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Ocenění společnosti Bonera,s.r.o. / Evaluation of the company BONERA s.r.o.Capková, Dagmar January 2012 (has links)
The goal of this master thesis is to perform an evaluation of the company BONERA s.r.o. and examine the future of the company on the date of evaluation of January 1st, 2012. An evaluation will be made to find a subjective value for the owner of the evaluated company. The theoretical part of the thesis describes, in a logical sequence, the process and methods which are necessary and needed to determine the value of the company. All theoretical parts are based on specialized literature written mainly by professionals who work for the University of Economics, Prague. The practical part of the thesis applies a theoretical basis for the evaluation of BONERA s.r.o. First it analyzes the current value, and then it forecasts the value, which is necessary for a company evaluation. The owner of the evaluated company provides all documentation for the evaluation.
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Stanovení hodnoty podniku / Value Estimating of CompanyKvíčala, Aleš January 2009 (has links)
This dissertation is focused on assessment of ZZN Pomoraví company. The theoretical part of the thesis discusses the basic approaches of assessing a company and describes particular methods used in this process. The practical part of the thesis deals with the assessment of the particular company based on previous strategic and financial analysis.
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Oceňování podniku / Business ValuationPospíšilová, Jana January 2010 (has links)
The subject of the Master´s thesis is problem of the Estimation of Company Market Value. Theoretical part contains elementary knowledge from literature and possiblities for Estimation of the Company Value. Practical part includes estamation of real company market value by profit method of discounted cash flow.
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Ocenění podniku ABC a.s. / Valuation of a company: ABC a.s.Božková, Klára January 2013 (has links)
This thesis deals with the valuation of the selected company by revenue valuation methods. In the first part of the thesis is defined valuation theory and these findings are then used in the analytical and practical work. In the analysis of the selected company characterized, there is a defined market in which it operates and the strategic and financial analysis. In the practical part is based on the results of analysis and business valuation using the discounted cash flow.
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Real Estate Discounted Cash Flow Model Development and Design : The process of developing a new DCF model at a multinational real estate consultancyFetibegovic, Ahmed, Nilsson, Adam January 2011 (has links)
Due to increasing skill and awareness of overall functions in programs such as Excel, an increasing number of analysts at real estate firms and consultancies have started developing "desktop" versions of valuation models used for professional appraisal of property value. Due to personal preferences, differences in schools and professional backgrounds, these so called desktop models vary in quality, robustness, accuracy, design and user friendliness. Professional software suites are not suitable either, as they are expensive, hard to learn, hard to adapt to specific needs of the business, outdated design and need of additional IT resources. At a multinational Real Estate consultancy such as Jones Lang LaSalle, requirements on tools used for professional opinions on questions as important as property value, are rigorous. Therefore, decision was made to develop a new DCF model which would be closely monitored by management and have a prismatic approach meaning that the model would satisfy the needs of more than one division at Jones Lang LaSalle. When reviewing existing models and practices at the company, the result became a tailored DCF valuation model that was focused on increasing efficiency of appraisers at Jones Lang LaSalle. Aside from being robust and technically sophisticated, the result also suited the specific needs of Jones Lang LaSalle in terms of features and user interface. Development of the model involved several divisions to ensure that the needs were met for Research & Valuation, Capital Markets, Corporate Solutions and Asset Management at Jones Lang LaSalle.
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Solcellsinvesteringars påverkan på fastighetsvärde : En studie om hur investeringar i solceller påverkar det ekonomiska värdet på kommersiella fastigheter samt hur detta värde maximeras med avseende på dimensionering respektive finansiering / Impact on property values due to solar cell investments : A study of how investments in solar cells affect the economic value of commercial properties and how this value is maximized with respect to dimensioning and financing, respectivelyRegner, Hampus, Stojanovic, Stefan January 2022 (has links)
Den globala utvecklingen som pågått sedan 1950-talet har resulterat i drastiska klimatförändringar vilket orsakat allvarliga miljöproblem. Dessa miljöproblem beror till stor del på en kraftig befolkningstillväxt. Befolkningstillväxten är starkt förknippad med ökade energibehov vilket ställer högre krav på hur energin produceras för att minska avtrycket på miljön. Ett tydligt steg i rätt riktning är tillämpningen av förnyelsebara energikällor. På den svenska marknaden är solkraft den energikälla som vuxit kraftigast de senaste åren. En av anledningarna till den kraftiga tillväxten är de statliga stimulanserna som givits. Sedan 2021 har de statliga stöden samtidigt dragits in vilket i synnerhet drabbar företag, däribland kommersiella fastighetsägare. Samtidigt kan det fortfarande finnas motiv för att investera i solceller, tack vare de positiva kostnadseffekter som en investering kan medföra. Det finns samtidigt oklarheter kring hur denna typ av investering påverkar värdet på fastigheter. Baserat på detta är studiens syfte att undersöka hur investeringar i solceller påverkar det ekonomiska värdet på kommersiella fastigheter samt hur detta värde maximeras med avseende på dimensionering respektive finansiering. Tidigare forskning inom området indikerar att det i huvudsak finns positiva samband mellan investeringar i solceller och värdet på fastigheter. Samtidigt berör dessa studier bostadsfastigheter på den internationella marknaden. Det finns således en begränsad forskning kring hur investeringar i solceller påverkar värdet på kommersiella fastigheter, inte minst på den svenska marknaden. För att uppfylla studiens syfte tillämpades, i första hand, en kvantitativ flerfallsstudie där 8 fastighetsobjekt undersöktes. Den kvantitativa data som samlades in om dessa objekt låg till grund för värderingen av dessa fastigheter. Värderingen, som baserades på “discounted cash flow method”, tillämpades för att tydliggöra hur värdet på fastigheterna förändrades i relation till ett ursprungsläge före en investering. Det kvantitativa metodvalet kombinerades med kvalitativa intervjuer vars syfte var att få en djupare förståelse om hur värdet på kommersiella fastigheter maximeras med avseende på dimensionering. Intervjuerna hade även för avsikt att verifiera de kvantitativa resultaten som genererades från fallstudien. Studiens resultat påvisar ett starkt samband mellan det ekonomiska värdet på kommersiella fastigheter och investeringar i solceller. Hur mycket fastighetsvärdet påverkas beror i stor utsträckning på hur investeringen finansieras samt hur lång analystid som beaktas. Bortsett från analystid tyder studiens resultat på att fastighetsvärdet i genomsnitt ökar 1,71% vid en direktfinansiering och 1,12% när investeringen görs i form av ett “power purchase agreement”. Samtidigt påvisar de kvalitativa resultaten att dimensioneringen av solcellsanläggningar bör göras utifrån den individuella fastighetens behov i termer av egenanvändning och total elanvändning. För att maximera egenanvändningen och därmed också fastighetsvärdet behöver dimensioneringen, ur et praktiskt perspektiv, ta hänsyn till den tillgängliga takytan, takets lutning samt takets väderstreck. / The global development, which has been going on since the 1950s, has resulted in drastic climate changes, which has caused serious environmental issues. These environmental issues are mainly caused by a strong population growth. The population growth is participially associated with increased energy needs, which sets higher requirements on how energy is produced, in order to reduce the impact on the environment. A step in the right direction is the application of renewable energy sources. In the Swedish market, solar power has been the fastest growing energy source in recent years. One of the reasons for this growth has been the stimulations offered by the government. Since 2021, the stimulations have been withdrawn which particularly affects companies, including commercial property owners. However, there may still be motives for investing in solar cells, thanks to the positive cost effects that an investment may bring. At the same time, there are uncertainties about how much this type of investment can affect the property value. Based on that, the purpose of this study is to investigate how investments in solar cells affect the economic value of commercial properties and how this value can be maximized with respect to dimensioning and financing, respectively. Previous research within this field indicates that there are positive relationships between investments in solar cells and the value of properties. At the same time, these studies concern residential properties on the international market. Based on this, there is limited research on how investments in solar cells affect the value of commercial properties, especially in the Swedish market. To fulfill the purpose of the study, a quantitative multiple-case study was applied, in which 8 real estate objects were examined. The quantitative data collected about these objects was the basis for the valuation of the properties. The valuation, which was based on a discounted cash flow method, was applied to clarify how the value of the properties changed in relation to a scenario before an investment was made. The quantitative method was combined with qualitative interviews whose purpose was to get a deeper understanding of how the value of commercial properties is maximized with respect to dimensioning. The interviews were also intended to verify the quantitative results generated from the case study. The results of the study indicate a strong relationship between the economic value of commercial properties and investments in solar cells. How much the property value is affected depends to a considerable extent on how the investment is financed and how long analysis time is considered. Apart from the analysis time, the results of the study indicate that the property value increases on average by 1.71% in case of direct financing and 1.12% when the investment is financed as a power purchase agreement. At the same time, the qualitative results indicate that the dimensioning of a solar cell system should be done based on the individual property needs, in terms of self-use and total electricity consumption. To maximize the self-usage, and thereby also the property value, the dimensioning needs to consider the available roof surface, the slope of the roof and the latitude of the roof.
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Intrinsic Equity Valuation : An Emprical Assessment of Model AccuracyLehmann, Christopher, Alfredsson, Alexander January 2016 (has links)
The discounted cash flow model and relative valuation models are ever-increasingly prevalent in today’s investment-heavy environment. In other words, theoretically inferior models are used in practice. It is this paradox that has lead us to compare the discounted cash flow model (DCFM), discounted dividend model (DDM), residual income-based model (RIVM) and the abnormal earnings growth model (AEGM) and their relative accuracy to observed stockprices. Adding to previous research, we investigate their performance in relation to the OMX30 index. What is more, we test how the performance of each model is affected by an extension of the forecast horizon. The study finds that AEGM outperforms the other models, both before and after extending the horizon. Our analysis was conducted by looking at accuracy, spread and the inherent speculative nature of each model. Taking all this into account, RIVM outperforms the other models. In this sense, one can question the rationale behind investor’s decision to primarily use the discounted cash flow model in equity valuation.
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[en] INTEREST ON EQUITY AND THE WEIGHTED AVERAGE COST OF CAPITAL / [pt] JUROS SOBRE CAPITAL PRÓPRIO E O CUSTO MÉDIO PONDERADO DE CAPITALLUCAS AUGUSTO DE MORAIS PILOTO 22 December 2008 (has links)
[pt] Diversos métodos são utilizados para o cálculo do valor
justo de uma empresa. Dentre os métodos mais usados, estão o método do
fluxo de caixa descontado, onde os fluxos de caixa estimados da empresa são
trazidos a valor presente por uma taxa para se chegar a uma estimativa de
valor da empresa. Esta taxa é uma média ponderada do custo de capital próprio e do
custo de capital de terceiros, sendo conhecida pela sigla WACC. No Brasil,
entretanto, existe uma peculiaridade na legislação que influencia o método de
cálculo do WACC: os Juros sobre Capital Próprio (JCP). Criado em 1996, este
fator permite que seja distribuído aos acionistas, parte do lucro apurado, como
remuneração pela utilização do capital próprio. A legislação brasileira
permite que este montante possa ser deduzido da base de cálculo do imposto de renda da
pessoa jurídica, de forma equivalente aos juros pagos a terceiros. Tal
particularidade da legislação brasileira impacta diretamente no valor do custo médio
ponderado de capital e conseqüentemente no valor justo estimado das empresas que se
utilizam do JCP. Tendo em vista que o método tradicional de avaliação de
empresas não se adapta às empresas brasileiras que utilizam a distribuição de juros
sobre capital próprio, surge a necessidade de adaptação da fórmula tradicional de
cálculo do WACC para que este considere o benefício fiscal do JCP. Deste
modo, este estudo pretende adaptar a fórmula de cálculo do custo médio
ponderado de capital para a realidade das empresas brasileiras, além de demonstrar o
impacto desta alteração no cálculo do valor estimado de uma empresa atuante no país.
O objetivo geral deste trabalho será testar um modelo de cálculo do custo
médio ponderado de capital (WACC) ao arcabouço jurídico e contábil brasileiro,
considerando para tal, o impacto da utilização dos Juros Sobre Capital Próprio.
Como objetivos específicos, temos a adequação da fórmula de cálculo do
WACC, incluindo o JCP, o cálculo do valor de uma empresa com o WACC tradicional, o
cálculo do valor da mesma empresa com o WACC adaptado e a comparação do valor
da empresa apurado nos dois métodos. Para tal, foi utilizado o relatório de avaliação da
Aracruz Celulose, realizado por um grande banco de investimento. Esta empresa
foi escolhida por distribuir regularmente juros sobre capital próprio. A partir deste
relatório, que utilizava a fórmula tradicional do WACC para cálculo do valor justo
da empresa, recalculamos o valor justo da ação desta mesma
companhia, utilizando a fórmula proposta. Foram comparados então, os
valores encontrados pelos dois métodos, onde se verificou que o valor era maior
pelo método proposto do que pelo método tradicional. Verificou-se então que a
distribuição de juros sobre capital próprio será vantajosa somente nos casos onde
a alíquota de imposto de renda da pessoa jurídica for superior à alíquota de
imposto de renda do acionista. / [en] Many methods are used to calculate the fair value of a
company. Among the
methods most commonly used is the method of discounted cash
flow, where the
expected cash flows of the company are discounted by a rate
to find an estimated
value of the company. This rate, known by WACC, is a
weighted average cost of
equity and debt. In Brazil, however, there is a peculiarity
in the legislation that
affects the method of calculating the WACC: the Interest on
Equity (IOE).
Created in 1996, this factor allows the distribution of part
of the profit discharged
to shareholders as payment for the use of equity. The
Brazilian law allows that
this amount could be deducted from the base for calculating
the income tax for the
company, equivalent to interest paid to creditors. This
peculiarity of Brazilian
legislation impacts directly on the value of the weighted
average cost of capital
and therefore on the estimated fair value of the companies
that make use of the
IOE. Given that the traditional method of valuation of
companies is not perfectly
suited to Brazilian companies that use the distribution of
interest on equity, it is
necessary to adapt the traditional formula for calculating
the WACC, considering
the tax benefit of the IOE. Thus, this study aims to adapt
the formula for
calculating the weighted average cost of capital for the
reality of Brazilian
companies, in addition to demonstrate the impact of this
change in calculating the
estimated value of an active company in the country. The
general objective of this
work will test a model for calculating the weighted average
cost of capital
(WACC) in the Brazilian legal and accounting framework,
considering the impact
of the use of Interest on Equity. The specific objectives
are the adequacy of the
formula for calculating the WACC (including the IOE), the
calculation of the
value of a company with the traditional WACC, the
calculation of the value of the
same company with the adapted WACC and for last, the
comparison of the value
of the company found in both methods. To this end, we used
the valuation report
of Aracruz Celulose, held by a large investment bank. This
company was chosen
because it distributes interest on equity regularly. From
this report, which used the
traditional formula for calculating the WACC fair value of
the company, we
recalculate the fair value of the stock of that company,
using the proposed
formula. We then compared the values found by both methods,
where was found
that the value of the company was greater in the method
proposed than in the
traditional method. It was concluded that the distribution
of interest on equity will
be advantageous only in cases where the rate of income tax
of the company
exceeds the rate of income tax of the shareholders.
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Relative and Discounted Cash Flow Valuation on Swedish Listed Companies : How applicable are the methods to companies in different industries?Otterberg, Simon, Zetterberg, August January 2019 (has links)
The purpose of this thesis is to look at how the two widely used valuation approaches Free Cash Flow to Firm and Relative valuation can contribute to the explanation of market prices of shares. The study also aims to investigate if it is possible to find any significant differences between industries, while using the two valuation methods. There are a large number of models that are used to value assets and corporations, which have been used for a long time in the banking sector and similar contexts. It is widely known that a single valuation method or model which could predict a future stock price is hard to find or might even not exist. The study uses a quantitative method, in which we evaluated 36 Swedish companies, to be able to draw conclusions about the two valuation approaches. Our results suggest that the calculated prices obtained from the two methods correlate with the market price of the share, and that the result differ between different industries.
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Business Valuation : A study of the accuracy of the free cash flow to equity approach and the dividend discount modelStoffers, Rickard, Eriksson Deibrant, Helena January 2019 (has links)
Background: In an inefficient market, the intrinsic value of an asset may not be equal to its true market value. Therefore, before engaging in a stock transaction, both the seller and the buyer would want to know the intrinsic value of the stock as neither would want to lose money during the process. An effective valuation model enabling investors to efficiently determine firm values is therefore considered to be a crucial factor. Purpose: The purpose of this thesis is to analyze the free cash flow to equity (FCFE) approach and the dividend discount model (DDM) on 30 Swedish companies. This to conclude if they are considered to be accurate valuation models and to determine if one of the methods gives a more accurate estimation of the companies’ share prices than the other. Additionally, the report will examine if one model is preferred for a specific sector and if a payout ratio exists where the DDM generates a particularly realistic valuation. Method: A database will be produced to estimate share prices for each company using both the FCFE approach and the DDM over five consecutive years. The accuracy of the models will be evaluated by dividing the projected share prices with their corresponding actual stock prices to calculate the percentage deviations. The smaller the percentage deviation, the more accurate is the estimated share price considered to be. Conclusion: It is evident from the findings of this thesis that the FCFE approach and the DDM produce accurate valuations for Swedish companies. It is difficult to determine that one is preferred over the other altogether, instead the FCFE approach is preferred in some cases and the DDM in others. This depends on the companies’ actual stock prices, which industry the companies operate in and the amount the companies are assumed to pay out as dividends.
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