Determination the value of the company Sklárny Kavalier, a. s. by using the method free cash flow to the firm on November 20th.

The work attempts to determine the value of company Kordárna, a.s. due to ongoing insolvency process. In the theoretical part there are described the methodological tools that are used in the valuation. They describe internal and external potential of the company. These methods are applied to the company in the practical part. In addition to determining the value of the company there is also assessed advantage of the reorganization, which allows the new insolvency law. The work shows that the reorganization causes higher proportional satisfaction of creditors than in the case of bankruptcy.

The thesis consists of valuation of the company Hollandia Karlovy Vary s.r.o. up to the 20th of August, 2014. It includes a strategic analysis describing inner and outer potential based on which the market and company sale prognosis were made. Furthermore, it includes a financial analysis and industry comparison. After that the financial plan and free cash flows were generated. The valuation itself follows based of the FCFF method. The value of the second phase was estimated using Gordon's growth model as well as the Parametric formula.

Made available in DSpace on 2016-04-25T18:40:16Z (GMT). No. of bitstreams: 1 Cassio Rogerio Celestino dos Santos.pdf: 4125984 bytes, checksum: 16e5566abd36ef2005ead10e8d6fd997 (MD5) Previous issue date: 2015-12-10 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / In the process of evaluating companies, the definition of the fair value of an organization tends to represent in a balanced manner the economic potential of a given company, however, the assessment of companies is not an exact science, in search of true and unique values, since this procedure is surrounded by a series of subjective decision. Companies with high values of intangible assets and massive use of information technology, both at the operational level as in strategic, must somehow have the IT value represented in its valuation. In this context, this study aims to identify if the IT value is properly taken into account by investment professionals through the process of evaluating the companies that make intensive use of information. For this purpose, the influence of IT value is verified and its measurement model (through financial or non-financial indicators) in the evaluation process of these companies. Similarly, they examine the information provided by these companies to the market, whether they are sufficient for proper assessment procedure. The sample consists of 108 analysts and investment professionals active, in some way, in the process of business valuation. They answered 28 questions, and the statistical tool used for analysis and processing of data is the multiple linear regression. The results suggest that only the value of IT, identified by the variable "better relationship with customers," "development of new business plans" and "accuracy of information", have significant influence on the evaluation process of the companies that make intensive use of information. The survey also reveals that investment professionals consider the information provided by companies to the market insufficient for a proper assessment of the value of IT. The findings of this study help to confirm the relevance of the IT value in appreciation of these companies and to highlight the lack of appropriate information for a correct judgment of the IT value. Still, they collaborate with the presentation of a guidance map, which shows the main elements of the IT value considered in the process of business valuation, and finally, make suggestions of investment professionals regarding the disclosure of such information / No processo de avaliação de empresas, a definição do valor justo de uma organização tende a representar, de modo equilibrado, a potencialidade econômica de determinada companhia, entretanto, a avaliação de empresas não é uma ciência exata, em busca de valores verdadeiros e únicos, pois esse procedimento está cercado de uma série de decisões subjetivas. As empresas com elevados valores de ativos intangíveis e com uso massivo de tecnologia da informação, tanto no nível operacional como no estratégico, devem, de algum modo, ter o valor de TI representado na sua valoração. Nesse contexto, esse estudo tem por objetivo identificar se o valor de TI é devidamente levado em consideração pelos profissionais de investimento durante o processo de avaliação das empresas que fazem uso intensivo de informação. Para tanto, verifica-se a influência do valor de TI e do seu modelo de mensuração (através de indicadores financeiros ou não financeiros) no processo de avaliação dessas empresas. Do mesmo modo, são examinadas as informações disponibilizadas por essas empresas ao mercado, se são suficientes para um procedimento adequado de análise. A amostra utilizada é composta por 108 analistas e profissionais de investimento atuantes, de alguma forma, no processo de avaliação de empresas. Eles responderam 28 questões, sendo que a ferramenta estatística utilizada para verificação e tratamento dos dados é a regressão linear múltipla. Os resultados obtidos sugerem que apenas o valor de TI, identificado através das variáveis relações melhores com clientes , desenvolvimento de novos planos de negócio e acuracidade das informações , influencia significativamente no processo de avaliação das empresas que fazem uso intensivo de informação. A pesquisa também revela que os profissionais de investimentos consideram as informações disponibilizadas pelas empresas ao mercado insuficientes para uma adequada avaliação do valor de TI. Os achados desse estudo contribuem para confirmar a relevância do valor de TI na apreciação dessas empresas e para evidenciar a falta de informações adequadas para um correto julgamento do valor de TI. Ainda colaboram com a apresentação de um mapa de orientação, o qual demonstra os principais elementos do valor de TI considerados no processo de avaliação de empresas, e, por fim, apresentam sugestões dos profissionais de investimentos a respeito da divulgação dessas informações

Este trabalho descreve as práticas usuais dos avaliadores de ativos do mercado brasileiro ao estimar o valor do custo de capital próprio na composição da taxa de desconto dos fluxos de caixa a ser empregada no método do Fluxo de Caixa Descontado. O estudo consiste de duas etapas principais. Na primeira foi feito um delineamento descritivo, explicitando-se quais são os métodos utilizados na estimação do custo de capital próprio, e como são obtidos os parâmetros que alimentam esses métodos. Na segunda fase do trabalho, foram realizados testes de hipótese de relações entre variáveis pertinentes no processo de estimação da taxa de desconto do capital próprio, buscando entender as relações de causa e efeito dos fenômenos presentes no processo. Para que os objetivos desejados fossem alcançados nas fases citadas, foi realizado um levantamento de dados primários, no qual se obteve uma amostra de 93 avaliações realizadas entre 2002 e 2006, tendo sido a sua maioria, aproximadamente 70%, realizadas em 2006. Em seguida foi feito um tratamento estatístico dos dados levantados, utilizando-se o aplicativo SPSS versão 13.0, com o propósito de agrupar e quantificar os resultados obtidos e de estabelecer relações pertinentes entre as variáveis envolvidas no processo de estimação do custo do capital próprio. Ao final, os resultados atingidos mostram a predominância de duas metodologias distintas: o CAPM e o Método de Prêmios de Risco. Para cada um dos métodos observou-se um padrão predominante de determinação dos parâmetros que viabilizam a metodologia. Além disso, foi verificada a existência de um forte viés de posição do avaliador ao selecionar quais fatores de risco incluir na metodologia. Uma análise derradeira da formação da taxa de desconto mostrou a sua forte relação com o porte do ativo avaliado, o que ratifica o conceito já preconizado em diversas publicações sobre o assunto, de que o prêmio por porte do ativo avaliado é um fator a ser levado em consideração. / This work describes the usual practices of asset valuators in Brazilian Market when estimating the equity capital cost used to compose the cost of capital to discount future cash flows through the Discounted Cash Flow Method. The study consists of two main blocks. Firstly, a general guideline was constructed, explaining the principal methods used for equity cost estimation and how these methods? parameters are obtained. In the second phase of the study, hypothesis tests concerning relations among relevant variables of the process were carried out, searching to identify the cause-effect relations among the phenomena present in the process. So that the objectives were reached in the mentioned phases, a primary data survey was carried out, obtaining a sample of 93 valuations made between 2002 and 2006. About 70% of these valuations were appraised in 2006. Therefore, a statistic data analysis took place with use of SPSS 13.0 version, with the objective of grouping and quantifying the survey results and also set relevant relations among involved variables in the equity cost of capital estimation. In the end, the main results show a predominance of two distinct methodologies: CAPM and Build-up Models. For each of them it was possible to identify a predominant standard of parameter estimation. Besides that, it was possible to verify the existence of a strong position bias on the analyst part, when deciding which risk premia to consider in the model. A final analysis of the discount rate composition showed strong relation with the appraised asset size, which confirms the popular concept in many publications, that size premium is a risk factor to be taken into account when valuating assets.

The aim of this Master's thesis is to determine value of the company ELSO INDUSTRIAL, spol. s r.o. as of November 30, 2010 for the owners of the company. The theoretical part describes the methods, procedures and calculations related to valuation of companies. Introduction of the practical part is devoted to presentation of the company. Followed by the strategic analysis, that is crucial for the prognosis of sales of the evaluated company. In addition, financial analysis, which result is evaluation of financial health of the firm. On the basis of analysis results is determined the forecast value of the generators and financial plan. The valuation of the company based on the method of discounted free cash-flow to the equity (FCFE) is done in the final section of this thesis. The Book value method is used as a control method.

The aim of this Master's thesis is to determine value of the company Sugar factory Vrbátky plc at 1st January 2011. This work contains only information from public sources, without access to insider information. Due to the thoroughness and range of analysis, the thesis is much more practically oriented. The first part is theoretical and it is only an introduction to appraisal basics and explanation of some important terms used in the thesis, has no ambition to cover and explain the whole appraisal methodology used in the practical part to the reader. The practical part contains financial and strategic analysis to investigate the risks associated with a company that will influence creation of value generators, financial plan and selection of appraisal methods. Executed analysis did not break the assumption of "going concern", that is why the primarily chosen valuation method was a yield method of discounted free cash flow to equity and secondarily chosen method market comparison approach.

A private company lacks a direct observable market value and several situations may require a practitioner to compute the value of a private company. Since most of the valuation methods in use are based on data derived from the public stock markets certain adjustments may be appropriate when valuing a private company. Marketability and liquidity is said to be one of the more observable differences between a public and a private company. This implies that the shares in a private company have a lack of marketability and liquidity in comparison to the shares in a public company, which practitioners may have to adjust for. Several quantitative studies are conducted on the subject in order reassure price differences between public and private companies, namely a private company discount (PCD). Furthermore, several quantitative studies strive to establish a general and standardized cost for lack of marketability (liquidity) expressed as the illiquidity discount or the discount for lack of marketability (DLOM). These studies have different perceptions and use different hypothesis to identify illiquidity, which in turn will lead to a large span of different discounts. Essentially, earlier research examines assets marketability and liquidity with the assumption of them being equal in all other aspects. Professional practitioners constantly seek guidance in these studies to justify their estimated and applied illiquidity discount/DLOM when performing a valuation on a privately held company. Furthermore, we have also observed survey-studies adopting a more qualitative method in order to appreciate the level of discounts applied in a valuation by professional practitioners. Consequently, this sea of studies provides the practitioner with a discount that ranges from 5% to 60% to take a stand on. The impossibility to determine the most adequate theory contributes to the inconsistency of how this issue is handled in reality by market participants and courts. In our study we first provide the reader with a rigorous literature study, which describes earlier research on the subject of illiquidity discount/DLOM. We conclude that research has gone one step too far when conducting all of these quantitative studies. This is why we conduct our own empirical data through semi-structured in-depth interviews with professional valuation experts on the Swedish market. This makes our approach a retake on the issue in order to generate suggestions to further studies. What we find is that all of the independent consultants, primarily, does not apply a discount when valuing a majority interest due to the paradigm on the Swedish market. In contrast, the private equity fund manager, which only acquires majority interest, can use this type of discounts in their dependent valuation of majority interests. However, when valuing a minority interest the independent valuation consultants use quantitative empirical studies to derive a starting point of the discount. The level of the discount is then estimated upon the purpose of the valuation and firm-specific variables, which all of the participant’s states to be the most important ones when estimating a illiquidity discount/DLOM. Based on these results we argue that one should be very careful when taking guidelines from quantitative empirical studies. Our interpretation is that the level of illiquidity/DLOM applicable depends on the level of attractiveness, which in turn has a bearing on all firm-specific variables. When it comes to applying the appropriate discount all of the participants argue in favor for a discount-on-value and not as some research suggest; a risk premium added to the discount rate. We also generate adequate suggestions to further studies based on these interviews. Since courts and in particular the Swedish tax-court is inconsistent when approving or rejecting illiquidity discounts/DLOM we suggest legal actions on the issue. Furthermore we suggest a survey-like study in order to catch consensus take on how to estimate the level of discount. In fact, this can be done every year in a similar way as PwC’s market risk premium study is conducted.

Este trabalho descreve as práticas usuais dos avaliadores de ativos do mercado brasileiro ao estimar o valor do custo de capital próprio na composição da taxa de desconto dos fluxos de caixa a ser empregada no método do Fluxo de Caixa Descontado. O estudo consiste de duas etapas principais. Na primeira foi feito um delineamento descritivo, explicitando-se quais são os métodos utilizados na estimação do custo de capital próprio, e como são obtidos os parâmetros que alimentam esses métodos. Na segunda fase do trabalho, foram realizados testes de hipótese de relações entre variáveis pertinentes no processo de estimação da taxa de desconto do capital próprio, buscando entender as relações de causa e efeito dos fenômenos presentes no processo. Para que os objetivos desejados fossem alcançados nas fases citadas, foi realizado um levantamento de dados primários, no qual se obteve uma amostra de 93 avaliações realizadas entre 2002 e 2006, tendo sido a sua maioria, aproximadamente 70%, realizadas em 2006. Em seguida foi feito um tratamento estatístico dos dados levantados, utilizando-se o aplicativo SPSS versão 13.0, com o propósito de agrupar e quantificar os resultados obtidos e de estabelecer relações pertinentes entre as variáveis envolvidas no processo de estimação do custo do capital próprio. Ao final, os resultados atingidos mostram a predominância de duas metodologias distintas: o CAPM e o Método de Prêmios de Risco. Para cada um dos métodos observou-se um padrão predominante de determinação dos parâmetros que viabilizam a metodologia. Além disso, foi verificada a existência de um forte viés de posição do avaliador ao selecionar quais fatores de risco incluir na metodologia. Uma análise derradeira da formação da taxa de desconto mostrou a sua forte relação com o porte do ativo avaliado, o que ratifica o conceito já preconizado em diversas publicações sobre o assunto, de que o prêmio por porte do ativo avaliado é um fator a ser levado em consideração. / This work describes the usual practices of asset valuators in Brazilian Market when estimating the equity capital cost used to compose the cost of capital to discount future cash flows through the Discounted Cash Flow Method. The study consists of two main blocks. Firstly, a general guideline was constructed, explaining the principal methods used for equity cost estimation and how these methods? parameters are obtained. In the second phase of the study, hypothesis tests concerning relations among relevant variables of the process were carried out, searching to identify the cause-effect relations among the phenomena present in the process. So that the objectives were reached in the mentioned phases, a primary data survey was carried out, obtaining a sample of 93 valuations made between 2002 and 2006. About 70% of these valuations were appraised in 2006. Therefore, a statistic data analysis took place with use of SPSS 13.0 version, with the objective of grouping and quantifying the survey results and also set relevant relations among involved variables in the equity cost of capital estimation. In the end, the main results show a predominance of two distinct methodologies: CAPM and Build-up Models. For each of them it was possible to identify a predominant standard of parameter estimation. Besides that, it was possible to verify the existence of a strong position bias on the analyst part, when deciding which risk premia to consider in the model. A final analysis of the discount rate composition showed strong relation with the appraised asset size, which confirms the popular concept in many publications, that size premium is a risk factor to be taken into account when valuating assets.

The purpose of the diploma thesis is to determine the market value of the Fruko-Schulz s.r.o. company, developed for the needs of its important stakeholder to the date of December 31, 2014. The thesis is divided into two main parts: the theoretical-methodological part defining the terminology, approaches and methods from the field of business valuation study, and the practical part using the theoretical basis for the actual valuation. After the initial introduction of the company, the strategic and financial analysis is performed, i.e. the current state is described and especially the prospects of the company on the market are discovered. The following compilation of the financial plan and value generators eventually results in the target determination of the market value of Fruko-Schulz s.r.o. company performed in particular through the DCF method.