<p>This thesis examines companies offering their services for free to Internet users, byemploying digital free business models. As a framework Chris Anderson’s classificationsof “free” business models are used. A sample of eleven companies that provide “free”services was selected and divided into four groups. These were search engine, socialnetworking/community, content based and others. Their profitability was then measuredin relation to their valuation with the help of P/E ratios within and among the groups. Aregression analysis was also conducted to compare profitability of either one of two“free” business models used by the researched companies.Findings were that search engine and social networking/community companies appear tohave profits for the period researched. No strong trend for overvaluation could be foundin either of these groups, except for individual companies with high P/E ratios. Neithercompany within the content based group showed any profits. Their marginal costs weretoo high but this may change with technological progress. Regression analysis could notshow any significant results employing either the “Freemium” or the advertising “free”business model to be more profitable than the other. Significant results could be shownbeing a content based company and being unprofitable. Comparison between specificcompanies gave mixed results but network effects appear to create dominant playerswithin each group. Employing more than only the advertising “free” business modelseems to be efficient in raising revenue per user for social networking/communitycompanies.</p>

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This report is the result of a 20-points project at the University of Jönköping. The project was carried out in form of a case study with the object of analysing the value flow at DIAB AB’s confection department in Laholm. The aim of this project is to submit proposals to the production management on how to increase the efficiency of the production flow at the confection department and reduce the capital accumulation in form of products in work. The information in this report is gathered from interviews, observations and measurements. Furthermore, a literature study was carried out in view to find suitable theories when analysing present as well as future suggested production conditions. This report is based on four main questions: • What does the existing process of the value flow for the most produced product family look like? • How does the process of the value flow for GS perform considering the through-put-time? o How long through-put-time does a representative product of the GS-family have? o How long is the value- and no value adding time for that product along its production flow? • Which production related disturbances and cost prompters exist in the present value flow process? • How could the process of the value flow for GS be made more efficient, less persistent to disturbances and more competitive? The existing process of the value flow for the most producing product family has been mapped and is illustrated in appendix 3. For now, the process includes nine working stations along the production chain. The through-put-time of a representative GS-product is according to my survey 18,5 days. The value adding time is only 16,1 minutes, that is 0,061 % of the entire through-put-time. The remaining time, in other words the no value adding time, is 440 hours and it represents mainly storage and transport of products. The representative production disturbances and cost prompters that characterise the process of the value flow contain material related disturbances, a high number of long shifts, long storage time prior to the customer order point and with that, high capital accumulation and finally unnecessary transports. Improvement proposals aim to increase the efficacy of the process of the value flow and reduce the capital amounts by shifting from the present production strategy involving manufacturing towards order (TMO) to assembling towards order (MMO). In order to make this possible a semi-manufactured storage will be introduced after the standard confection which will represent the new decoupling point. The production at the standard confection will then occur according to the semi-manufactured storage. The standard confection should produce in larger aggregated order quantities based on prognosis in order to benefit from the advantages of economy of scale and the production must proceed in a continuous flow according to the FIFU-system (First In First Out). In addition to that, the special confection must produce according to a pull-system and only when the customer makes a request. The tact-time of the GS products should constitute a limit for all the cycle times along the production chain, both on the standard- and special confection. This is partly due to creating a constant and balanced production flow which enables short through-put-time and partly due to avoiding in-between-storage as a result of various bottlenecks.

Problem:   What are the most useful techniques to indicate the stocks that will outperform the market 12 month post the recession period?  Purpose:  The purpose is to find out which method(s): P/B, EV/EBIT, level of debt and so on, will offer investors the highest returns on the investments post the recession period based on the example of the IT crisis of 2000/2001.  Method:  Quantitative study, covering the Swedish OMX Index from 2001 until December 2002.  Conclusions:  Three variables should be reconsidered when making an investment decision post the recession period. These variables were earlier 12 months returns, dividend yield and P/E ratios. However, it is crucial to understand that these three tools should not be viewed all together.

<p>This report is the result of a 20-points project at the University of Jönköping. The project was carried out in form of a case study with the object of analysing the value flow at DIAB AB’s confection department in Laholm. The aim of this project is to submit proposals to the production management on how to increase the efficiency of the production flow at the confection department and reduce the capital accumulation in form of products in work.</p><p>The information in this report is gathered from interviews, observations and measurements. Furthermore, a literature study was carried out in view to find suitable theories when analysing present as well as future suggested production conditions.</p><p>This report is based on four main questions:</p><p>• What does the existing process of the value flow for the most produced product family look like?</p><p>• How does the process of the value flow for GS perform considering the through-put-time?</p><p>o How long through-put-time does a representative product of the GS-family have?</p><p>o How long is the value- and no value adding time for that product along its production flow?</p><p>• Which production related disturbances and cost prompters exist in the present value flow process?</p><p>• How could the process of the value flow for GS be made more efficient, less persistent to disturbances and more competitive?</p><p>The existing process of the value flow for the most producing product family has been mapped and is illustrated in appendix 3. For now, the process includes nine working stations along the production chain.</p><p>The through-put-time of a representative GS-product is according to my survey 18,5 days. The value adding time is only 16,1 minutes, that is 0,061 % of the entire through-put-time. The remaining time, in other words the no value adding time, is 440 hours and it represents mainly storage and transport of products.</p><p>The representative production disturbances and cost prompters that characterise the process of the value flow contain material related disturbances, a high number of long shifts, long storage time prior to the customer order point and with that, high capital accumulation and finally unnecessary transports.</p><p>Improvement proposals aim to increase the efficacy of the process of the value flow and reduce the capital amounts by shifting from the present production strategy involving manufacturing towards order (TMO) to assembling towards order (MMO).</p><p>In order to make this possible a semi-manufactured storage will be introduced after the standard confection which will represent the new decoupling point. The production at the standard confection will then occur according to the semi-manufactured storage. The standard confection should produce in larger aggregated order quantities based on prognosis in order to benefit from the advantages of economy of scale and the production must proceed in a continuous flow according to the FIFU-system (First In First Out). In addition to that, the special confection must produce according to a pull-system and only when the customer makes a request.</p><p>The tact-time of the GS products should constitute a limit for all the cycle times along the production chain, both on the standard- and special confection. This is partly due to creating a constant and balanced production flow which enables short through-put-time and partly due to avoiding in-between-storage as a result of various bottlenecks.</p>

Background: There is a general belief that value stocks, historically, have created a greater return of investment compared to growth stocks. Investors can, through key ratios, compare companies to one another and thereby gain a solid appreciation whether a company is overvalued or undervalued relative to other comparable companies. The problem for investors is how to identify these value stocks and exploit mispricing in the market. Aim: The purpose of this study is to analyze investment strategies that are based on the Price-to-Book ratio on the Swedish stock market. Completion: To meet the purpose, the study is based on a deductive foundation with a quantitative method. Two investment strategies are investigated based on the Price-to-book ratio. The first strategy sorts the material following the value of the multiple, whereas the other strategy relies on regression analysis where interest on own capital is used as an explaining variable. Results: To only look at the price-to-book ratio, in order to distinguish undervalued stocks, does not work in the Swedish stock market during the period of 31-03-04 to 31-03-2015. It can be concluded that the combination used in the developed strategy works to identify value stocks that have a significantly higher cumulative return compared to the OMX Stockholm Price Index. / Bakgrund: Det finns en övertygelse om att värdeaktier historiskt har skapat högre avkastning än tillväxtaktier. En investerare kan genom värderingsmultiplar och nyckeltal jämföra bolag med varandra och skapa sig en uppfattning huruvida ett bolag är över- eller undervärderat relativt jämförande bolag. Problematiken ligger i hur en investerare skall identifiera värdeaktier och utnyttja felprissättningar på aktiemarknaden. Syfte: Syftet med studien är att analysera investeringsstrategier baserade på multipeln Pris/Bokfört värde på den svenska aktiemarknaden. Genomförande: För att uppfylla syftet utgår studien från en deduktiv ansats med en kvantitativ metod. Två investeringsstrategier undersöks baserade på multipeln Pris/Bokfört värde. Den ena strategin sorterar materialet utefter multipelns värde och den andra strategin genomförs med hjälp av regressionsanalys där räntabilitet på eget kapital används som förklarande variabel. Resultat: Att endast utgå från Pris/Bokfört värde, för att urskilja undervärderade aktier fungerar inte på den svenska aktiemarknaden under åren 2004-2015. Det kan fastställas att kombinationen i den utvecklade strategin fungerar för att identifiera värdeaktier som har en markant högre kumulativ avkastning jämfört med OMXSPI.

This thesis examines companies offering their services for free to Internet users, byemploying digital free business models. As a framework Chris Anderson’s classificationsof “free” business models are used. A sample of eleven companies that provide “free”services was selected and divided into four groups. These were search engine, socialnetworking/community, content based and others. Their profitability was then measuredin relation to their valuation with the help of P/E ratios within and among the groups. Aregression analysis was also conducted to compare profitability of either one of two“free” business models used by the researched companies.Findings were that search engine and social networking/community companies appear tohave profits for the period researched. No strong trend for overvaluation could be foundin either of these groups, except for individual companies with high P/E ratios. Neithercompany within the content based group showed any profits. Their marginal costs weretoo high but this may change with technological progress. Regression analysis could notshow any significant results employing either the “Freemium” or the advertising “free”business model to be more profitable than the other. Significant results could be shownbeing a content based company and being unprofitable. Comparison between specificcompanies gave mixed results but network effects appear to create dominant playerswithin each group. Employing more than only the advertising “free” business modelseems to be efficient in raising revenue per user for social networking/communitycompanies.

Titel: OMXS30 på genomresa i en lågräntemiljö Författare: Harald Johansson &amp; Carl Rosander Handledare: Øystein Fredriksen Bakgrund och problem: En tillgångs pris kan beskrivas som en funktion av vinsten som tillgången genererar samt hur mycket en investerare är villig att betala för en andel av den vinsten. Tidigare studier har presenterat motsägande resultat huruvida det främst är variation i multipeln eller om det är förändring i vinsttillväxten som driver aktiepriser. Från år 2010 till år 2019 har OMXS30 kännetecknats av en stark prisuppgång på 84,2 % under perioden. Författarna vill analysera om det är en multipelexpansion eller stigande vinster som har drivit prisuppgången för OMXS30, samt analysera drivande faktorer för indexets P/E-multipel. Syfte: Syftet med studien är att analysera vad som drivit prisutvecklingen av OMXS30 från år 2010 till år 2019. Studien syftar även till att analysera hur de utvalda faktorerna har påverkat P/E-multipeln på OMXS30 under denna period. Metod: I Uppsatsen appliceras ett kvantitativt och deduktivt tillvägagångssätt för att uppnå studiens syfte. Författarna har använt sig av enkla och multipla regressioner som analysmetod för att analysera de utvalda faktorernas påverkan på P/E-multipeln för OMXS30 under tidsperioder om fem och tio år från år 2010 till år 2019. Slutsats: Trots att OMXS30 visat på en stark prisuppgång har ingen betydande multipelexpansion skett eftersom vinsttillväxten utvecklats likvärdigt med priset. Räntans starka korrelation och signifikans med P/E-multipeln på OMXS30 är i linje med både teori och resultatet från tidigare studier, vilket innebär att sambandet även gäller i den lågräntemiljö som studiens tidsperiod präglats av. Även skuldsättningsgradens samband med P/E-multipeln uppvisade statistisk signifikans på 1 % under studiens tidsperiod, vilket kan ses som en ny värdedrivare att ta hänsyn till när P/E-multipeln analyseras eftersom dess frekvens i tidigare studier varit begränsad. / Background and problem: The price of an asset can be described as a function of the profit it generates, as well as how much investors are willing to pay for that profit. Prior studies have presented contradicting results regarding if it is the variation in the valuation multiple that drives stock prices,or if it is changes in the growth rate of the profits. Between 2010-2019, the Swedish stock index OMXS30 has been characterized by its strong development of 84,2 %, and the authors want to analyze if the strong development of OMXS30 has been driven by a multiple expansion or profit growth. Theauthors will also analyze value drivers of the P/E ratio for the entire index. Purpose: The purpose of the study is to analyze what has driven the price development of OMXS30 between year 2010 to year 2019. Furthermore, the study aims to analyze how the chosen value drivers have contributed to the development of the index during the chosen time period. Methodology: The study applies a quantitative and deductive approach to fulfill the purpose of the study. The authors have applied both simple and multiple regressions as method of analysis during periods of five and ten years, in order to analyze how the chosen value drivers impacts the P/E ratio of the OMXS30. Conclusion:The strong price development of the OMXS30 has not resulted in a significant multiple expansion,which can be derived to the fact the profit growth has had an equally strong development on theindex. The statistically significant and highly correlated relationship between the interest rate andthe P/E ratio of the OMXS30 is in line with both theory and previous studies on the topic, which implies that the relationship remains true in the low interest environment that has been present during the chosen time period. The relationship between the debt to equity ratio and the P/E ratiowas statistically significant at 1 % during the chosen time period, which makes the ratio a new value driver to consider when the P/E ratio is analyzed, especially since the mentioning of the debt to equity ratio as a value driver for the P/E ratio has been limited in both theory and previous studies.

Diploma thesis focuses on the analysis of the banking industry, which uses the tools of fundamental analysis. The aim of this thesis is to identify and evaluate the characteristics of the banking industry which distinguishes it from the other sectors. The first part deals with the characteristics of the banking sector, to use global and sectoral fundamental analysis. In the second part there is a comparison of the banking sector with other sectors such as commodity companies, cyclical companies and companies engaged in the production and sale of comsumer goods. The third part is the calculation of the intrinsic value of a company Komerční banka, a.s. A dividend discount model, profit models and an Excess return model are used in the third part.

Les modèles cinématiques de plissement permettent de prévoir l'architecture des anticlinaux en profondeur à partir de leurs géométries de surface. Bien que les modèles classiques de type « kink-band » soient faciles à utiliser, ils ne peuvent expliquer que des géométries de plis limitées. Le modèle trishear surmonte cet inconvénient, mais son application reste difficile à mettre en oeuvre notamment en raison de nombreux paramètres mal contraints tels que le rapport P/S et l'angle de trishear. Dans cette thèse, nous avons développé un modèle cinématique de plissement à angle d'inter-flancs variable qui permet de rendre compte de toutes les variétés géométriques de plis sur propagation de faille. Ce modèle est basé sur la géométrie « kink-band » et son application nécessite de connaître uniquement les paramètres de surface du pli (plongements des flancs, amplitude et longueur d'onde du pli). Le modèle permet de quantifier le rapport P/S du pli durant sa croissance, ainsi que son évolution tardive en pli de rupture. Le modèle a été appliqué à la chaîne plissée et faillée de l'Atlas tunisien pour estimer la profondeur du niveau de décollement des plis sur propagation de faille. Les résultats se corrèlent bien avec les données de subsurface, au contraire des autres modèles classiques et du modèle de trishear où il est difficile d’établir une relation entre la géométrie de surface des anticlinaux et leur architecture profonde. / Kinematic models of folding allow deducing the deep architecture of folds from their surface geometries. Classical models are easy to use because of their kink-band geometry but they are only able to explain some particular fold shapes. The trishear model overcomes this drawback, but its application remains limited because it necessitates the knowledge of several unconstrained parameters such as the P/S ratio and the trishear angle. In this work, we developed a kinematic model based on the variation of the inter-limb angle during the folding. The model allows accounting for all surface geometries of fault-propagation folds. Since this model is based on the kink-band geometry, its application only requires the knowledge of the fold surface parameters, i.e. the dip of both limbs and the fold amplitude and wavelength. The model is also able to quantify the P/S ratio during the fold growth, together with its latest evolutional stage as a breakthrough fold. We applied the model in the Tunisian Atlas fold-and-thrust belt to estimate the depth of the decollement level associated to fault-propagation anticlines. Results are in good agreement with subsurface data. In contrast, both the other classical and trishear models are unable to explain the relationship between the surface geometry of anticlines and their deep architecture.