The diploma thesis represents valuation of company which is focused on applied research, certification and testing of road construction material. The goal of the valuation is to estimate the market value of the company, using the methods of DCF Entity and Branch Multipliers. The paper includes strategic and financial analysis, asset allocation into operationally necessary and unnecessary, value generators and financial plan of company. Text is accompanied by clear tables.

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.

The main objective of this diploma thesis is to simulate the regular decision-making process that a credit analyst goes through when assigning a credit limit for an operating and investment (acquisition) loan for a selected company. The introductory chapter is focused on credit risk category definition and description of main credit risk quantification and mitigation approaches both on individual as well as portfolio basis. The second, practically oriented part includes both financial and strategic analysis of selected business entity, as well as free cash flow prediction followed up by business plan development, all of these carried out in the form of basic analytical tools necessary for credit limit assignments to both short term operating and long term investment (acquisition) loans. In the final part, the selected company is being evaluated using DCF Entity business valuation framework as well as being subject to comparable companies and transactions general valuation approach. Finally, the credit limits for an operating and investment (acquisition) loans are being determined based on the analytical tools drafted within the previous chapters of this thesis.

Bakgrund: En bostadsrättsförening är ingen kommersiell verksamhet och drivs inte i vinstsyfte. Resultaträkningen kan därmed inte anses avgörande för bostadsrättsföreningars ekonomiska välmående. Det som bör betonas är föreningens kassaflödesanalys som visar finansiella flöden, samt behovet att göra avsättningar för att möta framtida underhåll. Således bör kompletterande information om bostadsrättsföreningars ekonomiska situation tillföras årsredovisningen. Syfte: Syftet är att undersöka om K2-redovisande bostadsrättsföreningar bör komplettera sina årsredovisningar med en kassaflödesanalys för att ge en bättre bild av ekonomiskt välmående. Metod: Studien utgår ifrån en kvalitativ forskningsstrategi. Empirisk data har samlats in genom semi-strukturerade intervjuer. Studiens respondenter består av tre av Sveriges största aktörer inom fastighetsförvaltning, samt en auktoriserad revisor på EY. Resultat: K2-redovisande bostadsrättsföreningar bör komplettera sina årsredovisningar med en kassaflödesanalys. En kassaflödesanalys bidrar till förståelse för betalningsströmmar under ett räkenskapsår, vilket förtydligar hur likvida medel har använts. Ett positivt kassaflöde bidrar till ett ökat ekonomiskt välmående hos bostadsrättsföreningar, eftersom likvida medel kan användas till att betala amorteringar, underhåll och investeringar. Kassaflödesanalysen bidrar således till att ge en bättre bild av bostadsrättsföreningars ekonomiska välmående. Författarna betonar dock att kassaflödesanalysen ensam inte bidrar till en komplett bild av bostadsrättsföreningars ekonomiska välmående. Årsredovisningen bör även kompletteras med nyckeltal. Vidare bör en underhållsplan upprättas samt avsättningar göras till yttre fond. / Background: Housing associations are not a commercial activity and are profit driven. The income statement can therefore not be described as crucial for housing associations. However, what should be emphasized are the association’s cash flow statements that shows the financial flows and also the need to make provisions to meet future maintenance. Thus, additional information of housing associations financial situation should be added to the annual report. Purpose: The purpose is to investigate whether housing associations reporting according to K2 should supplement their financial statement with a cash flow analysis to provide a clearer measure of economic wellbeing. Method: The study is based on an qualitative research strategy. Empirical data were collected through semi-structured interviews. The respondents consist of three of the largest companies for housing administration, as well as an accountant at EY. Result: K2-reporting housing associations should complement their annual reports with a cash flow statement. A cash flow statement contributes to the understanding of the past year´s cash flows, which clarifies how cash is used. A positive cash flow contributes to better economic wellbeing for housing associations, because cash can be used to pay debt service, maintenenace and investments. Cash flow statements helps to give a better picture of the economic wellbeing of housing associations. The authors, however, states that a cash flow analysis alone does not contribute to a complete picture of the economic wellbeing of housing associations. The annual report should also be supplemented with key figures. Furthermore, maintenance is established and provisions made to the external fund.

The study examined the momentum in the fundamentals of companies over time, and whether the information content in the momentum of the fundamentals improved the understanding of the long-standing price momentum and earnings momentum anomalies on the Johannesburg Stock Exchange (JSE). Fundamental momentum is defined as the difference between the change of a fundamental variable over consecutive time periods. The study included all industrial companies that were listed on the JSE between the period January 1990 and December 2013. The purpose of the study was to investigate whether price momentum or earnings momentum was subsumed by fundamental momentum. Price momentum and earnings momentum are long-standing anomalies that have been widely researched, yet no definitive explanation has been provided in the literature. The objective of the study was to improve the understanding of price momentum and earnings momentum through the analysis of fundamental momentum. The study also provided insight into the persistence of fundamental momentum of earnings. The study tested the profitability of the price momentum, earnings momentum and the fundamental momentum of earnings trading strategies. The research hypotheses were formulated and tested using equal-weighted sort analysis. The sustainability of fundamental momentum of earnings was also analysed. The size and value risk factors were taken into account to ensure that the results were not influenced by such risk factors. The Fama and French three-factor model was employed to test whether the results captured one of these risk effects. The fourth research question investigated whether the fundamental momentum of an underlying component of earnings increased the persistence of the fundamental momentum of future earnings. Earnings were shown to be mean reverting over time, and therefore, the expectation was that positive or negative fundamental momentum of earnings was not sustainable over a prolonged period of time. However, by decomposing earnings into the accrual and cash flow components, and their respective sub-components, the study undertook regression analysis to see whether a specific component of earnings could improve the sustainability of fundamental momentum. The final research question tested whether price momentum and/or earnings momentum was subsumed by fundamental momentum. Two-way analysis was conducted to test whether the strategies captured similar effects. Sort analysis was used by first constructing equal-weighted portfolios based on either price momentum or earnings momentum. Each portfolio was then further subdivided based on the fundamental momentum of earnings. The profitability of the resultant portfolios was then compared with the initial portfolio. The results confirmed that the price momentum and earnings momentum anomalies were present on the JSE for the sample selected for the study. The fundamental momentum of earnings trading strategy was also shown to be a profitable trading strategy for the extreme quintile portfolios. Using the Fama-MacBeth regression methodology, size and value effects were not found to impact the results across all three momentum strategies. A behavioural overreaction or underreaction hypothesis was argued to explain the profitability of the fundamental momentum of earnings strategy. The market was shown to anticipate the earnings surprise that resulted in earnings momentum up to 12 months prior to portfolio formation. Similarly, the market anticipated fundamental momentum of earnings 12 months prior to the earnings announcement. The fundamental momentum of future earnings was shown to be more sustainable when the fundamental momentum of the cash flow component of prior earnings was higher than the fundamental momentum of the accrual component of prior earnings. This result did not give insight into the nominal size effect of the underlying earnings components, rather, it only gave insight into the rates of change of the earnings components. The final result of the study showed that price momentum and fundamental momentum captured different effects. However, the earnings momentum and fundamental momentum results were not as clear cut. Both strategies used a variant of earnings to construct the quintile portfolios and thus it was very plausible that they captured a similar effect. The study contributed to the current literature in a number of ways. A new trading strategy based on the fundamental momentum of earnings was tested. Fundamental momentum of earnings as a trading strategy has yet to be defined; as a result, it has not been researched prior to this study. Given the results, it may be seen as a derivative of earnings momentum. Understanding the sustainability of fundamental momentum of future earnings was also researched. The final contribution of the study was the two-way analysis of price momentum and fundamental momentum, and earnings momentum and fundamental momentum. / Thesis (PhD)--University of Pretoria, 2016. / tm2016 / Financial Management / PhD / Unrestricted

Este trabalho apresenta um modelo integrado de gestão econômico-financeira de sistemas produtivos agropecuários, que destina-se (a) a fornecer ferramentas de gestão para o sistemas produtivos agropecuários, (b) proporcionar a avaliação do uso dos seus recursos e (c) contribuir para o desenvolvimento econômico-financeiro desse setor. Para tanto, realizaram-se (i) uma revisão da literatura sobre a gestão econômico-financeira do agronegócio; (ii) uma revisão sobre ferramentas que deem subsídio a essa gestão; (iii) uma apresentação de um modelo integrado dessas ferramentas e (iv) a sua aplicação. A primeira revisão da literatura revela a diversificação e a integração de culturas como fontes para o aumento da lucratividade dos empreendimento rurais através do compartilhamento de recursos. A segunda revisão bibliográfica aponta como sistema de custos, fluxo de caixa e compartilhamento de recursos auxiliam no aumento da lucratividade. A integração dessas três ferramentas é apresentada através de um modelo conceitual e de uma sistemática de operacionalização, que, posta em prática em um sistema produtivo que integra lavoura e pecuária, apresenta o impacto do compartilhamento de recursos nos custos, nos pontos de equilíbrio, no fluxo de caixa e na utilização de recursos. Os resultados sustentam o compartilhamento de recursos como alternativa para o aumento da lucratividade. O modelo de gestão demonstra ser um conjunto de ferramentas relacionadas, com possibilidade de detalhamento a fim de suprir necessidades específicas. / This paper presents an integrated model of rural enterprise economic-financial management. This model is intended (a) to provide management tools for agriculture production systems, (b) to provide a review of the use of their resources and (c) to contribute to the economic and financial development of this sector. To achieve this objetives it was made: (i) a literature review on agribusiness economic and financial management, (ii) a review of tools that give allowance to such management, (iii) a presentation of an integrated model of these tools and (iv) the implementation of this model. The first action reveals diversification and integration of cultures as sources for increasing the profitability of rural development through the sharing of resources. The second literature review points out how the cost systems, the cash flow and the shared resource assist in increasing profitability. The integration of these three tools is presented through a conceptual model and a its systematic operationalization, which, implemented in a production system that integrates crops and livestock, presents the impact of resource sharing at costs, at the break even points, at cash flow and at resource utilization. The results support the sharing of resources as an alternative to increased profitability. The management model proves to be a set of tools related, whi the possibility of detail in order to meet specific needs.

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The master´s thesis assesses the way of cash management in an international company focused on cash pooling and netting. On the basis of an analysis of current situation and with respect to impact of cash management there is offered proposal for netting implementation in the selected company.

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.

The content of this thesis is a system analysis of quality management of the company Loomis Czech Republic a.s. In the thesis there is an analysis of a certain part of management quality using planned internal audit. Based on the results of executed internal audit and provided results from other internal audits, recommendations were suggested for improvement of the management quality system. At the same time there were suggested recommendations for a future recertification in consideration of release of a new norm ISO 9001.