The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

The primary goal of a publicly traded company is to maximise the wealth of its shareholders. This implies that the management of the firm, as agents of the owners, has to manage the firm in such a manner as to create value from every decision taken. Value-based management (VBM) is a management strategy aimed at achieving shareholder wealth creation and is based on the effective management of a set of internal value drivers to maximise wealth creation. The primary objective of the current study is to investigate the quantification of the relationship between internal value drivers and shareholder wealth creation in the Mining sector of JSE listed companies in South Africa. In order to achieve this, the internal value drivers were identified from literature, the necessary financial data was collected and the value drivers as well as actual shareholder wealth were quantified. Revenue growth, operating profitability, capital requirements and weighted average cost of capital (WACC) were identified as the value drivers while total shareholder return (TSR) was identified as the actual shareholder wealth creator. For the purpose of the current study, WACC was excluded from the analysis. By application of linear regression, it was found that revenue growth and operating profitability have a positive, statistically significant effect of TSR. After analysing the effect size, it is however concluded that the effect is not practically significant. These findings concur with similar research in the field of VBM. / Thesis (M.B.A.)--North-West University, Vaal Triangle Campus, 2009.

Bakgrund Arbetsgivarna inom The Accountancy Profession möter i dagslägetutmaningar då yrkesrollerna ständigt förändras samtidigt som de måsteanpassa sig efter de nya generationernas krav och behov. Syfte Syftet med denna studie är att utforska hur arbetstagarens yrkesrollsamt generationstillhörighet påverkar hur medarbetaren upplever sigproducera nytta i sitt arbete inom The Accountancy Profession. Metod Denna studie har framförts med hjälp av en kvantitativ metod meddeduktiv vetenskaplig ansats. Fem hypoteser har formulerats baserat påstudiens teorier om professioner och generationer. Empiri har samlatsin genom en webbenkät som besvarats av 301 medarbetare inomprofessionen i Sverige. Slutsats Studiens resultat visar på att det finns skillnader mellan hurredovisningskonsulter och revisorer upplever sig producera nytta,då redovisningskonsulter tenderar att uppleva sig producera nyttai högre grad än revisorer. Vidare ser vi vissa skillnader i hurgenerationerna upplever sitt nyttoskapande, men resultaten tyder påatt det kan bero på andra faktorer än just generationstillhörighet.Därför krävs vidare forskning inom detta område för att fastställasambanden mellan generationer och nyttoskapande inom TheAccountancy Profession. / Background Employers within The Accountancy Profession face challengesin the way the professions develop formally and informally, as wellas challenges in conforming to the demands of new generationsentering the workforce. Purpose The aim of this study is to examine how the professions andgenerations of employees affect how they experience the way theycreate value within The Accountancy Profession. Methodology This study has been conducted through a quantitative method anddeductive scientific approach. Five hypotheses have been formulatedbased on professional and generational theories. Empirical researchhas been collected using an online-based survey with 301participants working within The Accountancy Profession in Sweden. Conclusion The results imply that there are differences in how accountants andauditors experience the way they create value, as accountants provedto suppose a higher degree of value creation than auditors.Additionally, there seems to be differences in how the generationsexperience their value creation, but the results imply that there mightbe other factors that play into the way they experience the value theycreate. Hence further studies are needed within the field to concludecertain correlations between generations and value creation withinThe Accountancy Profession

The aim of this thesis is on stock valuation and possible methods of determining the internal value. The focus is on alternative method -- value strategy. This strategy is practicaly demostrated on evaluating a concrete company.

This graduation theses provides on the basis of an analysis fundamental and technical investment recommendation regarding shares of ČEZ. In determining the internal value of shares are used dividend discount models, profit models and FCFE model. By comparing this value with the current share price is determined whether the stock is profitable investment or not. Technical analysis with utilization graphical methods and technical indicators are able to predict when the market occurs a situation in which an advantageous sale or purchase of share is.

This thesis is dedicated to fundamental analysis of the company ČEZ and tries to assess whether it is appropriate in the circumstances, to invest in the company or not. To determine the intrinsic value of a share in this work the use of dividend discount models, cash flow, profit models and other. Assessing the economic situation is then performed based on various ratios of the company's performance.