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 company Steelmont - konstrukce s. r. o. The first part is dedicated to theoretical basis using available Czech and foreign literature that relate to this topic. The second part deals with the analysis of the current state of the company, which includes strategic and financial analysis. Another important part of the business valuation is financial plan. By using the suitable method is determined the enterprise value for a certain period, and finaly there are created proposals to increase this value.

The aim of the thesis is to determine the value of company XY, Ltd., focused on pro-ducing precision metal manufacturing. The thesis could be used as supporting document for business decisions made by management of company and could be used as a value determination for not predetermined buyer. The value of the company is calculated on 1. 1. 2015 by application of income methods. Specifically, the valuation is processed by method of discounted cash flow method DCF entities and the economic value added method EVA. The starting point of valuation is the strategic analysis, financial analysis and the analysis of value drivers. Based on these analyses will be determined value of the company.

The thesis deals with an assessment of financial and economic situation of a production company by means of selected methods of financial analysis. The paper presents suggestions for measures to be taken in order to improve the financial strategy of the company.

One of the major issue for life insurance companies is proper and consistent valuation of liabilities. This thesis introduces the standard estimation methods used in practice and discussed the alternative methods, which might help to speed up these calculations. It studies two possible methods of acceleration of calcu- lations in life insurance: analytic function and cluster analysis. The outcome of these work is comparison of discussed methods applied on generated life insur- ance portfolio. All methods were applied on two possible insurance products. Comparison of the results is based on the calculation precision and time needed to process the liabilities of the insurance company's portfolio. 1

An investment in a private equity is any investment made in a financial asset that is not publicly traded. As such these assets are very difficult to value and also give rise to great difficulty when it comes to quantifying risk. In a typical private equity investment the investor commits a prespecified amount of capital to a fund, this capital will be called upon as needed by the fund and eventually capital will be returned to the investor by the fund as it starts to turn a profit. In this way a private equity investment can be boiled down to consist of two cash flows, the contributions to the fund and distributions from the fund to the investor. These cash flows are usually made within a prespecified time frame but at unspecified intervals and amounts. As an investor in a fund, carrying too little liquid assets when contributions are called upon will cause trouble, but carrying significantly more than needed is also not desirable as it represents a loss in potential revenue from having less capital in more profitable investments. The goal of this thesis was to attempt to find a way to reliably model these cash flows and to find a way to represent the results in a meaningful way for the benefit of the investor by constructing value at risk like risk measures for the necessary liquid capital to carry at a given time in case contributions are called upon. It was found that the distributions could be modelled very well with the chosen stochastic processes, both as it related to predicting the average path of the cash flows and as it relates to modelling the variability of them. Contrary to this it was found that the contributions could not be modelled very well. The reason for this was found to be an observed lag in the speed of contributions at the start of the funds lifetime, this lag was not taken into account when constructing the stochastic model and hence it produced simulated cash flows not in line with those used in the calibration. / En investering i private equity är en investering i en tillgång som inte är börsnoterade. På grund av detta är sådana tillgångar väldigt svåra att värdera och medför även store svårigheter när det kommer till att kvantifiera risk. I en typisk private equity investering so ingår en investerare i ett löfte att under en viss förbestämd tidsperiod bidra med en fixt mängd kapital till en private equity fond. Detta kapital kommer att gradvis kallas på av fonden vid behov för att sedan mot slutet av fondens livstid ge utdelning när private equity fonden börjar göra en vinst. På detta viset kan en private equity investering brytas ner i två kassaflöden, kontributioner in i fonden, och distributioner ut ur fonden. Dessa kassaflöden sker under en förbestämd tidsperiod men ej förbestämda belopp. Som en investerare i denna typen av fond är därför en risk att bära för lite likvid kapital när kontributioner blir kallade på men även oattraktivt att bäre på för mycket de detta representerar förlorar potentiell avkastning. Målet i denna uppsatts är att hitta ett sätt att på att tillförlitligt vis modellera dessa kassaflöden och representera resultaten på ett meningsfullt sätt från perspektivet av en investerare. För att uppnå detta skapades value-at-risk liknande mått för mängden likvid kapital som krävs under en tidsperiod för att säkra sig mot påkallade kontributioner. Slutsatsen blev att distributioner kunde modelleras väl, både när det kom till att efterlikna den genomsnittliga vägen av kassaflöden och även för att modellera risken. I kontrast till detta så kunde inte kontributioner modelleras mot tillräckligt hög säkerhet för att användes i det ämnade syftena. Anledningen till detta var en eftersläpning i hastigheten som kontributioner kallades med som inte tågs i beaktande av den tillämpade matematiska modellen.

The awareness and interest for digitalization have increased tremendously during recent years. However, many companies are struggling to identify the economic benefits and often face long payback time and large initial investment costs. This study aims to assess the potential economic effects from digitalization projects in the steel production industry. The study begins by elucidating central concept like, digitization, digitalization, digital transform and the link between digitalization and automation. Furthermore, the study identifies effects of digitization at production level from an internal efficiency perspective, based on existing literature. On this basis, an investment tool for digitization projects has been developed, consisting of three different analyzes; a level of automation analysis, a quantitative analysis and a qualitative analysis. To continue, the investment model has been applied to a potential investment of a smart automatic crane. The results from all three analyses provided positive results and incentives to initiate the project. As a result of poor data collection and rigid data, only one effect could be accounted for in the quantitative analysis, which generated a net present value of nearly 12 MSEK over a tenyear period. The most critical parameter proved to be the timing of initiating the project. / Medvetenheten och intresset för digitalisering har ökat enormt under de senaste åren. Många företag kämpar emellertid med att identifiera de ekonomiska fördelarna och möter ofta långa återbetalningstider och stora initiala investeringskostnader. Denna studie syftar till att utvärdera de potentiella ekonomiska effekterna av digitaliseringsprojekt i stålproduktionsindustrin. Studien börjar med att redogöra för vad digitalisering är samt kopplingen mellan digitalisering och automation. Vidare identifierar studien effekter av digitalisering på produktionsnivå ur ett internt effektivitetsperspektiv baserat på befintlig litteratur. Baserat på detta har ett investeringsverktyg för digitaliseringsprojekt utvecklats, bestående av tre olika analyser; en automationsgradsanalys, en kvantitativ analys och en kvalitativ analys. Investeringsmodellen har dessutom tillämpats på en potentiell investering i form av en smart automatkran. Resultaten från samtliga tre analyser var positiva och utgjorde incitament till att initiera projektet. Som ett resultat av bristande datainsamling och ostrukturerade data kunde kostnadsbesparingen från endast en effekt redovisas i den kvantitativa analysen, vilken genererade ett nuvärde på nästan 12 MSEK under en tioårsperiod. Den mest kritiska parametern visade sig vara tidpunkten för att implementera projektet.

Thesis (MBA)--Stellenbosch Universiteit, 2000. / ENGLISH ABSTRACT: The important changes in real interest rates, deregulation, amalgamation and the change of enterprise form from co-operatives to companies, require a new approach towards the utilisation and management of capital in the agricultural business. The economic environment has changed from a situation where management used nearly uncontrolled amounts of capital to get turnover, towards a capital scarce situation where capital is applied with caution and where profits are required. This new approach calls for focus on working capital. This study proposes a conceptual approach to the evaluation of the management of cash. The concept of a STREAM / WELL of cash, as used by Hamman (1999) at the Business School of the University of Stellenbosch, is described. The cash flow statements of some co-operatives have been standardised to produce comparable figures for income from operating -, investment- and financing activities. The STREAM / WELL approach with a graphic presentation of income from operating -, investment - and financing activities are used to demonstrate the usefulness thereof. The conclusion is made that profit margins are too low in this kind of business because of a lower than needed mark-up. The working capital cycle is too long in most of the businesses, which indicates that too much working capital is used to generate the income. Lastly, the growth in turnover is as a determinant factor for working capital, too unpredictable and uncontrolled because of inherent qualities of this business environment. The risk in this market, because of climate and uncontrollable factors, is not calculated but indications are that this risk is high. / AFRIKAANSE OPSOMMING: Die ingrypende verandering van reële rentekoerse, deregulering, amalgamasies en omskakeling van koöperasies na maatskappye, verg nuwe benaderings tot die bestuur en aanwending van kapitaal in die landbou. Vanuit 'n omgewing waar omsette nagejaag is met feitlik onbeperkte toegang tot fondse, het die landbouondernemings se benadering verander na ondernemings met beperkte kapitaal wat oordeelkundig aangewend moet word en bevredigende opbrengste moet lewer. Hierdie tendens noodsaak 'n gefokusde benadering tot die bestuur van bedryfskapitaal. Die studie stel 'n konsepsuele benadering voor om ondernemings se bestuur van kontant, soos gerapporteer in kontantvloeistate, te evalueer. Die konsep van 'n STROOM / PUT benadering, soos jare lank deur Hamman (1999) gebruik om die begrippe te verduidelik aan die Bestuurskool van die Universiteit van Stellenbosch, word omskryf. Die kontantvloeistate van 'n aantal landbouondernemings is gestandaardiseer om vergelykende opbrengste uit bedryfs-, investerings- en finansieringsaktiwiteite te bereken. Die STROOM / PUT benadering word saam met 'n grafiese voorstelling van die bydraes uit bedryfs-, investerings- en finansieringsaktiwiteite gebruik om die aanwending daarvan te demonstreer. Daar word tot die slotsom gekom dat winsgewendheid te laag is in ondernemings van dié aard hoofsaaklik omdat winsgrense te laag is. Oor die algemeen is die bedryfskapitaalsiklus te lank, wat daarop dui dat te veel bedryfskapitaal aangewend word om die opbrengs te genereer. Laastens is die groei in omset, as bepaler van die vraag na bedryfskapitaal, ongekontroleerd en wisselvallig as gevolg van die inherente eienskappe van die landbou sakeomgewing. Die risiko opgesluit in dié markomgewing wat grootliks deur klimaat en ander onbeheerbare faktore beïnvloed word, word nie bereken nie, maar die studie dui op besondere hoë risiko's van dié aard.

Thesis (MBA)--Stellenbosch University, 2001 / ENGLISH ABSTRACT: This focus of this study is to analyse trends between three different performance variables for all listed industrials on the Johannesburg Stock Exchange. The three variables are earnings per share, headline earnings per share and operating cash flow per share. Sample A represents data from 1974 to 1999, and Sample B from 1990 to 1999. There are many companies that still do not report headline earnings per share in their financial reports as at the end of their financial year for 1999. A list of these companies is attached as Appendix A. A total of 21 different combinations of the variables were tested for correlations. From this investigation three significant relationships were noted. Firstly, there is a high correlation between earnings per share and operating cash flow per share. The pooled result from 1974 to 1999 is 0,636, that confirms a positive relationship between the two variables. Secondly, the result of the same two variables from the Sample B dataset also shows a high correlation of 0,601 (pooled result). Thirdly, there is a very strong negative pooled result of -0,897 when analysing the difference between (EPS-HEPS) and (HEPS-CFPS). An interesting observation was that although individual yearly results were showing high correlations, the pooled results did not reflect the same tendency. Validated findings attained through statistical testing in this study will in future allow analysts to predict the behaviour of one variable based on the performance of another variable. / AFRIKAANSE OPSOMMING: Die fokus van hierdie studie is om tendense tussen drie verskillende prestasieveranderlikes vir alle genoteerde nywerheidsaandele op die Johannesburgse Effektebeurs te ontleed. Die drie veranderlikes is verdienste per aandeel (VPA), wesensverdienste per aandeel (WVPA) en kontantvloei uit bedryfsaktiwiteite per aandeel (KBAPA). Steekproef A verteenwoordig data vanaf 1974 tot 1999 en Steekproef B vanaf 1990 tot 1999. Teen die einde van 1999 was daar steeds maatskappye wat nie die wesensverdienste per aandeel in hulle finansiële verslae rapporteer nie. 'n Lys van hierdie maatskappye is aangeheg as "Bylae A". In totaal is 21 verskillende kombinasies van die veranderlikes getoets vir onderlinge afhanklikheid. Die ondersoek het drie betekenisvolle verhoudings gelewer. Eerstens is daar 'n hoë onderlinge afhanklikheid tussen verdienste per aandeel en kontantvloei uit bedryfsaktiwiteite per aandeel. Die saamgevoegde resultate vanaf 1974 tot 1999 is 0,636, wat 'n positiewe verhouding tussen die twee veranderlikes bevestig. Tweedens toon die resultate van dieselfde twee veranderlikes van Steekproef B se datastel ook 'n hoë onderlinge afhanklikheid van 0,601 (saamgevoegde restultate). Derdens is daar 'n baie sterk negatiewe resultaat van -0,897 wanneer die verskil tussen (VPA-WVPA) en (WVPA-KBAPA) ontleed word. 'n Interessante waarneming was dat, alhoewel individuele jaarlikse resultate hoë onderlinge afhanklikheid getoon het, die saamgevoegde resultate nie dieselfde neiging weerspieël het nie. Geldige bevindinge, verkry deur statistiese proefneming in hierdie studie, sal analiste in die toekoms toelaat om die gedrag van een veranderlike te voorspel gebaseer op die prestasie van 'n ander veranderlike.

Thesis (MBA)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: Both the income statement and the cash flow statement of a company provide useful information to the user of financial statements. The net profit after tax in the income statement and the cash from operating activities in the cash flow statement have basically the same transactions as source, however they still differ, because of timing differences between the accrual of income and expenses and the cash receipts or payments thereof, as well as the inclusion of items in the net profit after tax that rather forms part of cash flow from investment activities. A growth in turnover usually coincides with an increase in non-cash working capital. When the company is expanding at too high a rate, too much of his cash resources are taken up by the increase in non-cash working capital and that could lead to cash flow problems. This trend can be plotted on a graph, with a growing net profit after tax and a decline in the cash flow from operating activities. The two lines move away from each other when there is a significant difference between the net profit after tax and the cash flow from operating activities. This study tries to measure the angle between the two lines where they reach the danger zone. Users of financial statements will be able to use this as an indicator of companies that are going to be in cash flow trouble over the next period. In order to measure this angle when the company reaches the danger zone, 365 listed industrial companies were studied. The net profit after tax and the cash flow from operating activities were both transformed into an index, with cash flow relative to net profit. The difference between the index strings was calculated. This study only focuses on companies with an index-difference where the cash flow from operating activities is smaller than the net profit after tax. An index-difference of -2 was identified as the possible danger zone. In order to substantiate this figure, companies with an index-difference of -2 or larger negative that still were listed at the time of the study were examined to find the reason for the difference. Items that do not form part of the cash flow from operating activities cannot be used in the calculation of the index-difference, because it will generate a permanent difference between the net profit after tax and the cash from operating activities. Companies that have a huge negative index-difference only because of such items are not in the danger zone. 33 companies with an index-difference of -2 or more negative were identified. Focus was placed on the thirteen companies that did not have losses and that were still listed at the time of the study. Six of these companies were removed from the danger list after the individual examination, because of other reasons for the difference rather than an increase in non-cash working capital. That leaves seven companies that are shown by this study to be in danger to get into serious cash flow trouble in the foreseeable future. A few additional companies were examined which led to another six companies being placed on the danger list. Only time will tell whether these companies do get into serious financial difficulty. If so, the index-difference can be calculated as an indicator of the point when a company, regardless of a strong growth in turnover, and sometimes because thereof, does not generate enough cash from operating activities to finance the growth in non-cash working capital. Unless the company has a holding company that is willing to pour more cash into the company, or unless the company can do a successful rights issue, it will find itself in the position where it cannot finance the expansion and also cannot obtain more additional funding. / AFRIKAANSE OPSOMMING: Beide die inkomstestaat en kontantvloeistaat van 'n maatskappy verskaf nuttige inligting aan gebruikers van finansiële state. Die netto wins na belasting uit die inkomstestaat en die kontantvloei uit bedryfsaktiwiteite uit die kontantvloeistaat het basies dieselfde transaksies as bron, maar verskil tog, hoofsaaklik vanweë tydverskil in die erkenning van die toevalling van inkomste en uitgawes en die kontantontvangstes en -betalings daarvan, asook vanweë die insluiting van items in die netto wins na belasting wat eerder deel vorm van die kontantvloei uit investeringsaktiwiteite. Wanneer die maatskappy 'n groei in omset toon, gaan dit gewoonlik gepaard met 'n toename in nie-kontant bedryfskapitaal. Wanneer die maatskappy te vinnig groei, word te veel van sy kontantbronne vasgevang in die verhoogde nie-kontant bedryfskapitaal en dit kan lei tot kontantvloeiprobleme. Hierdie tendens kan op 'n grafiek uitgebeeld word met 'n stygende netto wins na belasting, terwyl die kontantvloei uit bedryfsaktiwiteite daal. Wanneer daar 'n aansienlike verskil tussen die netto wins na belasting en die kontantvloei uit bedryfsaktiwiteite is, beweeg die twee lyne uit mekaar. Dié studie poog om die grootte van die hoek tussen die twee lyne wanneer die gevaarsone bereik word, te bepaal. Dit kan dan deur gebruikers van die finansiële state as 'n aanduiding gebruik word om te voorspel watter maatskappye oor die volgende tydperk kontantvloeiprobleme sal hê. Ten einde die grootte van die hoek te meet waar die maatskappy die gevaarsone binne beweeg is 365 genoteerde industriële maatskappye se data bestudeer. Die netto wins na belasting en die kontantvloei uit bedryfsaktiwiteite is beide as 'n indeks uitgedruk, laasgenoemde relatief tot eersgenoemde. Die verskil tussen die twee indeks-reekse is bereken, naamlik die indeks-verskil. Die studie is slegs gefokus op maatskappye met 'n indeks-verskil waar die kontantvloei uit bedryfsaktiwitete kleiner is as die netto wins na belasting. 'n Indeks-verskil van -2 is geïdentifiseer as die moontlike gevaarsone. Ten einde hierdie syfer te steun is die maatskappye wat ten tye van die navorsing steeds genoteer is en 'n indeks-verskil van -2 of groter negatief het, individueel ondersoek om die rede vir die indeks-verskil vas te stel. Items wat op 'n ander plek in die kontantvloeistaat as in die bedryfsaktiwiteite hanteer word, kan nie in ag geneem word in die berekening van die indeks-verskil nie, aangesien dit 'n permanente afwyking tussen die netto wins na belasting en kontant uit bedryfsaktiwiteite sal veroorsaak. Maatskappye wat dus bloot as gevolg van sodanige items 'n groot negatiewe indeks-verskil het, val nie in die gevaarsone nie. 33 maatskappye is geïdentifiseer met 'n indeks-verskilvan -2 of groter negatief. Daar is gefokus op die dertien maatskappye wat nie verliese gely het nie en steeds ten tye van die afhandeling van die studie genoteer was. Ses van hierdie maatskappye is tydens die individuele ondersoek van die gevaarlys gehaal aangesien daar ander redes vir die groot indeks-verskil was as 'n toename in nie-kontant bedryfskapitaal. Dit laat dan sewe maatskappye wat deur dié studie aangedui word as om moontlik finansiële probleme op te tel binne die afsienbare toekoms. 'n Paar addisionele maatskappye is ondersoek, waarna 'n verdere ses op die gevaarlys geplaas is. Slegs die tyd sal leer of die betrokke maatskappye wel in 'n finansiële verknorsing beland. Indien wel, kan hierdie indeks-verskil bereken word en as 'n aanduiding gebruik word van die punt wanneer 'n maatskappy, in baie gevalle ten spyte van goeie groei in omset, maar dan ook juis as gevolg daarvan, nie genoeg kontant uit bedryfsaktiwiteite genereer om die groei in nie-kontant bedryfskapitaal te finansier nie. Tensy die maatskappy 'n houermaatskappy het wat bereid is om nog kontant te stort in die maatskappy, of tensy die maatskappy 'n suksesvolle regte-uitgifte kan maak, vind hy homself in die posisie dat hy nie die uitbreiding kan finansier nie en dat hy ook nie meer addisionele finansiering kan bekom nie.