Made available in DSpace on 2016-04-25T16:44:54Z (GMT). No. of bitstreams: 1 Stefan C Lee.pdf: 425129 bytes, checksum: b42eba077dbf34d3a8fc08b95deafb31 (MD5) Previous issue date: 2007-05-09 / This dissertation analyzes the relationship between the return on equity and the cost of equity, as suggested by the CAPM: Capital Asset Pricing Model, for non financial Brazilian companies. Among the various kinds of returns on equity, the net profit divided by shareholder s accounting equity was adopted as the principal return, having advantages including widespread utilization and simplicity. Sector samples, taken from the paper and pulp, steel, textile and petrochemical sectors, and a non sector sample, composed of 105 companies, were analyzed. The differences between ROE and cost of equity were calculated for the period between 1995 and 2005 and the parametrical t Student and non parametrical Wilcoxon statistic tests were carried out to compare means. The results reveal a pessimistic scenario for investments in Brazil and, from the five samples, only one from the steel sector sample reported a compatible ROE with the cost of equity. Most of non financial Brazilian companies do not have equal or higher returns than the cost of equity and, worse of all, these returns are many times lower than federal interest rates. Complementary analysis with the multi regression technique indicated a paradox due to the coexistence of a high cost of equity, shareholder s value destruction, and continuity, creation, and growth of investments. Future studies are proposed to understand and rationalize the results / O trabalho se propõe a analisar a relação entre o retorno sobre o patrimônio líquido e o custo do capital próprio, medido pelo Capital Asset Pricing Model, das empresas não financeiras brasileiras. Dentre os diversos retornos do capital próprio, o lucro líquido sobre o patrimônio líquido contábil foi o principal adotado, tendo como vantagens também a simplicidade e difusão. Foram extraídas amostras setoriais de papel e celulose, de metalurgia e siderurgia, têxtil e de petroquímica, e uma não setorial, que foi composta por 105 empresas. As diferenças entre os retornos sobre o patrimônio líquido e o custo do capital próprio foram coletadas para o período de 1995 a 2005 e foram realizados os testes paramétrico t Student e não paramétrico Wilcoxon de igualdade de médias. Os resultados obtidos apontam um cenário pessimista para investimentos no Brasil, uma vez que das cinco amostras, apenas a do setor de metalurgia e siderurgia teve retornos sobre o patrimônio líquido compatíveis com o custo do capital próprio. A maioria das empresas brasileiras não financeiras não consegue igualar ou superar o custo do capital próprio e, em vários casos, não conseguem sequer superar a taxa base. Análises complementares baseadas em regressões multivariadas indicaram um paradoxo entre as coexistências de um alto custo de capital próprio, destruição de valor aos acionistas, e a continuidade, a criação e a ampliação dos investimentos. Estudos futuros são propostos para a compreensão e racionalização dos resultados

This diploma thesis focuses on the performance evaluation of a selected company through the modern indicator of Economic Value Added (EVA). The company´s financial health is outlined by a financial analysis. The analysis became the basis for the calculation of the EVA indicator. Selected adjustments to the accounting data are necessary for the calculation. Based on the findings measures are proposed that contribute to the increase of Economic Value Added and eliminate the effects of its decline.

The diploma thesis focuses on the economic evaluation of the company acquisition project using methods of discounted cash flow, net present value and discounted payback period. The theoretical part of the thesis uses comprehensive view on modern methods of strategic and financial analysis, financial planning strategy and investment decision-making methods. The second half of the work contains practical part of strategic and financial analysis, calculated cost of equity, weighted average cost of capital and economic evaluation of the acquisition project itself.

The work is focussed on the determination of capital structure in its market values, determination of the cost of non-own capital, and determination of the cost of equity, primarily by using the CAPM method. In terms of the CAPM procedure the work deals with the main parameters required by the method, such as risk-free yield rate, risk market premium, and beta coefficient. Furthermore, attention is given to modifications resulting from the inaccuracies of the CAPM method to make the method correspond as much as possible with the actual yield and risk of shares historically achieved at the capital market, and likewise to modifications needed when applying the CAPM method to the valuation of Czech businesses. The recommended procedure of determining the market discount rate for the valuation of an enterprise is applied on an example. Data obtained from the capital market of the Czech Republic are used to calculate the risk premium of the Czech capital market and beta coefficient of selected ten shares out of the Czech capital market, giving an assessment of the possibility of using the data obtained from the Czech capital market for the valuation of businesses incorporated in the Czech Republic.

Master’s thesis is focused on the application of valuation methods chosen company Kornfeil spol. s r.o. Methods of measurement are specified in the thesis. This thesis describes process of valuation of selected company. Steps in the valuation, financial analysis, strategic analysis, financial plan, the discount rate and the application of valuation methods are specified. In the thesis are applied to revenue and cost valuation method, and finally made their synthesis.

Bakgrund: Betydelsen av investeringsbedömningen kan inte överbetonas till följd av dess långsiktiga fördelar för företagets giltighet och operativa funktionalitet. Beräkningsmetoder som används för investeringsbedömning bistår med nödvändig kunskap för att underlätta beslutsfattande samt för att skapa sig en tydligare bild över det föreslagna investeringsprojektet. Företag investerar för att upprätthålla sina ekonomiska mål och värderingen av olika investeringsalternativ spelar således en central roll för företagets ekonomiska fortlevnad och utveckling. Kapitalinvesteringar är ofta omfattande och förväntas generera värde på lång sikt, vilket formar företagets ekonomiska fokusområden. Detta belyser viktigheten av en kvalitativ bedömning för olika investeringsalternativ och deras respektive utvecklingsmöjligheter. Syfte: Genom att undersöka användningsområdet för kalkylräntan avser studien att öka kunskapen för sambandet mellan kalkylräntebestämningen och investeringsbedömningen. Detta som ett delsyfte till att undersöka vilka metoder som några svenska industri- och fastighetsföretag använder. Studien avser även vidare att beskriva och analysera företagens investeringskalkylering och kapitalstruktur. Metod: Studien har antagit en kvalitativ forskningsansats med semistrukturerade intervjuer med svenska industri- och fastighetsbolag. Respondenterna valdes ut genom ett målstyrt urval och vidare beskriver metoden hur insamling av det empiriska materialet har gått till. För att besvara studiens problemformulering har det empiriska materialet analyserats med den teoretiska referensramen. Slutsats: Studiens resultat visar tydliga skillnader i relation till den klassiska kapitalteorin och att långsiktiga strategiska investeringar i viss utsträckning tenderar att inkräkta på investeringar som kan generera en högre internränta och således vara mer ekonomiskt lönsam, men som är av mindre strategisk betydelse för bolaget. Detta strider mot teorins förutsättningar om att uppnå en normativt optimal kapitalstruktur. En viktig aspekt av det är att företagen försöker bibehålla en helhetlig bild av investeringarna där förutsättningar för nyutveckling ska uppmärksammas, vilket i regel inte strider mot kapitalteorins antaganden. Men i relation till det kan dock investeringskalkyler endast förse bolag med en begränsa uppfattning av investeringens ekonomiska konsekvenser. / Background: The importance of the investment appraisal cannot be overemphasized as a result of its long-term benefits to the company's validity and operational functionality. Calculation methods used for investment assessment assist with the necessary knowledge to facilitate decision-making, as well as to create a clearer picture of the proposed investment project. Companies invest to maintain their financial goals and the valuation of different investment alternatives thus plays a central role for the company's financial survival and development. Capital investments are often extensive and expected to generate value over the long term, shaping the company's financial focus areas. This highlights the importance of a qualitative assessment for different investment options and their respective development opportunities. Purpose: By examining the area of use for the discount rate, the study intends to increase knowledge of the connection between the discount rate determination and the investment assessment. This as a partial aim to investigate which methods some Swedish industrial and real estate companies use. The study also intends to describe and analyze the companies' investment calculation and capital structure Method: The study has adopted a qualitative research approach with semi-structured interviews with Swedish industrial and property companies. The respondents were selected through a targeted selection and the method further describes the collection of the empirical material. In order to answer the study's problem formulation, the empirical material has been analyzed with the theoretical frame of reference. Conclusion: The results of the study show clear differences in relation to the classic capital theory and that long-term strategic investments to a certain extent tend to encroach on investments that can generate a higher internal rate of return and thus be more financially profitable, but which are of less strategic importance for the company. This goes against the theory's prerequisites for achieving a normatively optimal capital structure. An important aspect of it is that the companies try to maintain a holistic view of the investments where the conditions for new development must be noticed, which as a rule does not contradict the assumptions of the capital theory. However, in relation to that, investment calculations can only provide companies with a limited idea of the financial consequences of the investment.