The aim of thesis is to analyze the financial situation of the joint stock company SOLODOOR. with usage selected methods financial analysis in the years 2008 -- 2012 from the perspective of ana external analyst. In the teoretical part are sumarized knowledge of the elementary methods of financial analysis, economic value added (EVA) and comparisons between selected competitors. On the basis of selected methods of financial analysis was conducted an analysis the individuali aspects of company. In the practical part is devoded to calculated economic value addend (EVA) a performance indikators not only for SOLODOOR j.s. as well as a major competitors by the metodology of Ministry of Industry and Trade. In conclusion the practical part is provided comparisons between selected competitor.

The focus of this master thesis is to estimate the fair value of the company Autocentrum Olomouc s.r.o., new and used cars dealership, using revenue method DCF Entity. After short introduction, strategic analysis is elaborated to assess revenue potential of the company and to estimate its future market share and future revenues. Conclusions made in strategic and financial analysis, which takes place to assess financial health, will help to verify going concern necessary for choosing revenues based valuation methods. Creating of the value generators follows, what leads to preparing of the financial plan for the following years. From these plans, it will be able to calculate free cash flow, which is needed for the valuation using DCF Entity method. Final value of the company is estimated from previous analysis at the end of the thesis.

The thesis deals with evaluation of company efficiency by economic value added method. An analysis of company efficiency is carried out through the use of EVA and partial indicators, that were obtained via its decomposition. Consequently, the results of this analysis are interpreted. Based on these results, special arrangements to improve the current situation of the company are suggested.

Corporate governance debates and reforms have been advocating for majority inclusion of independent non-executive directors on the board of directors. There is spreading belief that independently structured boards is associated with the effectiveness of the board and therefore translate into high value company performance. Although studies on board composition in South Africa have been conducted, most studies paid special attention to board diversity such as gender and race but very little attention to the expertise of an independent director. The aim of this study is to examine the causal relationship between a board composition and financial performanceThe research was conducted using listed South African platinum mining companies in Johannesburg Stock Exchange (JSE). Quantitative research methodology was chosen for the study. The proxies for a board composition were the size of the board, independent non-executive director and non-executive director with industry expertise. The Proxies for company performance are ROA, ROE, Tobin‟s q and EVA. Three hypotheses about the size of the board, proportion of independent non-executive director and non-executive directors with industry expertise were proposed and tested.The research result on the first hypothesis suggested that a small size of the board of directors has statistical significant positive relationship with EVA as compared the larger size of the board. The second hypothesis result suggested there is statistically positive relationship between the independent non-executive director and EVA. The third hypothesis result on inclusion of non-executive with industry expertise was not conclusive. / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

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In search of a better investment metric, researchers began to study Economic Value Added, or EVA, which was introduced in 1991 by Stern Stewart & Co in their book, "The Quest for Value" (Turvey, 2000). Stern Stewart & Co devised EVA as a better alternative to evaluate investment projects within the corporate finance field, later to be considered for use as a performance metric for investor use. A wide array of multinational corporations, such as Coca-Cola, Briggs and Stratton, and AT&T adopted the EVA method, which led to EVA's worldwide acclaim. Several points in the study reveal that EVA does not offer less risk, higher returns, and more adaptability for an investor. In fact, EVA underperformed the traditional portfolio performance metrics in key measurements including mean returns, and confidence intervals. EVA is a difficult performance metric to calculate, with several complex components that can be calculated in several different ways such as NOPAT, cost of equity, and cost of debt. Any information that is inaccurate or lacking can significantly impact the outcomes. Traditional performance metrics, on the other hand, such as ROA, ROE, and E/P are simple to calculate with few components, and only one way to calculate them.

Polyethylenvinylacetat (EVA) ist das in der kristallinen Silizium Photovoltaik am häufigsten eingesetzte Einbettmaterial. Aufgrund der Applikation von Solarmodulen unterliegt das Polymer Alterungsmechanismen, die zu Änderungen oder Verlust wichtiger Eigenschaften führen können. Folge sind typische Fehlerbilder wie Delamination oder Yellowing, die zu Leistungsverlusten oder Modulausfällen führen können. Ziel dieser Arbeit war es, den Einfluss von Umweltparametern (Temperatur, Feuchte, UV-Strahlung) und Stabilisatoren auf die Alterung von EVA-Folie zu untersuchen und damit einen Beitrag zur Identifikation der zugrundeliegenden Fehlermechanismen zu liefern. Dazu wurden sowohl Folien mit definierter und variierender Additivierung als auch kommerzielle Folien künstlichen Bewitterungstests unterzogen und die Änderungen verschiedener Eigenschaften analysiert. Dazu zählt die Haftung an der Grenzfläche EVA-Glas, das Transmissionsverhalten und die Farbänderung der Folie. Darüber hinaus wurden alterungsbedinge Änderungen an der chemischen Struktur von EVA und den Stabilisatoren mittels FTIR-Spektroskopie und GC/MS-Messungen erfasst. Bei den untersuchten Additiven handelte es sich um ein organisches Peroxid (Vernetzer), einen Haftvermittler auf Silanbasis, einen UV-Absorber aus der Gruppe der Hydroxybenzophenone, ein Arylphosphit als Antioxidant und einen bi-funktionellen Stabilisator, das sogenannte HALS (hindered amine light stabilizer). Im Rahmen der Arbeit ist es gelungen Ursache-Wirkungs-Zusammenhänge zwischen der Folienadditivierung und dem Auftreten verschiedener Fehlerbilder zu identifizieren. Darüber hinaus war es möglich eine Folienzusammensetzung zu definieren, die die bestmögliche Stabilität beim Einsatz von EVA als Einbettmaterial bieten sollte.

Existem fortes evidências de que a importância dos intangíveis tem crescido. Na medida em que a importância dos intangíveis aumenta, torna-se crítico gerenciá-los para que o valor da empresa seja maximizado. A gestão dos intangíveis depende da valoração adequada desses ativos. O conceito de EVA e MVA, de Stewart III, parece ser apropriado para avaliar os intangíveis. Um importante componente do modelo do EVA é o custo de capital, ou custo médio ponderado de capital (WACC), utilizado para (1) remunerar o capital tangível e (2) descontar os EVA's a valor presente. No modelo de Stewart, o taxa de desconto parece ser igual nas duas situações. Entretanto, existem razões para crer que as taxas devam ser diferentes. Evidências teóricas e empíricas sugerem que (1) o risco dos intangíveis é maior que dos tangíveis e (2) os ativos intangíveis tendem a ser financiados por recursos próprios. Se essas suposições forem verdadeiras, o custo de capital dos intangíveis deveria ser maior que dos tangíveis. Essa tese examina empresas brasileiras e norte-americanas para responder a seguinte questão: Quais as diferenças de estrutura de capital e de risco entre as empresas tangível e intangível-intensivas? Os resultados da pesquisa mostram que a estrutura de capital parece ser o fator mais importante na diferenciação entre os dois tipos de empresas. / There are strong evidences that the importance of intangible assets are growing. As the importance of intangibles increases, it is critical to manage them in order to accomplish the most important financial goal: the maximization of wealth. Properly management of intangibles depends on its accurate valuation. Stewart’s EVA and MVA seems to be one of the appropriate techniques to value intangibles. An important component in the EVA model is the cost of capital, or the weighted average cost of capital (WACC), which is applied (1) to charge the tangible capital and (2) to discount the projected EVA's. In Stewart's model the rates seems to be equal. However, there are reasons to believe that these rates must be different. Theoretical and empirical evidences suggest that (1) the risk of intangibles are greater than the tangibles assets and (2) intangibles assets tend to be equity financed. If these assumptions are true, then the cost of capital of intangibles should be greater than the cost of tangibles. This thesis examines Brazilian and American companies in order to answer the following question: What are the differences between intangible and tangible-intensive companies regarding to their capital structure and risk? Results show that capital structure seems to be the most important factor in discriminating these two kind of companies.

Abstract Since the launch and hot market of innovative products such as iPod, iPhone and iPad, it has created a PND operational interface revolutionary wave. The beloved keyboard, mouse or Passive Touch Panel are gradually replaced by Capacitive Touch Panel(CTP) which became one of the hottest trends in consumer electronic products. No matter in transmittance, hardness, response time, operating temperature resistance, UV resistance or beauty of outlook, CTP products surpass traditional Passive Touch Panel. The market of CTP products is so huge but there is big difference of respective company¡¦s performance. Some companies earn 2 or 3 times of company capital per year but some companies still are at a net loss stage. It¡¦s worth to study why there is a significant difference of their business performance. Further, it is beneficial to study the topic of what are the key successful factors of these outstanding companies. By selecting six representitive samples of CTP companies to research, we will study the development of this industry, the evolution of product technology and the difference of business performance, especially focusing on their sales scale, future growth rate, customer potential growth, ROE, ROA, EPS, EVA and MVA to analyze and compare. We confirm TPK Holding Co., Ltd. and Young Fast Optoelectronics Co., Ltd. are leaders among Taiwan CTP industry. We will study the key successful factors of this industry through interviews with senior management and researchers of this industry. The conclusion of this study is as follows, 1. Glass-type CTP will be the mainstream of CTP product structure, especially in the consumer electronic products such as smartphone and tablet computers. 2. On Glass Solution, Flexible Subtrate and In Cell technology will be the future development of CTP products. 3. If compared with other financial indicators, Economic Value Added (EVA) will fully evaluate and predict the corporate value. 4. There are 7 key successful factors of CTP panels: I. Innovative ability of advanced products and production process technology. II. Emphasize the patent layout to lead the advanced technology. III. Capacity and yield rate. IV. Main customers¡¦ ability to create market. V. Rapid and complete technology supported ability. VI. Provide value added service and products which surpassed other competitors. VII. Establish huge human resource and sound financial structure. Key words¡GCapacitive Touch Panel(CTP)¡BBusiness Performance¡BEconomic Value Added (EVA)¡BMarket Value Added (EVA)¡BKey Successful Factors(KSF)

Universidad Complutense, Diss--Madrid, 2006.