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The master’s thesis deals with the subjective value of stock company IFE-CR, a.s. via selected revenue method. Value estimation will be made to 31. December 2013. The teoretical part explains the main concepts and describes the methodological approaches, related to the company value estimation. Theoretical basis of literature search are developed and applied to specific businness entity in practical part. This part introduces the evaluated company, includes the results of the strategic and financial analysis and in the final stage also the suggestion of value estimation.

Baigiamajame magistro darbe nagrinėjamos Lietuvos elektros inžinerinių paslaugų sektoriaus įmonių verslo vertės valdymo problemos ir plėtros aktualijos. Atlikta išsami mokslinės literatūros analizė, numatytos inovacijų, rizikos valdymo panaudojimo galimybės teoriniu aspektu, nagrinėjami įmonių susijungimai ir įsigijimai: analizuojama sandorių samprata, pateiktos šių sandorių rūšys ir skirtumai, išskirtos pagrindinės sandorių priežastys, taip pat aprašyti susijungimų ir įsigijimų proceso etapai ir išanalizuoti pagrindiniai įmonių ir sandorio vertinimo metodai, bei pasiūlyti konkretūs sprendimai šio sektoriaus įmonių veiklos tobulinimui, įtakosiantys jų veiklos efektyvumą, teikiamų paslaugų kokybę ir konkurencingumą. Išnagrinėta verslo strategijų, rizikos valdymo, inovacijų reikšmė ir aktualumas įmonės veikloje. Išnagrinėjus teorinius bei praktinius verslo vertės valdymo įmonėje aspektus, parengiau rekomenduotiną vadybinių procesų ryšių ir tarpusavio sąveikos schemą. Atlikta sisteminė organizacijos esamos padėties analizė, praktinis įmonės įvertinimas. Apskaičiuota įmonės vertė ir tikėtina sinergijos nauda, įmonėms susijungiant. Darbo pabaigoje pateiktos išvados ir pasiūlymai. / This master theses analyses business value management problems in the enterprises in the sector of electrical engineering services enterprises in Lithuania. The author has performed a thorough scientific literature on the topic analysis and took it as the background for the identification of risk and innovation processes and determination of possibilities to use it in sector enterprises` business value management activities. This paper analyses processes of mergers and acquisitions, concept, types, differences and reasons of transactions. The author has analyzed the steps of merging enterprises process as well as the methods of transaction valuation and prepared a set of proposed decisions for the development of the activities of electrical engineering services sector enterprises that could enhance activity efficiency, services` quality and competitiveness as well. Strong emphasis has been put on the business strategies, risk and innovation management of the enterprises` activities. The author having analyzed theoretical and practical business value management aspects prepared a scheme of interaction of managerial processes, performed systematic analyses of the enterprise including activity valuation while estimating synergy benefit from the merging process of two enterprises and at the end presented conclusions and recommendations.

企業營運績效通常是以會計報表上的數字為參考，例如，資產報酬率(ROA)、每股盈餘(EPS)、股東權益報酬率(ROE)與資本報酬率(ROC)等，但這些數字通常受制於許多會計規範，且忽略股東資金成本，若只觀察這些會計數據可能無法忠實呈現一間公司的實際價值與績效。1995年由紐約Stern Stewart & Co.財務顧問公司所提出一個結合會計及經濟之觀念的財務績效衡量指標，現在已廣被使用作為企業價值的衡量工具。能夠以目前會計報表裡的資訊運用若干公式原理而更能充分的呈現在原始會計報表無法獲取的有用的訊息，而更能夠以投資者的角度觀察企業經營者所制定之決策是否以股東之權益為優先考量。本研究係採個案研究方式，分析經濟附加價值，並應用企業評價中自由現金流量折現法，經由三種假設情況下的情境分析，評估個案公司企業價值；最後透過敏感性分析拆解選取關鍵驅動因子，作為提供個案公司未來營運策略與方針之參考。 / The measurement of the firm’s performance usually rely on a lot of normal accounting statements, for example assets rate of returns (ROA ) , per share surplus (EPS ) , stockholder's equity rate of returns (ROE ) and rate of returns of capital (ROC ) ,etc. Those numbers have to follow the Generally Accepted Accounting Principles（GAAP）and ignore the cost of equity. If only observe those accounting numbers, it is hard to faithfully expressing the real value and performance of an enterprise. The Economics Value Added (EVA) concept was proposed in 1995 by the New York Stern Stewart & Co. financial adviser company. It combination of accounting and economic concepts based on financial performance measures. It can show some primitive useful message that accounting statement can't be obtained abundant at present. This concept has been widely be used as a measure of corporate value tool. Our research, which applies case study method, attempts to analyze the EVA value and determine the value of company S by using the discounted free cash flow model under three hypothetic scenarios. In addition, we conduct sensitivity analysis model to find the key value-driving factor of the company, which will be considered in planning future operating strategy.

The main goal of this master's thesis is to estimate a value of company PHOENIX lékárenský velkoobchod a.s. the largest pharmaceutical distributor in the Czech Republic as of 31st January of 2014. Information regarding the value of the company is utilized by the management of the company. First part of this thesis serves as theoretical summary of used analytical technics. The second and the most important part of this thesis focuses on estimation of the value of the company, to analyse its position on the czech market, to analyze its financial health and to prepare actual financial plan. The primary method used for evaluation of the company is free cash flow to the firm. In order to present suitable comparison, Economic Value Added method is used as well.

Abstract The steel industry has been known as 'The mother of all industries '. With the emerging incidents such as Asian financial meltdown, industrialization of the China, and the policy of macro economic controls by the China government, the stock index of the steel industry has fluctuated violently. Despite the economy of China is to be adjusted upwards, in the foreseen future, the global steel supply will be probably exceed the demand. Such phenomenon definitely causes the pressure on the market that it also attracts much attention of the relevant stockholders. Current research investigates the most suitable model for valuating the stock price of the steel industry that would provide valuating methods to the corporate management and investors for decision making and investment. This research has studied 19 companies of steel industry of Taiwan listing companies with 6 approaches including the ¡¥Discounted Free Cash Flow Models¡¦, ¡¥Price to Earning Ratio¡¦, ¡¥Price to EBITDA Ratio¡¦, ¡¥Price to Sales Ratio¡¦, ¡¥Price to Book Value Ratio¡¦ and ¡¥Edwards-Bell-Ohlson Model¡¦ to valuate their reasonable intrinsic value from 2000 to 2005. The test of Theil¡¦s U is then applied to evaluate the approaches in order to justify the best valuation model. This study indicates the following results¡GThe Price to Book Value Ratio is the best valuation model since its smallest Theil¡¦s U value. The Price to Earning Ratio is the most unsuitable model for this evaluation purpose with a highest Theil¡¦s U value.

因應全球化時代之來臨，為提升會計資訊的透明度及跨國間之可比較性，國際財務報導準則(IFRS)已然成為全球資本市場共通的會計語言。我國為提升企業與資本市場國際競爭力及降低企業赴海外籌資成本，將自2013年起分階段直接採用（Adoption）IFRS。 針對無活絡市場公開報價之權益商品公允價值衡量議題，本研究目的擬以投資者的立場，透過IFRS與我國現行財務會計準則間之主要會計原則差異，探討對自由現金流量折現法評價模型及評價步驟之影響，以提供未來投資者於應用自由現金流量折現法進行企業評價時之參考。 本研究顯示在IFRS與我國現行財務會計準則並存適用下，不論於進行同公司跨期間或不同公司同期間之分析比較時，需先辨識重大會計差異所帶來之潛在影響，並掌握因衡量方法的改變、IFRS 1各項豁免選擇、抑或表達上的重分類等，對財務報表資訊內涵所產生之影響，進而衡酌對自由現金流量評價模式的參數設定調整，以及可能改變對未來現金流量金額、時點及不確定性之預期，如此，方能獲致IFRS所帶來之提升財務資訊可比較性及高透明度等效益。 / With economic globalization, International Financial Reporting Standards(IFRS) is becoming the single set of globally accepted accounting principles to increase the transparency and comparative of financial statements. In keeping with international trends and to increase competitiveness, companies as the 1st phase in Taiwan will adopt IFRS in 2013. In this study, from the investor point of view, discussed the major differences between IFRS and ROC GAAP, which impact on the discounted free cash flow model and the evaluation steps. To provide the reference for investors when evaluating the company with the discounted free cash flow model. This study shows that under IFRS and ROC GAAP coexist, it must recognize the potential impact of the significant accounting differences firstly whether in the analysis of the inter-period of the same company or different companies during the same period. Due to control the impact of the information content of financial statements from the change of measurement、how to use exemptions provided by IFRS1 or expression on the re-classification, in consideration of adjusting the parameters of the discounted free cash flow model, and may change the expected amount of future cash flows , point and uncertainties. And then, we will attain the benefit such as enhance comparative and transparency of financial information from adopting IFRS.

The Master's Thesis aims to analyze and evaluate the Vitana company at 31st December, 2013. The thesis is divided into parts that correspond with the valuation process. First of all the Vitana company is described. The valuation starts with a strategic analysis where strengths and weaknesses, market development, industry, economy and competition are identified. This is followed by a financial analysis that explains the past of the Vitana company. To determine the value of the company it is necessary to define generators of value and make their prognosis. After that the financial plan is drawn up. Determining the value is accomplished by using three valuation methods: valuation by using DFCFF, valuation by using EVA and book value.

The aim of the master thesis named Valuation of the company Bankovní akademie - Gymnázium a Střední odborná škola, a.s. is to estimate market value of the company as at the date of August 31, 2015. The common valuation methods are used in the process of determination of the value. At first, the company is being shortly introduced, which is followed by a strategic and a financial analysis in order to examine the companys financial soundness and assess the perspective of the companys future. The conclusions of the analysis are used for value drivers prognosis and financial plan elaboration, which is followed by valuation of the company. Taking into account the good prospects of the company I choose the DCF equity method to determine its value. The comparable transactions method is used as a supplemental valuation method.

The output of this Master´s Thesis on the theme "Valuation of the company Tank ONO, s.r.o." is the estimation of market value of company as at the date of December 31, 2014, with the goal of selling off the company to a hypothetical general investor in the future. The theoretical part includes metodology and instruments used for company valuation, eg definition of main terms, explanation of valuation proces and methods, that are recognised as valid by specialised public. Afterwards, the second part (eg practical part) is aimed at applying the metodology in practice. First, the valuated company is shortly introduced and it is followed by financial and strategic analysis in order to evaluate the financial soundness and assess the perspective for company future. The conclusions of the above analysis are used for elaborating the value drivers and complex financial plan, that is followed by valuation of Tank ONO, s.r.o. In light of the company capital structure, there is chosen DCF equity method for final valuation, in this Thesis.