[pt] Diversos métodos são utilizados para o cálculo do valor justo de uma empresa. Dentre os métodos mais usados, estão o método do fluxo de caixa descontado, onde os fluxos de caixa estimados da empresa são trazidos a valor presente por uma taxa para se chegar a uma estimativa de valor da empresa. Esta taxa é uma média ponderada do custo de capital próprio e do custo de capital de terceiros, sendo conhecida pela sigla WACC. No Brasil, entretanto, existe uma peculiaridade na legislação que influencia o método de cálculo do WACC: os Juros sobre Capital Próprio (JCP). Criado em 1996, este fator permite que seja distribuí­do aos acionistas, parte do lucro apurado, como remuneração pela utilização do capital próprio. A legislação brasileira permite que este montante possa ser deduzido da base de cálculo do imposto de renda da pessoa jurí­dica, de forma equivalente aos juros pagos a terceiros. Tal particularidade da legislação brasileira impacta diretamente no valor do custo médio ponderado de capital e conseqüentemente no valor justo estimado das empresas que se utilizam do JCP. Tendo em vista que o método tradicional de avaliação de empresas não se adapta às empresas brasileiras que utilizam a distribuição de juros sobre capital próprio, surge a necessidade de adaptação da fórmula tradicional de cálculo do WACC para que este considere o benefí­cio fiscal do JCP. Deste modo, este estudo pretende adaptar a fórmula de cálculo do custo médio ponderado de capital para a realidade das empresas brasileiras, além de demonstrar o impacto desta alteração no cálculo do valor estimado de uma empresa atuante no país. O objetivo geral deste trabalho será testar um modelo de cálculo do custo médio ponderado de capital (WACC) ao arcabouço jurí­dico e contábil brasileiro, considerando para tal, o impacto da utilização dos Juros Sobre Capital Próprio. Como objetivos especí­ficos, temos a adequação da fórmula de cálculo do WACC, incluindo o JCP, o cálculo do valor de uma empresa com o WACC tradicional, o cálculo do valor da mesma empresa com o WACC adaptado e a comparação do valor da empresa apurado nos dois métodos. Para tal, foi utilizado o relatório de avaliação da Aracruz Celulose, realizado por um grande banco de investimento. Esta empresa foi escolhida por distribuir regularmente juros sobre capital próprio. A partir deste relatório, que utilizava a fórmula tradicional do WACC para cálculo do valor justo da empresa, recalculamos o valor justo da ação desta mesma companhia, utilizando a fórmula proposta. Foram comparados então, os valores encontrados pelos dois métodos, onde se verificou que o valor era maior pelo método proposto do que pelo método tradicional. Verificou-se então que a distribuição de juros sobre capital próprio será vantajosa somente nos casos onde a alí­quota de imposto de renda da pessoa jurí­dica for superior à  alíquota de imposto de renda do acionista. / [en] Many methods are used to calculate the fair value of a company. Among the methods most commonly used is the method of discounted cash flow, where the expected cash flows of the company are discounted by a rate to find an estimated value of the company. This rate, known by WACC, is a weighted average cost of equity and debt. In Brazil, however, there is a peculiarity in the legislation that affects the method of calculating the WACC: the Interest on Equity (IOE). Created in 1996, this factor allows the distribution of part of the profit discharged to shareholders as payment for the use of equity. The Brazilian law allows that this amount could be deducted from the base for calculating the income tax for the company, equivalent to interest paid to creditors. This peculiarity of Brazilian legislation impacts directly on the value of the weighted average cost of capital and therefore on the estimated fair value of the companies that make use of the IOE. Given that the traditional method of valuation of companies is not perfectly suited to Brazilian companies that use the distribution of interest on equity, it is necessary to adapt the traditional formula for calculating the WACC, considering the tax benefit of the IOE. Thus, this study aims to adapt the formula for calculating the weighted average cost of capital for the reality of Brazilian companies, in addition to demonstrate the impact of this change in calculating the estimated value of an active company in the country. The general objective of this work will test a model for calculating the weighted average cost of capital (WACC) in the Brazilian legal and accounting framework, considering the impact of the use of Interest on Equity. The specific objectives are the adequacy of the formula for calculating the WACC (including the IOE), the calculation of the value of a company with the traditional WACC, the calculation of the value of the same company with the adapted WACC and for last, the comparison of the value of the company found in both methods. To this end, we used the valuation report of Aracruz Celulose, held by a large investment bank. This company was chosen because it distributes interest on equity regularly. From this report, which used the traditional formula for calculating the WACC fair value of the company, we recalculate the fair value of the stock of that company, using the proposed formula. We then compared the values found by both methods, where was found that the value of the company was greater in the method proposed than in the traditional method. It was concluded that the distribution of interest on equity will be advantageous only in cases where the rate of income tax of the company exceeds the rate of income tax of the shareholders.

The purpose of this thesis is to look at how the two widely used valuation approaches Free Cash Flow to Firm and Relative valuation can contribute to the explanation of market prices of shares. The study also aims to investigate if it is possible to find any significant differences between industries, while using the two valuation methods. There are a large number of models that are used to value assets and corporations, which have been used for a long time in the banking sector and similar contexts. It is widely known that a single valuation method or model which could predict a future stock price is hard to find or might even not exist. The study uses a quantitative method, in which we evaluated 36 Swedish companies, to be able to draw conclusions about the two valuation approaches. Our results suggest that the calculated prices obtained from the two methods correlate with the market price of the share, and that the result differ between different industries.

Background: In an inefficient market, the intrinsic value of an asset may not be equal to its true market value. Therefore, before engaging in a stock transaction, both the seller and the buyer would want to know the intrinsic value of the stock as neither would want to lose money during the process. An effective valuation model enabling investors to efficiently determine firm values is therefore considered to be a crucial factor. Purpose: The purpose of this thesis is to analyze the free cash flow to equity (FCFE) approach and the dividend discount model (DDM) on 30 Swedish companies. This to conclude if they are considered to be accurate valuation models and to determine if one of the methods gives a more accurate estimation of the companies’ share prices than the other. Additionally, the report will examine if one model is preferred for a specific sector and if a payout ratio exists where the DDM generates a particularly realistic valuation. Method: A database will be produced to estimate share prices for each company using both the FCFE approach and the DDM over five consecutive years. The accuracy of the models will be evaluated by dividing the projected share prices with their corresponding actual stock prices to calculate the percentage deviations. The smaller the percentage deviation, the more accurate is the estimated share price considered to be. Conclusion: It is evident from the findings of this thesis that the FCFE approach and the DDM produce accurate valuations for Swedish companies. It is difficult to determine that one is preferred over the other altogether, instead the FCFE approach is preferred in some cases and the DDM in others. This depends on the companies’ actual stock prices, which industry the companies operate in and the amount the companies are assumed to pay out as dividends.

As informações evidenciadas pelas empresas que exploram e produzem óleo e gás são objetos de consideráveis controvérsias. O centro dessa controvérsia está nas deficiências do modelo do custo histórico em fornecer informações adequadas para os usuários das demonstrações contábeis. O mais importante evento para as empresas que exploram e produzem petróleo é a descoberta de reservas de óleo e gás, e não os lucros e as receitas derivadas das vendas do óleo e do gás. O modelo do custo histórico, entretanto, não consegue mensurar e evidenciar adequadamente as reservas provadas de óleo e gás até que essas reservas sejam desenvolvidas, produzidas e vendidas. Outro problema relacionado ao modelo do custo histórico para as empresas do setor petrolífero, é de que os custos incorridos para se descobrir reservas de óleo e gás possui pouca, se é que há alguma, relação com o valor das reservas provadas. Como resultado dessas deficiências do modelo do custo histórico, e como uma tentativa de \"adaptar\" os resultados, duas formas de capitalizar os custos da atividade de exploração e produção de óleo e gás são utilizadas e aceitas, o método da Capitalização Total e o método da Capitalização pelos Esforços Bem Sucedidos. A avaliação das reservas provadas de óleo e gás das empresas, assim como as decisões de investimentos, são afetadas pela incerteza econômica, pela incerteza técnica, assim como pelas flexibilidades gerenciais embutidas na exploração e produção de óleo e gás. A técnica do Valor Presente Líquido não possui atributos para capturar essas flexibilidades, pois não considera a opção de, por exemplo, adiar o desenvolvimento de uma reserva para o momento em que o preço do barril de petróleo se mostrar conveniente para os planos da empresa. Este estudo tem por objetivo explorar e aplicar as diferentes formas de avaliação de reservas petrolíferas: a) contábil; b) fluxo de caixa futuro (Hotelling); c) fluxo de caixa descontado padronizado; d) margem direta; e) fluxo de caixa descontado; e f) opções reais, a fim de descobrir qual delas apresenta-se como a melhor forma para capturar o valor justo do principal ativo das empresas que exploram e produzem petróleo - as reservas provadas de óleo e gás. Na comparação das técnicas de avaliação, a avaliação pela teoria de precificação de opções se mostrou como a melhor forma de se avaliar as reservas provadas das empresas analisadas, seguida pelas avaliações do fluxo de caixa descontado e pelo princípio de avaliação Hotelling. / The information disclosed by oil and gas companies is a source of great controversy. The main issue is the deficiency of the historical cost model to supply adequate information for financial statement users. The most important event for oil exploration and production companies is the discovery of oil and gas reserves, and not the profits and revenues deriving from oil and gas sales. However, the historical cost model does not manage to adequately measure and disclose the oil and gas reserves until they are actually developed, produced and sold. Another problem in the historical cost model for petroleum companies is that there is hardly any or no relation between the costs incurred to discover oil and gas reserves and the value of the proved reserves. As a result of these deficiencies in the historical cost model, and in an attempt to \"adapt\" the results, two ways of capitalizing the costs of oil and gas exploration and production activities are used and accepted, the Full Cost method and the Successful Efforts method. The evaluation of the companies\' proved oil and gas reserves as well as the investment decisions are affected by economic uncertainty, technical uncertainty and by the management flexibilities inserted in oil and gas exploration and production. The Net Present Value technique does not have the attributes to capture these flexibilities, since it does not consider the possibility of delaying the development of a reserve to a moment at which oil prices are convenient for company plans for example. This study aims to explore and apply different forms of evaluating oil reserves: a) accounting; b) future cash flow (Hotelling); c) standardized measure of discounted cash flow; d) direct margin; e) discounted cash flow; and f) real options, with a view to discovering which of these comes out as the best way to obtain the fair value of oil exploration and production companies\' main asset - their proved oil and gas reserves. In the comparison among different techniques, evaluation according to option pricing theory revealed to be the best way to evaluate the proved reserves of the analyzed companies, followed by the discounted cash flow evaluation and by Hotelling\'s evaluation model.

The aim of the diploma thesis is to estimate the market value of the Czech wine production company Znovín Znojmo, a.s. as at 1. 1. 2011. The thesis comprises financial analysis, strategic analysis, value generators analysis and forecast, financial plan and the final valuation based on discounted cash flow method (DCF), supported by market approach method (industry multiples method). The final part of the thesis includes a discussion about the results of the used methods.

As informações evidenciadas pelas empresas que exploram e produzem óleo e gás são objetos de consideráveis controvérsias. O centro dessa controvérsia está nas deficiências do modelo do custo histórico em fornecer informações adequadas para os usuários das demonstrações contábeis. O mais importante evento para as empresas que exploram e produzem petróleo é a descoberta de reservas de óleo e gás, e não os lucros e as receitas derivadas das vendas do óleo e do gás. O modelo do custo histórico, entretanto, não consegue mensurar e evidenciar adequadamente as reservas provadas de óleo e gás até que essas reservas sejam desenvolvidas, produzidas e vendidas. Outro problema relacionado ao modelo do custo histórico para as empresas do setor petrolífero, é de que os custos incorridos para se descobrir reservas de óleo e gás possui pouca, se é que há alguma, relação com o valor das reservas provadas. Como resultado dessas deficiências do modelo do custo histórico, e como uma tentativa de \"adaptar\" os resultados, duas formas de capitalizar os custos da atividade de exploração e produção de óleo e gás são utilizadas e aceitas, o método da Capitalização Total e o método da Capitalização pelos Esforços Bem Sucedidos. A avaliação das reservas provadas de óleo e gás das empresas, assim como as decisões de investimentos, são afetadas pela incerteza econômica, pela incerteza técnica, assim como pelas flexibilidades gerenciais embutidas na exploração e produção de óleo e gás. A técnica do Valor Presente Líquido não possui atributos para capturar essas flexibilidades, pois não considera a opção de, por exemplo, adiar o desenvolvimento de uma reserva para o momento em que o preço do barril de petróleo se mostrar conveniente para os planos da empresa. Este estudo tem por objetivo explorar e aplicar as diferentes formas de avaliação de reservas petrolíferas: a) contábil; b) fluxo de caixa futuro (Hotelling); c) fluxo de caixa descontado padronizado; d) margem direta; e) fluxo de caixa descontado; e f) opções reais, a fim de descobrir qual delas apresenta-se como a melhor forma para capturar o valor justo do principal ativo das empresas que exploram e produzem petróleo - as reservas provadas de óleo e gás. Na comparação das técnicas de avaliação, a avaliação pela teoria de precificação de opções se mostrou como a melhor forma de se avaliar as reservas provadas das empresas analisadas, seguida pelas avaliações do fluxo de caixa descontado e pelo princípio de avaliação Hotelling. / The information disclosed by oil and gas companies is a source of great controversy. The main issue is the deficiency of the historical cost model to supply adequate information for financial statement users. The most important event for oil exploration and production companies is the discovery of oil and gas reserves, and not the profits and revenues deriving from oil and gas sales. However, the historical cost model does not manage to adequately measure and disclose the oil and gas reserves until they are actually developed, produced and sold. Another problem in the historical cost model for petroleum companies is that there is hardly any or no relation between the costs incurred to discover oil and gas reserves and the value of the proved reserves. As a result of these deficiencies in the historical cost model, and in an attempt to \"adapt\" the results, two ways of capitalizing the costs of oil and gas exploration and production activities are used and accepted, the Full Cost method and the Successful Efforts method. The evaluation of the companies\' proved oil and gas reserves as well as the investment decisions are affected by economic uncertainty, technical uncertainty and by the management flexibilities inserted in oil and gas exploration and production. The Net Present Value technique does not have the attributes to capture these flexibilities, since it does not consider the possibility of delaying the development of a reserve to a moment at which oil prices are convenient for company plans for example. This study aims to explore and apply different forms of evaluating oil reserves: a) accounting; b) future cash flow (Hotelling); c) standardized measure of discounted cash flow; d) direct margin; e) discounted cash flow; and f) real options, with a view to discovering which of these comes out as the best way to obtain the fair value of oil exploration and production companies\' main asset - their proved oil and gas reserves. In the comparison among different techniques, evaluation according to option pricing theory revealed to be the best way to evaluate the proved reserves of the analyzed companies, followed by the discounted cash flow evaluation and by Hotelling\'s evaluation model.

Este documento tiene como primer objetivo mostrar los diferentes métodos de valoración de empresas estudiados en las últimas décadas. No obstante, el trabajo profundiza en la valoración de pequeñas empresas como tema central, debido a que hasta la actualidad no se las ha investigado con el mismo interés que a empresas corporativas, lo que pone en evidencia una falta de consenso. Así, el segundo objetivo es ofrecer al lector una fuente de información, a manera de compendio inicial, que motive a investigar el tema, realizar estudios específicos, servir de materia de tesis académicas, entre otras contribuciones. El primer capítulo de este trabajo aborda el tema partiendo de la definición del concepto de valor, y sustenta la diferencia entre valor y precio. Asimismo, en él se realiza una reseña de la evolución del estudio de valoración de empresas, se explica qué es una pequeña empresa en el marco nacional e internacional, y, finalmente, se aborda la valoración de pequeñas empresas en específico. Por su parte, el segundo capítulo describe los métodos de valoración de empresas más utilizados y aceptados, y presenta sus ecuaciones y guía detallada de uso. El tercer capítulo expone errores encontrados en valoración de empresas; el cuarto capítulo describe seis metodologías de valoración de pequeñas empresas, y presenta sus respectivas ecuaciones y los pasos a seguir para su uso. Finalmente, el quinto capítulo se enfoca en un tema de similar importancia, la estimación del costo de capital en pequeñas empresas, el cual genera, inclusive, mayor controversia. / The first objective of this document is to show the different Company valuation methods studied in the last decades. However, the work looks into the valuation of small business, as a central topic, because until now they have not been investigated with the same interest than the Corporative Companies, which evidences a lack of consensus. Thus, the second objective is to offer a source of information to the reader, as an initial summary, that motivates to investigate the topic, do specific studies, serve as a topic for Academic Thesis, among other contributions. The first chapter of this paper approaches the topic starting from the definition of the concept of the value and supports the difference between value and price. Moreover, there is an outline of the evolution of the study of valuation of Companies, it is explained what is a small business in the national and international framework and, finally, the valuation of specific small business is approached. On its part, the second chapter describes the most used and accepted companies’ valuation methods and presents its equations and detailed user guide. The third chapter shows mistakes found in companies’ valuation; the fourth chapter describes six methodologies of the valuation of small business and shows its respective equations and the steps to follow for its use. Finally, the last chapter focuses on a topic of similar importance, the estimation of the capital cost in small companies that generates, even, more controversy. / Trabajo de Suficiencia Profesional

<p>När en kassaflödesvärdering genomförs prognostiseras företagets värde genom att summera framtida kassaflöden och diskontera dem med företagets kapitalkostnad. På grund av att prognostiserade kassaflöden är uppskattningar inför framtiden karaktäriseras en värdering alltid av hög osäkerhet. Till underlag för prognoserna används en omfattande mängd information. För att ett tillförlitligt värde ska kunna beräknas är det viktigt att relevant och pålitlig information samlas in och hanteras på ett effektivt sätt. I dagsläget är det problematiskt att hantera omfattande mängder information och ett tillräckligt datorstöd saknas. Syftet med den här uppsatsen är att konstruera ett förslag till en databas till stöd för informationshantering vid kassaflödesvärdering.</p><p>Uppsatsen är skriven utifrån en kvalitativ metod. En omfattande referensram presenteras till syfte att ge läsaren möjlighat att bekanta sig med både kassaflödesvärderingar och databaser. Vidare används ett fallföretag för att exemplifiera hur en kassaflödesvärdering går till, vad den kännetecknar och vilka informationshanteringsbehov som föreligger.</p><p>Uppsatsens resultat består av en konceptuell samt en logisk och fysisk databasmodell utvecklad i Microsoft Access. Den logiska och fysiska databasmodellen består av 20 tabeller där relationerna sammankopplar olika faktorer som påverkar företagets kassaflöde. Möjligheter som databasen ger upphov till är bland annat en förenklad härledning av företagets prognostiserade värde. Vidare kan en större mängd information lagras och hanteras i samband med värderingen. En databas kan också skapa en högre grad av flexibilitet och möjlighat att anpassa värderingen till företagets specifika dynamik. Det finns också möjlighet att lättare identifiera företagets risker och hur riskerna påverkar kassaflödena. Tänkbara problem med databasen är risk för lagring av irrelevant information och att det kan vara problematiskt att påvisa en tillräcklig validitet för databasen.</p><p>I uppsatsen argumenteras också för att det finns möjlighet att även använda den föreslagna databasen vid kassaflödesvärdering av andra företag. Det är dock viktigt att påpeka att flera attribut i den föreslagna databasen är specifika för fallföretaget och kan bli irrelevanta för andra företag.</p> / <p>When a discounted cash flow valuation is performed, the value of the asset is determined by summarising the predicted cash flows and discounting them with the cost of capital. Due to the fact that the future cash flows are predictions, a valuation is always affected by uncertainty. In order to improve the accuracy of the predictions, an extensive amount of information is used. To be successful, it is important to collect reliable and relevant information and manage the information in an efficient way. At present it is difficult to gather and manage information and sufficient computer aid is missing. The purpose of this master thesis is to construct a proposal for a database to support information management for discounted cash flow valuation of corporations. The thesis is conducted with a qualitative research method. An extensive frame of reference is presented in order to give the reader the possibility to get to know both databases and cash flow valuations.</p><p>The result of the study is a conceptual model as well as a logical and physical database model. The proposed database consists of 20 tables where the database relationships connect the value creating factors of the corporation. Possible positive effects of the database are simplified deriving of the corporate value and capacity to store and manage greater amounts of information in a logical manner. The database can also improve the flexibility and adjust the valuation to the dynamic nature of the corporation. Furthermore, the identification of risks and risk factors can be improved. A potential problem with the database is the risk of storing irrelevant information. It can also be difficult to prove a sufficient validity for the database since no user valuation has been carried out.</p><p>In the thesis, the author also argues that the database can be utilised for discounted cash flow valuation of any corporation. However, some tables, attributes and relationships need to be changed and adjusted to the specific nature of the corporation.</p>

Majority of the studies in the scheduling literature is devoted to time based performance measures. In this thesis, we develop a model that considers monetary issues in single machine scheduling environments. We assume all the jobs should be completed by a common due date. An early revenue is earned if the completion time is before or on the due date, and a tardy revenue is gained if the job is completed after the due date. We consider restricted and unrestricted due date versions of the problem. Our objective is the maximization of the net present value of all revenues. We first investigate some special cases of the problem, and present polynomial time algorithms to solve them. Then, we develop branch and bound algorithms with lower and upper bounding mechanisms. Computational experiments have shown that the branch and bound algorithms can solve large-sized problems in reasonable times.

This thesis deals with the reliability and maintenance of structures that are damaged by shocks arriving randomly in time. The degradation is modeled as a cumulative stochastic point process. Previous studies mostly adopted expected cost rate criterion for optimizing the maintenance policies, which ignores practical implications of discounting of maintenance cost over the life cycle of the system.Therefore, detailed analysis of expected discounted cost criterion has been done, which provides a more realistic basis for optimizing the maintenance. Examples of maintenance policies combining preventive maintenance with age- based replacement are analyzed. Derivation for general cases involving preventive maintenance damage level have been discussed. Special cases are also considered.