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. 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. 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. 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. / 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. 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. 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.

Darbe analizuojama AB „Pieno žvaigždės“ įmonės vertė. Nagrinėjama problema – ar įmonės akcijų rinkos kaina atitinka tikrąją įmonės vertę. Darbe atlikta pagrindinių vertės nustatymo metodų palyginamoji analizė. AB „Pieno žvaigždės“ vertes nustatymui pasirinkti du metodai: diskontuotų pinigų srautų, tenkančių įmonei ir palyginamųjų rodiklių. Diskontuotų pinigų srautų metodu nustatyta akcijos kaina - 3,50 lito. Akcijos rinkos kaina – 2,10 lito (2009 m. gegužės mėn). Tai parodo, kad įmonės akcijos yra nepakankamai įvertinamos rinkoje. Palyginamieji rodikliai lyginti su panašiomis dydžiu pieno perdirbimo įmonėmis užsienyje. Palyginamųjų rodiklių metodu apskaičiuota apytikslė akcijos vertė – 3,51 lito. Palyginamųjų rodiklių analizė patvirtina, kad įmonės akcijos yra nepakankamai įvertinamos. Atsižvelgiant į tyrimo rezultatus, rekomenduojama pirkti AB „Pieno žvaigždės“ akcijas. / This paper studies the value of JSC company „Pieno žvaigždės“. The main question addressed is: does company’s market share price is equal to the true value of the share. This paper analyses main valuation methods. For valuation of JSC “Pieno žvaigždės” share discounted cash flow to the firm and relative valuation approaches are chosen. Price calculated by the method of discounted cash flow to the firm - 3,50 litas. Market value of the share – 2,10 litas (as of May 2009). The findings show that shares of the company are undervalued in the market. Relative valuation ratios are compared to dairy companies abroad which are similar by size. Price calculated by relative valuation method – 3,51 litas. Relative valuation method proves that shares of the company are undervalued in the market. According to the findings of the paper it is recommended to acquire shares of JSC “Pieno žvaigždės”.

Baigiamajame magistro darbe nagrinėjamos Lietuvos elektros inžinerinių paslaugų sektoriaus įmonių verslo vertės valdymo problemos ir plėtros aktualijos. Atlikta išsami mokslinės literatūros analizė, numatytos inovacijų, rizikos valdymo panaudojimo galimybės teoriniu aspektu, nagrinėjami įmonių susijungimai ir įsigijimai: analizuojama sandorių samprata, pateiktos šių sandorių rūšys ir skirtumai, išskirtos pagrindinės sandorių priežastys, taip pat aprašyti susijungimų ir įsigijimų proceso etapai ir išanalizuoti pagrindiniai įmonių ir sandorio vertinimo metodai, bei pasiūlyti konkretūs sprendimai šio sektoriaus įmonių veiklos tobulinimui, įtakosiantys jų veiklos efektyvumą, teikiamų paslaugų kokybę ir konkurencingumą. Išnagrinėta verslo strategijų, rizikos valdymo, inovacijų reikšmė ir aktualumas įmonės veikloje. Išnagrinėjus teorinius bei praktinius verslo vertės valdymo įmonėje aspektus, parengiau rekomenduotiną vadybinių procesų ryšių ir tarpusavio sąveikos schemą. Atlikta sisteminė organizacijos esamos padėties analizė, praktinis įmonės įvertinimas. Apskaičiuota įmonės vertė ir tikėtina sinergijos nauda, įmonėms susijungiant. Darbo pabaigoje pateiktos išvados ir pasiūlymai. / This master theses analyses business value management problems in the enterprises in the sector of electrical engineering services enterprises in Lithuania. The author has performed a thorough scientific literature on the topic analysis and took it as the background for the identification of risk and innovation processes and determination of possibilities to use it in sector enterprises` business value management activities. This paper analyses processes of mergers and acquisitions, concept, types, differences and reasons of transactions. The author has analyzed the steps of merging enterprises process as well as the methods of transaction valuation and prepared a set of proposed decisions for the development of the activities of electrical engineering services sector enterprises that could enhance activity efficiency, services` quality and competitiveness as well. Strong emphasis has been put on the business strategies, risk and innovation management of the enterprises` activities. The author having analyzed theoretical and practical business value management aspects prepared a scheme of interaction of managerial processes, performed systematic analyses of the enterprise including activity valuation while estimating synergy benefit from the merging process of two enterprises and at the end presented conclusions and recommendations.

If a programme which intends to measure performance is to work successfully in an organisation, it is necessary to understand the contingent factors that need to be in place regardless of philosophical beliefs. It must be integrated with the overall strategy of the business; all approaches to performance measurement emphasise the alignment of objectives, measures, strategic decision making and rewards. This is crucial, as it is not possible to measure performance unless it is clear what an organisation is trying to achieve. Value-based management (VBM) is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. The application of VBM principles at the lower levels within the organisation is critical to ensure that lower level staff applies value-creating principles in their daily jobs. Anglo Platinum has also adopted VBM, which will help the organisation to enhance decision-making and ensure pursuing strategies that maximise value. Anglo VBM is a management system which will enable the company to significantly improve the quality and speed of decision-making and to drive performance and profitable growth. It requires a detailed understanding of where and why value is created or consumed within the businesses through assembling a comprehensive fact base. A quantitative study was done to collect primary data through the use of standardised questionnaires that were distributed to respondents at Bleskop and Brakspruit shafts as well all the accountants at Rustenburg Platinum Mine, which forms part of Anglo Platinum. The results from this study indicate that there is a low understanding of VBM as well as a strong focus on business unit objectives and on short-term goals. A key recommendation would be to use incentive mechanisms to be aligned to VBM. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

One of the important operational and in some cases, also strategic business decisions, is in respect of the investment of funds. Although there are a number of assets to invest in, two particular popular investment asset classes are land and/or property. Land however, is becoming a very scarce resource. It can be argued that many companies investing in the property sectors' main income is generated from the sale of land. A new way of gaining a sustainable income stream is followed. This is done by investing in different kinds of property development projects. One of the problems that companies face is to determine whether a property development project is a good investment, meaning that it will generate sustainable and acceptable profits in the long term. Companies evaluate prospective investment opportunities by assessing whether the expected return, adjusted for project risk, exceeds the company?s required return. Different impact parameters exist and were identified in the study. Valuation methods used in determining the overall feasibility were discussed and evaluated to see the impact on the property development project. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2011.

If a programme which intends to measure performance is to work successfully in an organisation, it is necessary to understand the contingent factors that need to be in place regardless of philosophical beliefs. It must be integrated with the overall strategy of the business; all approaches to performance measurement emphasise the alignment of objectives, measures, strategic decision making and rewards. This is crucial, as it is not possible to measure performance unless it is clear what an organisation is trying to achieve. Value-based management (VBM) is a powerful management framework with the aim to focus all managerial processes on shareholder wealth creation. It therefore encourages all staff levels within the organisation to focus on value creation. Various metrics have been developed to measure the value creation process within the organisation. The application of VBM principles at the lower levels within the organisation is critical to ensure that lower level staff applies value-creating principles in their daily jobs. Anglo Platinum has also adopted VBM, which will help the organisation to enhance decision-making and ensure pursuing strategies that maximise value. Anglo VBM is a management system which will enable the company to significantly improve the quality and speed of decision-making and to drive performance and profitable growth. It requires a detailed understanding of where and why value is created or consumed within the businesses through assembling a comprehensive fact base. A quantitative study was done to collect primary data through the use of standardised questionnaires that were distributed to respondents at Bleskop and Brakspruit shafts as well all the accountants at Rustenburg Platinum Mine, which forms part of Anglo Platinum. The results from this study indicate that there is a low understanding of VBM as well as a strong focus on business unit objectives and on short-term goals. A key recommendation would be to use incentive mechanisms to be aligned to VBM. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2009.

One of the important operational and in some cases, also strategic business decisions, is in respect of the investment of funds. Although there are a number of assets to invest in, two particular popular investment asset classes are land and/or property. Land however, is becoming a very scarce resource. It can be argued that many companies investing in the property sectors' main income is generated from the sale of land. A new way of gaining a sustainable income stream is followed. This is done by investing in different kinds of property development projects. One of the problems that companies face is to determine whether a property development project is a good investment, meaning that it will generate sustainable and acceptable profits in the long term. Companies evaluate prospective investment opportunities by assessing whether the expected return, adjusted for project risk, exceeds the company?s required return. Different impact parameters exist and were identified in the study. Valuation methods used in determining the overall feasibility were discussed and evaluated to see the impact on the property development project. / Thesis (M.B.A.)--North-West University, Potchefstroom Campus, 2011.

The Royal Botanic Gardens (RGB) is used as an umbrella name for the institution that runs Kew and Wakehurst Place gardens in Sussex The RBG has a large number of glasshouses at Kew and Wakehurst sites that consume lots of heating energy which is a major concern and the group is looking for an alternative heating system that will be more efficient and sustainable to save energy, cost and reduce CO2 emissions. Glasshouse due to greenhouse effect trap solar energy in the space with the slightest solar gains but the energy trapped in the space most often is vented through the roof wasted to keep the space temperature to the required level. An environmental measurement was carried out in twenty one zones of the glasshouse to establish the temperature and humidity profiles in the zones for at least three weeks. The investigation established that large amount of heat energy is vented to the atmosphere wasted and therefore need a heating system that could absorb and store the waste thermal energy. Phase change material (PCM) thermal energy storage technique was selected to be the best options compared to the others. It has been established that active and passive solar systems could provide enough thermal energy to meet the glasshouse heating requirements. PCM filled heating pipes will be installed to absorb the heat energy trapped in the glasshouse and use it when needed. The research analysis established that 204 MWh of the trapped energy wasted could be saved. The space temperature of the glasshouse could be maintained through melting and freezing of the PCM filled in the heating pipes. The site CHP waste heat could be useful. The research results have shown that nearly zero CO2 emission heating system could be achieved and the project is technically, economically and environmentally viable.