This diploma thesis deals with the company valuation. It contains theoretical background of valuation and description of the most important current methods and attitudes towards determination of market, liquidation and book company value. Subsequently, the theoretical methods are applied on the data of company EUROliftCZ s.r.o. Therefore financial, SWOT and strategic analysis is implemented and future development is forecasted. In concluding part different levels of company value are proposed. The outcome of the thesis is to be used by owners of the company.

The aim of this thesis is to define the subjective value of stock company VINSELEKT MICHLOVSKÝ by using selected yield methods of valuation. Valuation will be made to 1. January 2011 and will be used for internal needs of management. The theoretical part explains the main concepts and describes the methodological approaches, related to the valuation of the company. Theoretical basis of literature search are developed and applied to specific business entity in the next section. The practical part is introducing the evaluated company, includes the results of the strategic and financial analysis and in the final stage also the suggestion of valuation.

This master´s thesis deals with the valuation of the chosen company OPTICONTROL, s.r.o. by using income-based method. The thesis is divided into three parts, namely the theoretical, analytical and practical . The theoretical part defines basic terms used in the valuation of companies, selected methods and valuation procedures required for application to a chosen company. The analytical part then consists of practical application of theoretical basis. Thus the content of the analytical part is strategic analysis, financial analysis and financial plan . In the last practical part there is valuation of the company itself.

Bakgrund: Analytikerhus och banker har i dagsläget en betydande roll för värderingen av företag och allmänhetens investeringsbeslut som följer dessa aktörers råd. Oavsett värderingsmetod så har analytikern en stor frihet i värderingsprocessen och det finns mycket möjligheter för subjektiva bedömningar och antaganden. Varför är detta viktigt? Jo, analytikernas ändamål skiljer sig mellan företag. Vissa aktieanalytiker arbetar med uppdragsanalyser, där ett företag begär en publik analys för att marknadsföra både sitt bolag och sin aktie, fokus kan ofta befinna sig på möjligheter för företaget i fråga snarare än hot. Vissa aktieanalytiker jobbar med M&A transaktioner, där det istället kan vara fördelaktigt för köparens team att komma fram till en låg värdering för att köpa ett bolag billigt men för säljaren gäller motsatsen. Olika ändamål kan skapa utrymme för missvisande värderingar. Syfte: Studiens syfte är att analysera hur svenska analytikerhus och banker jobbar med företagsspecifika riskpremier för att sedan kunna analysera hur de skiljer sig åt och belysa hur och när riskpremierna används av de olika analytikerna. Metod: Studien grundar sig i en kvalitativ undersökning i form av intervjuer med svenska analytiker från analytikerhus och banker, vars dagliga verksamhet består av företagsvärdering och/eller rådgivning. Efter empiriska data presenterats har denna ställts mot befintliga teorier och annan forskning för att skapa en redogörelse över hur analytikerna skiljer sig åt gällande riskpremierna Slutsats: En justerad CAPM används av nästan alla respondenter. De främsta riskerna som identifierades hos analytikerna vissa sig vara branschrisk, vinstvolatilitet, överlevnadsrisk, ledning, kund- och leverantörsberoende. Största skillnad var vilka risker analytikerna väljer att inkludera i prognos och i riskpremier. Författarna har identifierat att en storlekspremie används endast vid arbete med onoterade bolag av revisionsbyrå. Erfarenhet har visat sig vara avgörande vid skattningen av avkastningskravet, författarna menar att det kan finnas en koppling till bias i detta sammanhang. / Background: Analyst firms and banks currently play a significant role in the valuation of companies and the public's investment decisions that follow the advice of these players. Regardless of the valuation method, the analyst has a great deal of freedom in the valuation process and there are many opportunities for subjective assessments and assumptions. Why is this important? Well, the purpose of the analysts differs between companies. Some stock analysts work with commissioned analyzes, where a company requests a public analysis to market both its company and its stock, the focus can often be on opportunities for the company in question rather than threats. Some equity analysts work with M&A transactions, where it may instead be advantageous for the buyer's team to arrive at a low valuation to buy a company cheaply, but for the seller the opposite applies. Different purposes can create room for misleading valuations. Purpose: The purpose of the study is to analyze how Swedish analyst firms and banks work with firm-specific risk premiums in order to then be able to analyze how they differ and shed light on how and when the risk premiums are used by the various analysts.  Methodology: The study is based on a qualitative study in the form of interviews with Swedish analysts from analyst firms and banks, whose daily operations consist of company valuation and / or financial advice. After empirical data has been presented, this has been set against existing theories and previous research to create a description of how analysts differ regarding current risk premiums.  Conclusion: An adjusted CAPM is used by almost all respondents. The main risks identified by the analysts turned out to be industry risk, profit volatility, survival risk, management, customer and supplier dependence. The biggest difference was which risks the analysts choose to include in the forecast and in risk premiums. The authors have identified that a size premium is only used when working with unlisted companies by an auditing firm. Experience has proven to be crucial in estimating the required rate of return, the authors believe that there may be a connection to bias in this context.

Valuing a company is an important task in finance, especially before a potential merger or acquisition of a company. It is then of great importance for both parties in a deal to make an accurate estimate of the value of the company. The goal of this paper is to investigate how well regression analysis can be applied in this matter and if it can perform at par or better than more frequently used methods in the industry today. The study was conducted within the utilities sector in the US and Europe, with data collected from historic public transactions dating back to 2009. The study concludes that a regression model as a valuation tool can generate several advantages as it identifies key value drivers and is based on core mathematical concepts. However, the model created in this thesis underperforms compared to the prominent methods in place today. For further research this thesis may provide useful insight into different areas to consider when creating a valuation model. / Att värdera ett företag är en viktig uppgift inom finanssektorn, särskilt innan en potentiell sammanslagning eller förvärv av ett företag. Det är då av stor vikt för båda parter i en affär att göra en exakt uppskattning av företagets värde. Målet med denna studie är att undersöka hur väl regressionsanalys kan tillämpas i denna fråga och om den kan generera samma eller bättre resultat än mer använda värderingsmetoder inom branschen idag. Studien genomfördes inom el-, gas- och vattensektorn i USA och Europa, med data som samlats in från historiska offentliga transaktioner som går tillbaka till 2009. Studien drar slutsatsen att en regressionsmodell som ett värderingsverktyg kan generera flera fördelar eftersom den identifierar viktiga faktorer som driver en värdering och baseras på grundläggande matematiska begrepp. Modellen som skapats i denna avhandling underpresterar dock jämfört med de framstående metoderna som finns idag. För ytterligare forskning kan denna studie ge användbar insikt i olika områden att beakta när man skapar en värderingsmodell.

Způsoby stanovení hodnoty společnosti především za účelem bankovního financování jsou hlavním tématem této diplomové práce. Problematika oceňování společnosti je popsána jak z teoretické stránky věci, stejně jako z metodologické stránky věci. Práce popisuje specifika ocenění v závislosti na oboru podnikání a snaží se nalézt optimální řešení k úspěšnému úvěrovému řízení.

The main goal of the thesis is to find market value for the company Elektro, Inc. on the date 1st January, 2010. The company specializes in retail sale of consumer electronics and electric appliances. The valuation consists of financial analysis, strategic analysis, forecasting of important indexes of value and creating the financial scheme. For the final valuation there is used the method called DCF Equity that discounts all the cash flows that flow to the company's owners.

The object of this thesis is to estimate the value of Palarian, s. r. o. to the 1st of January 2010 for the purpose of determining the value of the company's equity as information for the current owner. There are made strategic and financial analysis, analysis and forecasting of value generators. The financial plan is scheduled for the period 2010 - 2013. The company is valued using the DCF APV method. After the evaluation there is performed a sensitivity analysis on value growth. The valuation of company is defined as the estimation interval of the value, which are pessimistic and optimistic options of the valuation. The thesis contains sensitive data, which are secret.

As proposições seminais de Modigliani e Miller iniciaram um campo novo de estudos na moderna teoria de finanças. Com o passar do tempo, suas premissas básicas foram sendo relaxadas, de tal sorte que atualmente são raras as situações em que podem ser aplicadas plenamente, obtendo resultados satisfatórios e consistentes. Por outro lado, pelo fato desse conjunto simples de proposições ter se tornado mundialmente conhecido e de fácil aplicação, acabou sendo adotado como receita geral para a avaliação de empresas. Este trabalho revisita, criticamente, as idéias de Modigliani e Miller, verificando que a aplicação simples e imediata das proposições pode enviesar os valores da firma e do capital próprio. Em situações em que não existe viés de metodologia, os valores resultantes são herméticos, não possibilitando a análise e administração dos elementos individuais que compõem o valor da firma e do capital próprio. O presente trabalho sugere uma metodologia alternativa de avaliação da firma e do capital próprio que independe da validade das premissas de Modigliani e Miller, de tal forma que seja possível a identificação analítica dos componentes de seu valor. A metodologia de avaliação proposta considera que o valor dos ativos independe da estrutura de capital, mas que existe certo componente de valor da firma (diferente do valor dos ativos) que depende da interação entre o financiamento pelo capital próprio e os investimentos operacionais, e que esse valor pode ser identificado e contabilizado isoladamente. A metodologia de avaliação proposta também considera o ganho da dívida como componente do valor da firma e do capital próprio, pelo fato de ser, do ponto de vista do acionista, o quanto de valor o capital de terceiros agrega à firma e ao capital próprio. O arcabouço teórico da metodologia apresentada neste trabalho é encontrado no desenvolvimento do Valor Presente Ajustado, pois, conceitualmente, abrange todos os ´efeitos colaterais´ que podem advir da interação entre estrutura de capital e de investimentos. / The seminal proposals by Modigliani and Miller constituted the start of a new study area in modern finance theory. Over time, their basic premises were slackened to the extent that, nowadays, there are few situations in which they can fully be applied and obtain satisfactory and consistent results. On the other hand, due to the fact that this simple set of proposals became known around the world and is easy to apply, it ended up being adopted as a general recipe for company valuation. We present a critical review of Modigliani and Miller’s ideas, verifying that the simple and immediate application of these proposals can bias firm and equity values. In situations where no methodological bias is present, the resulting values are hermetic and do not permit the analysis and management of the individual components of firm and equity values. This study suggests an alternative methodology for firm and own capital valuation which does not depend on the validity of Modigliani and Miller’s premises, allowing for the analytical identification of firm and equity value components. The proposed valuation methodology considers that asset value does no depend on capital structure, but that there exists a certain component of firm value (different from asset value) which depends on the interaction between debt and equity financing and operational investments, and that this value can be identified and accounted for in itself. The valuation methodology proposed here also considers the gain on debt as a component of firm and equity value, due to the fact that, from the stockholder’s perspective, it represents the amount of value debt adds to the firm and to the own capital. The theoretical framework of the methodology presented here resides in the development of Adjusted Present Value, as it conceptually covers all ´collateral effects´ that may stem from the interaction between capital structure and investments.

This thesis proposes a theory of inefficient markets that uses limited rational choice as a central trait and I call it the theory of Homo comperiens. The theory limits the alternatives and states that the subjects are aware of and only allow them to have rational preference relations on the limited action set and state set, i.e. limited rationality is introduced. With limited rational choice, I drive a wedge between the market price and the intrinsic value and thus create an arbitrage market. In the theory, the subjects are allowed to gain knowledge about something that they previously were unaware of. As the discovery proceeds, the arbitrage opportunities disappear, and the market prices regress towards the intrinsic values. The theory is applied to firms and market-pricing models for a Homo comperiens environment is a result. The application of the theory to firms also leads to testable propositions that I test on a uniquely comprehensive Swedish accounting database that cover the years 1978—1994. Hypotheses are tested which argues that risk-adjusted residual rates-of-returns exist. The null hypotheses argue that risk-adjusted residual rates-of-returns do not exist (since they assume a no-arbitrage market). The null hypotheses are rejected in favor of their alternatives at a 0.0 percent significance level. The tests use approximately 22,200 observations. I also test hypotheses which argue that risk-adjusted residual rates-of-returns regress to zero with time. The null hypotheses are randomly walking risk-adjusted residual rates-of-returns, which are rejected in favor of the alternative hypotheses. The hypotheses are tested using panel regression models and goodness-of-fit tests. I reject the null hypotheses of random walk at a 0.0 percent significance level. Finally, the results are validated using out-of-sample predictions where my models compete with random-walk predictions. It finds that the absolute prediction errors from my models are between 12 to 24 percent less than the errors from the random walk model. These results are significant at a 0.0 percent significance level.