In some countries forests are state or community owned and there is no market for forest land. However, in many countries timberland can be privately owned and thus there exists an active market for it. In Estonia and Sweden private timberland ownership is very high, 54% and 66% of the total timberland area respectively. Since property transactions in general require valuations, the need for timberland valuations is high in these countries. There are several timberland valuation approaches discussed and analysed in timberland valuation literature. Three of the most prominent approaches are the income approach, the sales comparison approach and the cost approach. Although timberland valuation is well-founded in theory, it is often rather different in practice. The timberland valuation methods as well as the underlying assumptions in the methods can vary significantly across countries and regions. The dissimilarities and confusion in timberland valuations are, at least to some extent, related to the circumstance that existing valuation standards comprehend very little guidance regarding timberland appraisal. The thesis in hand is a comparative case study, in which the same interview questions were asked from several timberland appraisers in Estonia and Sweden in order to find out how timberland is appraised in these countries. It was found that the timberland valuation approaches used within a country are rather similar, but differ when comparing Estonia with Sweden. The assumptions used in the valuation approaches vary between countries as well as across companies within a country. In Estonia 3 the appraisers use only the income approach to value a timberland, while in Sweden the appraisers use both the comparable sales approach and the income approach. There are, however, substantial differences in the way the income method is carried out in each country. In Sweden the appraisers use the income approach, to a great extent, in accordance with scientific literature, which cannot be said about the Estonian appraisers. The main differences in the income approach across the countries are the future cash flow treatment, the premerchantable timber value treatment and the length of the time period in the income approach. Along with many other details about timberland valuation practises in Estonia and Sweden, the study also found that none of the appraisers are using the uncertainty intervals in their valuation reports. The consistency and solidarity of Swedish timberland valuation practice results from the existence of the guidelines and recommendations along with the valuation program provided by the National Land Survey of Sweden. Latter is a clear sign of the importance of valuation standards and guidelines.

A determinação do valor das empresas é o fator chave nas negociações de fusões e aquisições e tem por objetivo estimar uma faixa de referência que sirva como base nas negociações de tais empresas. A avaliação também é fundamental na determinação do valor de mercado das empresas. As metodologias de Fluxo de Caixa Descontado (FCD) e de múltiplos são as principais formas de se avaliar empresas. A abordagem por múltiplos baseia-se no princípio de que ativos e empresas semelhantes deveriam ter preços e múltiplos semelhantes. Os múltiplos obtidos de empresas semelhantes são aplicados aos respectivos parâmetros da empresa avaliada, dando como resultado o “valor de referência da empresa." Entretanto as empresas comparáveis precisam apresentar fundamentos e características semelhantes. Como a regressão permite o controle das diferenças entre as variáveis que fazem os múltiplos variar de uma empresa para outra, não seria necessário limitar a procura por empresas comparáveis apenas ao setor da empresa avaliada. Desta forma, esta dissertação tem por objetivo desenvolver um modelo de estimação relativa baseada em indicadores contábeis do valor das empresas não financeiras negociadas nas principais bolsas de valores do mundo. A parte empírica desta dissertação tem por objetivo identificar quais indicadores contábeis são direcionadores de valor, ou seja, os que estão fortemente correlacionados com o valor das empresas e avaliar as relevâncias que estes indicadores assumem em bolsas e setores diferentes. / The main methodologies to value companies are Discounted Cash Flow and Relative Valuation (multiples). In relative valuation, the value of an asset is compared to the values assessed by the market for similar or comparable assets. The obtained multiple of a comparable firm, like Firm Value/EBITDA, is applied to the same parameter of the company being valued, resulting in its relative value. Otherwise, comparable companies need to have similar fundamentals and characteristics. The question of how to control for these differences, when comparing a multiple across several firms, becomes a key one. The multiple regressions can control the differences between the variables that make multiples change company by company. With the multiple regressions it would not be necessary to limit the choice of comparable companies to the one from the same sector of the company being valued. This study aims to develop a valuation model based on accounting indicators to estimate the Firm Value of listed companies of the main stock exchanges of the world. The main goal of this dissertation is to identify what accounting indicators are value drivers (that are strongly correlated with the Firm Value) and determine the relevance that these indicators have in different countries and sectors.

Este trabalho descreve as práticas usuais dos avaliadores de ativos do mercado brasileiro ao estimar o valor do custo de capital próprio na composição da taxa de desconto dos fluxos de caixa a ser empregada no método do Fluxo de Caixa Descontado. O estudo consiste de duas etapas principais. Na primeira foi feito um delineamento descritivo, explicitando-se quais são os métodos utilizados na estimação do custo de capital próprio, e como são obtidos os parâmetros que alimentam esses métodos. Na segunda fase do trabalho, foram realizados testes de hipótese de relações entre variáveis pertinentes no processo de estimação da taxa de desconto do capital próprio, buscando entender as relações de causa e efeito dos fenômenos presentes no processo. Para que os objetivos desejados fossem alcançados nas fases citadas, foi realizado um levantamento de dados primários, no qual se obteve uma amostra de 93 avaliações realizadas entre 2002 e 2006, tendo sido a sua maioria, aproximadamente 70%, realizadas em 2006. Em seguida foi feito um tratamento estatístico dos dados levantados, utilizando-se o aplicativo SPSS versão 13.0, com o propósito de agrupar e quantificar os resultados obtidos e de estabelecer relações pertinentes entre as variáveis envolvidas no processo de estimação do custo do capital próprio. Ao final, os resultados atingidos mostram a predominância de duas metodologias distintas: o CAPM e o Método de Prêmios de Risco. Para cada um dos métodos observou-se um padrão predominante de determinação dos parâmetros que viabilizam a metodologia. Além disso, foi verificada a existência de um forte viés de posição do avaliador ao selecionar quais fatores de risco incluir na metodologia. Uma análise derradeira da formação da taxa de desconto mostrou a sua forte relação com o porte do ativo avaliado, o que ratifica o conceito já preconizado em diversas publicações sobre o assunto, de que o prêmio por porte do ativo avaliado é um fator a ser levado em consideração. / This work describes the usual practices of asset valuators in Brazilian Market when estimating the equity capital cost used to compose the cost of capital to discount future cash flows through the Discounted Cash Flow Method. The study consists of two main blocks. Firstly, a general guideline was constructed, explaining the principal methods used for equity cost estimation and how these methods? parameters are obtained. In the second phase of the study, hypothesis tests concerning relations among relevant variables of the process were carried out, searching to identify the cause-effect relations among the phenomena present in the process. So that the objectives were reached in the mentioned phases, a primary data survey was carried out, obtaining a sample of 93 valuations made between 2002 and 2006. About 70% of these valuations were appraised in 2006. Therefore, a statistic data analysis took place with use of SPSS 13.0 version, with the objective of grouping and quantifying the survey results and also set relevant relations among involved variables in the equity cost of capital estimation. In the end, the main results show a predominance of two distinct methodologies: CAPM and Build-up Models. For each of them it was possible to identify a predominant standard of parameter estimation. Besides that, it was possible to verify the existence of a strong position bias on the analyst part, when deciding which risk premia to consider in the model. A final analysis of the discount rate composition showed strong relation with the appraised asset size, which confirms the popular concept in many publications, that size premium is a risk factor to be taken into account when valuating assets.

A contingent valuation study was done to investigate the value of Fijian reefs by households in the Metro Atlanta area. Individuals were surveyed and asked questions about their Willingness-to-Pay for coral reef conservation, personal views on the scope/magnitude of coral reef problems, and experience around ocean related activities as well as knowledge. Results from this data, find individuals would donate on average $0.18 taking into account sample and response bias. Less conservative estimates calculated contributions per person to equal $13.9 for the conservation of Fijian reefs. These results imply Atlanta, which is very distant from Fiji, has the potential to contribute to Fijian coral reef conservation programs. Although little empirical work exists on valuation measure for reefs of non-users and groups distant to reefs, this study suggests nonprofits and developing countries could benefit from the inclusion or previously excluded (due to distance to reefs) participants. The study discusses donor characteristics as well as possible market strategies these organizations could utilize to maximize revenue. Findings from this work highlight two important issues rarely discussed in the policy literature: 1-the use of non-market valuation methods to identify stakeholders and 2-the effects of distance on use and non-use value ultimately impacting conservation.

A determinação do valor das empresas é o fator chave nas negociações de fusões e aquisições e tem por objetivo estimar uma faixa de referência que sirva como base nas negociações de tais empresas. A avaliação também é fundamental na determinação do valor de mercado das empresas. As metodologias de Fluxo de Caixa Descontado (FCD) e de múltiplos são as principais formas de se avaliar empresas. A abordagem por múltiplos baseia-se no princípio de que ativos e empresas semelhantes deveriam ter preços e múltiplos semelhantes. Os múltiplos obtidos de empresas semelhantes são aplicados aos respectivos parâmetros da empresa avaliada, dando como resultado o “valor de referência da empresa.” Entretanto as empresas comparáveis precisam apresentar fundamentos e características semelhantes. Como a regressão permite o controle das diferenças entre as variáveis que fazem os múltiplos variar de uma empresa para outra, não seria necessário limitar a procura por empresas comparáveis apenas ao setor da empresa avaliada. Desta forma, esta dissertação tem por objetivo desenvolver um modelo de estimação relativa baseada em indicadores contábeis do valor das empresas não financeiras negociadas nas principais bolsas de valores do mundo. A parte empírica desta dissertação tem por objetivo identificar quais indicadores contábeis são direcionadores de valor, ou seja, os que estão fortemente correlacionados com o valor das empresas e avaliar as relevâncias que estes indicadores assumem em bolsas e setores diferentes. / The main methodologies to value companies are Discounted Cash Flow and Relative Valuation (multiples). In relative valuation, the value of an asset is compared to the values assessed by the market for similar or comparable assets. The obtained multiple of a comparable firm, like Firm Value/EBITDA, is applied to the same parameter of the company being valued, resulting in its relative value. Otherwise, comparable companies need to have similar fundamentals and characteristics. The question of how to control for these differences, when comparing a multiple across several firms, becomes a key one. The multiple regressions can control the differences between the variables that make multiples change company by company. With the multiple regressions it would not be necessary to limit the choice of comparable companies to the one from the same sector of the company being valued. This study aims to develop a valuation model based on accounting indicators to estimate the Firm Value of listed companies of the main stock exchanges of the world. The main goal of this dissertation is to identify what accounting indicators are value drivers (that are strongly correlated with the Firm Value) and determine the relevance that these indicators have in different countries and sectors.

Este trabalho descreve as práticas usuais dos avaliadores de ativos do mercado brasileiro ao estimar o valor do custo de capital próprio na composição da taxa de desconto dos fluxos de caixa a ser empregada no método do Fluxo de Caixa Descontado. O estudo consiste de duas etapas principais. Na primeira foi feito um delineamento descritivo, explicitando-se quais são os métodos utilizados na estimação do custo de capital próprio, e como são obtidos os parâmetros que alimentam esses métodos. Na segunda fase do trabalho, foram realizados testes de hipótese de relações entre variáveis pertinentes no processo de estimação da taxa de desconto do capital próprio, buscando entender as relações de causa e efeito dos fenômenos presentes no processo. Para que os objetivos desejados fossem alcançados nas fases citadas, foi realizado um levantamento de dados primários, no qual se obteve uma amostra de 93 avaliações realizadas entre 2002 e 2006, tendo sido a sua maioria, aproximadamente 70%, realizadas em 2006. Em seguida foi feito um tratamento estatístico dos dados levantados, utilizando-se o aplicativo SPSS versão 13.0, com o propósito de agrupar e quantificar os resultados obtidos e de estabelecer relações pertinentes entre as variáveis envolvidas no processo de estimação do custo do capital próprio. Ao final, os resultados atingidos mostram a predominância de duas metodologias distintas: o CAPM e o Método de Prêmios de Risco. Para cada um dos métodos observou-se um padrão predominante de determinação dos parâmetros que viabilizam a metodologia. Além disso, foi verificada a existência de um forte viés de posição do avaliador ao selecionar quais fatores de risco incluir na metodologia. Uma análise derradeira da formação da taxa de desconto mostrou a sua forte relação com o porte do ativo avaliado, o que ratifica o conceito já preconizado em diversas publicações sobre o assunto, de que o prêmio por porte do ativo avaliado é um fator a ser levado em consideração. / This work describes the usual practices of asset valuators in Brazilian Market when estimating the equity capital cost used to compose the cost of capital to discount future cash flows through the Discounted Cash Flow Method. The study consists of two main blocks. Firstly, a general guideline was constructed, explaining the principal methods used for equity cost estimation and how these methods? parameters are obtained. In the second phase of the study, hypothesis tests concerning relations among relevant variables of the process were carried out, searching to identify the cause-effect relations among the phenomena present in the process. So that the objectives were reached in the mentioned phases, a primary data survey was carried out, obtaining a sample of 93 valuations made between 2002 and 2006. About 70% of these valuations were appraised in 2006. Therefore, a statistic data analysis took place with use of SPSS 13.0 version, with the objective of grouping and quantifying the survey results and also set relevant relations among involved variables in the equity cost of capital estimation. In the end, the main results show a predominance of two distinct methodologies: CAPM and Build-up Models. For each of them it was possible to identify a predominant standard of parameter estimation. Besides that, it was possible to verify the existence of a strong position bias on the analyst part, when deciding which risk premia to consider in the model. A final analysis of the discount rate composition showed strong relation with the appraised asset size, which confirms the popular concept in many publications, that size premium is a risk factor to be taken into account when valuating assets.

The main aim of Diploma thesis is to evaluate the family house before and after reconstruction in three different locations graded by population. Three selected methods are used for the valuation, namely: the cost method according to the valuation regulation, the comparative method according to the valuation regulation, and the method of direct comparison. The cost method takes into account the design of the family house in both states, the land is valued by direct comparison. Key indexes are taken into account in the comparative method according to the valuation rule. In the direct comparison method, we work with a database of single-family houses in a range of locations.

Fastighetsvärderingar utförs av mäklare eller värderare inför försäljning, belåning, arvskiften, skilsmässor, etc. Genom olika metoder beroende på vilket värderingsobjekt det handlar om kan ett marknadsvärde uppskattas. Vid värderingar av småhus är ortsprismetoden genomgående den mest användbara metoden. Läget anses vara den absolut viktigaste värdefaktorn att ta hänsyn till när en värdering utförs, men även skicket, standard, tillgång till service och kommunikationer samt om objektet befinner sig i närhet av vatten. De värdehöjande faktorer, värderingsmetoder och regler kring detta kan skilja och skiljer sig även åt mellan länderna. Denna studie behandlar hur värderingsprocessen går till i Sverige respektive Spanien. Valet av länder motiveras med att det historiskt sett varit populärt för svenskar att investera i spanska fastigheter, främst i form av semesterhus. Då kunskapen är begränsad om hur ett marknadsvärde uppstår i Spanien samt hur köp och försäljningsprocessen går till är denna studie viktig för de som vill köpa en fastighet. Utan besittning av kunskaper om fastighetsmarknaden kan drömmen om det perfekta semesterboendet visas bli en dålig affär. För att skapa förståelse om hur ett värde uppkommer och vilka värdefaktorer som medför påverkan på fastigheten kan denna studie tillföra lyckade fastighetsköp, både i Sverige och i Spanien. För att bidra med relevant information och fakta som stämmer med verkligheten har intervjuer med värderare och mäklare som är aktiva i Sverige och i Spanien utförts. Detta resulterade i svar som var både oväntade och förväntade. I vissa aspekter var värderingsprocessen väldigt lik mellan länderna, medan det också fanns anmärkningsvärda skillnader som kunde diskuteras. Den största skillnad som identifierats i studien är hur mäklare erhåller sin licens i de båda länderna. I Sverige krävs utbildning för att kunna erhålla en mäklarlicens medan licensen i Spanien erbjuds till en försumlig summa. Andra märkbara skillnader är hur köpprocessen skiljer sig mellan länderna samt vilka värdefaktorer som efterfrågas av svenskar som köper bostad i Spanien. / Property valuation is executed by real estate brokers or property valuaters before selling, mortgage, inheritance, divorce, etc. Different methods can be used when determing a market value depending on what kind of object it is. When valuating houses, the most common method in Sweden is called “ortsprismetoden”, which compares similar objects to the object that’s being valuated. The most important valuation factor is the location, and has to be considered when deciding the properties value. Other important factors are the properties condition, standard, orientation and if it’s close to water. These factors that enhance the value, the metods that conclude the value and the laws attached to properties could be different in Sweden and in Spain. This study manage how the valuation process is executed in Sweden and in Spain. The countries were chosen based on that it historically have been very popular for Swedes to invest in properties, mainly vacation homes, in Spain. The knowledge about how a market value developes, how the selling/buying process works in Spain is rather limited, therefore this study is important for people who wants to invest in a Spanish property. Without the understandig of the property market, the dream of a perfect vacation home could result in a bad purchase. This study could contribute to a successful purchase by contributing knowledge about the property valuating process, how a market value is determend and what factors increse the value. nterviews were executed with real estate brokers and property valuaters in both Sweden and Spain to provide valuable answers to the questions asked in this study. This resulted in both expected and unexpected answers. In some aspects the valuation process were very similar between the countries, but in other aspects there were some major differences that could be discussed. The biggest difference were if the real estate brokers needed a licens to value property or not. In Sweden the broker needs education to get a licens, while in Spain the licens could be bought. Other differences were the selling/buying aspects and what the most important valuation factors were.

Typescript (photocopy). / Digitized by Kansas Correctional Industries

Traditional pension products have today been replaced by products that are linked directly to the unit value of some kind of investment portfolio. These products contribute to more vulnerable situations for insurance companies in terms of uncertainties of future obligations. This master thesis aims to create a general valuation model in line with Solvency II regulation, which is able to value the best estimate of the insurance liability. The model will use a state model, stochastic scenario generator model and the Makeham function for estimating mortality intensity. An applied case study was conducted to evaluate how stressed market- and insurance conditions would impact the liability. Additional studies was performed to test how different degrees of rational behaviour among policyholders would impact the liability.  The policyholder population was fictitious and consisted of 100 policyholders. The results illuminated that the degree of rationality had a relative significant impact on the insurance company's liability, as opposed of what impact trends in longevity had on the best estimate in a separated stress test. On the other hand, when stress testing market risk and trend in longevity at the same time, the non-linearity risk was relatively high. The results of this thesis indicated the importance of studying risks in a combined case and not only separately, and also that higher degree of rational behaviour among policyholders could lead to an increase in surrender of profit generated policyholders which in turn affected the insurance liability.