The aim of the graduation theses is to present the business valuation by using the concept of Income based valuation method - Discout Free Cash Flow To The Firm. The these consists of financial analysis, financial planning, valuation steps and phases.

The aim of the work is to introduce various ways of economical evaluation of investments and present their practical application for industry branch of electrical devices. The work is divided into two parts: theoretical and practical one. The introductory part presents framework of economical evaluation and describes basics of economical evaluation and terms such as NPV, discount rate, investment decision) The work focuses on the most favorite approach -- discounted cash flow method - of economical evaluation of investments in detail. However, practical experiences show that conventional approach does not take probability distributions of input variables into account. When the higher risk is implied to discount rate, promising project could be rejected. That is why DCF concept is complemented by Monte Carlo risk modeling application.

Four different trials of stratified three-layered fine paper, of sulphate pulp, were performed to investigate if stratified fine fraction or fibres from birch can improve the properties of a paper compared to a reference sheet. All trials had five different scenarios and each scenario was calendered with different linear load. All sheets had a grammage of 80 g/m2.In the first trial, the paper contained birch, pine and filler of calciumcarbonate (marble), and was manufactured with the pilot paper machine XPM and the stratified headbox Formator at RCF (Stora Enso Research Center in Falun). The furnish consisted of 75% birch and 25% pine.The second trial contained coated sheets with paper from trial one as the base paper. The coating slip contained calciumcarbonate and clay and the amount was approximately 10-12 g/m2.The third trial, also with birch and pine but without filler, was performed at STFI (Skogsindustrins Tekniska Forskningsinstitut in Stockholm) with the laboratory scaled paper machine StratEx and the stratified headbox AQ-vanes. The furnish consisted of 75% birch and 25% pine, except for one scenario which contained of 75% pine and 25% birch.The last trial contained fractionated pulp of birch and pine and was performed at STFI. 50% was fine fraction and 50% was coarse fraction.This test does not show any clear benefits of making stratified sheets of birch and pine when it comes to properties such as bending stiffness, tensile index and surface smoothness. The retention can be improved with birch in the surface plies. It is possible that the formation can be improved with birch in the surface plies and pine in the middle ply. It is also possible that fine fraction in the surface plies and coarse fraction in the middle ply can improve both surface smoothness and bending stiffness. The results in this test are shown with confidence intervals which points out the difficulties of analysing sheets manufactured with a pilot paper machine or a laboratory scaled paper machine.