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The main objective of this thesis is to determine the market value of the company Mlékárna Valašské Meziříčí, spol. s. r. o. based on the yield valuation methods. The purpose of this company valuation is its planned sale when a particular buyer is not known yet and the owners of the company want to have a preliminary idea of the potential market price. The thesis consists of two main parts - theoretical and practical. The theoretical part of the thesis defines the essential concept, the resources of this topic and describes the methods and procedures of the company valuation. In the practical part there is a process description of the strategic and financial analysis. The results of this analysis are used for the preliminary company valuation on the base of value drivers followed by the final company valuation. The company's market value is determined based on the yield methods, specifically the Discounted Cash Flow (DCF) and the Economic Value Added (EVA).

abstract: This dissertation consists of two essays on corporate policy. The first chapter analyzes whether being labeled a “growth” firm or a “value” firm affects the firm’s dividend policy. I focus on the dividend policy because of its discretionary nature and the link to investor demand. To address endogeneity concerns, I use regression discontinuity design around the threshold to assign firms to each category. The results show that “value” firms have a significantly higher dividend payout - about four percentage points - than growth firms. This approach establishes a causal link between firm “growth/value” labels and dividend policy. The second chapter develops investment policy model which associated with du- ration of cash flow. Firms are doing their business by operating a portfolio of projects that have various duration, and the duration of the project portfolio generates dif- ferent duration of cash flow stream. By assuming the duration of cash flow as a firm specific characteristic, this paper analyzes how the duration of cash flow affects firms’ investment decision. I develop a model of investment, external finance, and savings to characterize how firms’ decision is affected by the duration of cash flow. Firms maximize total value of cash flow, while they have to maintain their solvency by paying a fixed cost for the operation. I empirically confirm the positive correlation between duration of cash flow and investment with theoretical support. Financial constraint suffocates the firm when they face solvency issue, so that model with financial constraint shows that the correlation between duration of cash flow and investment is stronger than low financial constraint case. / Dissertation/Thesis / Doctoral Dissertation Economics 2015

Made available in DSpace on 2014-06-12T15:06:02Z (GMT). No. of bitstreams: 2 arquivo1184_1.pdf: 1045542 bytes, checksum: 129aa95643e5df7d1081172df79decb7 (MD5) license.txt: 1748 bytes, checksum: 8a4605be74aa9ea9d79846c1fba20a33 (MD5) Previous issue date: 2007 / Conselho Nacional de Desenvolvimento Científico e Tecnológico / A metodologia do Cash-Flow-at-Risk (CFaR), que busca determinar a pior queda no fluxo de caixa gerada pela influência dos fatores de risco, é fruto das inovações teóricas e técnicas que tomaram força a partir da década de noventa na administração de risco em empresas não financeiras. Este processo de inovação foi impulsionado, tanto pela necessidade de uma administração mais eficiente de risco, no fluxo de caixa e lucro, quanto pelo advento da metodologia do Value-at-Risk. Este trabalho de dissertação objetiva aplicar a metodologia do Cash-Flow-at-Risk desenvolvida por Adrén, Jankensgard e Oxelheim (2005) na Companhia Hidro Elétrica do São Francisco (Chesf). Para isso foram coletados os dados relativos ao EBITDA da Chesf e de um conjunto de prováveis fatores que o EBITDA apresenta exposição. Estes fatores foram escolhidos pelas características do setor elétrico brasileiro, da Chesf e pelos fatores determinados em trabalhos anteriores, que utilizaram empresas deste setor. O cálculo do CFaR da Chesf foi realizado em duas etapas. A primeira utilizou a análise MUST na construção do modelo de exposição, determinando os fatores de risco e a segunda intensiva em simulações, gerando as distribuições para o EBITDA dependente dos fatores e do EBITDA independente. Os resultados da primeira etapa mostram que o EBITDA da Chesf apresenta exposição ao PIB, IGPM e IPCA, enquanto na segunda chega-se ao valor do CFaR condicional de 83.763 milhões e CFaR independente de 100.560 milhões, ambos ao nível de significância de 5%. Agregando as duas distribuições chegou-se ao valor do CFaR da Chesf de 87.184 milhões, com o nível de significância de 5%, valor este, abaixo do verdadeiro valor do EBITDA

Thesis discusses a current topic of decision making on most effective strategy of utilization of real estates. The aim of this diploma thesis is to compare the economic advantage of model-based strategies for the utilization of real estates, to identify variants of acquisition, lease, alternatively their combinations, to evaluate these variants through income, expenditures and equity, to analyze and subsequently to find the most financially effective variant of housing. In the theoretical part, there is analyzed the conceptual apparatus, but also the relevant theoretical and legislative framework. Further, the methodology of the analysis is stated, where is chosen equity as the decisive criterion. Using this criterion, the best option of real estate utilization is detected from four variants of real estate utilization from the financial point of view, while the cash flow development is monitored in the practical part of the diploma thesis. At the end of the thesis the advantages, disadvantages and risks of strategies are formulated and recommendations are made.

The theoretical part of the thesis includes the main characteristics of firm's accounting statements and the use of information from accounting statemensts. In the chapter called "The use of information from the accounting statements" is also availability, reliability, intelligibility and comparability of data. The last part of the theoretical thesis are the time limits of publication data. The practical part of the thesis includes the main characteristics of the H. S. O. stavební a obchodní spol. s r. o. and the firm's accounting statements. Next chapter consists of the analysis of costs, revenues and income statement in the time series (the analyse of income statement summarizes costs and revenues). The time series is from 2005 to 2007. The last part of the thesis includes the cash flow analyse in the time series.

This thesis develops a model for the management of till cash (currency and coin) of a branch for a Vancouver area credit union. The model is developed in two parts. First, a model is estimated to forecast cash demand and then a cash order algorithm is developed. Two statistical models are developed to estimate cash demand. The first employs Box-Jenkins time series techniques. This model fails because the cash flow data are non-stationary, exhibiting both a growth trend and high autocorrelations at large lags. In the second model, a growth trend for real weekly cash flows is first estimated, incorporating an asymptotic capacity constraint. The real cash flow trend is converted to a nominal trend and used as the weight in a linear weighted least squares model for daily cash flows, in which the explanatory variables are dummy variables to indicate days of the week, months of the year, incidence of pay days, etc. The consistency of the resulting forecast model is also discussed. To develop a cash order algorithm, steady state models are first considered. These models are generally based on stationary cash demand, constant delivery lag times for orders and other assumptions that are inappropriate in this till cash management setting. To relax the steady state assumptions a general dynamic programming framework is developed for the cash management model that allows for either penalty costs for cash-outs (cash shortages) or a chance constraint involving the probability of a cash-out. Because of non-stationarity of the cash flows the dynamic program cannot be solved directly, but an approximate solution is obtained using a simulation technique. The resulting algorithm is tested on historical data and the results are discussed briefly. / Business, Sauder School of / Graduate

The contents of final thesis is to create a business plan small bakery. The work consists of theoretical and practical parts. The practical part deals with the first business environment the country in which the economic unit will operate and followed part of creating a business plan. The objective of final work is on pursuance of analysis and financial plan propose an entrepreneurial plan for establishment of business.