The thesis deal with boarding-houses valuation methods. Boarding-house is a special business with real estate as the main asset. That's why we can value it as a business or as a real estate. In order to solve the dilemma, there is valued one innominate prague boarding-house as a business and as a real estate, too, in the thesis. The goal is to find out the boarding-house market value on 31. 12. 2010 and to decide on the best way of boarding-houses valuation. Next goal is to find out, whether is it better keep running the boarding-house, or let the rooms individually as the flats. The thesis is oriented on a practical application of real estate and business valuation, that's why the theoretical part is very brief. In practical part the boarding-house is first valued as a real estate and second as a business. In conclusion the final market value of the boarding-house is settled, it is resolved whether to value bording-houses as a real estate or as a businesses and it is decided of the best use of the real estate.

A research report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Science in Engineering. Johannesburg, 2017 / The period from 2006 to 2015 was a turbulent one for mining companies. The end of the 2000s commodity super cycle resulted in all-time high market values for most commodity based companies, followed by a rapid decline in value with the onset of the Global Financial Crisis in 2008 and a similar rapid recovery following this. Whilst much of this change in value was driven by commodity prices, the inconsistent performance between companies suggests that there are other factors affecting mining company value. To determine the key drivers of company value, four diversified and international mining companies which represent close to 50% of the 2006 industry revenue were selected for analysis. These were Anglo American, BHP Billiton, Rio Tinto and CVRD-Vale. Financial and production data was collected to analyse different potential value drivers. Because of its suitability for comparison of company value, the market based valuation approach was selected as the company valuation technique. Enterprise value (EV) was the metric used for company value since this provides a measure of the real market value of a firm as a whole business. Eight potential value drivers, which include production output, commodity price, revenue, EBITDA margin, EBITDA multiple, gearing ratio, net debt to EBITDA ratio and ROCE, were selected for analysis. Each potential value driver was tracked against EV to determine if there was any correlation between the value driver and EV. Also, the Pearson correlation method was used to determine correlation between each potential value driver and EV. Production output and commodity price in isolation were found not to drive company value. However, when combined to calculate revenue, had a very high correlation to EV with an average Pearson coefficient of 0.8. EBITDA multiple was also found to be a key driver of company value, with this metric closely aligned to revenue (Pearson coefficient of 0.6). The two debt metrics, gearing ratio and net debt to EBITDA were found to only have a correlation to EV in times of declining commodity prices and revenue. EBITDA margin and ROCE were found to have no correlation to EV and as such were not considered to be key drivers of company value. Mining companies must ensure that they focus on the correct value drivers to ensure those they influence do impact the company value. / MT 2017

This thesis proposes some new valuation models and procedures for global and local ore reserve estimation. To obtain efficient grade and tonnage estimates for global borehole valuations of new gold mining properties, the appropriate spatial and distributional models for the mineralisation are absolutely essential. [Abbreviated Abstract. Open document to view full version] / GR 2016

by Lam Chui Yan, Coris, Lam Tsz Cheung. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 95-97). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES --- p.v / ACKNOWLEDGMENT --- p.vi / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background --- p.1 / Objective and Scope --- p.2 / Chapter II. --- METHODOLOGY --- p.4 / Literature Review --- p.4 / Field Studies --- p.4 / Analysis and Conclusion --- p.5 / Chapter III. --- OVERVIEW OF VALUATION METHODOLOGY --- p.6 / Chapter IV. --- VALUATION METHODS REVIEW --- p.8 / Capitalization of Earnings (P/E) --- p.8 / Net Asset value (NAV) --- p.14 / Net Cash flow (NCF) --- p.22 / Chapter V. --- PITFALLS --- p.27 / General Problems Inherent in Valuation Methods --- p.27 / Accounting Policies --- p.29 / Tax Reforms --- p.37 / Asset Valuation Practices --- p.45 / Unification of Foreign Exchange --- p.54 / Legal Issues --- p.55 / Others --- p.67 / Chapter VI. --- CONCLUSION --- p.73 / Combination of Techniques --- p.73 / Range Estimate --- p.74 / "Keep Abreast of ""Surprises""" --- p.74 / Appendix / Chapter I. --- COMPONENTS OF INCOME TO BE EXCLUDED FROM MAINTAINABLE EARNINGS --- p.76 / Chapter II. --- MAJOR FACTORS TO BE CONSIDERED IN ASSESSING THE CAPITALIZATION RATE --- p.78 / Chapter III . --- COMPARISON BETWEEN INTERNATIONAL ACCOUNTING PRACTICES AND PRC ACCOUNTING RULES --- p.80 / Chapter IV. --- COMPARISON OF NEW BT WITH CICT AND THE OLD BT --- p.88 / Chapter V. --- REAL PROPERTY GAINS TAX --- p.90 / Chapter VI. --- MAIN FEATURES OF VALUE ADDED TAX --- p.93 / BIBLIOGRAPHY --- p.95

by Lou Tak Meng, Yen Chiang, Raymond. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 74-76). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / Chapter / Chapter I --- introduction --- p.1 / Objective of the Project --- p.1 / Company Background --- p.2 / Chapter II --- METHODOLOGY --- p.4 / Literature Review --- p.4 / Chapter III --- industry analysis --- p.6 / Rivalry among Existing Competitors --- p.7 / Industry Growth Rate --- p.7 / Concentration and Balance of Competitors --- p.12 / Degree of Differentiation and Switching Costs --- p.13 / Threat of New Entrants --- p.13 / Economies of Scale --- p.14 / First Mover Advantages --- p.14 / Access to Channels of Distribution and Relationship --- p.14 / Threat of Substitute Products --- p.15 / Bargaining Power of Buyers --- p.16 / Bargaining Power of Suppliers --- p.17 / Conclusion --- p.18 / Chapter IV --- COMPANY ANALYSIS --- p.19 / Management and Their Ability --- p.19 / Successful Diversification --- p.19 / Strategic Alliance --- p.20 / Distribution Network --- p.22 / Relationship with Government --- p.23 / Critical Success Factor (CSF) --- p.23 / Chapter V --- ACCOUNTING ANALYSIS --- p.24 / Analysis of Significant Accounting Policies --- p.24 / Accounting for Inventory --- p.24 / Research and Development (R&D) Cost --- p.25 / Revenue Recognition --- p.25 / Analysis of the Quality of Disclosure --- p.26 / Disclosure of Business Strategy and Operating Performance --- p.26 / Disclosure of Notes to Accounts --- p.26 / Conclusion --- p.29 / Chapter VI --- FINANCIAL ANALYSIS --- p.30 / Return on Equity (ROE) --- p.30 / Profit Margin --- p.31 / Asset Turnover --- p.31 / Leverage --- p.31 / Comparative Analysis with the Competitor: Legend Holdings Company Limited --- p.32 / Profit Margin --- p.33 / Asset Turnover - Utilization of Assets --- p.37 / Financial Leverage --- p.40 / Cash Flow Analysis --- p.43 / Prediction of Distress --- p.49 / Conclusion --- p.50 / Chapter VII --- VALUATION OF STONE'S SHARE PRICE --- p.51 / Cost of Capital (WACC) --- p.51 / Cost of Equity --- p.51 / Cost of Debt --- p.54 / Weighted Average Cost of Capital (WACC) --- p.54 / Forecasting the Fair Market Value of Stone using Discounted Free Cash Flow Model --- p.55 / Book Valuation Method --- p.56 / Chapter VIII --- CONCLUSION --- p.57 / APPENDIXES --- p.58 / BIBLIOGRAPHY --- p.74

Wong Wai Hong. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2004. / Includes bibliographical references (leaves 79-80). / Abstracts in English and Chinese. / Chapter 1. --- Introduction and Literature Review --- p.1 / Chapter 2. --- Spinoffs in an Asymmetric Framework --- p.6 / Chapter A. --- The Model / Chapter B. --- The Analysis / Chapter C. --- Market Value Maximization / Chapter D. --- Data Description / Chapter E. --- Total Market Value Analysis / Chapter 3. --- Case Study --- p.21 / Chapter A. --- Methodology / Chapter B. --- Empirical Results / Chapter 4. --- "Growth, Profitability and Financial Health" --- p.34 / Chapter A. --- Growth / Chapter B. --- Profitability / Chapter C. --- Financial Health / Chapter 5. --- Conclusion --- p.47 / Chapter 6. --- Tables --- p.49 / Chapter 7. --- Bibliography --- p.79

This master's thesis describes an introduction to business valuation, the process of strategic and financial analysis and some methods for determining the value of the company in its theoretical part. The goal of this thesis is the business valuation of the Pivovar Svijany, a.s. as of December 1, 2011. Strategic and financial analyses of the company were worked out in order to determine the value of the company. Quantification of value generators and financial plan processing are the basis of the valuation itself. The income-based methods, used in this work, are DCF in the modification FCFF, FCFE and EVA. The book value method is being added as a comparison to income methods. Resulting findings had confirmed a good financial position of the brewery. The value of Pivovar Svijany, a.s. calculated by using the two-stage FCFF method was 3 781 125 000, - CZK as of December 1, 2011.

The goal of this Master's thesis is to perform valuation of the company PREST PŘEROV a.s. and determine its market value on the date of valuation 20th of December 2011. The theoretical part describes basic terms, general description of the valuation process, strategic and financial analysis methodology and the most commonly used valuation methods. In the practical part of this work, the theoretical foundations are applied on the specific conditions of the valuated company PREST PŘEROV a.s. Strategic and financial analysis of the company is performed. After the formulation of its financial plan the company is valuated using the discounted cash flow method in the entity version, because pre-conditions of the going concern principle are met.

The aim of this diploma thesis is to estimate the value of Holcim (Česko), a.s. on the date 30th April 2012. The company is a supplier of building materials throughout the Czech Republic and is thus strongly dependent on construction. The value of the company is prepared for the purchase by a potential investor who has access only to publicly available sources of information. In addition to determining the value of the company, you can find in the thesis the market analysis (the analysis of macroeconomic environment and industry analysis) and financial analysis covering the determination of financial health. An essential part of the thesis is the theoretical basis of the valuation process. The valuation of the company was determined by using the method of DCF valuation - FCFF and then the value of equity was determined.

So, King Pui. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (leaves 49-52). / Abstracts in English and Chinese; appendix II, III also in Chinese. / Cover Page --- p.1 / Abstract --- p.2 / Chinese Version --- p.3 / Acknowledgements --- p.4 / Contents --- p.5 / Chapter 1. --- Introduction --- p.7 / Chapter 2. --- Definition and basic idea of Cumulative Voting --- p.9 / Chapter 3. --- Literature Review --- p.11 / Chapter 4. --- History and Development --- p.12 / Chapter 4.1. --- Around the world --- p.12 / Chapter 4.2. --- Cumulative voting in listed companies in China --- p.13 / Chapter 5. --- Hypothesis --- p.15 / Chapter 5.1. --- Nature of cumulative voting --- p.15 / Chapter 5.2 --- Relationship of corporate governance mechanism and tunneling in signaling the effect of cumulative voting --- p.18 / Chapter 5.2.1. --- Ownership characteristics --- p.18 / Chapter 5.2.2. --- Activeness of minority shareholders --- p.20 / Chapter 5.2.3. --- Legal framework --- p.21 / Chapter 5.2.4. --- Ownership nature --- p.22 / Chapter 5.2.5. --- Board of directors and supervisors --- p.22 / Chapter 5.2.6. --- Compensations of top executives --- p.23 / Chapter 6. --- Methodology --- p.24 / Chapter 6.1. --- Cumulative voting in the election of the board of director --- p.24 / Chapter 6.2. --- Ownership concentration and characteristics --- p.24 / Chapter 6.3. --- Legal framework --- p.25 / Chapter 6.4. --- Firm Operation Policy --- p.25 / Chapter 6.5. --- Ownership Nature --- p.25 / Chapter 6.6. --- Board of directors and supervisors --- p.26 / Chapter 6.7. --- Top Executives' compensations --- p.27 / Chapter 6.8. --- Operating performance --- p.27 / Chapter 6.9. --- Industry sectors --- p.28 / Chapter 6.10. --- Market firm value --- p.28 / Chapter 6.11. --- Event study approach --- p.29 / Chapter 6.12. --- Matched Propensity Scores Approach --- p.32 / Chapter 6.13. --- Top Executives' Pay-Performance Sensitivities --- p.34 / Chapter 6.14. --- Difference in differences approach --- p.35 / Chapter 7. --- Data --- p.39 / Chapter 7.1. --- Sources of Data --- p.39 / Chapter 7.2. --- Cumulative voting announcements and firm characteristics --- p.39 / Chapter 8. --- Empirical Results --- p.40 / Chapter 8.1. --- Short-term market response --- p.40 / Chapter 8.1.1. --- Event study --- p.40 / Chapter 8.1.2. --- Univariate test --- p.41 / Chapter 8.1.3. --- Multivate OLS regressions --- p.42 / Chapter 8.2. --- Long-term impact --- p.43 / Chapter 8.2.1. --- Matched Propensity Scores --- p.43 / Chapter 8.2.2. --- Top Executives' Pay-Performance Sensitivities --- p.44 / Chapter 8.2.3. --- Univariate test --- p.45 / Chapter 8.2.4. --- Difference in Differences regressions --- p.46 / Chapter 9. --- Conclusions --- p.47 / References --- p.49 / Table 1: Descriptive statistics for firms announcing the implementation of cumulative voting in the election of board of directors --- p.53 / Table 2: Descriptive statistics for firm characteristics --- p.54 / Table 3: Descriptive statistics for annual shareholders' meetings from 2002-2008 --- p.56 / Table 4: Cumulative abnormal returns for an event study of the information content of implementation of cumulative voting in election of board of directors announcements --- p.56 / Table 5: Abnormal returns for an event study of the information content of implementation of cumulative voting in election of board of directors announcements --- p.57 / Table 6: Descriptive statistics for firm characteristics --- p.57 / "Table 7: Mean comparison between above median/ ´ب´ب 1"" group and below median/ ""0"" group using t-test" --- p.59 / Table 8: OLS regression --- p.60 / Table 9: First stage Logistic Model --- p.62 / Table 10: Top Executives Pay-Performance sensitivities for salary and inside stock ownership --- p.64 / Table 11: Mean comparison between cumulative voting and straight voting group using t-test --- p.65 / Table 12: Difference in differences regressions (Corporate governance) --- p.66 / Table 13: Difference in differences regressions (Operating performance) --- p.67 / Table 14: Difference in differences regressions (Market firm value) --- p.68 / Appendix I --- p.68 / Appendix II --- p.71 / Appendix III --- p.72