The subject of this master´s thesis is value estimation of a company. Theoretical part defines basic concepts such as company, categories of value, financial analysis and methods of valuation. The practical part deals with strategic analysis, financial analysis and value estimation of a company by profit method of discounted cash flow.

Mit der hier vorliegenden Arbeit wird ein mikroökonomisches Multiagentenmodell eines Produktionssektors vorgeschlagen. Das Modell folgt einem post-walrasianischem Ungleichgewichtsansatz und beschreibt optimierende Agenten der Produktionsseite. Diese berücksichtigen in probabilistischen Nebenbedingungen Risiken des Cash Flow, die sich aus unsicheren Absatzmengen ergeben. Produzenten stehen in monopolistischer Konkurrenz und lernen durch Beobachten. Wird vorliegendes Modell in ein Totalmodell integriert, so wird es möglich, die sich aus der Klimadebatte ergebenden, notwendigen Veränderungen im Investitions- und Produktionsverhalten zu diskutieren und darzustellen. / In the following thesis I propose a microeconomic Multi-Agent-Model of a production sector. I apply a Post-Walrasian disequilibrium approach and describe optimizing agents. These agents use chance constraints which depict a Cash Flow at Risk approach. Agents act in a Monopolistic-Competition environment.

The paper explores the driving forces behind corporate cash holdings by analyzing past literature and extending this research to the behavior of firms after the 2008 recession. I look at the cash to assets and net debt to assets ratios from October 1980 to October 2011 to obtain an understanding of the past and current state of cash holdings. A comprehensive literature review is done on agency costs and transactional motives to give the reader an overview of the costs and benefits of holding cash. This provides the foundation for the precautionary motives for companies today to keep cash as a risk management tool.

<p>Massiva multispelar onlinerollspel (MMORPG) är idag en välutvecklad industri. Det finns även ett fåtal vars ekonomi och loot är baserade på riktiga pengar. Loot är de föremål en spelare kan erhålla genom att t.ex. döda monster och ett lootsystem är de interna mekanismer som hanterar hur loot distribueras i ett spel. Lotterilagen och Lotteriinspektionen reglerar vad som är ett lotteri i Sverige, om ett spel är slumpbaserat och spelaren eller spelarna kan vinna mer än de satsar, så måste arrangören få en licens utfärdad. Hur designar man ett enkelt lootsystem, baserat på riktiga pengar, utan att bryta mot Lotterilagen och som inte en stor mängd av spelarna kan utnyttja för egen vinning, och om spelarna förstår systemet hur skyddar man företagets intäkter? Denna avhandling tar reda på om det är möjligt att skapa ett spel som är kunskaps och färdighetsbaserat och som inte skulle kräva en licens. Spelet testas för att se om en spelare med kunskap får bättre resultat än en slumpmässig spelare. Den genomförda undersökningen pekar på att så är fallet.</p>

The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

The cost of mining companies listed on the Johannesburg Stock Exchange (JSE) have not been immune to inflationary pressures. Increasing cost pressures, lower grades, and reduced electricity supply imply that management will have to apply rigorous cost saving measures to mitigate the effect on profits. One such measure is value based management (VBM). VBM is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. Discounted cash flow to the present value at the weighted average cost of capital lies at the heart of these metrics. Through the use of value mapping, underlying value drivers are linked to the overall strategy of value creation. While value-based management is used to increase shareholder value, one of the serious drawbacks is the short-term focus on immediate results to the detriment of long-term sustainable competitive advantage. A quantitative study was done on the mining sector to determine if investors can use productivity as a value based management measurement to predict share price movement. The results from this study indicate that productivity measures do not influence share price. Productivity is good for determining shareholder value, but not adequate for determining stock performance. Even though it was found that investors do not rely on productivity measures, companies should still focus on creating value for the shareholders. It is beneficial to investors to understand what value based management is, and to understand management actions in terms of value creation. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2010.

Univ., Diss.--Rostock, 2002.

Zugleich: Diss. Regensburg, 2008. / Literaturverz.

Zugleich: Diss. Regensburg, 2008. / Literaturverz.

The objective of the thesis is to find appropriate methods for creation and classification of an investment project that should be created while using these methods. The variants drawn were: purchase of the investment by a bank loan, fincial leasing with 30% extra refund, distribution of finshed products by hiring transport or hiring the vehicles using operative leasing and discounted cash flow method. Hiring of the transport was found the most reasonable variant for the company. The purchase of own vehicles is disadvantageous.