The main aim of this master’s thesis is determining the company's value by using yield valuation methods – discounted cash flow (DCF) and economic value addend (EVA) and also by property approach. The theoretical part of the thesis bases on valuation and description of basic methods of valuation. The practical part consists of strategic and financial analysis, and business valuation TOPGEO BRNO, spol. s.r.o. In conclusion is recommendation for the company to maintain its position on the market.

Maximizing the market value of a company should be one of the fundamental goals of each company. At present there are several methods to calculate the market value of the company. The fundamental problem of the thesis is based on the study available to Czech and foreign literature and apply acquired knowledge in the valuation of a specific company. This thesis will analyze the current situation, financial and strategic analysis, financial plan, the discount rate and application of appropriate valuation methods on ABC Company Ltd. The result will be a subjective determination of enterprise value.

The aim of the master’s thesis is to valuate comapny BATA, a.s. using income – based valuation mmethods. Thesis is dividend into two parts, theoretical and practical. Theoretical part describes basic charakteristics of the terms, defines company and its value, overview of invidual methods and procedures used for valuation of the company. Practical part is focused on application of theoretical knowledge in practise. The master’s thesis contains economical analysis, especially strategic analysis, financial analysis and preliminary valuation of comapany based on value generators. Company value was based on two yield methods, especially method of discounted cash flow entity and method of economic addend value.

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.

Syfte: Studiens syfte är att undersöka svenska och amerikanska företagsmäklares inställning till kundkapitalet och dess värderingsmodeller. Studien syftar även till att finna konsekvenser som en explicit redovisning av kundkapitalet skulle ha på företagsvärderingar.   Tidigare forskning: Centrala modeller i studien är Customer Lifetime Value, Customer Equity, Customer Profitability och Multi-Period Excess Earnings Model. Tidigare forskning hittas i Edvinsson och Malone (1997), Gupta et al (2004), Villanueva och Hanssens (2007), Wiesel et al., (2006) samt Hofstedes forskning om nationella dimensioner.    Metod: Studien använder metodtriangulering. Huvudsaklig primärdata genereras ur webbaserade enkäter som skickas till svenska och amerikanska företagsmäklare. Vidare utförs tre semi-strukturerade intervjuer med representanter från KPMG, Deloitte och UC. Ett chi-tvåtest utformas för att se om det finns ett samband mellan nationalitet och företagsmäklares inställning till att beakta kundkapitalet.   Slutsats: 72 procent av de deltagande företagsmäklarna och samtliga intervjupersoner anser att det är viktigt att värdera kundkapitalet. Trots detta är det endast 38 procent av enkätrespondenterna som svarar att de beaktar kundkapitalet vid värdering av kundbaserade företag. En jämförelse mellan nationaliteterna visar att svenska företagsmäklare är mer positiva till de ”nya” kundvärderingsmodellerna, främst Customer Equity och Customer Profitability. De är också mer benägna att använda dessa. Amerikanska företagsmäklare tenderar istället att använda den traditionella Multi-Period Excess Earnings Method. / Purpose: The purpose of this thesis is to investigate Swedish and American business appraisers’ attitude towards customer capital and its valuation models. This thesis also aims to find consequences that an explicit accounting of customer capital would have on business valuations.  Previous Research: Central models in this study are Customer Lifetime Value, Customer Equity, Customer Profitability and Multi-Period Excess Earnings Method. Previous research is found in Edvinsson and Malone (1997), Gupta et al., (2004), Villanueva and Hanssens (2007), Wiesel et al., (2006) and Hofstedes research regarding cultural dimensions. Method: This study uses a triangulation of methods. The main primary data is generated through internet-based questionnaires which was sent to Swedish and American business appraisers. Furthermore, three semi-structured interviews are conducted with representatives from KPMG, Deloitte and UC. A chi-Squared test is made to see if there is any relationship between nationality and business appraisers’ attitude towards taking heed of the customer capital. Conclusion:  72 per cent of the participated business appraisers and all interviewees think that it is important to value customer capital. Despite this, there are only 38 per cent of the survey respondents who say that they account for customer capital when valuing customer-based companies. A comparison between the nationalities show that Swedish business appraisers are more positive towards the “new” customer valuation models such as Customer Equity and Customer Profitability. They are also more inclined to use these. American business appraisers tend to use the more traditional Multi-Period Excess Earnings Method.

現今由於之前企業併購熱潮，使得企業到底價值多少？企業是否能夠還有前景？這些問題不僅僅是投資者所關心的問題，也同樣是會計師及企業評價者所關心的問題。又現今已邁入知識經濟時代，企業已從過去以土地、廠房、設備等固定資產來產生企業價值，轉而以服務、品牌、專利等無形資產為主要的企業價值時，企業的價值又要如何來估算。而這些問題都一再的顯示出“企業評價”的重要性。 在進行企業評價之前，企業評價模型中之資料項的取得更是關係著最後評價結果的好壞。在企業評價資料項中，可分為財務性及非財務性。財務性資料項由於定義清楚，所以在資料的收集上較非財務性資料容易。但我們發現過往之資料收集方式並不足以應用在企業評價非財務性資料項的收集上，且現行大多採用人工處理資料的方式，不僅耗費大量時間及成本，又因人工輸入而有資料輸入錯誤之風險，使得資料的正確性大幅降低。故本研究提出一自動化擷取年報中企業評價非財務性資料項之方法，希望藉此方法達到簡化資料收集過程，提高資料的正確性。 / Because of the trend of the business combination, now, more and more people concern about “how much value does a business have?” And “does the business still have any perspectives?” This not only get investors’’ interest, but also the accountant and business valuator. Now we already get into a new economy, called knowledge-based economy. When the businesses are not just use fixed asset, such as facility, factory and land to earn money, but also earn their money by providing services, making brand, or sell patents for live, how to measure the business’s real value and what the real value for the business is. These problems all shows that the importance of “Business Valuation.” Before calculate the business value, the most important thing is to collect the data or data category for business valuation. There are two kinds of business valuation data item. One is financial data item; the other is non-financial data item. Because of the financial data item’s clear definition, the data collection process of financial data item is easier than non-financial data item. And the data collection in the past is not fit for today, and now most valuators use manual way to process these data. This way not only wastes the time and money, but also lowers the correctness and raises the risk of mistype during the process of data collection. In this thesis, we propose an approach to automatic extract business valuation data category from annual report by using the technology of data extraction.

Notre recherche s’intéresse plus particulièrement aux critères de sélection à retenir pour améliorer la pertinence de la méthode des multiples en ce qui concerne la sélection des multiples de référence, la sélection des sociétés comparables ou la combinaison de multiples.Nous confirmons que les multiples de valeur d’entreprise fondés des résultats (Ebitda ou Ebit) relatifs à des exercices prospectifs (par rapport à l’exercice réalisé) sont généralement les plus pertinents. En absence de résultats relatifs à des exercices prospectifs, disponibles au moment de l’évaluation, notre étude montre que les multiples d’Ebitda sont généralement plus pertinents.Nous confirmons que les taux de croissance anticipés de l’Ebitda et de l’Ebit sont généralement des indicateurs de performance pertinents pour identifier les sociétés les plus comparables au sein d’un groupe de pairs initialement constitué, en ce qui concerne les multiples d’Ebitda et d’Ebit relatifs à l’exercice réalisé.Notre étude montre que la combinaison des multiples de Capitaux employés et d’Ebit, d’une part, et d’Ebitda et d’Ebit, d’autre part (selon des coefficients de pondération spécifiques à chaque secteur d’activité), sont de nature à améliorer la pertinence de la méthode, par rapport à l’utilisation de ces multiples seuls.La démarche mise en œuvre dans cette recherche est susceptible d’être reproduite par les praticiens afin d’identifier au cas par cas les multiples simples ou combinés les plus pertinents pour chaque groupe de pairs sectoriels constitué. / Our research focuses more specifically on the selection criteria to be used to improve the relevance of the multiple-Based valuation method regarding the selection of reference multiples, the selection of comparable companies or the combination of multiples.We confirm that the Enterprise Value multiples based on prospective Ebit and Ebitda (versus actual) are generally the most relevant. In the absence of prospective data, available at the date of valuation, our study shows that Ebitda multiples are generally more relevant.We confirm that the expected growth rates of Ebitda or Ebit are generally relevant performance indicators to identify the most comparable companies among industry-Based peer groups, considering actual Ebitda and Ebit-Based multiples.Our study shows that the combination of Capital employed and Ebit-Based multiples, on the one hand, and of Ebitda and Ebit-Based multiples, on the other hand (based on weighted factors specific to each sector), are likely to improve the relevance of the method, compared to the use of these multiples, alone.The approach implemented in this research may be reproduced by practitioners to identify case by case single and combined multiples that are the most relevant for each industry-Based peer group.

The graduation theses is targeted at mergers in Vietnam. It focuses on the trend in mergers and acquisitions in the Vietnamese market, forms of business combinations, types of mergers, the reasons for merger. This theses is focused on the current applicable legislation for mergers and acquisitions in Vietnam. There are described cases of mergers and acquisitions in Vietnam. There are ways to explain the business valuation in merger. The main goal of this theses is on solving the accounting and tax aspects of the merger in Vietnam.

The aim of the thesis is to determine the objectified value of the company Měšťanský pivovar v Poličce, a.s. The work is divided into theoretical and practical parts. The relevant theoretical aspects of the business valuation are described in the theoretical part, with the focus on the introduction of categories of values, the valuation process, setting the discount rate and the basic forms of DCF models. The financial and strategic analysis, value drivers and the financial plan is composed in the practical part of the thesis. The company is valued using the method DCF Equity to 1.1.2010.

The aim of this thesis is business valuation of Zabka Polska, SA. This company operates retail convenience stores in Poland. The goal of this thesis is to estimate fair market value of the Company as of December 31st 2010. DCF Equity valuation method has been used as the main valuation method. Comparable traded companies and comparable historic transaction analyses methods have been used as complementary valuation methods. Master thesis has similar structure as legal valuation report and is divided into six parts.