and the two other actors and refers to the absence of a visit to the property along with the statistical valuation. However, there was also a noticeable difference between real estate agents and accredited real estate valuers. Since real estate agents aim is to sell the property their valuation may be biased. Valuation on account of scenario differed for the real estate agents while the valuation of the accredited real estate valuers did not depend on scenario. There was also no difference in valuation between scenarios at the bank, but they are rather using value statements from real estate agents than accredited real estate valuers concerning lending.

Call number: LD2668 .T4 1984 H92 / Master of Science

The Aviation Industry in South Africa is considered to be a budding industry with an expected growth rate of 14% for each of the next three years. Considering that, plenty investment and expansion possibilities are probably available in this industry. Nonetheless, given the current economic situation, challenges may exist that necessitates the development of a decision framework. The aim of this framework should thus be to assist with informed decision-making; whether to invest in, or utilize opportunities that may occur within a given prospective “high” growth situation. In the light of all of this, a specific aviation entity desires to exploit possible business opportunities that may occur. Provided the relative high growth situation in the Aviation Industry, as mentioned above, the entity has a specific need for a decision tool which could determine whether to invest in new projects or not. In order to meet this need, a decision framework has been developed during this study. Considering the emphasis currently placed on wealth creation in the business environment, it is considered appropriate to utilize the value-based management approach in this study, with specific reference to capital budgeting techniques in developing a decision framework. Data for the study has been obtained from the participating aviation entity, who was considering investment in a specific project, given the previously referred to prospective high growth situation in the Aviation Industry. The decision framework or model was developed using Microsoft Excel as the development platform. Based on the input data, as received from the aviation entity, the results from the decision model indicated that the considered project was indeed financially viable. / MBA, North-West University, Potchefstroom Campus, 2015

The Aviation Industry in South Africa is considered to be a budding industry with an expected growth rate of 14% for each of the next three years. Considering that, plenty investment and expansion possibilities are probably available in this industry. Nonetheless, given the current economic situation, challenges may exist that necessitates the development of a decision framework. The aim of this framework should thus be to assist with informed decision-making; whether to invest in, or utilize opportunities that may occur within a given prospective “high” growth situation. In the light of all of this, a specific aviation entity desires to exploit possible business opportunities that may occur. Provided the relative high growth situation in the Aviation Industry, as mentioned above, the entity has a specific need for a decision tool which could determine whether to invest in new projects or not. In order to meet this need, a decision framework has been developed during this study. Considering the emphasis currently placed on wealth creation in the business environment, it is considered appropriate to utilize the value-based management approach in this study, with specific reference to capital budgeting techniques in developing a decision framework. Data for the study has been obtained from the participating aviation entity, who was considering investment in a specific project, given the previously referred to prospective high growth situation in the Aviation Industry. The decision framework or model was developed using Microsoft Excel as the development platform. Based on the input data, as received from the aviation entity, the results from the decision model indicated that the considered project was indeed financially viable. / MBA, North-West University, Potchefstroom Campus, 2015