Background: In Sweden Internet was introduced in 1983 and IT became a popular phe-nomenon in the 1990s. In the middle of this decade IT-companies had a prosperous period. Many companies acquired competitors frequently dur-ing these years in order to build brand names and stay competitive. More than 400 IT-companies went bankrupt during 2001, due to the burst of the IT-bubble. Today, there is no doubt that IT-companies are willing to acquire other companies in the industry. Before an acquisition both the purchaser and seller do a careful valuation of the current company, using different valuation methods. Lately, there are some IT-companies in the area of Jönköping and its surroundings that have carried out acquisitions. Purpose: In this thesis IT-companies in the area of Jönköping are considered in or-der to describe what valuation methods that are used when valuing these before an acquisition. Intangible assets are of great importance for this in-dustry. Therefore the aim is also to find out which these are and how they are valued. Method: In order to fulfill the purpose a qualitative research is maintained. Primary data is collected from two telephone interviews and six face-to-face inter-views. Three of the interviews are conducted with people working at IT-companies that have carried out an acquisition between 2006 and 2008. The other interviews were performed with people working with business valuation on a daily basis. Conclusion: When valuing IT-companies as well as the intangible assets, where good-will is significant due to synergies, the net present value approach is most commonly used. The relative valuation approach is also useful, especially for companies in the early phase of the life cycle since these do not show any historical facts. Within the IT-industry; P/S, P/E, and value per em-ployee, are all useful. The net asset value approach is the most common before a direct acquisition. In this research indirect acquisitions are most often applied. / Bakgrund: I Sverige introducerades internet 1983 och IT blev ett populärt fenomen under 1990-talet. I mitten av decenniet hade IT-företagen en blomstrande period. Många företag förvärvade konkurrenter ofta för att skapa varu-märke och fortsätta vara konkurrenskraftiga. Över 400 IT-företag gick i konkurs under 2001 på grund av IT-bubblan. Idag är det ingen tvekan om att IT-företag är villiga att förvärva andra företag i denna industri. Innan ett förvärv genomför både förvärvaren och säljaren en noggrann värdering av det aktuella företaget med användning av olika värderingsmetoder. Det finns några IT-företag i Jönköpingsregionen som genomfört företagsför-värv på sista tiden. Syfte: Syftet i denna uppsats är att beskriva vilka värderingsmetoder IT-företag i Jönköpingsregionen använder vid värdering innan ett företagsförvärv. Immateriella tillgångar är viktiga i denna industri. Därför är syftet även att identifiera dessa och se hur de värderas. Metod: För att uppfylla syftet används en kvalitativ metod. Primärdata är insamlad från två telefonintervjuer och de andra sex på intervjuobjektens kontor. Tre intervjuer genomfördes med personer som arbetar på IT-företag som genomfört företagsförvärv mellan 2006 och 2008. De andra intervjuerna genomfördes med personer som arbetar med företagsvärdering dagligen. Slutsats: Vid värdering av IT-företag såväl som de immateriella tillgångarna, främst goodwill tack vare synergier, används i första hand avkastningsvärdering. Relativvärdering är också användbar, särskilt för företag i det tidiga skedet av livscykeln då ingen historisk information finns att tillgå. Inom IT-industrin är; P/S, P/E och värde per anställd, alla användbara. Substans-värdering är vanligast vid ett direkt förvärv. I denna studie är indirekta förvärv oftast förekommande.

<p>Background:</p><p>In Sweden Internet was introduced in 1983 and IT became a popular phe-nomenon in the 1990s. In the middle of this decade IT-companies had a prosperous period. Many companies acquired competitors frequently dur-ing these years in order to build brand names and stay competitive. More than 400 IT-companies went bankrupt during 2001, due to the burst of the IT-bubble. Today, there is no doubt that IT-companies are willing to acquire other companies in the industry. Before an acquisition both the purchaser and seller do a careful valuation of the current company, using different valuation methods. Lately, there are some IT-companies in the area of Jönköping and its surroundings that have carried out acquisitions.</p><p>Purpose:</p><p>In this thesis IT-companies in the area of Jönköping are considered in or-der to describe what valuation methods that are used when valuing these before an acquisition. Intangible assets are of great importance for this in-dustry. Therefore the aim is also to find out which these are and how they are valued.</p><p>Method:</p><p>In order to fulfill the purpose a qualitative research is maintained. Primary data is collected from two telephone interviews and six face-to-face inter-views. Three of the interviews are conducted with people working at IT-companies that have carried out an acquisition between 2006 and 2008. The other interviews were performed with people working with business valuation on a daily basis.</p><p>Conclusion:</p><p>When valuing IT-companies as well as the intangible assets, where good-will is significant due to synergies, the net present value approach is most commonly used. The relative valuation approach is also useful, especially for companies in the early phase of the life cycle since these do not show any historical facts. Within the IT-industry; P/S, P/E, and value per em-ployee, are all useful. The net asset value approach is the most common before a direct acquisition. In this research indirect acquisitions are most often applied.</p> / <p>Bakgrund:</p><p>I Sverige introducerades internet 1983 och IT blev ett populärt fenomen under 1990-talet. I mitten av decenniet hade IT-företagen en blomstrande period. Många företag förvärvade konkurrenter ofta för att skapa varu-märke och fortsätta vara konkurrenskraftiga. Över 400 IT-företag gick i konkurs under 2001 på grund av IT-bubblan. Idag är det ingen tvekan om att IT-företag är villiga att förvärva andra företag i denna industri. Innan ett förvärv genomför både förvärvaren och säljaren en noggrann värdering av det aktuella företaget med användning av olika värderingsmetoder. Det finns några IT-företag i Jönköpingsregionen som genomfört företagsför-värv på sista tiden.</p><p>Syfte:</p><p>Syftet i denna uppsats är att beskriva vilka värderingsmetoder IT-företag i Jönköpingsregionen använder vid värdering innan ett företagsförvärv. Immateriella tillgångar är viktiga i denna industri. Därför är syftet även att identifiera dessa och se hur de värderas.</p><p>Metod:</p><p>För att uppfylla syftet används en kvalitativ metod. Primärdata är insamlad från två telefonintervjuer och de andra sex på intervjuobjektens kontor. Tre intervjuer genomfördes med personer som arbetar på IT-företag som genomfört företagsförvärv mellan 2006 och 2008. De andra intervjuerna genomfördes med personer som arbetar med företagsvärdering dagligen.</p><p>Slutsats:</p><p>Vid värdering av IT-företag såväl som de immateriella tillgångarna, främst goodwill tack vare synergier, används i första hand avkastningsvärdering. Relativvärdering är också användbar, särskilt för företag i det tidiga skedet av livscykeln då ingen historisk information finns att tillgå. Inom IT-industrin är; P/S, P/E och värde per anställd, alla användbara. Substans-värdering är vanligast vid ett direkt förvärv. I denna studie är indirekta förvärv oftast förekommande.</p>

The subject of the thesis is the market value of the company KRPA PAPER, a.s. as of December 31st, 2014. The aim of the thesis is an aplication of teoretical knowledge in a particular example. The purpose is to determine the net market value of the company. The thesis is divided into chapters which represent the typical phases of the valuation of a company. At the beginning of each chapter there is a brief description of its purpose in a business valuation. In the introduction part the basic aspects of the valuation are described. The financial and strategic analysis, the value drivers, the financial plan and the valuation chapters follow. For the valuation itself the DCF Entity method is used. The discount on the entity level is applied.

The thesis aims to determine the equity value of the company PEBAL s. r. o. as of January 1st 2016. It is not separated into theoretical and practical part, because it is considered as fake appraisal of an expert. That is the reason why the whole thesis is practical with occasional theoretical background explanations. In the first part there is basic information provided about the appraised company along with its characteristics. Then financial analysis is carried out which will provide an overall picture of financial health of the company along with determination of competitors. Followed by strategical analysis which deals with the market as whole and predicts its future development as well as development of sales of the valued company. The next part consists of analysing and predicting value drivers and the overall financial plan. Result of the last part is the valuation itself applying discounted cash flow (DCF) method using discounts rate calculated earlier in the chapter. The final chapter also contains market valuation using method of comparable companies along with Monte Carlo simulation, that provides probability distribution of the value of the company.

The thesis consists of a business valuation of BERNARD Family Brewery, a brewery headquartered in the town of Humpolec and belonging to a group of several smaller breweries (related to its size). In 2001, top management decided to finance its company growth through venture capital. The main objective of this thesis is to indicate the market value as of 1/1/2009 by utilizing appraisement measures in accordance with International Valuation Standards (IVS). The business valuation is primarily determined using two well-known valuation approaches - adjusted present value method (based on income analysis) and comparable companies analysis (based on market analysis). In addition, the use of advanced statistics is applied when needed. The purpose of this assessment is to find an appropriate value for owners and other third-party stakeholders. In order to provide a full range of understanding, the paper consists of six main parts that involve a company profile, strategic analysis, financial analysis, value drivers, financial plan and a final valuation. Further, all these parts are split up into few sections.

The main objective of this diploma thesis is a business valuation of company Pražská energetika, a.s. The aim of this assignment is to indicate the market value as of 1/1/2009. The appraisal is carried out by means of income method DCF in Equity version. In addition, there is a comparison with direct evaluation, where the data are taken directly from the capital market. The thesis is divided into eight chapters, which deal subsequently with basic characteristics, methods of how the strategic and financial analysis has been carried out, value drivers prediction, as well as separation of non-operating assets and calculation of discount rate including the final evaluation. The methods used are mostly similar to methods stated in publications by Miloš Mařík. The results of this appraisal could be useful for small investors, who consider buying or selling stocks of this company.

Diploma thesis evaluate company HOPI POPI, a.s., to the date of 1. 3. 2015. Purpose of the valuation is to determine the company enterprise value to meet the needs of an external investor and for the better information of the leaders of the company about its performance on the market. The final enterprise value in this thesis is defined by using income approach with discounted cash flow "entity" method. Diploma thesis is divided into two major parts which is theoretical-methodologic part and analythical part. The theoretical part describes the basic concepts, principles and approaches of valuation which will be used for the final enterprise value and selection of the valuation method. The analytical part addresses the execution of strategic and financial analysis, analysis and prediction of generators of value, prognosis of financial plan and determining the final enterprise value with DCF "entity" income approach. Final enterprise value has been stated at 69 047 426 CZK. Conclusion of the thesis summarizes results, fulfillment of set goals and usability for practise.

This master's thesis dealing with appraisal of a firm Drubezarsky zavod Klatovy which is headquartered in Klatovy is composed of seven essential chapters such as company background, strategic analysis, financial analysis, value drivers, financial plan, valuation and valuation summary along with sensitivity analysis in order to provide a complete range of understanding. Individual key chapters are divided into subchapters. The company ranks among the biggest manufactures of a poultry meat in the Czech republic. The primary aim of this thesis is to detect and review key attributes, which are affecting or even are capable of having an influence on company market value as of 1st of January 2014. Market value were set according to International Valuation Standards (IVS). The business valuation is primarily determined by two methods. The first main method known as discounted cash flow analysis (DCF) in the form of adjusted present value approach (APV) is not at all employed in valuation practice, but it is deemed to be some kind of reference method of all DCF forms. Another one, I employ, is called German income approach (German: Ertragswertverfahren -- EWV). Across texts are used statistical methods in conjunction with statistical programme R that tell me help my specified goal.

The aim of the thesis is to determine the value of the company Kofola a.s. as of May 1st, 2014 using only public data. The valuation is created for ordinary buyer who has the opportunity to diversify his portfolio, which means that the goal of the valuation is to find out the net market value of the company. The theoretical part is devoted to the basics of business valuation, terms, methodology and recommended practice which is focused on DCF entity approach. The practical part introduces the company, the strategic and financial analysis are processed here and result in confirmation of going concern principle, then financial plan based on value drivers is prepared and finally by DCF entity approach net market value of the company is calculated.

This thesis aims to evaluate the company XY s.r.o. to the date of 31 December 2014 and to assess its financial health and perspectives. The theoretical part is devoted to a brief description of pledge of business share from the perspective of the bank with its advantages and risks. The practical part or the actual valuation is divided into classic chapters. The introduction presents the valuated company with a consistent description of their products. Another chapter is devoted to strategic analysis, which evaluates future outlook of the company. In the financial analysis, the individual balance sheet items are decribed and their development in time is monitored. Individual valuation is performed using the capitalized earnings method and is additionally supported by the incomplete substantial method and market multipliers.