In this thesis I investigate the impact of outside directors experience on company value. I do so by looking at a clear event, company delistings in the time period 2003 to 2011 in South Africa, a country with arguably imperfect institutions. Based on qualitative and quantitative research I am able to establish that director experience is indeed associated with company value. The qualitative analysis is based on semi-structured interviews with over 30 highly experienced, independent non-executive directors who have/had seats on over 150 South African listed company boards. Their responses confirm resource theory dependency and provide information on the nature of experience, its relevance during delisting and under other circumstances, as well as insight into the type of experience lacking on boards in corporate South Africa. The results of this research can be of practical use to nomination committees and has implications for future South African governance code reforms and/or guidelines.

The point of this diploma work is an estimation of EVRAZ VÍTKOVICE STEEL, a.s. value through using an approach of DCF valuation model that works with FCFF cash flow. The estimation of the value is based on a strategic analysis - that analyses macro and micro environment of the company and a SWOT analysis. That was followed by a financial analysis which examined a financial health of the company and in conjunction with the strategic analysis created a base for a financial plan which is necessary for the valuation when DCF methods are applied. By the financial plan there were estimated cash flows for three future years and after that the estimation of the value was determined by application of the DCF model.

The subject of this Diploma thesis is problem of the Estimation of Company Market Value. Theoretical part contains elementary perspectives and possibilities for Estimation of the Company Market Value. This thesis presents most of using (so less using) techniques for evaluation end rocommendation for its using. Pracitical part includes estimation of real company market value by profit method of discounted cash flow.

The subject of this master’s thesis is estimation of company value. Theoretical part defines basic concepts such as value, categories of value, company and methods of valuation. Practical part includes estimation of real company value based on valuation of assets. Practical part also includes analyses of extrenal and internal environment.

Master’s thesis deal with a determine the value of firm Hanácké železárny a pérovny, a.s. Theoretical part defines the analysis of external and internal potential and financial situation of the company. According to the analysis of generators value was written a financial plan. Closing part contains the valuatin of the firm by choosing yield valution methods.

This master’s thesis is concerned with the issue of determining the value of the company based on theoretical assumptions mentioned in the introductory section of this thesis. In the practical part of the thesis is the company Trial servis, s. r. o. analyzed and evaluated.

Bakgrund: Det underliggande sambandet mellan kapitalstruktur och dess påverkan på företagets lönsamhet och företagsvärde har det utförts tidigare forskning på inom många olika sammanhang och branscher. Kapitalstrukturen visar ett företags finansiering och avser fördelningen mellan eget kapital och skulder. Även fast det utförts mycket forskning på området finns en del motsättningar kring olika samband som exempelvis lönsamhetens relation till hävstången.  Syfte: Syftet med denna studie är att analysera hur kapitalstrukturen påverkar fastighets- och byggbolagens lönsamhet samt företagsvärde i Sverige under perioden år 2012–2019. Studien har även som delsyfte att undersöka bakomliggande faktorer som har en inverkan på kapitalstrukturen. Forskningsfrågor: Hur ser sambanden ut mellan finansiella nyckeltal och kapitalstrukturen över tidsperioden år 2012–2019? Hur förhåller sig kapitalstrukturen till lönsamheten och företagsvärdet? Vilka bakomliggande faktorer kan tänkas ha haft en inverkan på kapitalstrukturen och varför har det i så fall sett ut som det har gjort? Metod: En kvantitativ metod har använts för att besvara studiens syfte. För att analysera data har flera paneldataregressioner genomförts, där data har korrigerats för att få ett trovärdigt resultat. Resultatet baseras på data från börsnoterade företag inom byggbranschen och fastighetsbranschen.  Resultat: Studien resulterade i totalt 16 statistiskt signifikanta samband, men där fyra av dessa kan ses som otillförlitliga på grund av autokorrelation. De mest framträdande sambanden gäller tillväxtens påverkan på skuldsättning, företagsstorlekens påverkan på lönsamhet samt riskens påverkan på både skuldsättning och lönsamhet. Även skuldsättning och lönsamhet uppvisar starka samband med varandra. Studien visar att tillväxten har både positiva och negativa samband till hur företagen förhåller sig till skuldsättningen. Företagsstorleken uppvisar uteslutande positiva samband med både skuldsättning och lönsamhet, vilket ligger i linje med tidigare forskning. Risken visar ett negativt samband med skuldsättningsgrad för båda branscherna. Författarna anser att påverkande faktorer är rådande ränteläge, skattenivåer, fastighetsbranschens unika tillgångssammansättning samt företagens syn på belåning. / Background: The underlying relationship between capital structure and its impact on the company’s profitability and company value has been widely studied in different contexts and industries. The capital structure shows the company’s financing and defines the relationship between equity and debt. Even if the field has been widely studied there is still some disagreements about different underlying relationships, for example the profitability’s connection to leverage.  Purpose: The purpose of this study is to analyze how the capital structure affect the real estate- and construction companies’ profitability and company value in Sweden during the period 2012-2019. This study also has a secondary purpose to study underlying factors which has an impact on the capital structure.  Research questions: How does the relationships appear between financial key figures and the capital structure during the period 2012-2019? How does the capital structure relate to profitability and company value? Which underlying factors can be supposed to influence the capital structure and what is the reason for this? Method: A quantitative method has been used to fulfill the study’s purpose. To analyze the data various panel data regressions has been implemented, where the data has been adjusted to gain a more reliable result. The result is based on data from listed companies within the real estate- and construction industry. Results: This study resulted in totally 16 statistically significant relationships, but where four can be seen as unreliable due to autocorrelation. This most prominent results are the growth effect on debt, company size’s effect on profitability and the risk’s effect on both debt and profitability. Debt and profitability also show strong connections. This study implies that growth has both positive and negative relationships with debt. Company size only shows positive connections to both debt and profitability, which is in tune with previous studies. Risk has a negative relationship with debt-to-equity ratio in both industries. The authors thinks that influential factors could be today’s levels of interest rate, levels of taxes, the real estate industry’s uniqe proportion of their assets and the companies’ attitude to debt.

This diploma thesis was focused on determination of the company value in the chosen company. For this purpose was chosen two mostly used methods on the Czech market. First one was method of discounted cash flow and the second one was method of the economic added value. Main sources for all the calculation were annual reports and financial statements for the period of five last years from 2011 to 2015. These basis were used for developing a prediction for the following five year period till 2020.

This thesis investigates the relation between capital structure and company value. The theoretical part of the thesis discusses different approaches to finding the optimal and most efficient capital structure for the company. Even though a broad theoretical basis related to the topic of capital structure exists, quantifying the theoretical background can lead to a variety of problems. Until now, no clear approach to optimizing the capital structure has been identified. In the practical part of the thesis, theoretical knowledge is applied on a real company COOP Jednota in Jindřichuv Hradec and an optimal capital structure is proposed.

The aim of this master´s thesis is to determine the value of building company for its owners. The company is seated in Prague and the evaluation is performed to 1. 1. 2016. The thesis is divided in two parts. First theoretical part describes the whole process and methodology of company evaluation. In the second part of the thesis all these processes and method are applied for evaluation of chosen building company. Practical part includes strategic analysis, financial analysis, analysis of value generators, financial plan and finally the evaluation of the building company.