The topic of this Bachelor Thesis is “Which of these valuation methods provides the most accurate valuation forecast”. Assuming that the year is 2020, the goal of this thesis is to forecast the future stock prices of the fifty largest US-based companies on the Nasdaq stock exchange for 2021 and 2022. By using a quantitative method and looking ten years back at historical data. We determine which valuation method provides the most accurate stock price when conducted in a non-sector specific sample by comparing predicted prices to actual stock prices and discussing the results. There are several ways to evaluate a company and the ones being utilized in this thesis are the discounted cash flow valuation method, the price-to-earnings ratio method (equity multiple), and enterprise value to enterprise value before interest, tax, and depreciation (firm multiple). Our results show that when reviewing the valuations of multiple companies in different sectors the relative valuation methods provide better predictions with EV/EBITDA rather than the discounted cash flow method. This thesis provides the reader with a comprehensive overview of these different valuation methods and their effectiveness in providing valuation forecasts. The result of this thesis is beneficial for policymakers, investors, and financial analysts when forecasting future stock prices.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-01-10T11:25:34Z No. of bitstreams: 1 Luís Gustavo Dias da Silva.pdf: 1501183 bytes, checksum: 2883c961e0b6a77584c644b46852d8c4 (MD5) / Made available in DSpace on 2017-01-10T11:25:34Z (GMT). No. of bitstreams: 1 Luís Gustavo Dias da Silva.pdf: 1501183 bytes, checksum: 2883c961e0b6a77584c644b46852d8c4 (MD5) Previous issue date: 2016-12-08 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPES / Since Brazil independence in 1822, it has always suffered from high indebtedness and periods of inflation and hyperinflation which after successive economic stabilization plans, has made the economy increasingly gloomy for companies in general. Only in 1994, with the Real Plan, the Brazilian economy has balanced with adequate inflation for developing countries. However, external shocks came with the Mexican, Asian and Russian financial crises. After five years of stabilization of inflation, in 1999, Brazil was obliged to abandon one of the pillars of support of the Real Plan: the exchange anchor. Thus, with the adoption of the macroeconomic tripod of "Inflation Targets", "Primary Surplus" and "Floating Exchange", Brazil has resumed GDP growth and controls inflation. At this moment, the Monetary Policy (Contractionary or Expansionist) has gained important role, mainly when the federal government has started to use the SELIC rate as basic interest parameter of the Brazilian economy and one of the strong formal instruments of control of inflation. The objective of this research has known (i) there are influence of Monetary Policy on the EBITDA’s performance of the companies listed on the São Paulo Stock Exchange and (ii) how long after the increase or decrease the SELIC Rate (Brazilian Monetary Policy), there is an impact on companies’ EBITDA. This research has been motivated by the relevance and timeliness of that topics because the SELIC rate to control the rise in inflation for reasons exogenous to the companies in general, has influenced the endogenous performance of these same companies, affecting one of the most important economic-financial-accounting: the EBITDA. The methodology has used, which included the development of a statistical and macroeconomic model own, has been regression in the data panel, with a detailed analysis of the 17 segments of companies in which the 314 companies surveyed have distributed. The results have indicated that there is influence of the Monetary Policy in the EBITDA of some sectors of companies with a three-month and a nine-month time span predominance, with relevant statistical significance. It has concluded that the unique and different moments in which the Monetary Policy is used by the monetary authority has influenced the operational performance of the companies, translated by the accounting-financial managerial indicator called EBITDA / O Brasil, desde a sua independência, em 1822, sempre sofreu com elevado endividamento e com períodos de inflação e hiperinflação que, após sucessivos planos econômicos de estabilização, tornavam a economia cada vez mais sombria para as empresas em geral. Somente em 1994, com o Plano Real, a economia brasileira foi equilibrada com uma inflação adequada para países em desenvolvimento. Entretanto, choques externos vieram com as crises financeiras mexicana, asiática e russa. Após cinco anos de estabilização da inflação, em 1999, viu-se obrigado a abandonar um dos pilares de sustentação do Plano Real: a âncora cambial. Com a adoção do tripé macroeconômico de “Metas de Inflação”, “Superávit Primário” e “Câmbio Flutuante”, o Brasil retoma o crescimento do PIB e controla a inflação. Nesse momento, a política monetária (contracionista ou expansionista) ganha importante e fundamental papel, principalmente quando o governo federal passa a usar a taxa no Selic como parâmetro de juros básicos da economia brasileira e um dos fortes instrumentos formais de controle de inflação. Desse modo, o objetivo desta pesquisa é verificar (i) qual a influência da política monetária no desempenho do Ebitda das empresas listadas na Bolsa de Valores de São Paulo e (ii) em quanto tempo, após a elevação ou diminuição da Taxa Selic (principal instrumento utilizado na política monetária brasileira) há impacto no Ebitda das empresas. Esta pesquisa foi motivada pela relevância e atualidade dos temas porque o manejo da taxa no Selic, para controlar a subida da inflação por motivos exógenos às empresas em geral, passa a influenciar a performance endógena dessas empresas, afetando um dos pontos econômico-financeiro-contábil mais relevantes: o Ebitda. A metodologia utilizada, que contou com o desenvolvimento de um modelo estatístico e macroeconômico próprio, foi a regressão para dados em painel, com a análise pormenorizada dos 17 segmentos de empresas em que foram distribuídas as 314 empresas pesquisadas. Os resultados obtidos indicam que há influência da política monetária no Ebitda de alguns setores de empresas com lapso temporal predominante de três meses e de nove meses, com significância estatística relevante. Concluiu-se que os singulares e diferentes momentos em que a política monetária é utilizada pela autoridade monetária influencia a performance operacional das empresas, traduzidas pelo indicador contábil-financeiro gerencial chamado Ebitda

Submitted by Marlene Aparecida de Souza Cardozo (mcardozo@pucsp.br) on 2016-12-19T14:48:10Z No. of bitstreams: 1 Alvaro José Soncini.pdf: 920530 bytes, checksum: 0aac3bf9460841d9f2c5e6918506df04 (MD5) / Made available in DSpace on 2016-12-19T14:48:10Z (GMT). No. of bitstreams: 1 Alvaro José Soncini.pdf: 920530 bytes, checksum: 0aac3bf9460841d9f2c5e6918506df04 (MD5) Previous issue date: 2016-11-30 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / The Brazilian Constitution of 1988 provides that the State has an obligation to insure health services to all Brazilian citizens. The Brazilian population is one of the largest in the world, which makes that a rather complex task. Failing to fulfill this role, the State leaves room for providers of private services, through private health care and health insurance. That market began to develop in the 60’s and was regulated in the year 2000, with the creation of the National Healthcare Agency (ANS). Currently, roughly 50 million people in Brazil have access to private healthcare or health insurance, which accounts for a fourth of the country’s population. This work has as its main goal to analyze the different economic sectors regulated by ANS, focusing on the financial situation and the distribution of wealth across sectors. That analysis was carried out through study of the Periodic Information Reports on Healthcare Providers (DIOPS) presented to ANS by companies within the period spanning from 2012 to 2015. Group-dentistry and benefits administration were the sectors which presented the greatest potential for generation of operating cashflow and the best economic performance, benefits administration having the best performance out of the two. In order to shed light into that sector, its most relevant companies were analyzed, which led to the conclusion that Qualicorp Group is the dominant player involved. Analysis of wealth distribution across ANS-regulated sectors revealed that 84% of the total pool of resources are distributed to companies or professionals which effectively render health services, such as hospitals, clinics, laboratories and the like. This work did not analyze the costs of these entities, which are paid through the obtained resources / A constituição de 1988 prevê que o Estado tem como obrigação garantir os serviços de saúde a todos os cidadãos brasileiros. A população brasileira é uma das maiores do mundo, tornando essa atividade muito complexa. O Estado, não tendo sucesso nessa função, abre espaço para a prestação de serviços privados através dos planos ou seguros de saúde. Esse mercado, iniciado na década de 1960 e regulado em 2000 através da criação da Agência Nacional de Saúde Suplementar (ANS), atualmente conta com cerca de 50 milhões de pessoas, o que significa um quarto da população brasileira. Desse modo, o presente trabalho teve como principal objetivo analisar os diferentes setores regulados pela ANS, analisando a sua situação econômico-financeira e também a distribuição de riqueza entre os setores. Essas análises foram realizadas através do Diops financeiro apresentado à ANS pelas empresas no período de 2012 a 2015. O setor de odontologia de grupo e das administradoras de benefícios foram os setores que apresentaram melhor potencial de geração de caixa operacional e melhor desempenho econômico, sendo o setor das administradoras de benefícios com melhor desempenho em ambos. Para conhecer melhor esse setor, foram analisadas individualmente as principais empresas do setor, verificando-se que o Grupo Qualicorp tem alta dominância no setor. A análise da distribuição de riqueza dos setores regulados pela ANS relevou que 84% da riqueza de todos os setores são distribuídos para empresas ou profissionais que prestam o serviço efetivamente, que são os hospitais, clínicas médicas, consultórios médicos, clínicas laboratoriais, etc. Este trabalho não analisou os custos dessas entidades, que são pagos através dos recursos obtidos

Governments across the globe are experiencing enormous budget deficits. The governments of South Africa and Australia felt that taxes on mining have not been reflecting a ‘willing buyer-willing seller’ relationship. This in essence means that mining companies in these two countries were not paying an arm’s length value to governments for extracting the resources. In Australia the authorities introduced the Resources Super Profits Tax to be charged at 40% of assessable profits. Mining companies still have to assess how to deal with this new tax when it is enacted on 1 July 2012. However, a change advantageous for the companies is the reduction in the corporate tax rate from 30% to 28% by the 2014/15 tax year. This Resources Super Profits Tax will also be deductible from the calculation of taxable income. South Africa enacted the Mineral and Petroleum Resources Royalty Acton 1 March 2010. Mining companies would now pay royalties based on a charging formula specifically for refined and unrefined minerals. The minimum royalty charging formula is 0.5% of gross sales regardless of whether the mining company incurs losses. This royalty charging formula is capped at 5% for refined minerals and 7% for unrefined minerals. However, any existing arrangement between mining companies and land owners for special royalties payable is not replaced by the Mineral and Petroleum Resources Royalty Act. A mining company such as Kumba Resources Limited never paid royalties in 2009, but were paying royalties in 2010 at 5.61% of accounting earnings before interest and taxes and 5.51% in 2011. Despite the additional royalties mining companies still invest in South Africa. The main drive for investment is managing risks and investing in projects that yield positive net present values. Typical risks to be managed are taxation laws, political uncertainty and social issues. These risks should be kept under control as the likelihood of mining companies walking away from investments is high when these risks spiral out of control. AFRIKAANS : Regerings dwarsoor die wêreld ondervind wesenlike begrotingstekorte. Die regerings van Suid Afrika en Australië glo dat die belasting op mynbou-maatskappye nie die ‘gewillige koper-gewillige verkoper’ verhouding weerspieël nie. In beginsel beteken dit dat die mynbou-maatskappye in die twee lande nie armlengte-waarde betaal aan regerings vir die ontginning van minerale nie. In Australië het owerhede die Minerale Super Winste Belasting gepromulgeer wat 40% heffings van berekende winste vereis. Mynbou-maatskappye is steeds in die donker oor hoe om hierdie nuwe belasting te hanteer wanneer dit op 1 Julie 2012 in werking tree.Die verlaging van die korporatiewe belastingkoers van 30% na 28% oor ’n tydperk tot en met die 2014/15 belastingjaaris egter ’n verandering wat voordelig is vir die maatskappye. Hierdie Minerale Super Winste Belasting sal ook van belasbare inkomste van mynbou-maatskappye aftrekbaar wees. Suid Afrika het die Minerale en Petroleum Reserwes Tantieme Wet op 1 Maart 2010 gepromulgeer. Mynbou-maatskappye sal in die vervolg tantieme betaal wat gebaseer word op ’n heffingsformule spesifiek ontwerp vir verwerkte en onverwerkte minerale. Die minimum tantieme heffingsformule is 0.5% van bruto verkope ongeag of die mynbou-maatskappy verliese ly. Hierdie tantieme heffingsformule word wel beperk tot 5% vir verwerkte minerale en 7% vir onverwerkte minerale. Enige huidige ooreenkoms met grondeienaars vir die betaling van spesiale tantieme word ongelukkig nie oorskryf deur die Minerale en Petroleum Reserwes Tantieme Wet nie. ’n Mynbou-maatskappy soos Kumba Resources Beperk het geen tantieme in 2009 betaal nie. In 2010 was Kumba Resources Beperk se tantieme 5.61% van rekeningkundige wins voor rente en belasting en in 2011 was dit 5.51%. Ondanks hierdie addisionele tantieme belê mynbou-maatskappye steeds in Suid Afrika. Die hoof-dryfveer vir beleggings is die bestuur van risiko en belegging in projekte wat positiewe netto huidige waardes lewer. Tipiese risiko’s wat bestuur moet word, is belastingwette, politieke onsekerheid en sosiale kwessies. Hierdie risiko’s moet te alle tye onder beheer gehou word omrede mynbou- maatskappye heel waarskynlik van beleggings kan onttrek indien die risiko’s buite beheer raak. Copyright / Dissertation (MCom)--University of Pretoria, 2013. / Taxation / unrestricted

In the field of sustainable finance, Environmental-, Social- and Governance-ratings (ESG) have become an acknowledged measurement of a firm's sustainability performance. The increased awareness of sustainability issues in today's society is undeniable. However, based upon contradicting results from previous research, it was uncertain if investors were rewarding a firm’s sustainability efforts in the form of a lower cost of equity. The purpose of this thesis has therefore been to examine the relationship between sustainability, risk and valuation as well as stock-price behavior in times of crisis regarding large firms publicly listed in the Nordic countries. In order to fulfil the purpose, various multiple regression models have been conducted on quarterly data from the period between 2011 to 2020. The approach chosen to examine if ESG has a relation to the cost of equity has been to calculate the implied cost of equity inferred from consensus forecasts of future financial development and stock price at each point in time, also known as the ex-ante cost of equity. Since the independent variable ESG-score was not likely to be the sole variable to affect the independent variables in our multivariate regression models, we have followed previous studies in the choice of control variables. The empirical results of this study showed a significantly negative relationship between a firm’s ESG-score and the cost of equity. In addition, our results showed a significantly positive relationship between a firm’s ESG-score and both the price-to-earnings ratio as well as the price-to-book ratio while no significant relationship between a firm’s ESG-score and the enterprise value to earnings before interest and taxes ratio could be established. Finally, the results of this thesis showed that firms with a greater ESG-score generated excess returns during the latest market turmoil of 2020 caused by the Covid-19 outbreak. This thesis challenges the value-destruction view of ESG-efforts since our results indicate that investors are pricing sustainability risk with a negative risk premium in line with the value creation approach. No causality test has been performed during this study, however several possible mechanisms by which ESG impacts the valuation and crisis resistance have been discussed based upon previous research and the theoretical framework. We argue for the reduced cost of equity to reflect diminished information asymmetry, a larger investor base, improved growth and cash-flow opportunities as well as reduced risk for litigations as aconsequence of a more sustainable business conduct. To the best of our knowledge, no previous study on the topic has been conducted on the Nordic markets. This study fills thus a research gap on the relation between sustainability, risk andequity market valuation and we sincerely hope to have contributed to academia with new approaches.

The aim of the submitted thesis „Application of financial analysis in a company“ is to perform financial analysis of a enterprise IMOS Brno, a.s. from 2001 to 2007 and to make suggestions for improvement of company financial position. Results of this master´s thesis will give information for a company management and its decision-making process.

This diploma work considers financial strategy of a company on financial analysis basis. Financial analysis evaluates past, present and expected future of the financial economy of the company. On the basis of these issues solutions for an improvement of the financial situation of the company as whole are suggested as well as in specific investment project.