The difference in valuation between private and public firms have been studied several times on the U.S. and European markets. However, we believe that the lack of studies made on the Swedish market opened a possibility for an exciting opportunity. The general conclusion drawn from the earlier studies is that there in fact does exist a discount on private companies compared to similar publicly traded ones and this study is going to examine whether this also applies on the Swedish market. After collecting data from acquisitions of private and public firms, each private firm is paired up with its closest public counterpart and the multiples are being compared. This resulted in a mean discount for private companies of 48%, 32% and 32% when comparing the EV/EBITDA, EV/Sales, and EV/Earnings multiples respectively confirming the existence of a Private Company Discount on the Swedish market.

This thesis will discuss valuation methods that are well suited for real estate on the commercial market in Stockholm CBD. What distinguishes this report from others is that we discuss valuation methods that could be optimal for these types of real estate. The choice of method generally depends on the purpose and whom the valuation is for. The report states two methods that are frequently used and will be analyzed. These two methods are net capitalization and cash flow. The real estate societies that we interviewed each use one of these methods. Real estate valuation is a speculation of the future, which makes it afflicted with a great deal of uncertainty. Therefore we consider the method with the least uncertainty to be more likely to represent the best market value. Thus the report will highlight uncertainties and problems that can occur during valuation of real estate. Research was done through a literature study, containing technical literature and existing bachelor projects. We decided that the best way to connect the theory with reality is through an empiric study that was obtained after two interviews. The two individuals who were interviewed were chosen because of their different perspectives on valuation methods, types of properties they conduct and where these properties are located. Furthermore, the empiric made it possible for us to compare the methods by valuating a property with fictive values. / I den här rapporten belyser vi vilka värderingsmetoder som är lämpliga i fråga om fastigheter på den kommersiella marknaden, riktat till kontors- och butikslokaler i Stockholms CBD. Det som utmärker den här rapporten från andra är att det diskuteras kring värderingsmetoder som är att anse som mest optimal. Val av metod beror idag främst på i vilket syfte och på uppdrag av vem som fastighetsvärderingen utförs. De två metoder som främst tas upp och analyseras i den här rapporten är nettokapitaliseringsmetoden och kassaflödesmetoden. Dessa används i de två fastighetsbolag som vi har valt att intervjua. Eftersom att fastighetsvärdering är en spekulation om framtiden är den behäftad med stor osäkerhet. Vi anser därför att metoden med minst osäkerhet tämligen borde vara säkrast och presentera det mest sannolika marknadsvärdet. Utifrån den tesen lyfter rapporten fram olika osäkerheter och problem som kan uppstå vid värdering av fastigheter. Genom två intervjuer kunde det empiriska materialet erhållas för att kunna återkoppla teori till verklighet. De två intervjupersonerna valdes utifrån att de kunde ge olika perspektiv på olika värderingsmetoder, typ av fastigheter och fastighetsbeståndens lokalisering. Utifrån empirin kunde vi, med de olika värderingsmetoderna, värdera en fastighet med fiktiva värden och därefter jämföra resultatet.

Background: In recent years, a record amount of people has turned towards various stock markets to invest in the boom that has been present since the financial crisis. To get the portfolio to be profitable or even more profitable than the market, is a goal that can be hard to achieve, where certain previous research proves that it is possible to outperform the market, while other research proves the opposite. A factor that refutes the individual’s ability to outperform the market is the human beings’ psychological behavior, which can cause irrational investment decisions. To circumvent the psychology behind investment decisions,several investment strategies have been formed throughout history, one of them being a multiple-strategy. Due to the rise in popularity of investing, it is of interest to analyze whether a multiple-strategy is successful in creating profitability.  Purpose: The purpose of the study is to analyze the multiples EV/S and EV/EBITDA as a multiple-strategy to observe which one generates the highest return for the companies on OMX Stockholm.  Methodology: With the aim of best achieving the purpose of the study, a quantitative method has been used with a deductive approach. With a selection of 251 companies through the period 2010-2019, eight portfolios have been created containing the 20 highest respectively the 20 lowest EV/S- or EV/EBITDA-multiples, with a holding period of either three or twelve months.  Results: The study shows that high EV/S- and EV/EBITDA-multiples as well as low EV/EBITDA-multiples successfully outperform the comparing index over a nine-year period. Low EV/S-multiples do not achieve the same performance. The portfolio with highEV/EBITDA-multiples with a holding period of three months yielded the highest return.

Green building, as an environmentally responsible and resource-efficient product, has emerged in recent decades. Along with the growing interest in green building design and operating practices, a number of green building certification standards and rating systems have been developed by different organizations worldwide. Those rating systems allow government regulators, building professionals, and consumers to embrace green building with confidence. Many recent studies find that LEED and Energy Star certified commercial buildings gain significant rental and sales price premiums and have higher occupancy rates. However, little research has been conducted to measure the market value of certified multi-family residential buildings, for instance, green condominiums. This study investigates the price effects of LEED certification on condominium real estate assets in a local housing market, in this case Portland, Oregon. The overall dataset is developed by combining information from Metro's Regional Land Information System (RLIS) and LEED certifications by the U.S. Green Building Council (USGBC). A hedonic pricing model is employed to measure the effects of certification levels on sales prices. The model results indicate that, compared to non-certified condominiums in Portland, green certified properties have a 5.8 percent sales price premium on average. The result of this study confirms that LEED condominiums exhibit higher sales prices controlling for location- and property-specific factors.

The essay deals with what previous research exists within real estate valuation with artificial intelligence as well as the traditional real estate valuation process. Furthermore, it explains how the traditional property valuation process works and then further research on property valuation with artificial intelligence. Consequently, a few behavioral economics theories and the technology acceptance model are explained. Overall, it is being investigated whether they can make the real estate valuation process for commercial real estate more reliable and objective with the help of artificial intelligence. The choice to only investigate commercial properties is based on the expectation that a delimitation to a smaller research area will result in more precise answers. Furthermore, five interviews have been conducted with respondents to contribute with in-depth knowledge of the subject in question. The information that the respondents have contributed supports and mainly agrees with the developed theory. Advantages that have been identified in the paper are that artificial intelligence contributes to making the valuation process more objective and reliable, which in turn opens up more time for property valuers to analyze the values ​​presented. The respondents and their respective companies show a positive attitude and openness to working with AI. Artificial intelligence also means that valuers can take into account more value-influencing factors when making valuations. Something that should be taken into account in the respondents' answers is that there is a risk that the respondents are somewhat biased as AI is a technology that could potentially affect their work. The study mainly shows that the valuation process can become more efficient, objective and reliable if sufficient input data and comparison objects are available. An additional criterion that must be met is that there is a sufficiently well-developed AI system and an openness to AI among all actors in the industry. / Uppsatsen behandlar vilken tidigare forskning som finns inom fastighetsvärdering med artificiell intelligens samt den traditionella fastighetsvärderingsprocessen. Vidare förklaras hur den traditionella fastighetsvärderingsprocessen går till för att sedan forska vidare om fastighetsvärdering med artificiell intelligens. Följaktligen redogörs ett fåtal beteendeekonomiska teorier samt technology acceptance model. Sammantaget undersöks det om de går att göra fastighetsvärderingsprocessen för kommersiella fastigheter mer tillförlitlig och objektiv med hjälp av artificiell intelligens. Valet att enbart undersöka kommersiella fastigheter grundar sig i förväntan av att en avgränsning till ett mindre forskningsområde ska resultera i mer precisa svar. Vidare har fem intervjuer genomförts med respondenter för att bidra med ingående kunskap om ämnet i fråga. Informationen som respondenterna har bidragit med stödjer och stämmer huvudsakligen överens med den framtagna teorin. Fördelar som har identifierats i uppsatsen är att artificiell intelligens bidrar med att göra värderingsprocessen mer objektiv och tillförlitlig, vilket i sin tur öppnar upp mer tid för fastighetsvärderare att analysera de värden som presenteras. Respondenterna samt deras respektive företag visar en positiv inställning och öppenhet till att arbeta med AI. Artificiell intelligens innebär även att värderare kan beakta fler värdepåverkande faktorer vid värderingar. Något som bör beaktas i respondenternas svar är att det finns en risk att respondenterna är något partiska då AI är en teknik som eventuellt kan påverka deras arbeten. Studien visar huvudsakligen att värderingsprocessen kan bli mer effektiv, objektiv och tillförlitlig ifall tillräckligt med indata och jämförelseobjekt finns tillgängligt. Ett ytterligare kriterium som är tvungen att uppfyllas är att det finns ett tillräckligt väl utvecklat AI system samt en öppenhet för AI bland samtliga aktörer inom branschen.

Во Введении обоснована актуальность темы исследования, описана методологическая и эмпирическая база исследования, поставлены цель и задачи. В первой главе представлен обзор научной и методологической литературы, выявлена система определений объекта и предмета, отвечающие цели исследования. Систематизированы сложившиеся модели, подходы и методы к оценке стоимости предприятий, выявлены те из них, которые наиболее полно отвечают реалиям настоящего времени. Вторая глава посвящена аналитическому описанию и расчету стоимости ООО “NF-Сервис”, в ходе которого применен метод дисконтированных денежных подтоков как наиболее полно отражающий рыночные перспективы компании. Здесь же предложена модель оценки, учитывающая уровни значимости внутренних и внешних факторов. В третьей главе проведена адаптация модели к текущим условиям деятельности оцениваемой компании, представлен скорректированный расчет ее стоимости, показаны и аргументированы изменения результатов оценки. Итоговые выводы по работе в целом приведены в Заключении. / The Introduction substantiates the relevance of the research topic, describes the methodological and empirical base of the study, sets the goal and objectives. The First Chapter provides an overview of scientific and methodological literature, identified a system of definitions of the object and subject that meet the objectives of the study. The existing models, approaches and methods for assessing the value of enterprises are systematized, those that most fully meet the realities of the present time are identified. The Second Chapter is devoted to the analytical description and calculation of the value of LLC “NF-Service”, during which the method of discounted cash inflows is used as the most fully reflecting the market prospects of the company. Here, a model of evaluation is proposed, taking into account the levels of importance of internal and external factors. In the Third Chapter carried out to adapt the model to current conditions of activity of the company being valued provides a corrected calculation of its cost, and shows convincingly change the results of the evaluation. The final conclusions on the work as a whole are given in the Conclusion.

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Sveriges fastighetssektor står inför betydande utmaningar på grund av pågående och förväntade klimatförändringar. För att nämna några få av de klimatfaktorer som påverkar fastigheters värde och sårbarhet kan vi idag se början på temperaturökningar, förändrade nederbördsmönster, stigande havsnivåer och ökad frekvens av extremväder. Dessa klimatrelaterade risker kan leda till fysiska skador på fastigheter, ökade driftskostnader samt påverka investeringsbeslut. Den stora frågan är dock hur vi ska bemöta dessa risker när det kommer till fastigheter, samt hur stor påverkan de har på fastigheternas värde. Klimatfrågan har allt eftersom blivit mer central när det kommer till fastighetsvärdering i Sverige idag. Detta i takt med att riktlinjer har tagits fram av EU samt diverse nationella initiativ som främjar hållbarhet och klimatanpassning. Bland dessa exempel på hur lagstiftningen utvecklas för att möta klimatutmaningarna är bland annat EU:s taxonomi för hållbara investeringar samt den svenska regeringens propositioner om ökad transparens och rapporteringskrav för företag. Denna studie syftar till att undersöka om klimatriskanalyser av fastigheter bidrar till förändringar i fastighetsvärdet, särskilt när analysen visar på risk för påverkan från klimatrisker. Studien avser att klargöra i vilken utsträckning klimatrisker beaktas i fastighetsvärderingar och hur dessa risker påverkar marknadsvärdet och investeringsbeslutidag, samt hur detta kan komma att förändras i framtiden.  Studien bygger på tidigare forskning från andra länder samt intervjuer med fastighetsvärderare, experter inom klimatrisksanalyser och fastighetsinvesterare i Sverige. Genom att kombinera internationella erfarenheter och insikter från svenska experter syftar studien till att belysa hur klimatrisker för närvarande hanteras inom fastighetsbranschen i Sverige och hur dessa analyser påverkar värderingsprocesser och investeringsbeslut framöver. Resultaten förväntas ge insikt i hur svenska fastighetsaktörer hanterar klimatrisker och bidra till utvecklingen av mer hållbara och motståndskraftiga fastighetsvärderingsmetoder. / Sweden's real estate sector faces significant challenges due to ongoing and anticipated climate changes. Some of the climate factors affecting property values and vulnerability today include temperature increases, altered precipitation patterns, rising sea levels, and an increased frequency of extreme weather events. These climate-related risks can lead to physical damage to properties, increased operational costs, and influence investment decisions. The critical question is how to address these risks concerning real estate and the extent of their impact on property values. The climate issue has increasingly become central to property valuation in Sweden today. This is in line with guidelines developed by the EU and various national initiatives promoting sustainability and climate adaptation. Examples of how legislation is evolving to meet climate challenges include the EU taxonomy for sustainable investments and the Swedish government's propositions on increased transparency and reporting requirements for companies. This study aims to investigate whether climate risk assessments of properties contribute to changes in property values, particularly when the analysis indicates a risk of impact from climate risks. The study intends to clarify to what extent climate risks are considered in property valuations, how these risks affect market value and investment decisions today, and how this might change in the future. The study is based on previous research from other countries and interviews with property appraisers, experts in climate risk analysis and property investors in Sweden. By combining international experiences and insights from Swedish experts, the study aims to highlight how climate risks are currently managed within the real estate sector in Sweden and how these assessments impact valuation processes and investment decisions moving forward. The results are expected to provide insights into how Swedish real estate stakeholders handle climate risks and contribute to the development of more sustainable and resilient property valuation methods.

Call number: LD2668 .T4 1978 E34 / Master of Science