Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The natural environment has gained intensified importance in recent years (Stern, 2007) as the depletion of free natural resources and creation of non-intentional by-products speeds up. Especially air quality-related issues such as carbon dioxide emissions caused by non-intentional by-products from fuel combustion intensify the pressure on nature and thereby on human beings. Global commitments to greenhouse reduction by different nations, manifested in the Kyoto Protocol, increase the pressure on the economic environment as they force nations and in particular companies to reduce their greenhouse gas emissions to the agreed levels. This means that companies unable to meet the emission targets are forced to acquire additional emission rights. This has an impact on the value of a company. The lower the emissions, the more emission rights can be sold on the carbon markets. Furthermore, the less natural environmental risk a company is exposed to, the higher its value. In general, the risk reductions result from creating benefits for the natural environment. This research project shows how the natural environment impacts on the value of a company. It considers the green value, described as the overall tradable benefit from the reduction of non-intentional by-products, of a small liquid-petroleum-gas (LPG)-converting company. It is assumed that emission benefits created through the reduction of relevant marketable byproducts will lead to emission credit notes, equal to emission rights, offered to companies at the carbon spot market. This enables the companies participating on the carbon market to buy additional emission rights. This non-empirical report focuses on a study of the theory. Topics such as the global natural environment, awareness of natural environment and willingness to pay for higher quality of the natural environment, traditional valuation, and environmental accounting give an understanding of the subject. In addition, personnel communication was used to discuss relevant market expectations and prospects. The outcome is a valuation approach to determine the potential value of companies. The intention is to show that the value goes beyond a purely financial approach. From the valuation procedure performed one can easily see that the value of a company is strongly influenced by the green value component derived from valued environmental benefits. / AFRIKAANSE OPSOMMING: Die natuurlike omgewing het in die afgelope paar jaar toenemend belangrik geword (Stem, 2007) namate die uitputting van gratis natuurlike hulpbronne en die skep van toevallige neweprodukte toeneem. Veral kwessies wat met die gehalte van lug verband hou, soos koolsuurgasvrystellings wat deur toevallige neweprodukte van brandstofverbranding veroorsaak word, verhoog die druk op die natuur en dus ook op die mens. 'n Wereldwye verbintenis tot die vermindering van die kweekhuis-effek deur verskillende lande, wat in die Kyoto Protokol inslag vind, verhoog die druk op die ekonomiese omgewing, aangesien dit lande, en spesifiek maatskappye, dwing om hulle kweekhuis-gasvrystellings tot by die ooreengekome vlakke te verminder. Dit beteken dat maatskappye wat nie die vrystellingsteikens kan haal nie, gedwing word om bykomende vrystellingsregte te bekom. Dit het 'n impak op die waarde van 'n maatskappy. Hoe laer die vrystellings, hoe meer vrystellingsregte kan op die koolstofmarkte verkoop word. 'n Maatskappy se waarde verhoog indien die risiko rakende die natuurlike omgewing verlaag word. Oor die algemeen is hierdie risikoverminderings die resultaat van die skep van voordele vir die natuurlike omgewing. Hierdie navorsingsprojek toon aan wat die natuurlike omgewing se impak op die waarde van 'n maatskappy is. Dit ondersoek die groen waarde, wat beskryf word as die algehele verhandelbare voordeel uit die vermindering van toevallige neweprodukte, van 'n klein vloeibarepetroleumgas-maatskappy. Die aanname word gemaak dat vrystellingvoordele wat geskep word deur die vermindering van toepaslike verkoopbare neweprodukte daartoe sal lei dat vrystellingskredietnotas, wat gelykstaande aan vrystellingsregte is, aan maatskappye by die koolstoflokomark aangebied sal word. Dit stel die maatskappye wat op die koolstofmark handel dryf in staat om bykomende vrystellingsregte te koop. Hierdie nie-empiriese verslag fokus op 'n studie van die teorie. Onderwerpe soos die globale natuurlike omgewing, bewustheid van die natuurlike omgewing en 'n gewilligheid om te betaal vir 'n natuurlike omgewing van 'n hoer gehalte, en omgewingsrekeningkunde dra by tot 'n beter begrip van die onderwerp. Verder is persoonlike kommunikasie gebruik om toepaslike markverwagtinge en -vooruitsigte te bespreek. Die uitkoms is 'n waardasiebenadering om die potensiele waarde van maatskappye te bepaal. Die doel is om aan te toon dat die waarde verder as 'n suiwer finansie1e benadering strek. Uit die waardasieprosedure wat uitgevoer is, kan maklik gesien word dat die waarde van 'n maatskappy sterk beinvloed word deur die groenwaarde-komponent wat deur gewaardeerde omgewingsvoordele bepaal word.

Thesis (MBA (Business Management))--University of Stellenbosch, 2009. / ENGLISH ABSTRACT: Corporate governance in South Africa (SA) has been promoted since 1994 with the release of the King report which was the first code of corporate governance in the country. This has since been updated in 2002, and most recently in 2009. In previous independent assessments of corporate governance in South Africa, the country has been commended for its corporate governance standards. As a large institutional investor the Public Investment Corporation (PIC) actively encourages high standards of corporate governance in the companies in which it invests. Therefore, the PIC wanted to develop a matrix to assess the current corporate governance standards of listed companies in South Africa in order to assist with investment decisions, and to actively promote high standards. Therefore, the skills and knowledge of an expert panel were called upon in order to develop a robust assessment tool that incorporates best practice, but remains locally relevant. The intention was to not only focus on disclosure, but to also incorporate an assessment of conformance and performance. This was then applied to the Johannesburg Stock Exchange (JSE) top 40 companies. The aim of the study was not only to assess the corporate governance of these companies, but also to critically review the matrix to ensure it is an effective assessment tool. In addition the link between corporate governance, company performance, and company valuation was investigated as these variables are commonly reported in the literature to be positively correlated. Various aspects of board diversity, including age, gender and ethnicity, were also researched as this was identified as a critical issue in the South African context. Factors that have been shown to affect board diversity in the literature were also investigated. Following this the link between board diversity and company performance was studied as there is limited information regarding this relationship in the literature. Various limitations of the matrix were identified and in many instances related to what had previously been reported in the literature. However, a significant relationship was not found between corporate governance and company performance, and, the relationship between corporate governance and company valuation was negative. This may be due to limitations of the study, and therefore, a definitive conclusion cannot be drawn. In terms of the demographics of the boards of the JSE top 40 companies, most directors fall between the ages of 51 and 60 years, 14.5 per cent of board members are female, and 32.5 per cent of directors are black. There was a trend towards a positive relationship between diversity of age and board size, while no relationship was found between shareholder diversity and board diversity, and interestingly board ethnic diversity was found to be positively correlated with company performance. / AFRIKAANSE OPSOMMING: Korporatiewe beheer in Suid-Afrika is sedert 1994 bevorder met die uitreik van die King-verslag wat die eerste kode vir korporatiewe beheer in die land was. Hierdie verslag is sedertdien opgedateer in 2002 en mees onlangs in 2009. In vorige onafhanklike beoordelings van korporatiewe beheer in Suid-Afrika, is die land aangeprys vir sy korporatiewe beheerstandaarde. As ‟n groot institusionele belegger, moedig die Public Investent Corporation (PIC) aktief hoë standaarde van korporatiewe beheer aan in die maatskappye waarin hy belê. Die PIC wou daarom ‟n matriks ontwikkel om die huidige korporatiewe beheerstandaarde te beoordeel van die genoteerde maatskappye in Suid-Afrika ten einde te help met beleggingsbesluite en om hoë standaarde aktief aan te moedig. Die kennis en vaardighede van ‟n paneel deskundiges is daarom ingeroep om ‟n robuuste beoordelingshulpmiddel te ontwikkel wat die beste praktyke sou insluit, maar plaaslik relevant sou bly. Die bedoeling was ook om nie net op openbaarmaking te fokus nie, maar ook beoordeling van nakoming en prestasie in te sluit. Dit is dan op die Johannesburgse Effektebeurs (JSE) se top 40 maatskappye toegepas. Die doel van die studie was nie net om die korporatiewe beheer van hierdie maatskappye te beoordeel nie, maar ook om die matriks krities te beoordeel om te verseker dat dit ‟n effektiewe beoordelingshulpmiddel is. Die verwantskap tussen korporatiewe beheer, maatskappy prestasie, en maatskappy waardasie is verder ook ondersoek aangesien hierdie veranderlikes algemeen in die literatuur as positief gekorreleer beskryf word. Verskeie aspekte van direksie diversiteit, insluitend ouderdom, geslag en etnisiteit, is ook nagevors aangesien hierdie sake as kritiese kwessies binne die Suid-Afrikaanse konteks geïdentifiseer is. Faktore wat in die literatuur geblyk het die direksie se diversiteit te beïnvloed, is ook ondersoek. Hierna is die verwantskap tussen direksie diversiteit en maatskappy prestasie ook ondersoek aangesien daar beperkte inligting oor hierdie verwantskap in die literatuur bestaan. Verskeie beperkinge van die matriks is geïdentifiseer en hou in baie gevalle verband met dit wat reeds voorheen in die literatuur beskryf is. Geen beduidende verwantskap is egter gevind tussen korporatiewe beheer en maatskappy prestasie nie, en die verwantskap tussen korporatiewe beheer en maatskappy waardasie was negatief. Dit mag wees as gevolg van beperkings van die studie, en daarom kan ‟n beslissende gevolgtrekking nie gemaak word nie. In terme van die demografie van die direksies van die JSE se top 40 maatskappye, is die meeste direkteure tussen 51 en 60 jaar oud, 14.5 persent van direksielede is vroulik, en 32.5 persent van direkteure is swart. Daar was ‟n tendens tot ‟n positiewe verwantskap tussen diversiteit van ouderdomme en direksiegrootte, maar geen verwantskap is gevind tussen aandeelhouer diversiteit en direksie diversiteit nie, en dit is interessant dat direksie etniese diversiteit gevind is om positief gekorreleer te wees met maatskappy prestasie.

Thesis (MBA)--University of Stellenbosch, 2010. / AFRIKAANSE OPSOMMING: Waarde- en groei-beleggingstrategieë dateer terug na Fama en French (1992) en Lakonishok, Shleifer en Vishny (1994). Bogenoemde studies is gebaseer op vroeë navorsing wat die fokus verskuif het om sodoende waardasieverhoudinge en maatskappygrootte te gebruik as toonaangewende verklarende maatstawwe vir aandele-opbrengste. Toenemende studies in hierdie beleggingsveld het die akademiese en beleggingsgemeenskap oortuig dat ’n waardegebaseerde beleggingstrategie, gemiddeld, ’n groeigebaseerde beleggingstrategie oortref. Waarde- en groei-eienskappe word algemeen aanvaar en deur fondsbestuurders en beleggers as onderskeidende beleggingstrategieë aangewend. Hierdie eiesoortige beleggingstrategieë is op die Suid-Afrikaanse mark vir die periode 1990 tot 2009 toegepas. Die beduidende veranderinge binne die ekonomiese klimaat en aandelemarkte was die oorhoofse rede vir die insluiting van die ekonomiese siklusse in die navorsing, spesifiek die opswaai- en afswaai-fases van die ekonomie. Die Sharpe-, Treynor- en Inligting–prestasiemaatstawwe vir waarde- en groei-portefeuljes is in hierdie studie vergelyk en geanaliseer. Normaalweg word prestasie-beoordeling nie begin met ’n gedetailleerde analise van die opbrengsverdelings om te bepaal watter prestasie-maatstaf meer voortreflik is nie. Die opbrengsdensiteit vir alle portefeuljes is bepaal om sodoende die opbrengsverspreidings en risikooorwegings beter te verstaan binne die onderskeie ekonomiese siklusse. Die bevindinge binne die Suid-Afrikaanse konteks was wel ooreenstemmend met voorafgaande navorsing dat waardegebaseerde investering groeigebaseerde investering oortref vir aandele met hoër waardasieverhoudinge teenoor aandele met laer waardasieverhoudinge. Die gemiddelde maandelikse prestasie van waarde-portefeuljes het ook groei-portefeuljes oortref in die ekonomiese opswaai-siklusse, wat ooreenstemmend is met soortgelyke navorsing wat in ander markte gedoen is. In die ekonomiese afswaai-siklus het groei-portefeuljes waarde-portefeuljes oortref, ooreenstemmend met die van die Amerikaanse mark. Die navorsing dui daarop dat waardegebaseerde investering voortreflik is oor die volle steekproefperiode, wat beteken dat beleggers wat waarde-beleggingstrategieë volg hoër opbrengste kan verwag in alle ekonomiese siklusse, maar die voordele sal groter wees in tye van ’n ekonomiese opswaai. Die wisselvalligheid van opbrengste binne die twee ekonomiese siklusse is sigbaar en beklemtoon die noodsaaklikheid om die ekonomiese siklus in beleggingstrategieë en -besluite in te sluit. Die ekonomiese siklus verbreed die dimensie tot die evaluasie van waardegebaseerde beleggingstrategie en dit is noodsaaklik dat dit ’n geïntegreerde deel vorm van die evaluasieproses. / ENGLISH ABSTRACT: Value and growth investment strategies can be traced back to Fama and French (1992) and Lakonishok, Shleifer and Vishny (1994). The studies built on earlier work done and lead to attention being shifted to valuation ratios and company size as leading explanatory indicators for stock returns. Based on the accumulated evidence from studies, the academic and investment community came to agree that value investment strategies, on average, outperform growth investment strategies. Value and growth, are widely recognised and used by money managers and investors as distinctive investment strategies. These style-specific investment strategies were tested on the South African market for the period 1990 to 2009. The significant changes within the economic conditions and securities markets motivated the research to include the business cycle – specifically, contraction and expansion of the economy – within the scope of this study. The Sharpe, Treynor and Information performance ratios, that were calculated for compiled value and growth portfolios, were compared and analysed. The performance evaluation is not normally initiated with a detailed analysis of the return distribution in order to determine which performance measure is superior. The return densities for all portfolios were calculated in order to gain a better understanding of return distributions and risk considerations within the different business cycles. The results indicated that, within the South African context, value investing did outperform growth investing as indicated by previous research that stocks with high valuation ratios tend to outperform stocks with low valuation ratios. The mean monthly performance of value portfolios also outperformed growth portfolios in the period of economic upswing, which is a similar result as that of other markets where this kind of research has been conducted. In the economic downturn period growth investing seems to be superior to value investing similar to that of the US market. The study indicates that the superior performance of value investing is robust for the whole sample period, meaning that investors will be better off investing in stocks with high valuation ratios for all economic conditions, but the benefits of value investing would be greater during periods of economic upswing. The volatility of returns within the two economic conditions is quite evident and highlights the importance of incorporating business cycles into investment strategies and decisions. The business cycle adds another dimension to value investing strategy evaluation and should be incorporated in the evaluation process.

Thesis (MBA)--Stellenbosch University, 2002. / Some digitised pages may appear illegible due to the condition of the original hard copy / ENGLISH ABSTRACT: With the trends of business moving away from large, corporate companies to small, flexible and innovative alternatives, the need to value new companies are becoming important. A new company generally does not have substantial historical data available and it is therefore difficult to determine potential revenue streams and hence accurate valuations. The focus of this study is to find an appropriate method to attempt the valuation of a new company and this is explained by means of a case study. Three basic approaches exist to value companies. The Discounted Cash Flow (DCF) method analyses risk and return to estimate a discount rate and presents the value of the company as a Net Present Value (NPV). Relative Valuation methods compare the fundamentals of a company to that of other companies. Contingent Claim Valuation methods base the value of a company on the fact that decisions may be deferred into the future until more information is evident. The basis of this valuation technique is that of Option Pricing Theory in which the Black-Scholes technique and binomial models are used .: This method is normally used on assets that have optionlike features e.g. equity in a company, natural resource rights, product patents or any decision that may be deferred into the future. Decisions (options) deferred may be identified as growth-, staged-, flexibility-, exit-, learning- and expanding options. This is also known as the Real Option Pricing Theory. According to this model the investment proposal may be mapped as a series of call options (Luehrman, 1998a). The amount of money expended in the project corresponds to the option's exercise price (X), the present value of the asset built or acquired corresponds to the stock price (S), the length of time the company can defer the investment decision corresponds to the option's time to expiration (t) and the uncertainty about the future value of the project's cashflow corresponds to the standard deviation of return on the stock (c). Seven steps are used to obtain the value of the call option and the value is reflected by two option-value metries namely the value-to-cost (NPVq) and cumulative volatility (cr--Jt).The two metries are plotteá on a graph (defined as Options Space) in order to visualize and interpret the results. Mushroom Biomedical Systems developed three highly novel and patented products. The company was valued using the conventional OeF method and valued as a staged investment using the Real Option Pricing Theory according to Luehrman's model (1998a). The values of two products are similar using the OeF and Real Options methods. Most of the investment capital was required during the first phases of these products resulting in the investment of the second phases not holding high risks or value. The value of the third product is significantly higher using the Real Options method compared to the OeF. This is ascribed to the forced delay of phase one. The value of this future decision is worth more than the current decision due to expected new information that might arise. By "creating an option" value is added by forcing management to actively make two decisions about the continuation of the project at a future date. Applying Real Option Pricing Theory suggests inherent value in uncertainty when there is freedom to choose different courses of action in the face of different market conditions. With the OeF analysis the impact of risk is seen as depressing the value of the investment. By contrast, real options show that risk can be influenced through managerial flexibility, which becomes a central instrument to create value. / AFRIKAANSE OPSOMMING: Die beweging van die besigheidswêreld vanaf groot korporatiewe maatskappye na kleiner, buigsame en innoverende alternatiewe het 'n behoefte geskep om die waarde van sulke nuwe maatskappye te kan bepaal. 'n Nuwe maatskappy het tipies nie historiese data beskikbaar nie wat die vooruitskatting van potensiële inkomste strome en dus akkurate waardasies moeilik maak. Die fokus van hierdie studie is die bepaling van 'n toepaslike metode om die waarde van 'n nuwe maatskappy te bepaal en dit word deur middel van 'n gevalle studie verduidelik. Drie basiese metodes bestaan om maatskappye te waardeer. Die Verdiskonteerde Kontantvloei Stroom (VKS) metode gebruik risiko en opbrengs om 'n verdiskonteringskoers te bepaal en reflekteer die waarde van die maatskappy as die Netto Teenswoordige Waarde (NTW). Relatiewe Waardasie metodes vergelyk die fundamentele eienskappe van 'n maatskappy met die van ander maatskappye. Die Gebeurlikheids Waardasie metode koppel waarde aan die feit dat besluite uitgestel kan word totdat meer informasie beskikbaar is. Die basis van hierdie tegniek is Opsie Teorie waarin die Black-Scholes tegniek en binomiaal model gebruik word. Hierdie metode word gewoonlik gebruik waar bates "opsie-tipe" eienskappe besit soos aandeelhouding in 'n maatskappy, natuurlike mynregte; produk patente of enige besluit wat uitgestel kan word na 'n datum in die toekoms. Besluite (opsies) wat uitgestel word kan geïdentifiseer word as groei-, stap-vir-stap-, buigbaarheids-, uittree-, lerings- en uitbreidingsopsies. Hierdie metode staan ook bekend as die Ware Opsie Prysings Teorie. Volgens hierdie metode kan 'n beleggingsgeleentheid voorgestel word as 'n reeks koopopsies (Luehrman, 1998a). Die totale uitgawe word voorgestel deur die uitoefeningsprys (X), die teenswoordige waarde van die bate word voorgestel deur die aandeel waarde (S), die tydperk wat die besluit uitgestel kan word, word voorgestel deur die opsie vervaltyd (t), en die onsekerheid van die bate se kontantvloeistroom word voorgestel deur die standaardafwyking van die opbrengs van die bate (c). Sewe stappe word geneem om die waarde van die koopopsie te bepaal wat uitgedruk word deur twee opsiewaarde komponente naamlik waarde-tot-koste (NPVq) en kummulatiewe volatiliteit ((1'Jt). Die twee komponente word grafies voorgestel (genoem Opsie Spasie) om resultate te visualiseer en te interpreteer. Mushroom Biomedical Systems het drie unieke en gepatenteerde produkte ontwikkel. Die maatskappy is met die konvensionele VKS metode gewaardeer en volgens Luehrman (1998a) se Ware Opsie Prysings model as 'n stap-vir-stap opsie gewaardeer. Die waardes van twee van die produkte is dieselfde met die VKS metode en die Opsie Teorie metode. Die meeste van die kapitaal is tydens die eerste fases van die twee produkte benodig met die gevolg dat die tweede fases nie veel risiko of waarde inhou nie. Die waarde van die derde produk is aansienlik meer met die Opsie Teorie metode in vergelyking met die VKS metode. Dit word toegeskryf aan die gedwonge vertraging van fase een. Die waarde gekoppel daaraan om die besluit in die toekoms te neem is meer werd as om die besluit nou te neem a.g.v. verwagte nuwe informasie. Deur hierdie opsie "te skep" word waarde toegevoeg omdat bestuur gedwing word om aktief twee besluite in die toekoms te neem rakende die voortsetting van die projek. Die gebruik van Ware Opsie Prysings Teorie skep 'n inherente waarde wanneer daar verskillende besluite geneem kan word soos mark kondisies verander. Met die VKS metode word risiko gesien as 'n faktor wat waarde laat afneem. In teenstelling hiermee dui die Ware Opsie Teorie dat risiko beïnvloed kan word deur bestuur se vermoëns, wat 'n belangrike instrument is vir waardeskepping.

Thesis (MBA)--Stellenbosch University, 1995. / ENGLISH ABSTRACT: In spite of the significant role of price-earnings ratios on the Johannesburg Stock Exchange. relatively little is known of the behaviour of these ratios over time. The price-earnings ratio is the price of the company's share. divided by the company's earnings per share. In a theoretically stable environment the interpretation of the price-earnings ratio is less problematic than in an everyday unstable. non-perfect market. The problem with a non-perfect market, is that the expectations and assumptions of investors start to play a role. This is difficult to quantify. To analyse price·earnings ratios now become problematic . Based on the formula for price-earnings ratio, one can say that it represents that which the investor is willing to pay, for one rand of the earnings of the company. A high price-earnings ratio is a function of either a big expected growth in earnings for the company, or a very small earnings for the company in that financial year. The purpose of this study is: 1) The accomplishment of a databank which reflects the relative rank of the different companies. 2) To establish the relationship of the rank of a given year with future ranks. The study was conducted on all industrial companies on the Johannesburg Stock Exchange. Price·earnings ratios calculated with share prices at financial year-end, as well as price-earnings ratios calculated with share prices three months after the financial year·end, were used in the study. Companies included in the study were divided into groups which have been listed for 20. 15, 10 and 5 years respectively. Descriptive statistical methods were used to find out more about the data. To establish the extent of the relationships between the different ranks, Spearman's rankorder coefficient was used. Finally a databank was established to show the different relative ranks of the different groups. Descriptive statistics indicated that price-earnings ratios are not disrtibuted normally. The median was therefore used in all the groups as representative of the data. The median showed a definite upward trend over time. The medians of the price-earnings ratios calculated on the share prices three months after financial year-end, closely follow the medians of the price-earning ratios calculated on share prices at financial year-end. This indicates that either investors do not take the earnings of the companies into account, or that investors' expectations of earnings are correct. It is, however, doubtful whether investors have sufficient information at financial year-end. Spearman's rankorder coefficient showed a definite positive and significant trend. especially if the time-span of the tests are taken into account. Companies which were therefore ranked high, wilt most probably be high again the following year, if the time-span does not exceed five years. The databank which was established to show the relative ranks of the different companies, showed that the so-called top companies do not necessarily fall into the top positions. / AFRIKAANSE OPSOMMING: Alhoewel prys-verdienste-verhoudings 'n belangrike rol op die Johannesburgse Effektebeurs speel, is relatief min inligting beskikbaar oor die werking daarvan oor die lang termyn. Die prys-verdienste-verhouding is die prys van die maatskappy se aandeel, gedeel deur die verdienste per aandeel. Die interpretasie van prys-verdienste-verhoudings is minder problematies in 'n teoreties stabiele omgewing as in 'n oorwegend onseker, nie-perfekte marksituasie. Die probleem in laasgenoemde tipe mark is dat beleggersverwagtings en -aannames toenemend 'n rol begin speel. Aangesien verwagtings en aannames moeilik is om te kwantifiseer, bemoeilik dit ook die interpretasie van prys-verdienste-verhoudings. Volgens die formule verteenwoordig prys-verdienste-verhoudings dit wat beleggers bereid is om te betaal, vir een rand verdienste van die maatskappy. 'n Groot prys-verdienste-verhouding is 'n funksie van groot verwagte verdienstegroei van die maatskappy, of 'n baie klein verdienste per aandeel vir die maatskappy in daardie betrokke finansiele jaar. Die doel van die studie is: 1) Die daarstelling van 'n databank van prys-verdienste-verhoudings wat die relatiewe rangorde van die verskillende maatskappye reflekteer. 2) Vasstelling van die verband tussen rangordes van 'n bepaalde jaar en toekomstige rangordes . Die studie is gedoen op alle industriële maatskappye op die Johannesburgse Effektebeurs. Prys-verdienste-verhoudings bereken volgens aandeelpryse op finansiële jaareinde, asook die bereken op aandeelpryse drie maande na afloop van die finansiële jaareinde van die betrokke maatskappy , is by hierdie studie ingesluit. Maatskappye is in vier groepe verdeel naamlik maatskappye wat onderskeidelik al 20, 15, 10 en 5 jaar genoteer is. Ter toeligting van hierdie data in die verskillende groepe, is beskrywende statistiese metodes gebruik en geinterpreteer. Spearman se rangorde korrelasiekoëffisient is gebruik om die omvang van die verband tussen rangordes vas te stel. 'n Databank is laastens opgestel vir die verskillende groepe wat relatiewe rangorde aantoon. Volgens die beskrywende statistiese metodes is die prys-verdienste-verhoudings nie normaal verdeel nie. Die mediaan is dus in alle groepe as verteenwoordigend van die data gebruik, in plaas van die gemiddelde. Die mediaan het in alle groepe 'n skerp stygende tendens oor tyd getoon. Mediane van prys-verdienste-verhoudings bereken op aandeelpryse drie maande na die finansiële jaareinde, het 'n sterk ooreenkoms getoon met mediane van prys-verdienste-verhoudings bereken op finansiële jaareind aandeelpryse. Dit kan 'n gevolg wees van of die feit dat beleggers hulle nie veel steur aan die verdienstes van maatskappye nie, of dat beleggers se verwagtings van die maatskappye se verdienstes korrek was. Dit is egter te betwyfel of beleggers op finansiële jaareinde oor genoegsame intigting beskik. Spearman se rangorde korrelasiekoëffisient toon 'n definitiewe positiewe en beduidende tendens, veral as die tydsduur van die toetse wat gedoen is in ag geneem word. Maatskappye met 'n hoë rangorde sal daarom waarskynlik ook die daaropvolgende jare 'n hoë rangorde hê, veral as die tydperk nie langer as vyf jaar is nie. Volgens die databank wat saamgestel is om die relatiewe rangordes van die verskillende maatskappye se prys-verdienste-verhoudings aan te toon. hey, sogenaamde top maatskappye nie hoog in die hiërargie van top maatskappye gefigureer nie.

A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Science in Engineering. Johannesburg, 2017 / The period from 2006 to 2015 was a turbulent one for mining companies. The end of the 2000s commodity super cycle resulted in all-time high market values for most commodity based companies, followed by a rapid decline in value with the onset of the Global Financial Crisis in 2008 and a similar rapid recovery following this. Whilst much of this change in value was driven by commodity prices, the inconsistent performance between companies suggests that there are other factors affecting mining company value. To determine the key drivers of company value, four diversified and international mining companies which represent close to 50% of the 2006 industry revenue were selected for analysis. These were Anglo American, BHP Billiton, Rio Tinto and CVRD-Vale. Financial and production data was collected to analyse different potential value drivers. Because of its suitability for comparison of company value, the market based valuation approach was selected as the company valuation technique. Enterprise value (EV) was the metric used for company value since this provides a measure of the real market value of a firm as a whole business. Eight potential value drivers, which include production output, commodity price, revenue, EBITDA margin, EBITDA multiple, gearing ratio, net debt to EBITDA ratio and ROCE, were selected for analysis. Each potential value driver was tracked against EV to determine if there was any correlation between the value driver and EV. Also, the Pearson correlation method was used to determine correlation between each potential value driver and EV. Production output and commodity price in isolation were found not to drive company value. However, when combined to calculate revenue, had a very high correlation to EV with an average Pearson coefficient of 0.8. EBITDA multiple was also found to be a key driver of company value, with this metric closely aligned to revenue (Pearson coefficient of 0.6). The two debt metrics, gearing ratio and net debt to EBITDA were found to only have a correlation to EV in times of declining commodity prices and revenue. EBITDA margin and ROCE were found to have no correlation to EV and as such were not considered to be key drivers of company value. Mining companies must ensure that they focus on the correct value drivers to ensure those they influence do impact the company value. / MT 2017

A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfillment of the requirements for the degree of Master of Science in Engineering. Johannesburg, 2015 / The minerals industry has in the last decade witnessed volatility, uncertainty, complexity and ambiguity (VUCA). The diamond industry has not been immune to these challenges. These challenges coincided with the decision of the diamond mining family in 2011 to opt out of De Beers after approximately a century of being in control by selling their 40 % stake to Anglo American plc (AA) which already had 45 % stake in De Beers. This transaction increased Anglo American plc‟s stake in De Beers to 85% thus joining venture with the Government of the Republic of Botswana (GRB) under an already existing entity called Debswana. Botswana has been hailed as a beacon of success and a model African state both politically and economically mainly due to its effective management of economic proceeds generated mainly through Debswana diamonds. Something that might be seen as a possible threat to this economic stability is the merger and acquisition (M&A) between the GRB and AA. As a result this study was conducted as a way of investigating any possible impacts of the partnership of GRB and AA on the Debswana diamond company through the M&A transaction that occurred in 2011. The study was restricted to the mining operations in order to assess Debswana‟s performance more meaningfully pre and post the acquisition of De Beers shares by AA. The mining activities from Debswana operations comprise of Letlhakane, Damtshaa, Orapa, Jwaneng and Morupule Coal mine. The study is focusing on the production statistics and financial analysis using stock market and financial ratios. These are discussed in detail to assess the possible impact of the merger on Debswana‟s performance. In addition to this, empirical evidence based on factors determining a firm‟s performance before and after acquisition or merger is also discussed, with further action of aligning determinants to the literature findings. The study‟s key findings were that there has been a significant reduction in AA‟s financial performance post-merger but Debswana‟s performance has been fairly consistent. This is probably due to the fact that the 3-year post merger window period may not be sufficient to observe sufficient changes in Debswana‟s performance. Further research can be conducted on the current AA‟s repositioning strategy that aims at divesting in other operations and focusing on others and its impact on Debswana over a much longer window period than 3 years. / M T 2016

Tian Vane Ing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 71-74). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgements --- p.iv / Chapter Chapter 1 --- Introduction and Overview --- p.1 / Chapter Chapter 2 --- Literature Review --- p.4 / Chapter 2.1 --- Shareholder Value and Corporate Governance --- p.4 / Chapter 2.2 --- Measures of Value --- p.7 / Chapter Chapter 3 --- Data and Methodology --- p.12 / Chapter 3.1 --- Data --- p.12 / Chapter 3.2 --- Economic Value Added (EVA) --- p.12 / Chapter 3.2.1 --- Net Operating Profit After Taxes (NOPAT) --- p.14 / Chapter 3.2.2 --- Invested Capital (INCAP) --- p.16 / Chapter 3.2.3 --- Cost of Capital --- p.17 / Chapter 3.2 --- Hypothesis of Interest --- p.18 / Chapter Chapter 4 --- Empirical Results --- p.23 / Chapter 4.1 --- The Cost of Capital --- p.23 / Chapter 4.2 --- Economic Value Added (EVA) in China and Hong Kong --- p.25 / Chapter 4.2.1 --- Analysis of the EVA: Overall --- p.25 / Chapter 4.2.2 --- Analysis of the EVA: Industry --- p.28 / Chapter 4.2.3 --- Discussions --- p.31 / Chapter 4.3 --- Testing of the Hypothesis --- p.36 / Chapter 4.3.1 --- EBEI and CFO in China and Hong Kong --- p.37 / Chapter 4.3.2 --- Regression on Market Value --- p.41 / Chapter 4.3.3 --- Discussions --- p.43 / Chapter Chapter 5 --- Summary and Concluding Remarks --- p.68 / Bibliography --- p.71

Thesis (M.S.)--Massachusetts Institute of Technology, Alfred P. Sloan School of Management, 1981. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND DEWEY. / Bibliography: leaves 336-339. / by Josephine S. Jimenez. / M.S.

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