Master´s thesis deals with valuation of the KPS Metal a. s. company and uses income methods of business valuation. Thesis consists of two key parts. The first part describes aspects related to business valuation theoretically. In the second part all theoretic methods are applied to selected company by using strategic analysis, financial analysis and value drivers’ analysis and prognosis. According to all analysis, discounted cash flow method and economic value added method a company´s value is established to a date 1st January 2015.

This diploma thesis is focused on determining the value of the J.P.N. Cars s.r.o. company by using income-based methods at 31. 12. 2015. The value of the company is determined using the Discounted Cash Flow and Economic Value Added method.

Diploma thesis is based on finding out main financial planning issues. The first part of thesis is dealing with theoretical aspects, which are necessary to know for setting up a financial plan. After this part is the practical part, which includes detailed procedure for setting up a financial plan for company H.A.Kovochem. Financial plan is created in an optimistic and pessimistic alternative. The final part of the thesis is evaluation and control of these two alternatives of plans

Purpose - The purpose of this thesis was to develop a method for how practitioners can utilize value-based pricing of smart services. In order to fulfill this purpose, the following research questions were addressed: RQ1) How can firms identify value drivers for their smart services in order to understand customer perceived value? RQ2) How can firms match the perceived value of their smart service and what type of revenue model to use (i.e., how to price and how much to price)? RQ3) How can firms use value-based pricing for calculating the optimal price of their smart service? Method - This thesis adopts a mixed method. This is done by collecting data through interviews and surveys. This data is then analyzed and utilized to develop a method for value-based pricing of smart services.  Findings - Based on the insights gathered through the explored methods for identifying and measuring value drivers, concluding customers’ willingness to pay, matching it with revenue and pricing mechanisms and finally deriving an optimal price a holistic and structured process that connected these different activities has been proposed (see Appendix S). Theoretical contribution - The major theoretical contribution is the synthesis of three different literature streams (i.e., VBP, revenue model design and smart service commercialization). These areas have, to our knowledge, previously never been integrated in one study. In addition, the developed method successfully addresses identification of value drivers, which previously has been labeled as the biggest barrier for B2B firms wanting to transition towards VBP (Liozu et al., 2012).  Practical implications - This thesis supports management in commercialization of smart services by providing a holistic and systematic process for identifying and measuring value drivers, concluding customers’ WTP, matching it with revenue and pricing mechanisms and finally deriving an optimal price based on VBP. The final developed method is presented in Appendix S. / Syfte - Syftet med detta examensarbete var att utveckla en metod för hur praktiker kan utnyttja värdebaserad prissättning av smarta tjänster. För att uppfylla detta syfte togs följande forskningsfrågor upp: RQ1) Hur kan företag identifiera värdedrivare för sina smarta tjänster för att förstå kundens upplevda värde? RQ2) Hur kan företag matcha det upplevda värdet av sin smarta tjänst och vilken typ av intäktsmodell de ska använda (dvs hur man prissätter och hur mycket prissätter man)? RQ3) Hur kan företag använda värdebaserad prissättning för att beräkna det optimala priset för sin smarta tjänst? Metod - Detta exjobb använder en blandad metod. Detta görs genom att samla in data genom intervjuer och enkäter. Denna data analyseras sedan och används för att utveckla en metod för värdebaserad prissättning av smarta tjänster. Resultat - Baserat på de insikter som samlats in genom de utforskade metoderna för att identifiera och mäta värdedrivande faktorer, utnytja kundernas betalningsvilja, matcha den med intäkts- och prissättningsmekanismer och slutligen härleda ett optimalt pris har en holistisk och strukturerad process som kopplar samman dessa olika aktiviteter presenterats (se Bilaga S). Teoretiskt bidrag - Det största teoretiska bidraget är syntesen av tre olika litteraturströmmar (dvs VBP, intäktsmodelldesign och kommersialisering av smarta tjänster). Dessa områden har, såvitt vi vet, tidigare aldrig integrerats i en studie. Dessutom tar den utvecklade metoden framgångsrikt in på identifiering av värdedrivare, som tidigare har stämplats som den största barriären för B2B-företag som vill gå över till VBP (Liozu et al., 2012). Praktiska implikationer - Det här examensarbetet stöder ledning i kommersialisering av smarta tjänster genom att tillhandahålla en holistisk och systematisk process för att identifiera och mäta värdedrivare, avsluta kundernas WTP, matcha den med intäkts- och prissättningsmekanismer och slutligen härleda ett optimalt pris baserat på VBP. Den slutligen utvecklade metoden presenteras i Bilaga S

The doctoral thesis is dealing with the questions about synergy business which is understood as clusters, strategic alliances and franchise. It investigates the influence of the selected synergy business on the change of the company value (market value or the objective one). The topic reacts on the contemporary economic trends where fusions and grouping of companies is happening in more levels. One of them is the fusion and acquisition. Second one are various forms of alliances and groupings which allows to companies cooperation, sharing of knowledge, marketing, risks, know-how etc. They allow to the small and middle size companies to increase their competitiveness against the big firms. The doctoral thesis is treating the effect of using one of the form of the synergy business, namely the franchise, on the company value. Because just the increase of the company value should be one of its basic goals. In the framework of the doctoral thesis was made a research with the goal to identify the changes of selected value generators, which determine as a whole the company value. On the basis of the research results there was made in the final part of the work model evaluation of some variants, simulating the value change caused by the change of the selected value generator and there was quantified the synergy effect coming from the use of synergy enterprise. At the end of the work there are summarised the results of the research and of the model determination of the company value, possible benefits for the practice and theory and there are mentioned some possible starting points for the following scientific work in this field.

[pt] O termo ESG está ocupando cada vez mais destaque nos planos estratégicos empresariais em que se estabelecem metas socioambientais que podem acarretar na maior eficiência e ganhos de lucratividade. Com isso, esse estudo tem como objetivo utilizar o modelo Schramade (2016) que contém um conjunto de perguntas adotado como ferramenta para identificação de adoção ou desenvolvimento de planos de ação que integram sustentabilidade na análise de investimento nos temas: modelo de negócios, posição competitiva, estratégia e impulsionadores de valor. O modelo foi aplicado à empresa WEG reconhecida por suas práticas de ESG. Como resultado, verificou-se o quanto a WEG está positivamente vinculada ao termo ESG, sob uma perspectiva financeira sustentável. Assim, a ideia é tornar esse trabalho um parâmetro para outras empresas que estejam com a meta de fazer a transição para um modelo de negócio mais sustentável. / [en] The term ESG is occupying more prominence in corporate strategic plans in which socio-environmental goals are established that can lead to greater efficiency and profitability gains. With this, this study aims to use the Schramade model (2016) which contains a set of questions adopted as a tool for identifying the development of action plans that integrate sustainability into the analysis of investment in the themes: business model, competitive position, strategy and value drivers. The model was applied to the company WEG recognized for its ESG practices. As a result, it was verified how much WEG is positively linked to the term ESG, from a sustainable financial perspective. Thus, the idea is to make this work a parameter for other companies that are aiming to make the transition to a more sustainable business model.

One of the single biggest challenges for start-ups is to find the necessary funding to achieve growth. Software-as-a-service (SaaS) companies are no different and rely on seed stage investments to build and develop a service in order to acquire paying customers. Given the need of external investments, SaaS companies heavily depend on their valuation for each given investor. The purpose of this study was to investigate the main value determinants for seed stage SaaS company valuations. Hence, the research question at issue was “What are the main value determinants for seed stage SaaS company valuations?”. This study was delimited to seed stage SaaS companies with a business to business (B2B) service offering in Sweden. This qualitative research was carried out through semi-structured in-depth interviews with seed stage SaaS B2B founders and investors operating in Sweden. The primary results of the qualitative research show that the main value determinants can be divided into three main factors. Firstly, external factors, such as the region, industry, and market that the company is operating within. Secondly, company factors include team and founder characteristics, firm characteristics, SaaS metrics and financials, and partnership and alliances. Thirdly, investor factors, including investor type as well as reputation and value-add. Following the findings, similarities and differences with literature were discussed. Based on the results, a revised framework including the main value determinants for seed stage SaaS company valuation was developed. The conclusion of this study is that seed stage SaaS company valuations vary among investor types. The valuation tends to not be bound to a specific valuation method, but rather a process where an overall evaluation is made from a set of criteria, which leads up to the valuation process where the final valuation is set. / En av de största utmaningarna för nystartade företag är att genomföra extern kapitalanskaffning för att uppnå tillväxt. Det gäller även för SaaS-företag (Software-as-a-service) vilka är beroende av investeringar i seed stage (fröstadiet) för att bygga upp och utveckla tjänster för att erhålla betalande kunder. Givet behovet av externa investeringar är SaaS-företag starkt beroende av dess värdering från investerare. Syftet med denna studie var att undersöka de viktigaste värdedeterminanterna för värdering av SaaS-bolag i seed stage. Forskningsfrågan var således "Vilka är de viktigaste värdedeterminanterna för värderingar av SaaS-företag i seed stage?". Studien avgränsades till SaaS-företag som erbjuder B2B-tjänster i Sverige. Denna kvalitativa studie genomfördes genom semistrukturerade intervjuer med seed stage SaaS B2B-grundare och investerare som är verksamma i Sverige. De övergripande resultaten visar att de viktigaste värdedeterminanterna kan delas in i tre huvudfaktorer: externa faktorer, företagsfaktorer, och investerarfaktorer. Externa faktorer avser region, bransch, och marknad inom vilka företaget är verksamt. Företagsfaktorer inkluderar teamet och grundarnas egenskaper, företagets egenskaper, SaaS-mått och finansiella data, samt partnerskap och allianser. Investerarfaktorer avser typen av investerare samt investerarens rykte och mervärde. Utfallet från intervjuerna jämfördes med resultat från tidigare litteratur. Baserat på intervjuresultaten utvecklades ett reviderat ramverk med de viktigaste värdedeterminanterna för värdering av SaaS-bolag i seed stage. Slutsatsen av denna studie är att värdering av SaaS-företag i seed stage varierar mellan olika investerartyper. Värderingen tenderar att inte vara bunden till en specifik värderingsmetod, utan en process där en övergripande utvärdering görs baserat på en uppsättning av kriterier, vilket resulterar i en slutgiltig värdering.

This master's thesis deals with the valuation of BEZNOSKA, s.r.o. Situated in Kladno, the Czech Republic, this company engages in the development and production of instruments and implants for bone surgery. The company was established on the basis of the "surgery" division of then POLDI Kladno at the beginning of the nineties, during the "big privatisation" period. The aim of this thesis is to estimate the market value and investment value of the company as of 31 December 2009 as defined in the International Valuation Standards. The valuation is carried out using two basic methods. The focus of the work is based on the DCF method the result of which is verified by a method based on the market analysis, in particular the similar public company method. The book value method is only complementary. The thesis is divided into six chapters. Sequenced logically, it contains the basic information on the company valued, financial analysis, strategic analysis, analysis and forecast of the value drivers, financial plan and the valuation itself based on the method mentioned above. These topical units are further divided into several subchapters as necessary. Various analyses and statistical methods needed to successfully meet the set objective are applied throughout the text.

A crescente atuação da sociedade nos processos de discussão e de tomada de decisões relacionados com as políticas públicas incentiva a gestão pública no Brasil a buscar mecanismos para demonstrar eficiência e transparência na aplicação de recursos. Dentro da esfera pública, o setor de saúde é destaque em termos de alocação de recursos, por isso, apresenta acentuadas necessidades de planejamento, avaliação e prestação de contas das atividades desenvolvidas. Este trabalho adotou o modelo conceitual de mensuração do resultado econômico em entidades públicas e teve como objetivo principal calcular o valor econômico agregado à sociedade por Hospitais Universitários Públicos, segundo os preceitos da Gestão Baseada em Valor. Para consecução deste propósito, conduziu-se um estudo de caso no Hospital das Clínicas da FMRP-USP, avaliando seu desempenho econômico em um período de três anos. Para interpretação dos resultados utilizou-se a Análise por Envoltória de Dados que categorizou os epartamentos do hospital estudado em eficientes e ineficientes. Este estudo revelou que o valor econômico agregado à sociedade no longo prazo pela entidade é positivo. Essa medida de valor proposta indicou que a sociedade está obtendo um retorno superior ao custo de oportunidade do capital investido, ou seja, o hospital está construindo valor econômico e, conseqüentemente, contribuindo para o bem estar social. Adicionalmente, o estudo demonstrou que a teoria da Gestão Baseada em Valor pode ser adaptada como uma ferramenta para avaliação de desempenho de entidades públicas, adotando-se a perspectiva do cidadão como investidor. Finalmente, os gestores de hospitais universitários públicos podem aprimorar o processo de tomada de decisões utilizando o cálculo do valor econômico agregado à sociedade, porque foi constado que esta medida de valor econômico tem sensibilidade para identificar os direcionadores de valor econômico a serem enfatizados na gestão de curto e longo prazos. / The increasing performance of the society in the processes of discussion and taking decisions related to public politics stimulates public administration in Brazil to search for mechanisms to demonstrate efficiency and disclosure in resources application. Within public sphere, the health sector is prominence in terms of allocation of resources; therefore, it presents accented necessities of planning, evaluation and accounts rendering of the developed activities. This work has adopted the conceptual measurement model of economic result in public entities and it has had as main objective to calculate the economic value added to the society by Public University Hospitals, according to the precepts of Value Based Management. For achievement of this intention, a case study at ?Hospital das Clínicas da FMRP-USP? has been carried out, evaluating its economic performance in a period of three years. For interpretation of the results it has been used Data Envelopment Analysis that categorized the efficient and inefficient departments of the studied hospital. This study has shown that the economic value added to the society in the long term by the entity is positive. This proposed value measure has indicated that the society is getting a superior return at the opportunity costs of capital invested, or either, the hospital is constructing economic value and consequently contributing for the welfare state. Additionally, the study has demonstrated that the theory of Value Based Management can be adapted as a tool for performance evaluation of public entities, adopting the perspective of the citizen as a shareholder. Finally, the managers of public university hospitals are able to improve the taking decisions process using the economic value added to the society calculation because it has been consisted that this measure of economic value has sensitivity to identify which value drivers should be emphasized in short and long term management.

La constatazione che in ambito sanitario il prodotto finale dei processi terapeutico-assistenziali, ovvero il miglioramento delle condizioni di salute dei cittadini, non possa essere definito soltanto in termini puramente economici e in un contesto in cui gli aspetti monetari costituiscono il perno intorno al quale si muovono tutte le strategie politiche, sociali ed economiche nazionali ed europee, costituisce il primum movens di questo progetto di ricerca. L’Azienda Sanitaria rappresenta, infatti, un locus in cui si embricano e sovrappongono le esigenze di numerose categorie di stakeholders (politici, fornitori, utenti e lavoratori) che, pur calati in un ambiente che possiede caratteristiche aziendali indissociabili da valutazioni finanziarie, non possono considerarsi esaurite nelle sole dimensioni economico-monetarie. Il valore finale dei processi di output di un’Azienda Sanitaria, sinteticamente riassumibile nel concetto di “soddisfacimento dei bisogni di salute della popolazione” riconosce, fra le componenti intrinseche del processo produttivo, cogenti sollecitazioni di carattere etico che presuppongono il rispetto di garanzie di equità, legittimità e imparzialità, irrinunciabili nella costruzione del prodotto finale. Questo lavoro di ricerca concentra, quindi, la propria attenzione sul processo di creazione di valore nell’Azienda Sanitaria, a partire dalle suggestioni bibliografiche inerenti le principali variabili economiche e organizzative, per giungere a indagare le corrispondenze derivanti dalle componenti intangibili. / The finding that the final product in the health-care therapeutic process, namely the improvement of citizens' health, can not only be defined in purely economic terms and in a context where the monetary aspects are the pivot around which move all the political strategies, social and economic national and European, it is the primary cause of this research project. The Health Service is, in fact, a locus where they overlap the needs of various categories of stakeholders (politicians, suppliers, users and workers) who, although dropped in an environment that has business features inseparable from financial ratings, were not exhausted only in the economic and monetary dimensions. The final value of the output processes of a company Health, succinctly summed up in the concept of "meeting the health needs of the population" recognizes, among the intrinsic components of the production process, mandatory stress ethical which require compliance with guarantees of fairness , legitimacy and impartiality, essential in the construction of the final product. This research focuses, therefore, its attention on the process of value creation in the Company Health, from bibliographical suggestions regarding the main economic and organizational variables, to come to investigate the matches resulting from intangible assets.