The thesis is focused on valuation of ABC a.s. with the help of the yield method. The thesis is divided into three main parts - theoretical, analytical and empirical. The objective of the theoretical part is to define basic terms used in the valuation, description of the basic procedure used in valuation and the outline of procedures of valuation. In the analytical part is at first introduced the chosen company, followed by strategic analysis, financial analysis, and financial plan. At last, in the empirical part, the valuation of the company itself is done, based on previous findings. The value of the company may then serve to company's owners as a basis to determine the selling price of the company in the future.

The subject of master´s thesis is valuation of the company SPIN spol., s.r.o. using the yield valuation method. The first part of thesis defines the theoretical basis on which it is based on practical part. The analytic part is dealing with strategic analysis, financial analysis and is elaborated financial plan for the forecasted period. The company is valued using discounted cash flow method in practical part. The conclusion of thesis contains the value appreciation on 1. 1. 2015.

The thesis is focusing on the valuation of the company XYZ Ltd. using the vield method. The first part of the thesis defines the theoretical basic of the evaluation. The analytic part of the tesis is dealing with strategic analysis, award-winning enterprise, and finaly there is a preparation of the financial plan. In the practical part of this thesis there is an enterprise valuation using the yield discounted cash flow method and the conclusion of the thesis contains the value appreciation on 1. 1. 2012.

Master´s thesis deals with valuation of the KPS Metal a. s. company and uses income methods of business valuation. Thesis consists of two key parts. The first part describes aspects related to business valuation theoretically. In the second part all theoretic methods are applied to selected company by using strategic analysis, financial analysis and value drivers’ analysis and prognosis. According to all analysis, discounted cash flow method and economic value added method a company´s value is established to a date 1st January 2015.

This diploma thesis deals with analysis of multifunctional building efficiency investment. The theoretical part describes investments and investment space, building life cycle, financing options and evaluation methods of efficiency investment. The practical part is focused on specific contract efficiency realized in Prague. Cash flow is created and payback time is counted for the individual scenarios. Net present value and internal rate of return serve as alternative indicators of efficiency investment.

This diploma thesis is focused on determining the value of the J.P.N. Cars s.r.o. company by using income-based methods at 31. 12. 2015. The value of the company is determined using the Discounted Cash Flow and Economic Value Added method.

Titel: Kapitalkostnadsberäkning för investeringar - En kvantitativ studie av svenska börsnoterade bolag Frågeställningar: Hur beräknas kapitalkostnad primärt i svenska börsnoterade bolag? Skiljer sig beräkningen av kapitalkostnad i svenska börsnoterade bolag beroende på faktorer som  företagsstorlek, sektor och företagsmognad? Syfte: Syftet med undersökningen är att få svar på hur beräkning av kapitalkostnad faktiskt går till i börsnoterade bolag i Sverige och huruvida beräkningen varierar i förhållande till faktorerna företagsstorlek, sektor och företagsmognad.  Metod: Genom att använda av de nämnda faktorerna kunde företags olikheter lyftas på ett bra sätt. Det studerade urvalet bestod av 25 respondenter som besvarade en enkät. Med hjälp av enkätsvaren kunde hypoteser formas och testas. Slutsats: Undersökningen visar att det finns vissa statistiskt signifikanta samband mellan kapitalkostnadsberäkning och företagsstorlek samt en studerad sektor. Vidare lyfter studien vissa olikheter i riskhantering mellan olika företagsstorlekar. Studien presenterar också vilka metoder som används mest för beräkning av kapitalkostnad, kostnad för eget kapital samt kostnad för lånefinansiering i Sverige. De är Weighted average cost of capital, Capital asset pricing model respektive genomsnittlig kostnad. / Title: Cost of capital calculation for investments - A quantitative study of Swedish listed companies Research questions:  How is cost of capital generally calculated in Swedish listed companies? Are there any differences in cost of capital calculation methods in Swedish listed companies depending on company size, sector and company maturity? Purpose: This quantitative study intends to highlight how capital cost calculations are made in Swedish companies. Another part of the aim is to investigate connections between cost of capital calculation and the factors company size, sector and company maturity.  Method: By using the factors, different company disparities could be projected in a useful way. The examined sample of 25 companies answered a survey. With these answers hypotheses were formed and tested. Conclusion: This study shows that there are some statistically significant connections between cost of capital calculation and company size and one examined sector. Furthermore, the study also highlights the differences in consideration of risk in different company sizes. This study also presents a result about the most common methods for calculating cost of capital,cost of equity and cost of debt in Sweden. These are Weighted average cost of capital, Capital asset pricing model respectively average cost.

Given the explosive growth of web pages on the Internet in the last decade, automatic classification and categorization of web pages have grown into an important task. This thesis sets out to evaluate whether or not methods for text and image analysis, which had not been evaluated for web page classification, could improve on the state-of-the-art methods in web page classification. In web page classification, there is no dataset that is used for benchmarking. Therefore, in order to make comparisons, baseline models are implemented. The methods implemented are Bidirectional Encoder Representations from Transformers (BERT) for text and EfficientNet B4 for images. This thesis also sets out to evaluate methods for combining knowledge from two models. The thesis concludes that the proposed methods do improve on the state-of-the- art methods in web page classification. The proposed methods achieve approximately 92% accuracy while the baselines achieve approximately 87%. The proposed methods and the baselines are shown to be different using McNemar’s test at a significance level 0.05. The thesis also concludes that weighted average of logits could be preferable to weighted average of probabilities; weighted average of logits could be a more robust method, although more research is needed. / Givet den explosiva tillväxten av webbsidor på Internet under det senaste decenniet har automatisk klassificering och kategorisering av webbsidor vuxit till en viktig uppgift. Denna avhandling syftar till att utvärdera huruvida nya metoder för text- och bildanalys, som inte hade utvärderats för klassificering av webbsidor, skulle kunna prestera bättre än de senaste metoderna som har använts i området. Inom webbsideklassificering finns det inget dataset som används för jämförelser. För att göra jämförelser implementeras därför referensmodeller. De nya metoderna som implementerats är Bidirectional Encoder Representations from Transformers (BERT) för text och EfficientNet B4 för bilder. Den här avhandlingen syftar också till att utvärdera metoder för att kombinera kunskap från två modeller. Avhandlingen drar slutsatsen att de nya metoderna presterar bättre än de senaste metoderna inom klassificering av webbsidor. De nya metoderna uppnår cirka 92% noggrannhet medan referensmodellerna uppnår cirka 87%. De nya metoderna och referensmodellerna visar sig vara olika med hjälp av McNemars test med en signifikansnivå av 0.05. Avhandlingen drar också slutsatsen att det viktat genomsnitt av logits skulle kunna vara att föredra framför viktat genomsnitt av sannolikheter; viktat genomsnitt av logits skulle kunna vara en mer robust metod men måste undersökas mer.

Performance models provided by aircraft manufacturers are used by aircraft operators to perform flight path simulations aiming to reduce aircraft fuel consumption. However, performance models are generic and does not account for the performance deviations of each aircraft individual. The performance deviations, particularly in terms of fuel consumption, will affect the dynamic programming of flight path simulations. This may result in a less optimal flight path and ultimately lead to higher fuel consumption than expected. In hope of reducing this risk, a collection of local performance factors were derived. These factors describe the percentual deviation between the real fuel flow and the levels predicted by the performance model, and are allocated with respect to a range of flight parameters in a data library known as the performance library. A test environment is then constructed to simulate a continuous flow of flight data, where a new performance library is derived from the flight data of every month. The local performance factors of the previous month are then updated with the current; a learning process based on the weighted average ensemble approach. Further, the local performance factors are used in conjunction with the performance model to estimate the aircraft fuel consumption during cruise. The observed average prediction error is noticeably smaller than that of an equivalent global, scalar performance factor used by airlines today. The result also reveals that the prediction accuracy and versatility of the performance library is mainly determined by its resolution - higher resolution generally offers better accuracy at a cost of requiring more flight data, whereas lower resolutions are more versatile but of lower accuracy. Finally, the performance libraries of two identical aircraft are used to trace the performance deviation between them. The weighted average of all local performance factors in the performance library of respective aircraft reveal that the average fuel consumption is roughly -1.9 % and -2.5 % lower than the estimates by the performance model, ultimately proving that it is feasible to detect overall fuel efficiency deviation between two identical aircraft. / Prestandamodeller tillhandhållna av flygplanstillverkarna används oftast av flygbolagen för att utföra flygruttsimuleringar i syfte att bespara bränsle. Dock är prestandamodellerna generiska och tillgodoräknar inte prestandaavvikelserna som förekommer hos varje flygplansindivid. Dessa prestandaavvikelser, speciellt i form av bränsleförbrukning, kommer att påverka den dynamiska programmeringen i flygruttssimulationen. Följde när flygrutter som kan leda till högre förbrukningar än de ursprungligen uppskattades. I hopp om att minimera denna risk beräknades mängder av lokala prestandafaktorer, vilka grundar på prestandamodellens avvikelse från verkliga flygdata. Dessa koefficienter allokerades sedan till ett databibliotek (prestandabibliotek) med avseende på en samling av flygparametrar. En testmiljö konstruerades i följd för att simulera ett kontinuerligt dataflöde. Vidare skapades ett prestandabibliotek för varje månadsflygdata, där de nyskapade lokala prestandafaktorerna viktas med de motsvarandeparterna i föregående månadens prestandabibliotek, vilket är en inlärningsprocessbaserad på viktad medelvärdesensemble. Prestandabiblioteket applicerades sedan över prestandamodellen och det snittliga uppskattning felet observerades vara märkbart mindre än det från en motsvarande global, skalärbaserad prestandafaktor. Resultatet antyder också på att prestandabibliotekets uppskattningsnoggrannhet och allsidighet beror huvudsakligen på dess upplösning - en hög upplösning leder generellt till ökad uppskattningsnoggrannhet med på bekostnad av mer flygdata, medan lägre upplösningar tenderar att vara mer allsidiga men med mindre uppskattningsnoggrannhet. Slutligen användes prestandabiblioteken av två identiska flygplan för att spåra prestandaavvikelser som förekommer mellan dem. Viktat medelvärde av alla prestandafaktorer i respektiveflygplanets prestandabibliotek tyder på att snittförbrukningen är ungefär 1,9 % respektive2,5 % lägre än det som uppskattades av prestandamodellen. Härmed bevisades att det är möjligt att spåra varianser i snittförbrukningen mellan två identiska flygplan.

A importância de se considerar os volumes na análise dos movimentos de preços de ações pode ser considerada uma prática bastante aceita na área financeira. No entanto, quando se olha para a produção científica realizada neste campo, ainda não é possível encontrar um modelo unificado que inclua os volumes e as variações de preços para fins de análise de preços de ações. Neste trabalho é apresentado um modelo computacional que pode preencher esta lacuna, propondo um novo índice para analisar o preço das ações com base em seus históricos de preços e volumes negociados. O objetivo do modelo é o de estimar as atuais proporções do volume total de papéis negociados no mercado de uma ação (free float) distribuídos de acordo com os seus respectivos preços passados de compra. Para atingir esse objetivo, foi feito uso da modelagem dinâmica financeira aplicada a dados reais da bolsa de valores de São Paulo (Bovespa) e também a dados simulados por meio de um modelo de livro de ordens (order book). O valor do índice varia de acordo com a diferença entre a atual porcentagem do total de papéis existentes no mercado que foram comprados no passado a um preço maior do que o preço atual da ação e a sua respectiva contrapartida, que seria a atual porcentagem de papéis existentes no mercado que foram comprados no passado a um preço menor do que o preço atual da ação. Apesar de o modelo poder ser considerado matematicamente bastante simples, o mesmo foi capaz de melhorar significativamente a performance financeira de agentes operando com dados do mercado real e com dados simulados, o que contribui para demonstrar a sua racionalidade e a sua aplicabilidade. Baseados nos resultados obtidos, e também na lógica bastante intuitiva que está por trás deste modelo, acredita-se que o índice aqui proposto pode ser bastante útil na tarefa de ajudar os investidores a definir intervalos ideais para compra e venda de ações no mercado financeiro. / The importance of considering the volumes to analyze stock prices movements can be considered as a well-accepted practice in the financial area. However, when we look at the scientific production in this field, we still cannot find a unified model that includes volume and price variations for stock prices assessment purposes. In this paper we present a computer model that could fulfill this gap, proposing a new index to evaluate stock prices based on their historical prices and volumes traded. The aim of the model is to estimate the current proportions of the total volume of shares available in the market from a stock distributed according with their respective prices traded in the past. In order to do so, we made use of dynamic financial modeling and applied it to real financial data from the Sao Paulo Stock Exchange (Bovespa) and also to simulated data which was generated trough an order book model. The value of our index varies based on the difference between the current proportion of shares traded in the past for a price above the current price of the stock and its respective counterpart, which would be the proportion of shares traded in the past for a price below the current price of the stock. Besides the model can be considered mathematically very simple, it was able to improve significantly the financial performance of agents operating with real market data and with simulated data, which contributes to demonstrate its rationale and its applicability. Based on the results obtained, and also on the very intuitive logic of our model, we believe that the index proposed here can be very useful to help investors on the activity of determining ideal price ranges for buying and selling stocks in the financial market.