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How do we evaluate an enterprise¡¦s reasonable value? What would be the effective method? In the following research, I try to evaluate an enterprise¡¦s real value by four models: FCF model, EBO model, PB model, and PE model. Which model would generate the most accurate result and interpret the volatility of the stock market better? In addition, how effective are they? According to my research, the volatility of the stock price can be interpreted by the PB model best. PB model¡¦s R2 can reach as high as 76%. As for the accuracy, PE model can generate the most accurate estimation, whose tendency ratio is 34%. PB model, EBO model and FCF model rank the second, third and forth, respectively. The portfolios invested in accordance with the FCF model, EBO model, PB model, and PE model earn positive returns of 24%, 12%, 15% and 6%, respectively. Over half of the invested targets have positive return. In this period, the Taiwanese Stock Weighted Index fell from 8638.75 to 6142.32, generating a -29% of return. That is, the 4 evaluation models recommended by my research do have different results from the market. The market does not reflect the true value of the enterprises. Finally, I try to combine the enterprise evaluation models with the measurement of risk. The result shows that the penetration does not occur in FCF model and the variance- covariance model, while that occurs three times, four times and two times in the EBO model, PB model and PE model, respectively. Comparing the measured risk among all these models with the real risk, I find an average error 30.44% in the variance-covariance model, 20.26% in the FCF model, 8.11% in the EBO model, 10.91% in the PB model and 8.55% in the PE model. The risks measured by the enterprise evaluation models, have lower error. However, the risk measured by the variance-covariance model generates a 30.44% of error. As a result, measuring risks by the enterprise evaluation models is workable for the public.

The aim of this thesis is to calculate the theoretical value of one share of Norwegian Air Shuttle the 31st of December 2016. Supportive information will be collected through a strategic- and financial analysis.

Diploma thesis "Business valuation of ZON spol. s r. o." is formed as an expert opinion and its goal is to find a market value for hypothetic sale on the date 31. 12. 2014. Thesis is divided into five parts. The first part is devoted to the description of company. In next parts financial and strategic analyses follow. In the next part value drivers are analysed and planned, which result in completing financial plan of business for years from 2015 to 2020. In the last part ZON spol. s r. o. is valued by DCF APV method using parametric formula for the second phase.

The thesis concerns with the valuation of Spolek pro chemickou a hutní výrobu, a.s. (Spolchemie, a.s.). It is divided into two separate parts - the first one is rather theoretical and it summarizes the methodology used. The second part, which is practical one, provides the valuation of the company based on the methodology mentioned before.

The aim of the thesis is the valuation of Madeta, a. s. Company on 31.4.2016 for owners and company creditors. The theses is divided in two parts: theoretical and practical. In the theoretical part is devoted to definitions relating to business valuation. The practical part is focused on strategic analysis that determines the company´s position on the market. Folowing finance analyses that expresses the financial health. Based on these knowledges is set the financial plan and provided valuation by Discounted Cash flow method.

Objektyviai ir teisingai įmonės vertei nustatyti reikia išanalizuoti verslo aplinką, numatyti įmonės ateities perspektyvas ir būsimus pinigų srautus, atlikti sudėtingus žinių ir praktikos reikalaujančius skaičiavimus. Išsamaus vertinimo metu, remiantis verslo vertinimo metodologiniais nurodymais, nustatoma tiksliausia įmonės vertė. Gautas rezultatas, apimantis įmonės vidinius iš išorinius aplinkos veiksnius, suinteresuotiems rinkos dalyviams suteikia daug naudingos informacijos. Šiuo metu Lietuvoje dar tik plėtojama verslo vertinimo praktika, remiantis užsienio šalių patirtimi, atsižvelgiant į Tarptautinius ir Europos verslo vertinimo standartus. Verslo vertinimo sistemos išvystymas, specializuotų duomenų bazių sukūrimas, detalių metodinių leidinių platinimas, viešųjų mokymų ir konsultacijų rengimas Lietuvos verslininkams suteiktų didesnių perspektyvų bei galimybių konkurencingai plėtoti savo veiklą ne tik Lietuvos, bet ir Europos Sąjungos mastu. Lietuvos ir užsienio šalių investuotojams būtų suteikta reikšminga informacija. Tyrimo objektas – verslo vertinimo metodai, jų teorinė analizė ir praktinis pritaikymas vertinant AB „Pieno žvaigždės“. Darbo tikslas yra išanalizuoti verslo vertinimo metodus. Remiantis teorine analize apskaičiuoti AB „Pieno žvaigždės” verslo vertę, pritaikant pajamų, turto ir rinkos požiūrio metodus. Tikslui pasiekti iškelti šie svarbiausi darbo uždaviniai: Apibrėžti pagrindines su verslo vertinimu susijusias sąvokas; Išskirti dažniausiai naudojamus... [toliau žr. visą tekstą] / In order to estimate company's value clearly and objectively it is necessary to analyze business environment, forecast company’s prospect and future cash flows; to make complex calculations, which require great efforts of knowledge and practice. In the process of comprehensive valuation, which is based on methodological references of business valuation, value of the particular company is set in the most précised way. The result, which also includes company's internal and external factors of business environment, gives plenty of useful information to the concerned parties. In Lithuania, at the present time, the practice of business valuation is in the development level, which is based on the practice of other countries and consideration of standards of International and European business valuation. The development of business valuation system, the creation of specialized data bases, the spreading of methodological editions, the arrangement of public instructions and consultations for Lithuanian businessmen would provide wider range of opportunities and possibilities to develop their activities in Lithuania as well as in European Union. The important information would reach Lithuanian and other countries investors. The object of graduation paper is the theoretical analysis and adaptation of business valuation methods in the practice during the AB „Pieno žvaigždės“ business activity valuation. The target of task is to analyze the methods of business valuation. In bases of... [to full text]

The thesis deals with the topic of terminal value assessment in DCF models. Examining ten different techniques, the parameters behind, and the possible perils, its aim is to formulate the best practice for terminal value estimation. Afterwards, eleven of real business valuations are analyzed with the previously formulated best practice serving as a benchmark. Where possible, the impact of departures from the best practice on the estimated business value is quantified. The analysis confirms the hypothesis that practical terminal value assessments often diverge substantially from the best practice, which has a material impact on the resulting business value estimate.

The master thesis evaluates the company ZVVZ GROUP. The main focus is to link the aspects connected with the yield valuation method DCF APV (Discounted Cash Flow Adjusted Present Value), since this method has many advantages, although rarely used in practice. The DCF Entity method is chosen for comparison. This method is used much more often, despite methodological imprecisions, which are usually omitted. To demonstrate the advantages of the DCF APV method, I have decided to evaluate a complicated company ZVVZ, a. s. which has been transformed into holding ZVVZ Group, a. s.

Bakgrund Majoriteten av alla svenska företag är familjeföretag. Forskning inom området har inte bedrivits i någon större utsträckning förrän på senare år. Därtill kommer att forskning inom värdering av familjeföretag är närmast obefintlig. Familjeföretag skiljer sig på många sätt från icke-familjeföretag, t.ex. när det gäller kultur, ägande och ledning. Härav finns det anledning att tro att familjeföretag värderas annorlunda än icke-familjeföretag. Syfte med uppsatsen Syftet med denna uppsats är att beskriva hur värdering av familjeföretag går till från ett uppköpande företags synvinkel. Metod För att utföra denna uppsats har ett kvalitativt, hermeneutiskt tillvägagångssätt använts för att förstå helheten av fenomenet familjeföretags värdering. Vi har genomfört en fallstudie bestående av tre familjeföretags uppköp gjorda av Företag X som noggrant har studerats. Slutsats När ett familjeföretag värderas är det avgörande att ha erfarenhet, branschkännedom, intuition och framför allt kunskap och erfarenhet om familjeföretag. De immateriella tillgångarna i ett familjeföretag, som till exempel rykte, kultur och kunskap bidrar tillsammans med olika värderingsmodeller till ett rättvist värde av familjeföretaget. / Background The vast majority of all Swedish companies are family businesses. Research within the field of family businesses has not until recent years been developed. Moreover, the research regarding valuation of family businesses is close to non-existing. Family businesses differ in many ways from non-family businesses, for example when it comes to culture, ownership and management. Hence, there is a possibility that family businesses are valuated differently from non-family businesses. Purpose of this thesis The purpose with this thesis is to describe how valuation of family businesses is done from the perspective of an acquiring company. Method For this thesis a qualitative, hermeneutic approach was applied in order to understand the whole picture of the valuation of the family business phenomenon. A case study approach was carried out by carefully studying three acquisitions of small private family businesses in the service sector made by Company X. Conclusions The crucial skills to possess are experience, industry knowledge, intuition and most of all family business knowledge and experience when determining a fair value of a family business. The intangible assets of a family business, for instance reputation, culture and knowledge, together with different valuation methods contribute to the estimation of the value of a family business.