The diploma thesis deals with a valuation of a company for a selling purpose by using the discounted cash flow method with an entity approach. Initially the theoretical basis gets defined. Afterwards the theoretical findings are applied in the practical part, which consists of a strategic and a financial analysis ending up in a financial plan. In the following the value of the company gets calculated and finally a range from a pessimistic to an optimistic company value results.

Diplom´s thesis deals with the valuation of the company Zeltr Agro a. s. The first part of the thesis are defined theoretical bases required for the valuation of the company. The practical part contains strategic analysis, financial analysis and financial plan. Subsequently the method of valuation is applied. In conclusion the value of the company is determined to 1.1.2013.

Master´s thesis deals with valuation of the KPS Metal a. s. company and uses income methods of business valuation. Thesis consists of two key parts. The first part describes aspects related to business valuation theoretically. In the second part all theoretic methods are applied to selected company by using strategic analysis, financial analysis and value drivers’ analysis and prognosis. According to all analysis, discounted cash flow method and economic value added method a company´s value is established to a date 1st January 2015.

This master’s thesis deals with determination of the value of G-mont, s.r.o. company by using income-based valuation methods. The theoretical part defines the basic concepts of valuation, such as business, value and its category, strategic and financial analysis and valuation methods. In the analytical part, the analyzed company is briefly presented and then are the mentioned theoretical knowledge applied to the selected company. It is the application of strategic analysis, financial analysis and analysis and prognosis of value generators and the compilation of the financial plan. Based on these analyzes, the value of G-mont, s.r.o. is determined using the discounted cash flow method and the economic added value method at 1. 1. 2015.

This diploma thesis is focused on determining the value of the J.P.N. Cars s.r.o. company by using income-based methods at 31. 12. 2015. The value of the company is determined using the Discounted Cash Flow and Economic Value Added method.

Un proyecto minero, independientemente de su escala productiva, busca que el desarrollo de sus actividades genere rentabilidad, la cual es influenciada por factores legales, técnicos, sociales, económicos, financieros y ambientales, que deben analizarse previamente para continuar con la actividad. Es así que, para la evaluación económica - financiera de un proyecto de pequeña minera, en proceso de formalización, es necesario conocer el contexto, condiciones en las que este se ejecuta, los riesgos inherentes a esta escala y con ello se plantean los parámetros acordes para obtener su rentabilidad. La presente investigación tiene como finalidad proponer una metodología estratégica, económica, financiera para la formalización y rentabilidad de proyectos auríferos desarrollado por pequeños productores mineros en proceso de formalización, tomando como caso de estudio un proyecto minero ubicado en la región de Pasco. Para la elaboración de la metodología como primer objetivo se diagnosticará el contexto macro y micro entorno en el que se desarrolla el proyecto aurífero San Marcelo, a través de las herramientas PESTEL, Cinco Fuerzas de Porter y FODA; en el segundo objetivo, se identificará los requisitos acreditables con los que cuenta el proyecto para obtener la formalización minera; y como tercer objetivo se propondrá los alcances o parámetros para la evaluación económica-financiera mediante los análisis productivos, de mercado e indicadores económicos (VAN y TIR), que conduzcan a conocer la rentabilidad y desarrollo sostenible del proyecto. / A mining project, independently of its productive scale, seeks that the development of its activities generates profitability, which is influenced by legal, technical, social, economic, financial and environmental factors, which must be analyzed previously to continue with the activity. Thus, for the economic and financial evaluation of a small mining project, in the process of formalization, it is necessary to know the context, the conditions in which it is executed, the risks inherent to this scale, and with this, the appropriate parameters for obtaining profitability. This research aims to propose a strategic, economic and financial methodology for the formalization and profitability of gold projects developed by small mining producers in the process of formalization, taking as a case study a mining project located in the Pasco region. For the elaboration of the methodology, as a first objective, the macro and micro context in which the San Marcelo gold project is developed will be diagnosed, through the tools PESTEL, Five Forces of Porter and SWOT; as a second objective, the credible requirements that the project has to obtain the mining formalization, will be identified; and in third place, the scopes or parameters for the economic-financial evaluation will be proposed through the productive, market and economic indicators analyses (NPV and IRR), that lead to know the profitability and sustainable development of the project. / Tesis

收益還原法，係學習不動產估價者所熟習的「三大估價方法」之一，以學術立場而言 ，因係直接從不動產價值之定義推導而來，深具理論基礎。並有具體之數學公式加以 支持說明，故學者推許其為較符合理論之方法。考諸國外文獻，探討收益還原法(In- come Approach)之著述論文汗牛充棟，據以建立之價格模型亦不勝枚舉。反觀國內， 卻始終將之束諸高閣，少有專論，亦不見實用，其因若何，頗值深究。 目前台灣社會正值轉型期，工商業發達，不動產之使用方式亦有改變，所有權垂直分 割之觀念逐漸形成，因此估價之標的亦隨之多樣化。市價比較法需有同質事例為前提 之要件，使其倍受考驗，且適用必有窮時，需謀求其他解決方法。此時，收益還原法 或許正可滿足此一趨勢的需要，據以評估不動產各項具經濟效益之權利價值。 本研究根據收益還原法之諸項課題，探討其基本結構與實質內容，並針對收益還原法 傳統理論之假設與現實環境背離的現象，藉現金流量折現模型(Discounted Cash Fl- ow Model) 之導入，加以說明、修正，並廓清以往觀念上之偏誤。 經研究發現，現金流量折現模型實即收益還原公式，惟其透過現金流量變動性的顯現 ，去除不必要之假設條件而更具現實性，並經由電腦之強大運算功能，克服了繁複之 計量難題。經由反向之推求，更可掌握不動產投資報酬水準等資訊，提供決策時之參 考依據。

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

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)

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