The aim of this thesis is to establish the value of the company for their owners. The thesis is divided into two parts: theorical and practical. In the first part the value, its creation and the methods used for valuation are defined. In the second part, the company is valuated based on the methodology of discounted cash flows.

The goal of this Master's thesis is to perform valuation of the company PREST PŘEROV a.s. and determine its market value on the date of valuation 20th of December 2011. The theoretical part describes basic terms, general description of the valuation process, strategic and financial analysis methodology and the most commonly used valuation methods. In the practical part of this work, the theoretical foundations are applied on the specific conditions of the valuated company PREST PŘEROV a.s. Strategic and financial analysis of the company is performed. After the formulation of its financial plan the company is valuated using the discounted cash flow method in the entity version, because pre-conditions of the going concern principle are met.

The aim of this thesis is to discuss the issues of real-world company valuation. For this purposes a valuation of Shell Czech Republic a.s. in period from 1/1/2010 to 1/5/2012 is provided to inform a potential exogenous investor, who has no access to insider information. The valuation is based on yield methods built on present value of future cash-flows. These methods are FCFF (Free Cash-Flow to the Firm), FCFE (Free Cash-Flow to the Equity), DDM (Dividend Discount Model) or a method of flows connected to EVA (Economic Value Added). Analysis shows the future growth potential and discount rates have the main influence on the company value.

Made available in DSpace on 2016-03-15T19:25:28Z (GMT). No. of bitstreams: 1 Cid Garcia Nogueira.pdf: 4894956 bytes, checksum: 1759dd8e8f8a2857e387007d946190e6 (MD5) Previous issue date: 2010-08-25 / The accounting records which have been created based on the owners concern, motivated on his ownership protection and property control, became subject to publicity, as far as the entrepreneurship began to fit the modern corporation feature, what implies in the countries where the capitalism system applies a must for issuing the Balance Sheet and the Annual Income Statement. Due to the growing gap between the book value, which is performed under the Generally Accepted Accounting Principles, and the market value, there comes a need to provide a uniform procedure and a disclosure for that issue in order to report and analyze the available information within a diverse way, which has been the trend to report and announce the corporation valuation and performance. This job seeks reporting some procedures that have been recently performed, informing more properly the stakeholders, concerning the pub-lic corporations, their value in currency, and testing a model based on obtainable open data basis elements. / Os registros contábeis que foram primordialmente criados por interesse dos proprietários do empreendimento, com motivação na preservação de sua propriedade e no controle de seu patrimônio, passaram a se revestir da característica de publicidade, na medida em que o empreendimento passou a enquadrar-se na característica jurídica de sociedade anônima, que, basicamente em todos os países de sistema capitalista, deve publicar o Balanço Patrimonial e a Demonstração do Resultado do Exercício. Em função do descolamento do valor contábil financeiro, que é elaborado seguindo as normas vigentes previstas nos Princípios Contábeis Geralmente Aceitos, em relação ao valor de mercado, tem surgido a necessidade de se apresentar, de modo uniforme e transparente, esse aspecto através de uma forma diversa de relatar e analisar as informações disponíveis, o que tem sido a tendência para demonstrar e tornar públicos o valor e o desempenho da sociedade anônima. Este trabalho busca relatar alguns procedimentos que têm sido elaborados para informar de maneira mais adequada às pessoas que detêm interesse nesse tipo de sociedade de capital aberto o seu valor expresso em moeda, e testar uma modalidade com base em elementos de base dados obteníveis pelo público em geral.

<p>När en värdering av ett företag skall göras finns det flera olika typer av värderingsmetoder som kan användas. Bakgrunden till den här studien är att uppsatsförfattarna blev kontaktade av ägarna till ett företag som undrade vad deras företag skulle vara värt vid en eventuell försäljning. Det specifika med företaget är att det endast arbetar mot en kund, samt att företaget nästan inte har några materiella tillgångar.</p><p>Syfte: Syftet är att kartlägga de olika värderingsmodeller som används vid värdering av företag, för att därefter klargöra vilken eller vilka metoder som är bäst lämpade för vårt fallföretag. Detta syftar till att resultera i en värdering av vårt fallföretag.</p><p>Metod: Vi har använt oss av en kvalitativ metod i form av en grundlig litteraturstudie, samt en genomgång av tidigare forskning. Vidare har ett antal e-postintervjuer genomförts och slutligen presenteras en modell för värdering av vårt fallföretag.</p><p>Teori: Den teoretiska delen av denna studie består av de värderingsmetoder som beskrivs i den litteratur som finns inom området. Vidare redovisas en del teori i form av tidigare forskning som publicerats i olika vetenskapliga tidskrifter.</p><p>Empiri: Empirin består av två stycken e-postintervjuer med representanter för Nordeas, samt Swedbanks Corporate Finance avdelningar. Vidare har intervjuer genomförts med representanter för fallföretaget. Vi har även tagit del av information från fallföretagets ekonomisystem i form av balans- och resultatrapporter.</p><p>Resultat: Denna studie visar att de lämpligaste värderingsmetoderna att använda vid värdering av ett företag i den specifika situation som vårt fallföretag befinner sig i, är kassaflödesmetoden samt residualvinstmetoden. Vidare visar studien att de vanligast använda värderingsmetoderna är multipelvärdering samt kassaflödesvärdering. Studien visar också att det är väldigt svårt att komma fram till ett exakt värde på ett företag då framtiden är oviss.</p> / <p>When valuing a company there exist various possible valuation methods to use. The reason behind this study is that the authors were contacted by the owners of a company, who where interested to know how much their company would be worth in the case of a possible sale. Specific with this company is that it only has one customer and almost no tangible assets.</p><p>Purpose: The purpose of this study is to make a survey of the different valuation methods that exist and to clarify which one is best suited in this particular case. This will result in a valuation of our case company.</p><p>Method: We have used a qualitative method in the shape of a thorough literary study and an exposition of earlier research in the area of company valuation. Furthermore we have made two interviews by email with representatives from the Corporate Finance departments of Swedbank and Nordea.</p><p>Theory:The theorethical framework of this study involves the different valuation methods that are described in the litterature that exists in the area. We have also shown some theory in the shape of earlier research that has been published in various scientific magazines.</p><p>Empirical foundation: The empirical foundation contains two interviews carried out by email with representatives from the Corporate Finance departments of Swedbank and Nordea. Interviews have also been made with representatives from our case company. The balance sheet and income statement from our case company’s economic system have also been studied.</p><p>Conclusion: This study shows that the most suitable valuation methods for our case company are the Discounted Cash Flow Model and the Residual Income Model. The study also shows that the most commonly used valuation methods are Multiple Valuation and Discounted Cash Flow Valuation. Finally the study shows that it is very difficult to reach one precise value when valuing a company with an uncertain future.</p>

This dissertation focuses on models for company (equity) valuation. Company valuation has many interacting components. Essay 1, On the Fundamentals of Company Valuation, discusses the different roles of these components and shows how their interaction can be captured in a valuation framework. Essay 2, Looking Beyond the Horizon, is devoted to problems connected with horizon (terminal) value estimations. Essay 3, Company Valuation with a Periodically Adjusted Cost of Capital, shows how the cost of equity and the weighted average cost of capital can be simultaneously adjusted to reflect varying capital structures. The main contribution of Essay 4, On the General Equivalence of Company Valuation Models, is the specification of a company valuation framework that ensures that the free cash flow, dividend, abnormal earnings, economic value added and adjusted present value models are all equivalent. One characteristic of the framework is that it explicitly links the specification of discount rates to the anticipated future development of the company. Moreover, the results highlight the reasons for why the different models can produce different value estimates in practical applications. / Diss. Stockholm : Handelshögsk.

This thesis deals with accounting-based equity valuation models. The first study contrasts the performance of three commonly used valuation models, using a large sample of analysts’ forecasts of the elements valued by these models (free cash flow, dividends and abnormal earnings/residual income). The second study investigates empirically whether discount rate estimation is a first-order effect in equity valuation. The third and fourth studies focus on developing routines for implementation of multi-period valuation models, including the critical issue of terminal value estimation. The thesis shows how model choice is a critical issue, given standard implementation of the valuation models (Study 1); how standard models for discount rate estimation are of little or no use practically (Study 2); how one can implement a multi-period valuation framework such that everything is internally consistent, and how this leads to several desirable features, such as model equivalency (Studies 3 and 4). The thesis is valuable to readers interested in accounting-based equity valuation who wish to understand, to distinguish among, and to appropriately implement valuation techniques. / Diss. Stockholm : Handelshögsk.

När en värdering av ett företag skall göras finns det flera olika typer av värderingsmetoder som kan användas. Bakgrunden till den här studien är att uppsatsförfattarna blev kontaktade av ägarna till ett företag som undrade vad deras företag skulle vara värt vid en eventuell försäljning. Det specifika med företaget är att det endast arbetar mot en kund, samt att företaget nästan inte har några materiella tillgångar. Syfte: Syftet är att kartlägga de olika värderingsmodeller som används vid värdering av företag, för att därefter klargöra vilken eller vilka metoder som är bäst lämpade för vårt fallföretag. Detta syftar till att resultera i en värdering av vårt fallföretag. Metod: Vi har använt oss av en kvalitativ metod i form av en grundlig litteraturstudie, samt en genomgång av tidigare forskning. Vidare har ett antal e-postintervjuer genomförts och slutligen presenteras en modell för värdering av vårt fallföretag. Teori: Den teoretiska delen av denna studie består av de värderingsmetoder som beskrivs i den litteratur som finns inom området. Vidare redovisas en del teori i form av tidigare forskning som publicerats i olika vetenskapliga tidskrifter. Empiri: Empirin består av två stycken e-postintervjuer med representanter för Nordeas, samt Swedbanks Corporate Finance avdelningar. Vidare har intervjuer genomförts med representanter för fallföretaget. Vi har även tagit del av information från fallföretagets ekonomisystem i form av balans- och resultatrapporter. Resultat: Denna studie visar att de lämpligaste värderingsmetoderna att använda vid värdering av ett företag i den specifika situation som vårt fallföretag befinner sig i, är kassaflödesmetoden samt residualvinstmetoden. Vidare visar studien att de vanligast använda värderingsmetoderna är multipelvärdering samt kassaflödesvärdering. Studien visar också att det är väldigt svårt att komma fram till ett exakt värde på ett företag då framtiden är oviss. / When valuing a company there exist various possible valuation methods to use. The reason behind this study is that the authors were contacted by the owners of a company, who where interested to know how much their company would be worth in the case of a possible sale. Specific with this company is that it only has one customer and almost no tangible assets. Purpose: The purpose of this study is to make a survey of the different valuation methods that exist and to clarify which one is best suited in this particular case. This will result in a valuation of our case company. Method: We have used a qualitative method in the shape of a thorough literary study and an exposition of earlier research in the area of company valuation. Furthermore we have made two interviews by email with representatives from the Corporate Finance departments of Swedbank and Nordea. Theory:The theorethical framework of this study involves the different valuation methods that are described in the litterature that exists in the area. We have also shown some theory in the shape of earlier research that has been published in various scientific magazines. Empirical foundation: The empirical foundation contains two interviews carried out by email with representatives from the Corporate Finance departments of Swedbank and Nordea. Interviews have also been made with representatives from our case company. The balance sheet and income statement from our case company’s economic system have also been studied. Conclusion: This study shows that the most suitable valuation methods for our case company are the Discounted Cash Flow Model and the Residual Income Model. The study also shows that the most commonly used valuation methods are Multiple Valuation and Discounted Cash Flow Valuation. Finally the study shows that it is very difficult to reach one precise value when valuing a company with an uncertain future.

Submitted by Filipi Cabalzar (filipi.cabalzar@gmail.com) on 2016-03-14T16:50:48Z No. of bitstreams: 1 Filipi_Cabalzar-FGV.pdf: 1796240 bytes, checksum: 01172a998f6d8213f215f19b9525226c (MD5) / Approved for entry into archive by Ana Luiza Holme (ana.holme@fgv.br) on 2016-03-14T16:55:22Z (GMT) No. of bitstreams: 1 Filipi_Cabalzar-FGV.pdf: 1796240 bytes, checksum: 01172a998f6d8213f215f19b9525226c (MD5) / Made available in DSpace on 2016-03-14T17:30:28Z (GMT). No. of bitstreams: 1 Filipi_Cabalzar-FGV.pdf: 1796240 bytes, checksum: 01172a998f6d8213f215f19b9525226c (MD5) Previous issue date: 2016-01-21 / Mathrix is an e-learning math website that will be launched in March 2016. This master thesis offered a unique chance to interact with experienced supervisors in venture capitalism and project investment. It could serve as guidelines for entrepreneurs who intend to raise funds. Starting with the company’s business plan, the thesis focuses on estimating the company’s value with its return on investment using three scenarios and taking into consideration the risks evolved. / Mathrix é um website e-learning de matemática que será lançado em Março, no ano 2016. Esta tese de mestrado permitiu uma oportunidade única de interação com profissionais experientes na área de capital de risco e projetos de investimento. Poderá ser utilizada como guia por empreendedores interessados em angariar fundos. Começando com o plano de negócio da empresa, a tese foca-se em estimar o valor da empresa, com o seu retorno de investimento, utilizando três cenários e tendo em consideração os respectivos riscos

The purpose of this thesis is the valuation of AGF Logistics, Ltd. The diploma thesis consists of financial analysis for the years 2011 to 2015, from the strategic analysis, financial plan drawn up for the years 2016 to 2020 and valuation of the company. Company valuation is done based on the DCF entity method using other supporting methods.