As informações evidenciadas pelas empresas que exploram e produzem óleo e gás são objetos de consideráveis controvérsias. O centro dessa controvérsia está nas deficiências do modelo do custo histórico em fornecer informações adequadas para os usuários das demonstrações contábeis. O mais importante evento para as empresas que exploram e produzem petróleo é a descoberta de reservas de óleo e gás, e não os lucros e as receitas derivadas das vendas do óleo e do gás. O modelo do custo histórico, entretanto, não consegue mensurar e evidenciar adequadamente as reservas provadas de óleo e gás até que essas reservas sejam desenvolvidas, produzidas e vendidas. Outro problema relacionado ao modelo do custo histórico para as empresas do setor petrolífero, é de que os custos incorridos para se descobrir reservas de óleo e gás possui pouca, se é que há alguma, relação com o valor das reservas provadas. Como resultado dessas deficiências do modelo do custo histórico, e como uma tentativa de \"adaptar\" os resultados, duas formas de capitalizar os custos da atividade de exploração e produção de óleo e gás são utilizadas e aceitas, o método da Capitalização Total e o método da Capitalização pelos Esforços Bem Sucedidos. A avaliação das reservas provadas de óleo e gás das empresas, assim como as decisões de investimentos, são afetadas pela incerteza econômica, pela incerteza técnica, assim como pelas flexibilidades gerenciais embutidas na exploração e produção de óleo e gás. A técnica do Valor Presente Líquido não possui atributos para capturar essas flexibilidades, pois não considera a opção de, por exemplo, adiar o desenvolvimento de uma reserva para o momento em que o preço do barril de petróleo se mostrar conveniente para os planos da empresa. Este estudo tem por objetivo explorar e aplicar as diferentes formas de avaliação de reservas petrolíferas: a) contábil; b) fluxo de caixa futuro (Hotelling); c) fluxo de caixa descontado padronizado; d) margem direta; e) fluxo de caixa descontado; e f) opções reais, a fim de descobrir qual delas apresenta-se como a melhor forma para capturar o valor justo do principal ativo das empresas que exploram e produzem petróleo - as reservas provadas de óleo e gás. Na comparação das técnicas de avaliação, a avaliação pela teoria de precificação de opções se mostrou como a melhor forma de se avaliar as reservas provadas das empresas analisadas, seguida pelas avaliações do fluxo de caixa descontado e pelo princípio de avaliação Hotelling. / The information disclosed by oil and gas companies is a source of great controversy. The main issue is the deficiency of the historical cost model to supply adequate information for financial statement users. The most important event for oil exploration and production companies is the discovery of oil and gas reserves, and not the profits and revenues deriving from oil and gas sales. However, the historical cost model does not manage to adequately measure and disclose the oil and gas reserves until they are actually developed, produced and sold. Another problem in the historical cost model for petroleum companies is that there is hardly any or no relation between the costs incurred to discover oil and gas reserves and the value of the proved reserves. As a result of these deficiencies in the historical cost model, and in an attempt to \"adapt\" the results, two ways of capitalizing the costs of oil and gas exploration and production activities are used and accepted, the Full Cost method and the Successful Efforts method. The evaluation of the companies\' proved oil and gas reserves as well as the investment decisions are affected by economic uncertainty, technical uncertainty and by the management flexibilities inserted in oil and gas exploration and production. The Net Present Value technique does not have the attributes to capture these flexibilities, since it does not consider the possibility of delaying the development of a reserve to a moment at which oil prices are convenient for company plans for example. This study aims to explore and apply different forms of evaluating oil reserves: a) accounting; b) future cash flow (Hotelling); c) standardized measure of discounted cash flow; d) direct margin; e) discounted cash flow; and f) real options, with a view to discovering which of these comes out as the best way to obtain the fair value of oil exploration and production companies\' main asset - their proved oil and gas reserves. In the comparison among different techniques, evaluation according to option pricing theory revealed to be the best way to evaluate the proved reserves of the analyzed companies, followed by the discounted cash flow evaluation and by Hotelling\'s evaluation model.

The aim of the diploma thesis is to estimate the market value of the Czech wine production company Znovín Znojmo, a.s. as at 1. 1. 2011. The thesis comprises financial analysis, strategic analysis, value generators analysis and forecast, financial plan and the final valuation based on discounted cash flow method (DCF), supported by market approach method (industry multiples method). The final part of the thesis includes a discussion about the results of the used methods.

As informações evidenciadas pelas empresas que exploram e produzem óleo e gás são objetos de consideráveis controvérsias. O centro dessa controvérsia está nas deficiências do modelo do custo histórico em fornecer informações adequadas para os usuários das demonstrações contábeis. O mais importante evento para as empresas que exploram e produzem petróleo é a descoberta de reservas de óleo e gás, e não os lucros e as receitas derivadas das vendas do óleo e do gás. O modelo do custo histórico, entretanto, não consegue mensurar e evidenciar adequadamente as reservas provadas de óleo e gás até que essas reservas sejam desenvolvidas, produzidas e vendidas. Outro problema relacionado ao modelo do custo histórico para as empresas do setor petrolífero, é de que os custos incorridos para se descobrir reservas de óleo e gás possui pouca, se é que há alguma, relação com o valor das reservas provadas. Como resultado dessas deficiências do modelo do custo histórico, e como uma tentativa de \"adaptar\" os resultados, duas formas de capitalizar os custos da atividade de exploração e produção de óleo e gás são utilizadas e aceitas, o método da Capitalização Total e o método da Capitalização pelos Esforços Bem Sucedidos. A avaliação das reservas provadas de óleo e gás das empresas, assim como as decisões de investimentos, são afetadas pela incerteza econômica, pela incerteza técnica, assim como pelas flexibilidades gerenciais embutidas na exploração e produção de óleo e gás. A técnica do Valor Presente Líquido não possui atributos para capturar essas flexibilidades, pois não considera a opção de, por exemplo, adiar o desenvolvimento de uma reserva para o momento em que o preço do barril de petróleo se mostrar conveniente para os planos da empresa. Este estudo tem por objetivo explorar e aplicar as diferentes formas de avaliação de reservas petrolíferas: a) contábil; b) fluxo de caixa futuro (Hotelling); c) fluxo de caixa descontado padronizado; d) margem direta; e) fluxo de caixa descontado; e f) opções reais, a fim de descobrir qual delas apresenta-se como a melhor forma para capturar o valor justo do principal ativo das empresas que exploram e produzem petróleo - as reservas provadas de óleo e gás. Na comparação das técnicas de avaliação, a avaliação pela teoria de precificação de opções se mostrou como a melhor forma de se avaliar as reservas provadas das empresas analisadas, seguida pelas avaliações do fluxo de caixa descontado e pelo princípio de avaliação Hotelling. / The information disclosed by oil and gas companies is a source of great controversy. The main issue is the deficiency of the historical cost model to supply adequate information for financial statement users. The most important event for oil exploration and production companies is the discovery of oil and gas reserves, and not the profits and revenues deriving from oil and gas sales. However, the historical cost model does not manage to adequately measure and disclose the oil and gas reserves until they are actually developed, produced and sold. Another problem in the historical cost model for petroleum companies is that there is hardly any or no relation between the costs incurred to discover oil and gas reserves and the value of the proved reserves. As a result of these deficiencies in the historical cost model, and in an attempt to \"adapt\" the results, two ways of capitalizing the costs of oil and gas exploration and production activities are used and accepted, the Full Cost method and the Successful Efforts method. The evaluation of the companies\' proved oil and gas reserves as well as the investment decisions are affected by economic uncertainty, technical uncertainty and by the management flexibilities inserted in oil and gas exploration and production. The Net Present Value technique does not have the attributes to capture these flexibilities, since it does not consider the possibility of delaying the development of a reserve to a moment at which oil prices are convenient for company plans for example. This study aims to explore and apply different forms of evaluating oil reserves: a) accounting; b) future cash flow (Hotelling); c) standardized measure of discounted cash flow; d) direct margin; e) discounted cash flow; and f) real options, with a view to discovering which of these comes out as the best way to obtain the fair value of oil exploration and production companies\' main asset - their proved oil and gas reserves. In the comparison among different techniques, evaluation according to option pricing theory revealed to be the best way to evaluate the proved reserves of the analyzed companies, followed by the discounted cash flow evaluation and by Hotelling\'s evaluation model.

Este documento tiene como primer objetivo mostrar los diferentes métodos de valoración de empresas estudiados en las últimas décadas. No obstante, el trabajo profundiza en la valoración de pequeñas empresas como tema central, debido a que hasta la actualidad no se las ha investigado con el mismo interés que a empresas corporativas, lo que pone en evidencia una falta de consenso. Así, el segundo objetivo es ofrecer al lector una fuente de información, a manera de compendio inicial, que motive a investigar el tema, realizar estudios específicos, servir de materia de tesis académicas, entre otras contribuciones. El primer capítulo de este trabajo aborda el tema partiendo de la definición del concepto de valor, y sustenta la diferencia entre valor y precio. Asimismo, en él se realiza una reseña de la evolución del estudio de valoración de empresas, se explica qué es una pequeña empresa en el marco nacional e internacional, y, finalmente, se aborda la valoración de pequeñas empresas en específico. Por su parte, el segundo capítulo describe los métodos de valoración de empresas más utilizados y aceptados, y presenta sus ecuaciones y guía detallada de uso. El tercer capítulo expone errores encontrados en valoración de empresas; el cuarto capítulo describe seis metodologías de valoración de pequeñas empresas, y presenta sus respectivas ecuaciones y los pasos a seguir para su uso. Finalmente, el quinto capítulo se enfoca en un tema de similar importancia, la estimación del costo de capital en pequeñas empresas, el cual genera, inclusive, mayor controversia. / The first objective of this document is to show the different Company valuation methods studied in the last decades. However, the work looks into the valuation of small business, as a central topic, because until now they have not been investigated with the same interest than the Corporative Companies, which evidences a lack of consensus. Thus, the second objective is to offer a source of information to the reader, as an initial summary, that motivates to investigate the topic, do specific studies, serve as a topic for Academic Thesis, among other contributions. The first chapter of this paper approaches the topic starting from the definition of the concept of the value and supports the difference between value and price. Moreover, there is an outline of the evolution of the study of valuation of Companies, it is explained what is a small business in the national and international framework and, finally, the valuation of specific small business is approached. On its part, the second chapter describes the most used and accepted companies’ valuation methods and presents its equations and detailed user guide. The third chapter shows mistakes found in companies’ valuation; the fourth chapter describes six methodologies of the valuation of small business and shows its respective equations and the steps to follow for its use. Finally, the last chapter focuses on a topic of similar importance, the estimation of the capital cost in small companies that generates, even, more controversy. / Trabajo de Suficiencia Profesional

<p>När en kassaflödesvärdering genomförs prognostiseras företagets värde genom att summera framtida kassaflöden och diskontera dem med företagets kapitalkostnad. På grund av att prognostiserade kassaflöden är uppskattningar inför framtiden karaktäriseras en värdering alltid av hög osäkerhet. Till underlag för prognoserna används en omfattande mängd information. För att ett tillförlitligt värde ska kunna beräknas är det viktigt att relevant och pålitlig information samlas in och hanteras på ett effektivt sätt. I dagsläget är det problematiskt att hantera omfattande mängder information och ett tillräckligt datorstöd saknas. Syftet med den här uppsatsen är att konstruera ett förslag till en databas till stöd för informationshantering vid kassaflödesvärdering.</p><p>Uppsatsen är skriven utifrån en kvalitativ metod. En omfattande referensram presenteras till syfte att ge läsaren möjlighat att bekanta sig med både kassaflödesvärderingar och databaser. Vidare används ett fallföretag för att exemplifiera hur en kassaflödesvärdering går till, vad den kännetecknar och vilka informationshanteringsbehov som föreligger.</p><p>Uppsatsens resultat består av en konceptuell samt en logisk och fysisk databasmodell utvecklad i Microsoft Access. Den logiska och fysiska databasmodellen består av 20 tabeller där relationerna sammankopplar olika faktorer som påverkar företagets kassaflöde. Möjligheter som databasen ger upphov till är bland annat en förenklad härledning av företagets prognostiserade värde. Vidare kan en större mängd information lagras och hanteras i samband med värderingen. En databas kan också skapa en högre grad av flexibilitet och möjlighat att anpassa värderingen till företagets specifika dynamik. Det finns också möjlighet att lättare identifiera företagets risker och hur riskerna påverkar kassaflödena. Tänkbara problem med databasen är risk för lagring av irrelevant information och att det kan vara problematiskt att påvisa en tillräcklig validitet för databasen.</p><p>I uppsatsen argumenteras också för att det finns möjlighet att även använda den föreslagna databasen vid kassaflödesvärdering av andra företag. Det är dock viktigt att påpeka att flera attribut i den föreslagna databasen är specifika för fallföretaget och kan bli irrelevanta för andra företag.</p> / <p>When a discounted cash flow valuation is performed, the value of the asset is determined by summarising the predicted cash flows and discounting them with the cost of capital. Due to the fact that the future cash flows are predictions, a valuation is always affected by uncertainty. In order to improve the accuracy of the predictions, an extensive amount of information is used. To be successful, it is important to collect reliable and relevant information and manage the information in an efficient way. At present it is difficult to gather and manage information and sufficient computer aid is missing. The purpose of this master thesis is to construct a proposal for a database to support information management for discounted cash flow valuation of corporations. The thesis is conducted with a qualitative research method. An extensive frame of reference is presented in order to give the reader the possibility to get to know both databases and cash flow valuations.</p><p>The result of the study is a conceptual model as well as a logical and physical database model. The proposed database consists of 20 tables where the database relationships connect the value creating factors of the corporation. Possible positive effects of the database are simplified deriving of the corporate value and capacity to store and manage greater amounts of information in a logical manner. The database can also improve the flexibility and adjust the valuation to the dynamic nature of the corporation. Furthermore, the identification of risks and risk factors can be improved. A potential problem with the database is the risk of storing irrelevant information. It can also be difficult to prove a sufficient validity for the database since no user valuation has been carried out.</p><p>In the thesis, the author also argues that the database can be utilised for discounted cash flow valuation of any corporation. However, some tables, attributes and relationships need to be changed and adjusted to the specific nature of the corporation.</p>

När en kassaflödesvärdering genomförs prognostiseras företagets värde genom att summera framtida kassaflöden och diskontera dem med företagets kapitalkostnad. På grund av att prognostiserade kassaflöden är uppskattningar inför framtiden karaktäriseras en värdering alltid av hög osäkerhet. Till underlag för prognoserna används en omfattande mängd information. För att ett tillförlitligt värde ska kunna beräknas är det viktigt att relevant och pålitlig information samlas in och hanteras på ett effektivt sätt. I dagsläget är det problematiskt att hantera omfattande mängder information och ett tillräckligt datorstöd saknas. Syftet med den här uppsatsen är att konstruera ett förslag till en databas till stöd för informationshantering vid kassaflödesvärdering. Uppsatsen är skriven utifrån en kvalitativ metod. En omfattande referensram presenteras till syfte att ge läsaren möjlighat att bekanta sig med både kassaflödesvärderingar och databaser. Vidare används ett fallföretag för att exemplifiera hur en kassaflödesvärdering går till, vad den kännetecknar och vilka informationshanteringsbehov som föreligger. Uppsatsens resultat består av en konceptuell samt en logisk och fysisk databasmodell utvecklad i Microsoft Access. Den logiska och fysiska databasmodellen består av 20 tabeller där relationerna sammankopplar olika faktorer som påverkar företagets kassaflöde. Möjligheter som databasen ger upphov till är bland annat en förenklad härledning av företagets prognostiserade värde. Vidare kan en större mängd information lagras och hanteras i samband med värderingen. En databas kan också skapa en högre grad av flexibilitet och möjlighat att anpassa värderingen till företagets specifika dynamik. Det finns också möjlighet att lättare identifiera företagets risker och hur riskerna påverkar kassaflödena. Tänkbara problem med databasen är risk för lagring av irrelevant information och att det kan vara problematiskt att påvisa en tillräcklig validitet för databasen. I uppsatsen argumenteras också för att det finns möjlighet att även använda den föreslagna databasen vid kassaflödesvärdering av andra företag. Det är dock viktigt att påpeka att flera attribut i den föreslagna databasen är specifika för fallföretaget och kan bli irrelevanta för andra företag. / When a discounted cash flow valuation is performed, the value of the asset is determined by summarising the predicted cash flows and discounting them with the cost of capital. Due to the fact that the future cash flows are predictions, a valuation is always affected by uncertainty. In order to improve the accuracy of the predictions, an extensive amount of information is used. To be successful, it is important to collect reliable and relevant information and manage the information in an efficient way. At present it is difficult to gather and manage information and sufficient computer aid is missing. The purpose of this master thesis is to construct a proposal for a database to support information management for discounted cash flow valuation of corporations. The thesis is conducted with a qualitative research method. An extensive frame of reference is presented in order to give the reader the possibility to get to know both databases and cash flow valuations. The result of the study is a conceptual model as well as a logical and physical database model. The proposed database consists of 20 tables where the database relationships connect the value creating factors of the corporation. Possible positive effects of the database are simplified deriving of the corporate value and capacity to store and manage greater amounts of information in a logical manner. The database can also improve the flexibility and adjust the valuation to the dynamic nature of the corporation. Furthermore, the identification of risks and risk factors can be improved. A potential problem with the database is the risk of storing irrelevant information. It can also be difficult to prove a sufficient validity for the database since no user valuation has been carried out. In the thesis, the author also argues that the database can be utilised for discounted cash flow valuation of any corporation. However, some tables, attributes and relationships need to be changed and adjusted to the specific nature of the corporation.

Nuclear power plants across the United States are reaching the end of their current operating licenses, forcing decision makers to think about the way forward. As they consider the best alternatives for dealing with aging nuclear plants, it is becoming increasingly important to have an accurate method for calculating the long-term costs of nuclear power plants. This report begins by investigating the methodologies currently used in these calculations. They focus on the uncertainty associated with deregulated electricity markets and can be broken down into two main categories: discounted cash flow and real options analysis. Next the report discusses the limitations of the current methodologies, focusing specifically on those aspects of evaluation that are currently eclipsed by electricity market uncertainty. Finally the report offers recommendations for addressing these limitations and creating a stronger analytical framework for calculating the lifetime cost of nuclear power plants. / text

Darbe analizuojama AB „Pieno žvaigždės“ įmonės vertė. Nagrinėjama problema – ar įmonės akcijų rinkos kaina atitinka tikrąją įmonės vertę. Darbe atlikta pagrindinių vertės nustatymo metodų palyginamoji analizė. AB „Pieno žvaigždės“ vertes nustatymui pasirinkti du metodai: diskontuotų pinigų srautų, tenkančių įmonei ir palyginamųjų rodiklių. Diskontuotų pinigų srautų metodu nustatyta akcijos kaina - 3,50 lito. Akcijos rinkos kaina – 2,10 lito (2009 m. gegužės mėn). Tai parodo, kad įmonės akcijos yra nepakankamai įvertinamos rinkoje. Palyginamieji rodikliai lyginti su panašiomis dydžiu pieno perdirbimo įmonėmis užsienyje. Palyginamųjų rodiklių metodu apskaičiuota apytikslė akcijos vertė – 3,51 lito. Palyginamųjų rodiklių analizė patvirtina, kad įmonės akcijos yra nepakankamai įvertinamos. Atsižvelgiant į tyrimo rezultatus, rekomenduojama pirkti AB „Pieno žvaigždės“ akcijas. / This paper studies the value of JSC company „Pieno žvaigždės“. The main question addressed is: does company’s market share price is equal to the true value of the share. This paper analyses main valuation methods. For valuation of JSC “Pieno žvaigždės” share discounted cash flow to the firm and relative valuation approaches are chosen. Price calculated by the method of discounted cash flow to the firm - 3,50 litas. Market value of the share – 2,10 litas (as of May 2009). The findings show that shares of the company are undervalued in the market. Relative valuation ratios are compared to dairy companies abroad which are similar by size. Price calculated by relative valuation method – 3,51 litas. Relative valuation method proves that shares of the company are undervalued in the market. According to the findings of the paper it is recommended to acquire shares of JSC “Pieno žvaigždės”.

If a programme which intends to measure performance is to work successfully in an organisation, it is necessary to understand the contingent factors that need to be in place regardless of philosophical beliefs. It must be integrated with the overall strategy of the business; all approaches to performance measurement emphasise the alignment of objectives, measures, strategic decision making and rewards. This is crucial, as it is not possible to measure performance unless it is clear what an organisation is trying to achieve. Value-based management (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. The application of VBM principles at the lower levels within the organisation is critical to ensure that lower level staff applies value-creating principles in their daily jobs. Anglo Platinum has also adopted VBM, which will help the organisation to enhance decision-making and ensure pursuing strategies that maximise value. Anglo VBM is a management system which will enable the company to significantly improve the quality and speed of decision-making and to drive performance and profitable growth. It requires a detailed understanding of where and why value is created or consumed within the businesses through assembling a comprehensive fact base. A quantitative study was done to collect primary data through the use of standardised questionnaires that were distributed to respondents at Bleskop and Brakspruit shafts as well all the accountants at Rustenburg Platinum Mine, which forms part of Anglo Platinum. The results from this study indicate that there is a low understanding of VBM as well as a strong focus on business unit objectives and on short-term goals. A key recommendation would be to use incentive mechanisms to be aligned to VBM. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

One of the important operational and in some cases, also strategic business decisions, is in respect of the investment of funds. Although there are a number of assets to invest in, two particular popular investment asset classes are land and/or property. Land however, is becoming a very scarce resource. It can be argued that many companies investing in the property sectors' main income is generated from the sale of land. A new way of gaining a sustainable income stream is followed. This is done by investing in different kinds of property development projects. One of the problems that companies face is to determine whether a property development project is a good investment, meaning that it will generate sustainable and acceptable profits in the long term. Companies evaluate prospective investment opportunities by assessing whether the expected return, adjusted for project risk, exceeds the company?s required return. Different impact parameters exist and were identified in the study. Valuation methods used in determining the overall feasibility were discussed and evaluated to see the impact on the property development project. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2011.