This final thesis analyzes and evaluates current techniques used in attribution analysis of the private equity funds. The first section defines all the relevant parameters and relationships. The second section provides the reader with a historical overview of the private equity industry together with a unique typology of private equity funds. Description of the current situation in the private equity industry is based on my discussions with investment professionals. These two sections are followed by a chapter describing the private equity investment process and the leveraged buyouts. Analysis is focused on value creation during buyouts, buyout price negotiations and the role of investment banks. I define individual phases of the private equity investment process and various valuation techniques used during the life cycle of the investment. Special attention is given to the private equity valuation process and its differences to the traditional and formal legal valuation. A special reaction function of cost of equity was derived from the traditional discounted earnings methods. Separate section is dedicated to calculation of return and efficiency of private equity funds. I analyze various methods used in the return/efficiency evaluation process, including the most frequently used Internal Rate of Return (IRR) approach. I then propose an adjustment (or several adjustments) to the IRR method and I test my proposals on several real-life case studies. In the same manner I theoretically derive and then practically prove major factors affecting the return of private equity investments. Special attention is given to the effect of company's indebtedness and operational improvements on total return of the private equity investment.

The study’s main concern was the extent to which the price earnings (P/E) valuation model and constant growth dividend discount valuation model (DDM) can estimate the intrinsic value of a share. The context within which the concern was addressed is the boom and recession conditions of South Africa during the period 1994–1999. The study used the following descriptive statistics to make a comparison of the performance of each model: <ul><li> Theil’s inequality coefficient; </li><li> coefficient of variation; </li><li> percentage improvement in the inter-quartile range (%IMP); and</li><li> the Wilcoxon test and the Kruskal-Wallis test. </li></ul> The study found that: <ul><li> the DDM is more efficient in estimating the intrinsic value in the boom period compared to the recession period. </li><li> P/E is more efficient in estimating the intrinsic value in the recession period than the boom period. </li><li> When the business cycle changed from a boom to a recession the %IMP increased for the DDM and the P/E model showing that there was no improvement in performance. Instead, it showed an increase in the IQR of each model. The increase in the DDM was smaller than that of the P/E model. </li><li> The difference between the absolute valuation errors of the DDM across the two phases of the business cycle (boom and recession) was not statistically significant while those of the P/E were significant. </li></ul> / Dissertation (MCom)--University of Pretoria, 2012. / Financial Management / unrestricted

Submitted by Elba Lopes (elba.lopes@fecap.br) on 2018-01-23T20:12:41Z No. of bitstreams: 2 Adriana_Caetano.pdf: 1859971 bytes, checksum: 798ec0440f1a81854733046a5f60138b (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) / Made available in DSpace on 2018-01-23T20:12:41Z (GMT). No. of bitstreams: 2 Adriana_Caetano.pdf: 1859971 bytes, checksum: 798ec0440f1a81854733046a5f60138b (MD5) license_rdf: 0 bytes, checksum: d41d8cd98f00b204e9800998ecf8427e (MD5) Previous issue date: 2015-08-19 / The objective of this study was to develop a performance analysis structure of the Brazilian companies, based on the literature, corroborated by the information disclosed in their financial statements in order to support the private equity investors estimate the value of an entity. To meet the proposed goal it was made a bibliographic research, aiming to identify the relevant elements to valuate a company concerning accounting and financial information. In this sense, it was developed the referred structure. It was conducted a research based on the document analysis technique, attempting to identify in the content of the financial statements of the selected companies the terms presented in the developed performance analysis structure. The research was descriptive and it was applied the qualitative and quantitative approach, to analyze the content of the four companies registered in the BOVESPA MAIS, part of the Clean Energy and Information Technology segments. The proposed goal of this study was reached, as the performance analysis structure was developed based on the literature and, the items of the strucuture had a high level index of presence in the financial statements of the companies analyzed, indicating that is possible to apply such structure in the process of estimating the value of a company. / O objetivo deste estudo foi desenvolver uma estrutura de avalia????o de desempenho de companhias brasileiras, a partir da bibliografia, corroborada com as informa????es divulgadas em suas demonstra????es financeiras, a fim de auxiliar os investidores de private equity em estimar o valor de uma entidade. Para se atingir o objetivo proposto, realizou-se uma pesquisa bibliogr??fica, com a finalidade de identificar os elementos relevantes na avalia????o de uma empresa no que se refere ??s informa????es cont??beis e financeiras e, a partir da??, desenvolveu-se a referida estrutura. Efetuou-se uma pesquisa baseada na t??cnica de an??lise documental, que buscou identificar no conte??do apresentado nas demonstra????es cont??beis das empresas selecionadas os elementos contemplados na estrutura de avalia????o de desempenho desenvolvida. A pesquisa tem car??ter descritivo e usou abordagem quantitativa e qualitativa, para avaliar o conte??do das demonstra????es financeiras das quatro empresas registradas no BOVESPA MAIS, dos segmentos de Energia Renov??vel e Tecnologia da Informa????o. O objetivo proposto neste estudo foi alcan??ado, visto que se desenvolveu uma estrutura de avalia????o de desempenho a partir da bibliografia e os itens contemplados nessa estrutura apresentaram um alto ??ndice de presen??a nas demonstra????es financeiras das empresas analisadas, corroborando a possibilidade da utiliza????o de tal estrutura no processo de estima????o do valor de uma empresa.