The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

A partir da década de 90, a abertura e liberalização de fluxos de capitais, somados à intensificação dos processos de fusões, aquisições e privatizações evidenciaram a necessidade de se saber qual é o valor de uma empresa e quais variáveis o afetam. Ao encontro a esta necessidade, este trabalho foi desenvolvido para investigar as variáveis consideradas como direcionadores de valor e, em específico macrodirecionadores de valor, e sua relação com o preço da ação. As implicações de se saber se um macrodirecionador de valor pode predizer e provocar alterações no preço da ação, são de ampla utilidade e importância tanto para investidores quanto para os gestores da empresa. Este trabalho objetivou saber se o desempenho dos macrodirecionadores de valor pode ser, e de que forma, preditor do desempenho do preço das ações das empresas de capital aberto mais líquidas da Bolsa de Valores de São Paulo, durante o período de 1994 a 2005. Além disso, buscou entender também, se uma variação em um macrodirecionador pode provocar e explicar uma variação no preço da ação. Para a realização da pesquisa utilizou como modelo estatístico a Causalidade de Granger e a Auto-Regressão Vetorial. Os resultados foram poucos significativos ou revelaram relações pouco consistentes para a maioria das empresas da amostra. Contudo, os resultados também revelaram a possibilidade de determinados macrodirecionadores de valor poderem ser preditores do preço da ação, para um número restrito de empresas da amostra. Esta possibilidade de relação foi apontada para os macrodirecionadores de valor: taxa de crescimento em vendas na Embraer e Usiminas; margem de lucro operacional na Embraer, Eletrobrás e Companhia Siderúrgica Nacional; e taxa de investimento adicional na Eletrobrás. / Since the decade of 90, liberalization of capitals markets, added to the processes of merger and acquisitions had evidenced the need to know which is the right value of a company and which drives it. This paper was developed to investigate the considered value drivers of a stock. This paper intended to understand the relation between value drivers and stock prices. The benefits of this knowledge may help managers and investor in they decisions. The paper focus was investigated if a change in value drivers can predict and motive a stock price change. This work objective knowing if the performance of value drivers can be predictor of stock price performance, to Brazilians enterprises, between 94 to 2005. Moreover, it searched to also understand, if a variation in a value drives can motive and explain a variation in the stock price. To accomplishment the research it used two statistical model: Granger Cause and Auto-Regression Vector (VAR). The results had few significant ones or had little disclosed consistent relations for the majority of the sample companies. However, the results had also disclosed the possibility of definitive value drivers being able to predict and motive stock prices. This possibility relation was pointed for some value drivers: revenue growth in Embraer and Usiminas; earnings before interest and tax in the Embraer, Eletrobrás and Companhia Siderúrgica Nacional; and tax of additional investment in the Eletrobrás.

This thesis concerns valuation of Pegas Nonwovens SA. The valuation was carried out using DFC entity method and market comparable approach. The valuation also contains financial analysis of the company, market analysis and projected financial statements and value drivers.

The aim of this master thesis is to give a valuation of F. X. MEILLER Slaný, s.r.o., which specialises in the car industry. Valuation is provided by the method of discounted free cash flow. The thesis is divided into two parts. The first part is focused on theoretical information. Based on the theoretical part, a practical part follows. Firstly, the valuated company is described. Followed by a strategic analysis, financial analysis and value drivers. According to these analysis and facts, a financial plan is created for the next few years and a final business valuation of the company too.

The goal of my thesis is to evaluate a spedition and logistics company called Rhenus Freight Logistics s.r.o. The valuation date is 30.11.2012. For this purpose a DCF method will be used. The DCF valuation approach is based upon the theory that the value of a business is the sum of its expected future free cash flows, discounted at an appropriate rate to present value. The thesis is structured into two parts. The theoretical part describes the method itself, while in the practical part the method is applied. The application includes strategic analysis, financial analysis, prognosis of value drivers, financial plan and final valuation.

The importance of environmental analysis in the strategic management process and the effects of economic value drivers on firm or industry performance have been discussed conceptually and empirically by researchers in corporate failure, and in the areas of finance, accounting, strategic management, and the hospitality industry in the past. The belief is that the more systematic and frequent the scanning performed by managers the higher the chances of improving the firm's or industry's performance. The present study is an attempt to identify economic value drivers that impact the casual theme sector of the restaurant industry and to ascertain the degree of the impact during the period 1994-2003. The statistical analysis was based on time series data, using Cross Correlation, Granger Causality, and Multivariate Regression. An exhaustive range of economic value drivers within ten categories were tested: commodity market; foreign currency market; labor market; inflation; stock market; national income and output; interest rate; government revenue, spending, debt, and taxes; money supply; and consumer spending. The unit of analysis was done at the industry level, and an index of operational cash flows of the casual theme sector of the restaurant industry was developed. Economic value drivers within the categories of commodity markets, labor markets, inflation, stock market, national input/output, government revenue/spending/debt/taxes, money markets, and consumer spending indicated co-movements with and causality to the index of operational cash flows per unit in the casual theme restaurant industry. A high variance in the operational cash flows in the casual theme restaurant industry was explained by a set of economic value drivers within commodity markets, inflation, and labor markets. In broad, practical terms, the study intends to support the importance of assessing the economic environment for better performance of the restaurant industry and to provide food service managers with a conceptual model to understand the unanticipated effects on the performance of existing or new strategies. In real terms, the model and set of economic value drivers in the model would help them decide what kinds of action or investment in a firm or industry's weakness should be taken to buffer future operational risks against value drivers within economic environment. / Master of Science

The literature indicates that private equity backed companies generate attractive returns on capital fortheir investors. These insights are intriguing and raise the question of what private equity firms do toachieve such performance as the majority owners of these companies. Through a qualitative multiple casestudy conducted through interviews with significant actors of two Swedish private equity firms, we ask;how can Swedish private equity firms conducting buyouts improve the operating performance for theirportfolio holdings through active ownership? By investigating chosen private equity actors we recognizedifferent value driving functions that align with the theoretical framing of the phenomenon. The findings ofthis paper highlight that the concepts’ structure, networking, and capital management can be used tocaptivate the active ownership role in driving portfolio company performance.

<p><strong>Title:</strong> Volvo Trucks' Customer Value Proposition</p><p><strong>Authors:</strong> Ekaterina Storubleva, Gregor Milosch, Christian Neumann</p><p><strong>Tutor:</strong> Erik Hunter</p><p><strong>Date:</strong> May 2009</p><p><strong>Keywords:</strong></p><p><strong></strong>Volvo Truck Corporation, truck industry, customer value, value drivers, retail strategy, communication, relationship marketing</p><p><strong>Purpose:</strong></p><p><strong></strong>The purpose of this thesis is to evaluate the general composition of Volvo Trucks' customer value proposition in Europe and to examine possible ways of enhancing it using Volvo's retailing strategy as a tool.</p><p><strong>Background:</strong></p><p><strong></strong>The concept of customer value gains more and more importance in modern companies. Firms have to truly understand what their customers expect in order to provide the right products for them.Truck manufacturing is a very cyclical industry, which is why in times of crisis, when trade volumes go down, they need to excel even more in order to maintain good business relations with their customers. Volvo Trucks, one of the world's leading truck producers, has adopted a special retailing strategy, in which it owns strategically important dealerships, in order to improve customer understanding and consequently customer value. This paper discusses in how far they succeed at this.</p><p><strong>Method:</strong></p><p><strong></strong>The authors followed a triangular approach, combining quantitative and qualitative research. The quantitative part was covered by a communication chain study and a value driver study, both developed by the authors. In the qualitative part, each participant answered ten open questions, which were then used for internal consistency checks and contributed additional thoughts.</p><p><strong>Conclusion:</strong></p><p><strong></strong>The Volvo Truck Corporation (VTC), by adapting its retail strategy, realized the importance of establishing long-term customer relationships and generating adequate intelligence about customer needs. The company not only incorporated influential elements of relationship marketing but also strives for sustainable improvements in customer-perceived value. However, some conflicts between the stakeholder groups involved have been discovered. The corporation's core values were found to be in line with customer preferences.</p><p>In essence, it is crucial for Volvo Trucks to implement the ideas of relationship marketing, establish superior communication channels, and to promote a common understanding of customer value.</p>

A dinâmica do mercado e a competitividade têm levado as organizações a se adaptarem de forma cada vez mais rápida às exigências de fornecedores, clientes e acionistas. Sendo assim, uma etapa importante de preparação organizacional para este novo mercado tão exigente é a construção do orçamento empresarial. A montagem orçamentária busca em seus resultados a obtenção do lucro corporativo, porém as novas estratégias organizacionais discutem que as empresas não visam apenas ao lucro, mas também à geração de valor organizacional. Esta metodologia é conhecida como EVA® e propõe cobrir os gastos com as atividades empresariais, bem como obter uma remuneração maior que a expectativa de mercado aos acionistas e financiadores da empresa. Entende-se, então, que pode existir uma lacuna, que pressupõe que a construção do orçamento empresarial leve em conta a geração de valor organizacional. Para isso, este trabalho propõe, como objetivo geral, mudar a abordagem de orçamento com enfoque em lucro para a visão de geração de valor da empresa. Para este estudo, foi realizado um levantamento bibliográfico sobre a estrutura do orçamento empresarial, bem como sobre as metodologias existentes sobre o assunto, e também uma revisão sobre geração de valor e seus indicadores de resultados. O método de estudo é uma pesquisa aplicada, qualitativa e quantitativa, pois busca compreender de forma qualitativa o estudo levantado, bem como, por meio de números ou dados numéricos, a comprovação do estudo quantitativamente. É também uma pesquisa exploratória, pela necessidade de complementar os dados não disponíveis na literatura, e bibliográfica, pois tem como base estudos já publicados, como teses, dissertações e livros. Com o resultado da pesquisa, identificou-se que as empresas que utilizam o modelo tradicional de orçamento podem conseguir resultados diferentes daqueles obtidos com o modelo baseado na geração de valor. Dessa forma, elaborar uma proposta de metodologia na construção do orçamento com base na geração de valor pode nortear as organizações na busca por resultados voltados para a sustentabilidade financeira corporativa. Além disso, este trabalho visa contribuir para o debate sobre aperfeiçoamento do orçamento empresarial. / Market dynamics and competitiveness have led organizations to adapt in an ever faster way to the demands of suppliers, customers and shareholders. Thus an important step of organizational preparation, for this new rigorous market, is to build the business budget. The budget elaborations seeks to obtain corporate profit, but the new organizational strategies that companies have today state that profit is not the most important part, but the generation of organizational value. This methodology is known as EVA ®, and proposes to cover spending on administrative activities as well as getting a higher return than those expected by shareholders and lenders of the company. It is understood then that there may be a gap, where the budget construction takes into account the generation of organizational value. Considering this possibility this study suggests as main goal, to change the budget approach focusing on profit for the approach in focusing in the company\'s value generation. This study was based on a broad literature about the structures of the enterprise budget, as well as existing methodologies on the subject, and also a review of value generation and its performance indicators. The study method is an applied research, qualitative and quantitative, for it seeks to understand the qualitative information raised, and by means of numbers or numerical data to prove the study quantitatively. It is also an exploratory research since it is necessary to complement the data which is not available in the literature, and bibliography, since it is based on published studies, such as theses, dissertations and books. The result of the research identified that companies using the traditional budget can get different results obtained with the model based on value generation. Thus, the proposed methodology of building the budget based on value creation can guide organizations in the pursuit of results-oriented corporate financial sustainability. Moreover, this work has as objective to contribute to the discussion of improving the business budget.

Considerando a relevância das cooperativas agropecuárias no agronegócio e, consequentemente, na economia brasileira e a importância dessas organizações aos produtores rurais, propõe-se, com base na abordagem da Gestão baseada em valor (VBM), identificar os direcionadores de valor mais adequados para as cooperativas agropecuárias brasileiras, além de mensurar a criação de valor econômico dessas organizações e formas de maximizá-la. Assim, motivado pela literatura de VBM e pelos poucos estudos empíricos sobre direcionadores de valor em cooperativas, o presente estudo defende a TESE de que a Gestão baseada em valor pode ser aplicada às organizações econômicas sem finalidade lucrativa, especificamente, as cooperativas agropecuárias, visando adequada mensuração da criação de valor econômico e de seus direcionadores de valor. Para tanto, utilizou-se a variável criação de valor econômico (EVA®) como proxy para valor econômico das cooperativas agropecuárias, sendo estimado Ke com base no CAPM, utilizando beta a partir da abordagem dos fundamentos. Foram propostos 19 potenciais direcionadores de valor limitados a análise das estratégias financeiras, os quais foram agrupados nas categorias de decisão operacional, de financiamento e de investimentos da gestão, além do tamanho das cooperativas. Para tanto, foram aplicadas as técnicas análise fatorial e regressão de dados em painel em uma amostra composta pelas cooperativas agropecuárias singulares dos estados do Paraná e do Rio Grande do Sul, durante o período de 2008 a 2016, totalizando 739 observações. Os resultados evidenciaram que todos os fatores extraídos (Financimaneto, Tamanho, Retorno, Giro e Investimento) dos 19 potenciais direcionadores de valor possuem relação estatisticamente significante a 10% com a criação de valor econômico das cooperativas agropecuárias. Quando da análise da relação entre os 19 potenciais direcionadores de valor e a criação de valor das cooperativas agropecuárias, os resultados evidenciaram as variáveis margem líquida (ML) , giro do ativo (G_AT), rotatividade do estoque (G_EST) e custo médio ponderado de capital (WACC) como os principais direcionadores de valor, sendo a ML e o WACC os de maior influência sobre a geração de valor econômico das cooperativas. Adicionalmente, as variáveis endividamento de longo prazo (END_LP), investimentos em ativos fixos (IMOB), receita (REC) e poder aquisitivo básico (PAB) foram identificadas como direcionadores de valor somente para as cooperativas criadoras de valor e as variáveis crescimento de vendas (CV) e alavancagem financeira (AF) foram identificadas como direcionadores de valor para as cooperativas destruidoras de valor. Esses resultados são importantes para que gestores e associados possam gerir a cooperativa voltando seus esforços e decisões para a maximização da criação de valor e/ou minimização da destruição de valor ao produtor rural associado. Além disso, os resultados contribuem para a análise de avaliação de desempenho econômico-financeira e, ainda, os direcionadores podem ser utilizados no processo de definição do retorno (remuneração e incentivos) aos gestores, alinhando os interesses desses aos interesses dos associados (proprietários), direcionando os esforços dos gestores à criação de valor aos associados. / Agricultural cooperatives are relevant to their members and to economy in Brazil. This research, based on Value-based Management (VBM) approach, identifies the most appropriate value drivers for Brazilian agricultural cooperatives and measures economic value of these organizations and how it could be maximized. This research was motivated by the literature on VBM and the lack of empirical studies about value drivers in cooperatives, so, the present study defends the thesis of VBM could be applied to non-profit economic organizations, specifically, agricultural cooperatives, as a wat to measure adequately economic value and their value drivers. For this purpose, the economic value added (EVA®) was used as a proxy for economic value of agricultural cooperatives. CAPM was used to determine the cost of equity capital, based on beta from fundamentalist approach. This research defined 19 variables as potential value drivers of financial strategies into categories, as operational, financing and investment decisions, and, lastly, the cooperative\'s size. The research methods were factorial analysis and panel data regression. Final sample was composed by singular agricultural cooperatives of Paraná and Rio Grande do Sul, during 2008 to 2016, totalizing a final sample of 739 observations. The results showed that all the factors extracted (Financial, Size, Return, Turn and Investment) of the 19 potential value drivers are statistically significant at 10% with the economic value of the agricultural cooperatives. When analyzing the relationship between the 19 potential value drivers and the economic value added. When analyzing the relation between the 19 potential value drivers and the value of agricultural cooperatives, the results show net profit margin (ML), asset turnover (G_AT), inventory turnover (G_EST) and weighted average cost of capital (WACC) as the key value drivers. It should be noted that ML and WACC have greater influence on the value of cooperatives. In addition, the variables long-term debt (END_LP), Fixed assets turnover (IMOB), revenue (REC) and basic earning power (PAB) were identified as value drivers only for cooperatives that created value in the period, instead of sales growth (CV) and financial leverage (AF) variables were identified as value drivers only for cooperatives that destroyed value in the period. These results are important for managers and members to manage the cooperative, so they can focus their efforts and decisions to maximize member\'s value added and/or minimize member\'s destruction of value. These results also contribute to the analysis of the economic and financial performance of cooperatives and could be used in the process of defining the return (remuneration and incentives) to the managers, aligning their interests with the interests of the members (owners), as a way to orientate managers\' efforts to create value for members.