This paper highlights research characterizing the distribution and time impacts of spacecraft discrepancies found at the system level of integration and test. Reducing discrepancies will result in cycle time reduction and cost savings, as well as increased product quality and reliability. All of these potential outcomes are indications of successful progress toward becoming a lean organization. / Lean Aerospace Initiative

nÃo hà / O trabalho tem como objetivo avaliar a dinÃmica da evoluÃÃo no valor das empresas, descrita pelas variÃveis Equity e Entreprise Value, das Companhias de capital aberto do setor de mineraÃÃo e siderurgia listadas na BOVESPA, entre janeiro de 2002 a dezembro de 2012, o qual contribui com a literatura ao utilizar como ferramenta de anÃlise um modelo autoregressivo com valor limite endÃgeno, e ajuda a captar se existe mudanÃa de padrÃo do valor das empresas ante as alteraÃÃes no cenÃrio e na polÃtica econÃmica, para prever um valor mais justo das empresas no futuro, uma vez que sua utilizaÃÃo à de extrema importÃncia para tomada de decisÃes empresariais e outras finalidades. Indicadores quantitativos para essas duas variÃveis foram calculados e a metodologia permitiu investigar, simultaneamente, a linearidade e estacionaridade de suas trajetÃrias. Os resultados mostraram, atravÃs das variÃveis selecionadas, ocorreram trÃs situaÃÃes diferentes entre as empresas: i) dinÃmicas lineares, nÃo estacionaridade para o Equity e Enterprise Value, atinge a Ferbasa e Equity a Vale; porÃm o Enterprise Value da Vale segue uma dinÃmica estacionÃria; ii) dinÃmicas nÃo lineares, o que segue uma mudanÃa de padrÃo nas variÃveis selecionadas, para Equity e o Enterprise Value, adicionalmente, nÃo estacionaridade nos dois regimes, para o Equity e Enterprise Value, atingem a Gerdau e Usiminas, e iii) dinÃmica nÃo linear para o Equity e dinÃmica linear para o Enterprise Value para a companhia SiderÃrgica Nacional, que adicionalmente, apresenta para o Equity com raiz unitÃria parcial e globalmente estacionÃria, e para o Enterprise Value apresenta nÃo estacionaridade. / The study aims to evaluate the dynamics of evolution of corporate value; described by the variables Equity and Enterprise Value, the publicly traded companies in the mining and steel sector listed on the BOVESPA, between January 2002 and December 2012, which contributes with to the literature to use as a tool to analyze an autoregressive model with endogenous threshold value, and helps to capture changes on the default value of the companies placed on our current scenario and economic policy, to provide a more fair value of companies in the future since their use is of utmost importance to business decision-making and other purposes. Quantitative indicators for these two variables were calculated and the methodology allowed to investigate both the linearity and stationarity of their trajectories. The results showed, through the selected variables, three different situations among the selected companies: i) linear dynamics, non-stationarity for Equity and Enterprise Value, reaches Ferbasa and Equity the Vale; but the Enterprise Value of the Vale follows a stationary dynamics;ii) non-linear dynamics, which follows a pattern change in selected variables for Equity and Enterprise Value additionally non-stationarity in the two regimes, for Equity and Enterprise Value reaches Gerdau and Usiminas; and iii) non-linear dynamic for Equity and linear for the Enterprise Value for the National Steel Company, which additionally presents for Equity partial and globally stationary unit root, dynamic and Enterprise Value presents non-stationarity.

nÃo hà / A partir de dados trimestrais para o valor de mercado do Equity (capital prÃprio) e o Enterprise Value (valor de mercado da empresa) de empresas de capital aberto do setor de alimentos e bebidas listadas na Bovespa, o presente trabalho avalia como a instabilidade econÃmica do perÃodo 2002-2012 impactou o valor de empresas selecionadas. Em particular, foi selecionada uma amostra de 4 (quatro) empresas: AMBEV, BRFoods, PÃo de AÃÃcar e Rasip Agro, no referido perÃodo e Ãs duas variÃveis supracitadas foi aplicado um modelo autoregressivo com valor limite endÃgeno com o objetivo de captar mudanÃas de regime na dinÃmica descrita pelo valor dessas empresas, bem como de descrever o processo estocÃstico descrito pelas variÃveis selecionadas no perÃodo acima mencionado. Os indicadores quantitativos para essas variÃveis foram entÃo calculados e a metodologia permitiu investigar a linearidade e estacionaridade de suas trajetÃrias, produzindo resultados que revelaram situaÃÃes diferentes para as empresas em suas duas variÃveis: i) Capital prÃprio e valor da empresa de Ambev e BRFoods apresentaram dinÃmicas lineares com tendÃncias explosivas; ii) O valor de PÃo de AÃÃcar apresentou uma dinÃmica nÃo-linear e raiz unitÃria com tendÃncia explosiva, porÃm o Equity apresentou dinÃmica nÃo-linear e raiz unitÃria parcial com valor limite endÃgeno estimado de 5,89; iii) Rasip Agro apresentou dinÃmica nÃo-linear e raiz unitÃria parcial, com estacionaridade acima do limiar estimado. Em conjunto, tais constataÃÃes sugerem que muito embora se tratem de empresas de setores de bens essenciais, a instabilidade econÃmica impactou de forma diferenciada no valor das empresas: o tamanho econÃmico de Ambev e BRfoods se mostra como causa natural da nÃo mudanÃa de regime na dinÃmica de seu valor, alÃm do fato de estas empresas estarem menos sujeitas a choques idiossincrÃticos. / From quarterly data for the market value of equity ( equity ) and Enterprise Value ( market value of the company ) of publicly traded companies in the food and beverage sector listed on the Bovespa, this paper examines how the economic instability period 2002-2012 impacted the value of selected companies. Specifically, we selected a sample of four (4) companies: AMBEV, BRFoods, Bread-cane group and Agro Rasip during that period to these two variables, an autoregressive model was applied with endogenous threshold value in order to capture changes of regime in dynamics described by the value of these companies as well as to describe the stochastic process described by for variables selected in period abovementioned. Quantitative indicators for these variables were then calculated and the methodology allowed to investigate the linearity and stationarity of their trajectories, producing results that revealed different situations for companies in its two variables: i) value of equity and enterprise value of AmBev and BRFoods showed linear dynamic with explosive tendencies; ii) the value of Bread-cane group presented a nonlinear dynamic and explosive unit root trend, but the value of Equity presented nonlinear dynamics and partial unit root with endogenous estimated value threshold of 5.89; iii) The Rasip Agro introduced nonlinear dynamics and partial unit roots with stationary above the estimated threshold. Together, these findings suggest that although be they of essential goods sector enterprises, economic instability impacted differently on the value of firms. The economic size of AmBev and BRFoods is natural cause of no regime change in dynamic of its value, and the fact that these companies are less subject to idiosyncratic shocks.

The thesis deals with the valuation of the AERO Vodochody a.s (OJSC). The estimated value of the company refers to December 15, 2011. Internal value of private equity is determined in addition to the company value. Financial analysis of the company, analysis of the macroeconomic environment and industry analysis are applied in the process of valuation. The yield method of discounted free cash flow to the firm is applied for the company valuation. After delivery of the statement of the enterprise value the attention is focused on the analysis of the major factors that affect the resulting value of the company to December 15, 2011. The effects of individual factors are based on sensitivity analysis. Suggestions resulting in increase of the enterprise value in the future are presented. The enterprise value referred to December 15, 2012 is predicted using the Monte Carlo simulation method. Both the calculated values are compared after discounting the result of the simulation. The comparison result displays whether an increase in the company value is expected or not.

This thesis deals with the valuation of the company McDonald's Co. Ltd. Estimated value of the company relates to December, 31, 2011. The valuation process is handled strategic and financial analysis of the company, the analysis of macroeconomic and microeconomic environment. The company is financially healthy, with the prospect of further successful development without significant change in strategic focus. Therefore, the method chosen to measure the yield, which in the given situation best reflects the company's value as the sum of future benefits for the owner. The process itself valuation method is applied to yield discounted cash flow DCF variation in free cash flow to firm (FCFF), for which it is necessary to have an estimate of projected future development, where they were converted to qualified assumptions and quantified items used by their own estimate of the financial plan consulted with the company's management. The value of McDonald's Co. Ltd. for any external investor was set at 31 of December 2011th.

併購本身是一個複雜的專業過程，涵括了經濟、金融、法律、商業、管理、及資源整合等之過程。併購與企業價值間之相關聯性，涉及到組織學、經營策略理論、企業金融理論、會計學、法律學等不同領域。欲橫跨不同領域作深入探討，困難度高。本人僅就涉及併購時相關企業價值之評估方法，粗淺之認識予以著墨。 併購時之企業價值評估，有針對主併方企業、目標企業、及併購後聯合企業不同主體進行評估；對前面兩個既有之企業進行評估較為容易，對虛擬之聯合企業評估，則困難度大、風險高。在具有正確評估前面兩個既有企業價值之基礎上，合理預估併購後企業之營運狀況、正確計算協同效應之大小，才能正確評估併購後企業之價值。 相關企業價值之評估方法，有針對不同考量之收益法（income approach）、市價法（market approach）及成本法（cost approach）等。詳細之分類，如文獻所敘述。 本人服務之企業，尚未上市，故市值一項，無客觀標準；在企業內，集團要求之週期性財務報表以EPS, ROE, 及ROA 等作 為衡量經營之成效。在文獻探討中之一小部份，也嘗試對價值增值（EVA）評估法予以瞭解，並就不同年代所使用之企業經營成效 表達 方式作一比較。 以累積超常收益率（CAR, cumulative abnormal return）模式，作為併購後目標公司溢價、創造價值之探討，各國亦不乏有學者研究，受限於本人之才疏學淺，無法窺其門奧，只得割愛於此。 / Merge and acquisition is a complicated and professional procedure. It contains the integration of resources coming from the economics, finance, law, commerce, and management, etc. In response to the relationship between M&A and enterprise value, it also involves the different fields including Organization, business strategy theory, enterprise financial theory, Accounting, and Law. It's difficult to have a thorough study. covering everything as mentioned above. What I did here is to understand the various evaluation methods of enterprise value during M&A process. The enterprise value evaluation during M&A will be performed specific to different parties including company to emerge, company to be merged, and the combined one after merging. It’s easier to evaluate the existing two companies compared to evaluate the neutral combined company, which will be with much more difficulty and higher risky. In order to accurately evaluate the enterprise value of the combined one, the foundation will be based on the evaluation on the two existing companies with sufficient accuracy. Then the assumption of the running situation after merging, and judgment of the dimension of coordination effects will be the key points. For the evaluation method of enterprise value will have the income approach, the market approach, and the cost approach depends on the different consideration. Further the further detailed classification, please see Para. 7-2. The company which I am working for is not IPO yet, there's no fair enterprise value available for the reference. The periodic financial statements as considering by the mother company to evaluate the company's performance will be EPS, ROA, and ROE, etc. In the article discussion paragraph, the application of EVA (economic value added) was brought up for understanding. And the information collected regarding the comparison of ROS, ROE and EVA different performance evaluation at the different stages. Some scholars studied the premium and/or value creation of target companies after M&A via CAR (cumulative abnormal return) model. I ignored it here as the limitation of my personal knowledge in this field.

The thesis focuses on the evaluation of company Model Obaly, a.s. The main goal is to quantify the market value of the company for the potential external investor. The estimated value refers to May 1st, 2014. The yield method of discounted free cash flow to the firm (FCFF) is applied for the company evaluation. Among others, there is financial and strategic analysis developed as minor goals of the thesis. Within strategic analysis, the author has conducted an examination of macroeconomic and microeconomic environment. The examination is carried out with PEST, SWOT analysis and Porter's five forces analysis. Financial analysis includes horizontal and vertical analysis of financial statements, ratio analysis and an examination of an indicator economic value added. Within the process of the evaluation there is evolved a financial plan, based on which is quantified the market value of the company to May 1st, 2014.

The thesis deals with the valuation of the Škoda Auto, a.s. The estimated value of the company refers to December 31, 2012. Financial analysis of the company, analysis of the macroeconomic environment and industry analysis are applied in the process of valuation. The yield method of discounted free cash flow to the firm is applied for the company valuation. After delivery of the statement of the enterprise value the attention is focused on the analysis of the major factors that affect the resulting value of the company to December 31, 2012. The effects of individual factors are based on sensitivity analysis. Suggestions resulting in increase of the enterprise value in the future are presented.

The focal point of the thesis is the valuation of IKEA Česká republika, s.r.o. estimated as of December 31, 2012. Resulting value is set both on equity and enterpise levels. Financial analysis of the company, analyses of the macroeconomic and microeconomic environment and firm's position on a given market are included in the valuation process. To determine the value of company yield methods are applied: discounted free cash flow to firm (FCFF), discounted free cash flow to equity (FCFE) and discounted economic value added (DEVA). The resulting value represents a sum of present free cash flows intended for the owner of the company.

The diploma thesis is concerning the problematic of business valuation of Nestlé Česko. The estimated value of the company refers to 31. 12. 2012. Within business valuation, diploma thesis comprises several analyses such as SWOT analysis, PEST analysis, Porter five forces analysis and financial analysis. The yield method of discounted free cash flow to the firm (FCFF) was applied to the business valuation. The comparison of company Nestlé Česko with its closest competitor in terms of basic financial indicator is also a part of business valuation. The financial plan and discount rate are set up in order to determine value of Nestlé Česko.