Today, companies need to constantly expand their business to stay ahead of the severe competition. As competition grows more intense, it makes sense to join forces or simply acquire the rival to provide the most diverse service and to reach even the last customer. But is it really only about the need for efficiency to merge and acquire competitors? Are managers and investors right about their hope, that every new acquisition or merger offers more control over the market? Or are they themselves pushed into these promising expec- tations? This research focuses on how social behavior influences value creation in mergers and acquisitions. Throughout history, waves have been observed that reflect the excessive hype for perennial need of growth. Growth by acquisitions and mergers is seen as key element to create value by investors and managers. However, reality looks different. This research focuses on a two step approach by first describing underlying social catalysts that amplify the trend towards value creation in mergers and acquisitions. Secondly, to verify the inves- tigation of social behavior, the results are matched to a financial approach to detect wheth- er the transaction price justifies the current value and possible synergies or whether value is destroyed. A case study was conducted of Boss Media AB, a software company situated in the online gaming industry, which experienced several mergers and acquisitions since their founda- tions and was eventually acquired itself. The company provided an interview and further information on their involvement with mergers and acquisitions. The research showed that mergers and acquisitions continue to increase in number and value, leading to the amplitude of each wave being higher than the previous one. This also means that more value is destroyed. It is illustrated that managers being determined to have bet on the right horse, are often more influenced by social behavior and trends than they think they are. Blinded by the overestimation of their own abilities, and prosperous short- term profits, managers overvalue their investment choices. Hence, the research implies that managers destroy shareholder value even though they initially intended to create it.

none

<p>Bakgrund</p><p>Majoriteten av alla svenska företag är familjeföretag. Forskning inom området har inte bedrivits i någon större utsträckning förrän på senare år. Därtill kommer att forskning inom värdering av familjeföretag är närmast obefintlig. Familjeföretag skiljer sig på många sätt från icke-familjeföretag, t.ex. när det gäller kultur, ägande och ledning. Härav finns det anledning att tro att familjeföretag värderas annorlunda än icke-familjeföretag.</p><p>Syfte med uppsatsen</p><p>Syftet med denna uppsats är att beskriva hur värdering av familjeföretag går till från ett uppköpande företags synvinkel.</p><p>Metod</p><p>För att utföra denna uppsats har ett kvalitativt, hermeneutiskt tillvägagångssätt använts för att förstå helheten av fenomenet familjeföretags värdering. Vi har genomfört en fallstudie bestående av tre familjeföretags uppköp gjorda av Företag X som noggrant har studerats.</p><p>Slutsats</p><p>När ett familjeföretag värderas är det avgörande att ha erfarenhet, branschkännedom, intuition och framför allt kunskap och erfarenhet om familjeföretag. De immateriella tillgångarna i ett familjeföretag, som till exempel rykte, kultur och kunskap bidrar tillsammans med olika värderingsmodeller till ett rättvist värde av familjeföretaget.</p> / <p>Background</p><p>The vast majority of all Swedish companies are family businesses. Research within the field of family businesses has not until recent years been developed. Moreover, the research regarding valuation of family businesses is close to non-existing. Family businesses differ in many ways from non-family businesses, for example when it comes to culture, ownership and management. Hence, there is a possibility that family businesses are valuated differently from non-family businesses.</p><p>Purpose of this thesis</p><p>The purpose with this thesis is to describe how valuation of family businesses is done from the perspective of an acquiring company.</p><p>Method</p><p>For this thesis a qualitative, hermeneutic approach was applied in order to understand the whole picture of the valuation of the family business phenomenon. A case study approach was carried out by carefully studying three acquisitions of small private family businesses in the service sector made by Company X.</p><p>Conclusions</p><p>The crucial skills to possess are experience, industry knowledge, intuition and most of all family business knowledge and experience when determining a fair value of a family business. The intangible assets of a family business, for instance reputation, culture and knowledge, together with different valuation methods contribute to the estimation of the value of a family business.</p>

No description available.

The thesis aims to determine the value of the company Mlékárna Hlinsko, a.s. at December 31st 2014 at the nett value. The theoretical part deals with the definition of basic concepts and practices in the field of business valuation. In the practical part follows the introduction of the company in terms of its operations, history and ownership. The strategic analysis describes the current development of the market, its prediction and competitive position. This part continues with financial analysis, which aims to determine financial health of the company. On that basis, it is decided about the infinite duration of the company. There has been chosen yield valuation method. It continues with analysis and forecast of value drivers and a financial plan. It is followed by valuation itself.

This thesis is focused on analysis of expert opinions on the business valuation. Its goal is to identify the most serious mistakes in expert opinions and how to prevent them. The analysis is processed using preselected criteria. Totally twenty-two expert opinions are analyzed. The conclusion is a quantitative summary of the results of analysis of expertise, as well as pointing out the most common shortcomings and proposals for their elimination.

The purpose of the diploma thesis was to assess the applicability of Market Approach in business valuation of the Czech entities. The first part comprises basic description of Valuation methods, the core of the thesis describes the guideline publicly traded companies method - multiples, comparable companies etc. -, guideline transaction method and industry multiples method. The application part consists of two valuations using guideline publicly traded companies method - the valuation of Komercni banka and of Trinecke zelezarny.

The aim of the diploma thesis is to determine the value in use of the company Stock Plzeň-Božkov s.r.o. to 1.1.2009. The thesis consists of 5 parts -- financial analysis, strategic analysis, generators of value and financial plan. The value of the company is determined by the method DCF entity. There are 3 scenarios of future development (pessimistic, realistic, optimistic).

The final thesis "Business valuation of the company Automotive Lighting s.r.o." is divided into the theoretical and the practical part. The theoretical part is first focused on general issues of valuation. Its following parts then theoretically describe the general method of business valuation. The practical part is dedicated to the application of methods described in the theoretical part. Only the discounted cash flow to equity method (representing income valuation methods) and the EV/EBITDA multiple method (representing market methods) are applied due to the scope of the thesis. The property approach is represented by the equity book value. The thesis concludes with the final value statement.

The goal of the thesis is valuation of the company Prestige Real s.r.o. The date of the valuation is 1.1.2016. The thesis consists of several parts. In the first part there is basic information about the company followed by strategic and financial analysis and evaluation of going concern principle. Subsequently, the financial plan for 2016 to 2020 is prepared, which serves as a foundation for final valuation. The valuation of the company is performed by two methods. The primary method is DCF entity method and the secondary is method using industry multiples.