企業評價對於投資決策有重大的影響，不論是發行上市、或是機構投資人選擇投資標的、乃至於併購或是清算，企業評價都是一切的基礎。再加上近來各界對於節能產業的重視，發光二極體封裝產業正如日中天的高度成長，如何能夠正確地衡量此產業的企業價值，實是機構投資人或是一般大眾關心的課題。此外，實務界長久以來詬病證管會所採用的承銷價格公式，乃是結合不同評價模式的方式來評斷發行股票公司之正確股票價值，但實證結果往往發現此公式會造成股價被低估的現象。 本研究以台灣地區共六家發光二極體封裝產業上市櫃公司為例，以其民國八十七年至九十四年的財務數據和資料，以五年為一階段，利用七種不同的評價模式：三階段成長現金流量折現法、三階段成長本益比法、三階段成長股價淨值比法、三階段股價銷售額比法、市場比較本益比法、市場比較股價淨值比法以及市場比較股價銷售額比法，預期九十二年初至九十五年初之理論實際股價，並與實際的市價作一比較，利用THEIL所提出的THEIL’S U值來比較不同評價模型與實際市價差距的績效，以選出最適合發光二極體封裝產業之企業評價模式。 本研究更進一步探討長久以來被實務界所詬病的綜合評價模式（結合不同的評價模式），試著經過第一階段實證結果的篩選，利用簡單權重結合本產業最佳和次佳的企業評價模式，以得到一個評價績效更勝於最佳評價模式的綜合評價法。 實證結果顯示，發光二極體最佳評價模型乃為市場比較股價銷售額比法(THEIL’S U=0.3515)，而三階段成長現金流量折現法，則適用於產業較穩定的情況下。突破性的發現則為，利用THEIL’S U值來比較評價績效而選出的最佳和次佳模型，在分別給予簡單權重（ex：50％：50％、60％：40％等）的情況下所得到的綜合評價法，其THEIL’S U值（<0.3515）比當初單一最佳評價法--市場比較股價銷售額比法(0.3515)還要來得低，顯示綜合評價法的有效性的確存在，並值得各界參考。此外，亦發現給予最佳評價法較大權重時，更可以進一步提昇綜合評價法之績效。此結果反駁了實務界長久以來對於綜合評價法的不信任，也給予證管會一個修正承銷價格公式的方向。跨類型的評價法結合並不是不可行，但是需要第一階段各個評價法的評價績效驗證，讓較佳的評價模式彼此結合以產生資訊互補的效果。

This master's thesis deals with the valuation of BEZNOSKA, s.r.o. Situated in Kladno, the Czech Republic, this company engages in the development and production of instruments and implants for bone surgery. The company was established on the basis of the "surgery" division of then POLDI Kladno at the beginning of the nineties, during the "big privatisation" period. The aim of this thesis is to estimate the market value and investment value of the company as of 31 December 2009 as defined in the International Valuation Standards. The valuation is carried out using two basic methods. The focus of the work is based on the DCF method the result of which is verified by a method based on the market analysis, in particular the similar public company method. The book value method is only complementary. The thesis is divided into six chapters. Sequenced logically, it contains the basic information on the company valued, financial analysis, strategic analysis, analysis and forecast of the value drivers, financial plan and the valuation itself based on the method mentioned above. These topical units are further divided into several subchapters as necessary. Various analyses and statistical methods needed to successfully meet the set objective are applied throughout the text.

An aim of this diploma thesis is to determine the value of CRV Czech Republic, Ltd. The document will serve to help to improve management's awareness of a management of the enterprise they lead. The thesis is divided into two parts, namely theoretical and practical. The theoretical part explains a valuation process, including a definition of valuation methods. The practical part then presents results of parts of evaluations conducted by a strategic analysis and a financial analysis. Next follows the analysis and prognosis of the value generators and a compilation of a financial plan. Finally, the valuation is done using discounted cash flow methods, an economic added value and capitalized net returns. The valuation method also uses an equity method. At the end, synthesis of results is made and the final value of the company is stated to 31 August 2016.

The doctoral thesis deals with bankruptcy and its possible solution from the point of view of expert activities. Valuation of the company in distress may be required at different stages of the business life cycle. While sometimes the valuation is requested directly by the shareholders or the managing partners facing bankruptcy (or preventing crisis) sometimes assessment is requested in insolvency proceedings by the insolvency administrator. Whether it is the intention to find out it is more beneficial for creditors to reorganise or liquidate the assets, in all these cases it is the work of experts in the insolvency proceedings who play a decisive role. The practical part of the thesis, therefore, focuses on the selection of appropriate methodologies which can be used at any given moment of crisis management.

Bakgrund: För att relativvärderingar inte skall bli missvisande sätts krav på att de jämförda bolagen faktiskt är tillräckligt lika för att tillåta en jämförelse. I praktiken väljs generellt bolag inom samma bransch, medan teorin förespråkar för att skillnader i finansiella variabler som bland annat tillväxt och risk måste kontrolleras för. Tidigare forskning har oftast endast studerat hur de finansiella variablerna påverkar multipelvärdet. Relativvärdering påverkas dock även av pågående marknadstrender, förutsatt att dessa trender influerar börsvärdet. Andra variabler än branschtillhörighet och finansiella sådana kan således påverka värdet och därmed även behöva kontrolleras för, innan en relativvärdering utförs. Hållbarhetsarbete är en sådan trend som vuxit sig väldigt stark på senare tid. Hållbarhetsarbete i allmänhet och ESG-betyg i synnerhet är områden som ännu inte är helt kartlagda, speciellt vad gäller deras påverkan på ett företags värdering. Syfte: Studiens syfte är att analysera om det föreligger några samband mellan ESG-betyg och multipelvärden samt hur dessa samband i så fall ser ut och varför, för svenska stora och medelstora bolag listade på Nasdaq Stockholm Large och Mid Cap. Metod: Studien har utförts med en kvantitativ strategi, där samband mellan ESG-betyg och multipelvärden undersökts för årsskiftet 2020/2021, genom multipla regressionsanalyser. Totalt 151 svenska bolag med erhållna ESG-betyg har analyserats genom att deras multipelvärden för fyra olika multiplar använts som beroende variabler, samt där ESG-betyg och ett antal finansiella kontrollvariabler utgjort oberoende variabler i regressionerna. Underlaget till studien har utgjorts av data från databasen Refinitiv samt årsredovisningar. Slutsats: Resultatet visar att ett statistiskt signifikant negativt samband föreligger mellan ESG-betyg och multipelvärden. Att lägre betyg går hand i hand med högre värdering och vice versa, är fallet genomgående för såväl Mid Cap som Large Cap. / Background: In order for relative valuation not to be misleading, it is required that the companies compared are in fact sufficiently equal to allow a comparison. In practice, these companies are generally chosen within the same industry, while theory advocates that differences in financial variables such as growth and risk are more important and must be controlled for. Previous research has mostly only studied how these financial variables affect the value of multiples. However, relative valuation is also affected by ongoing market trends, provided that these trends influence market value. Variables other than financial ones and industry affiliation may thus affect the value and have to be controlled for, before a relative valuation using multiples is performed. Sustainability is one such trend that has grown tremendously strong in recent times. Sustainability work in general and ESG scores in particular are areas that have not yet been fully mapped, especially in terms of their impact on a company’s valuation. Purpose: The purpose of this study is to analyze potential relationships between ESG scores and values of multiples, how these relationships look and why, for large and medium-large Swedish companies listed on the Nasdaq Stockholm Large and Mid Cap lists. Methodology: A quantitative approach was used for the study, where the relationship between ESG scores and values of multiples was examined for the turn of the year 2020/2021, through multiple regression analyzes. A total of 151 Swedish companies, with published ESG scores, were analyzed using their multiples’ values for four different multiples as dependent variables in the regressions. ESG scores and a number of financial control variables constituted the independent variables in said regressions. The basis for the study has consisted of data from the Refinitiv database and annual reports. Conclusions: The results show that there is a statistically significant negative relationship between ESG scores and the values of multiples. The fact that lower ESG scores go hand in hand with higher valuations and vice versa, is the case throughout for both Mid Cap as well as Large Cap.

The topic of this master thesis is to compare and analyze five database of companies in terms of suitability for the process of valuation . The main reason why these databases (Albertina, Amadeus , Magnus , Market Line and Capital IQ) are used is their accessibility within the field of study Finance and Business Valuation in University of Economics in Prague. The thesis is structured with respect to the valuation process recommended by professor Mařík (2011) . The first part contains data collection and focuses primarily on general data options for each database. The second part is a detailed financial analysis describing and comparing the ratios followed by databases options in the field of strategic analysis. The possibility of calculation of NOPAT and operationally necessary capital employed is presented after strategic analysis. The last two chapters deal with the database containing capital markets data and can provide the basics for calculation of interests rate and the actual valuation based on market analysis. The conclusion summarizes the main advantages of databases as appropriate for valuation.

The aim of the work is to analyze the theoretical basis of determination of the market risk premium in conditions of the national market in the Czech Republic with CAPM and practical procedures of its determination using the market data provided by Bloomberg. The work addresses some open problems of practical determination of market risk premium as a choice between historical and implied risk premium, determination of credit spread as a representative of country risk and accurate determination of the equity and bond market volatility ratio. The thesis also contains research on the cost of equity and single-factor sensitivity analysis demonstrating the significant influence of a small change in one parameter entering the calculation of the discount rate on the resulting value.