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.

The aim of the diploma thesis is to estimate the market value of a Czech software and consulting company as of 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).

<p>The aerodynamics of insect flight is not well understood despite it has been extensively investigated with various techniques and methods. Its complexities mainly have two folds: complex flow behavior and intricate wing morphology. The complex flow behavior in insect flight are resulted from flow unsteadiness and three-dimensional effects. However, most of the experimental studies on insect flight were performed with 2D flow measurement techniques whereas the 3D flow measurement techniques are still under developing. Even with the most advanced 3D flow measurement techniques, it is still impossible to measure the flow field closed to the wings and body. On the other hand, the intricate wing morphology complicates the experimental studies with mechanical flapping wings and make mechanical models difficult to mimic the flapping wing motion of insects. Therefore, to understand the authentic flow phenomena and associated aerodynamics of insect flight, it is inevitable to study the actual flying insects. </p> <p>In this thesis, a recently introduced technique of schlieren photography is first tested on free jet of match rockets with a physics based optical flow method to explore its potential of flow quantification of unsteady flow. Then the schlieren photography and optical flow method are adapted to tethered and feely flying houseflies to investigate the complex wake flow and structures. In the end, a particle tracking velocimetry system: Shake the Box system, is utilized to resolve the complex wake flow on a tethered house fly and to acquire some preliminary 3D flow field data</p>

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Den svenska fastighetsmarknaden har trots sina upp- och nedgångar varit relativt stadig under åren, fram till att coronapandemin drabbade landet. Marknaden drabbades av högre osäkerhetsnivåer och vakanserna ökade för flera fastighetssegment. Syftet med uppsatsen var att undersöka hur tre utvalda fastighetsbolag gick till väga vid värdering av sina avkastningsfastigheter under pandemin. Vidare undersöktes även de ökade vakanserna som var en konsekvens av pandemin, och hur bolagen påverkades av dessa. Avslutningsvis tydliggjordes lärdomarna som bolagen fick under pandemin, och hur dessa kommer tillämpas i framtida fastighetsvärdering. Med hjälp av semistrukturerade intervjuer fastställde studien att den praktiska värderingen var oförändrad under pandemin. Däremot uppkom högre osäkerhetsnivåer, vilket innebar att bevis på marknaden behövde inväntas innan förändringar gjordes i värderingen. Hyresgästernas betalningsförmåga var ännu en osäkerhet, men genom att inkludera statens coronabidrag i kalkylerna uppnåddes fortsatt realistiska resultat. Vidare tog bolagen hänsyn till vakanser för de fastighetssegment som påverkades av dem mest. Kunskapen implementerades dock på olika sätt, där ett bolag räknade med fortsatta hyresintäkter medan ett annat gjorde avdrag. Slutligen fastställdes det att användning av relevanta jämförelseobjekt, undvikande att skriva ned fastighetsvärden innan bevis på marknaden kan stödja antagandena och god kontakt med branschkollegor är de lärdomarna som bolagen kommer tillämpa i framtiden. / Despite its ups and downs, the Swedish real estate market has been relatively stable over the years, until the corona pandemic hit the country. The market was affected by higher levels of uncertainty and vacancies increased for several property segments. The purpose of the essay was to investigate how three selected real estate companies proceeded in valuing their rental properties during the pandemic. Furthermore, the increased vacancies were also examined, and how the companies were affected by these. Finally, the lessons learned from the companies during the pandemic were clarified, and how these will be applied in future property valuation. Using semi-structured interviews, the study established that the practical valuation was unchanged during the pandemic. On the other hand, higher levels of uncertainty arose, which meant that evidence on the market needed to be awaited before changes were made to the valuation. The tenants' ability to pay rent was another uncertainty, but by including the state's corona contribution in the calculations, continued realistic results were achieved. Furthermore, the companies took into account vacancies for the property segments that were most affected by them. However, the knowledge was implemented in different ways, where one company counted on continued rental income while another made deductions. Finally, it was established that the use of relevant comparative objects, avoiding writing down property values before evidence on the market can support the assumptions and good contact with industry colleagues are the lessons that the companies will apply in the future.

The aim of this diploma thesis is to estimate the market value of the company T-Mobile Czech Republic a.s., in order to sell the company to an unknown investor. The valuation is based on publicly known sources available to 01st December 2010. Thesis consits of two parts. In the theoretical part are defined common basics needed for valuation of the company. Second part covers all the steps resulting in final valuation.

The aim of this thesis is to estimate the market value of the company VETROPACK MORAVIA GLASS, a.s. on the date 31st March 2011 in order to eventual sale to an unknown buyer, using earnings valuation method. Within the frame of this valuation there is also presented the company and its history, realized the strategic analysis and the financial analysis and created the financial plan.

Syfte: Syftet med den här uppsatsen är att beskriva och analysera hur svenska noterade fastighetsbolag går tillväga vid värdering av förvaltningsfastigheter. Metod:Studien har en kvalitativ ansats. Sekundärdata i form av årsredovisningar är den huvudsakliga källan till empirin. Primärdata i form av enkäter samt en intervju har använts för att komplettera studien. Teoretisk referensram: Denna studie har sin utgångspunkt i den institutionella teorin, där begreppet isomorfism är av största vikt. Även IASB:s föreställningsram samt standarden IAS 40 är betydelsefulla för denna studie. Empiri: Utifrån de åtta fastighetsbolagens årsredovisningar år 2011 har empirin angående deras värderingsmetoder fastställts. Tabeller har även utformats för en jämförande studie över åren 2005, 2008 och 2011. I empirin har även fastighetsbolagens svar på enkäterna sammanfattats. Empirin angående de externa värderingsbolagen är inhämtad från de enkäter som besvarats samt en intervju med ett av bolagen. Slutsats: Vid värdering av förvaltningsfastigheter utgår de flesta av bolagen i denna studie från en kassaflödeskalkyl. Detta gäller även de externa bolagen som anlitats av fastighetsbolagen. Dock brukar de flesta bolag på olika sätt komplettera med ortsprismetoden vid värderingen till verkligt värde. Denna studie får stöd av den institutionella teorin då den visar att fastighetsbolagen till viss del är isoforma gällande värderingen av förvaltningsfastigheter. / Purpose: The purpose of this thesis is to describe and analyse the methods which Swedish listed real estate companies use when valuating to fair value. Methods: The study has a qualitative approach. Secondary data in the form of annual reports is the primary source of empirical data. Raw data in the form of surveys and an interview are used to complement the study. Theoretical framework: This study is based on the institutional theory, where the concept of isomorphism is of paramount importance. IASB's conceptual framework and IAS 40 are also significant and important for this study. Empirical: Empirical data regarding the eight real estate companies' methods of valuation has been determined by studying their annual reports of the year 2011. Tables have also been designed for a comparative study of the years 2005, 2008 and 2011. The real estate companies' responses to the survey are summarized in the empirical section. The empirical data regarding the external valuation companies was obtained from the answers from the surveys, and an interview with one of the companies. Conclusion: Most of the companies in this study base their valuation of investment properties on a cash flow statement. This also applies to external companies hired by the real estate companies. However, most companies also supplement the cash flow statement by providing a location price method. This study is supported by the institutional theory as it shows that real estate companies' to some extent are isoform regarding valuation of investment properties.

In this thesis, a numerical approach based on a potential flow method has been developed in order to simulate unsteady rotor/stator interaction, and to predict the unsteady performance of a propeller and its rudder. The method is first developed and tested in two-dimensions by using a boundary element method in which a front hydrofoil is moving downward, while a back hydrofoil is stationary. The wakes of the two hydrofoils are modeled by continuous dipole sheets and determined in time by applying a force free-condition on each wake surface. The wake/hydrofoil interaction is de-singularized by applying a numerical fence on the surface of the back hydrofoil. The viscous wake/hydrofoil interaction is considered by employing a viscous wake vorticity model on the rotor's wake surface. The present method is validated by comparison with analytical solutions, experimental data and by using the results from a commercial Reynolds Averaged Navier-Stokes (RANS) solver for the same set-up and conditions. The numerical approach is further extended to three-dimensions to predict the mutual interaction between a propeller and rudder. A fully unsteady wake alignment algorithm is implemented into a Vortex Lattice Method to simulate the unsteady propeller flow. The interaction between propeller and rudder is investigated in a fully unsteady manner, where a panel method is used to solve the flow around the rudder, and a vortex lattice method is used to solve the flow around the propeller. The interaction between a propeller and its rudder is considered in an iterative manner by solving the propeller and the rudder problems separately and by including the unsteady effects of one component on the other. The effect of the unsteady propeller-rudder interaction on the mean and on the unsteady propeller/rudder performance, including sheet cavitation on the rudder, is studied. / text

Magistro baigiamajame darbe išanalizuoti veiklą pradedančių įmonių vertės nustatymo ypatumai. Pirmojoje, konceptualiojoje, darbo dalyje teoriniu aspektu analizuojami įmonės vertinimo ypatumai. Pateikiama įmonės vertės samprata ir reikšmė, išskiriami įmonės vertę įtakojantys veiksniai, aptarti įmonės vertės vertinimo principai. Išnagrinėti, susisteminti ir palyginti įmonės vertės nustatymo metodai, apžvelgiami tokių metodų parinkimo ypatumai. Antrojoje darbo dalyje atskleista veiklą pradedančių įmonių vertės modeliavimo tyrimo metodika. Trečiojoje, empirinėje, darbo dalyje atliktas išsamus UAB „FlixAuto“ veiklos vertinimas remiantis mokumo (likvidumo), pelningumo bei veiklos efektyvumo ir turto apyvartumo rodiklių analize, atliktas įmonės bankroto prognozavimas. Remiantis diskontuotų pinigų srautų (DCF) metodu apskaičiuota UAB „FlixAuto“ vertė. Atliekama kiekybinio tyrimo analizė. Pateikiamos atskirų vertinimų išvados. Tyrimas baigiamas išvadomis ir pasiūlymais. / Master's thesis analyzed the value of start-ups setting features. The first, conceptual, theoretical part of the work outlined in the company's assessment features. Presented the concept of the company's value and importance of secreted factors influencing the value of the company, to discuss the company's value evaluation. To examine the structure and compare the company valuation methods, a review of such methods for selecting features. The second part of start-ups revealed the value of simulation methods. Third, empirical work in a detailed JSC „FlixAuto“ performance evaluation based on solvency (liquidity), profitability and operating efficiency and asset turnover ratio analysis performed bankruptcy prediction. Based on the discounted cash flow (DCF) method calculated JSC „FlixAuto“ value. Performed a quantitative analysis of the research. Given for individual findings. The study ends with conclusions and suggestions.