This disertation labour focuses on assessment of the financial situation analyzed company using the economic value added. In theoretical part is characterized economic value added, there is described its origin, calculation variants and the posibility of using this indicator. There are defined the necessary adjustments of accounting data for achieving economic data, procedures for determing the cost of capital and pyramid decoposition economic value added. The practical part is targeted to calculate economic value added by variant of entity and equity in rated company. It is targeted to compare the results of these two variants, to pyramid decomposition EVA equity in 2014 compare 2013 and to alternatives economic value added.

Made available in DSpace on 2010-04-20T20:15:11Z (GMT). No. of bitstreams: 0 Previous issue date: 1998-12-21T00:00:00Z / O trabalho aborda a questão do custo de capital em um contexto de mercados globalizados. Analisa as principais metodologias para definição das variáveis que compõem o Custo Médio Ponderado de Capital (Weighted Average Cost of Capital) e o impacto exercido pela segmentação/integração dos mercados financeiros mundiais nesta definição. Discute as relações internacionais de paridade (Purchasing Power Parity, Efeito Fisher, lnterest Rate Parity, entre outras) e suas implicações para a definição de custo de capital. Discorre sobre diversificação internacional de portfólios e instrumentos para captação de recursos no exterior, como eurobonds e ADR's, e discute a questão do custo de capital ser global ou local/divisional.

Sammanfattning Titel: Har ett företags utdelningspolicy någon betydelse?   Nivå: Examensarbete på Grundnivå (kandidatexamen) i ämnet företagsekonomi.   Författare: Pontus Kindlund och Andreas Wallgren   Handledare: Catherine Lions   Datum: 2018–01   Syfte: Tidigare forskning undersöker oftast utdelningspolicyns betydelse för investerarna. Därför har vi valt att se det från företagens perspektiv genom att undersöka hur ett företags utdelningspolicy påverkar företagets genomsnittliga kapitalkostnad.   Metod: Studien har en kvantitativ metod med hypotesprövningar och en deduktiv ansats där datan är inhämtad från Thompson Reuters Datastream. Regressionsanalyser har sedan utförts för att studera sambandet mellan företagens utdelningspolicy och företagens genomsnittliga kapitalkostnader.   Resultat och slutsats: Studiens resultat visar att det inte finns några omfattande samband mellan företagens utdelningspolicy och företagens genomsnittliga kapitalkostnader. Vår studie är därför i linje med studien från Modigliani och Miller (1961) angående utdelningspolicyns irrelevans.   Examensarbetets bidrag: Studiens resultat bidrar med kunskap som kan vara till nytta för företagsledningar som utarbetar företagens utdelningspolicy, eftersom oavsett val av utdelningspolicy kan det inte förväntas ha en signifikant påverkan på företagens genomsnittliga kapitalkostnad.   Förslag till fortsatt forskning: Då vår studie inte har tagit hänsyn till företagens investeringsmöjligheter så kvarstår det att även ta hänsyn till detta för att undersöka utdelningspolicyns påverkan på den genomsnittliga kapitalkostnaden.   Nyckelord: Utdelningspolicy, Genomsnittlig kapitalkostnad, Signalteori, Utdelningspolicyns irrelevans, Trade-off-teori / Abstract Title: Does a company’s dividend policy matter?   Level: Student thesis, final assignment for Bachelor Degree in Business Administration.   Author: Pontus Kindlund and Andreas Wallgren   Supervisor: Catherine Lions   Date: 2018–01   Aim: Previous research usually explores the importance of the dividend policy for investors. Therefore, we have chosen to see it from the corporate perspective by investigating how a company's dividend policy affects the company's weighted average cost of capital.   Method: The study has a deductive approach and a quantitative method of hypothesis testing and where the data is obtained from Thompson Reuters Datastream. Regression analysis has then been conducted to study the relationship between the dividend policy and the companies’ weighted average cost of capital.   Result & Conclusions: The study's results show that there is no general correlation between the company's dividend policy and the company's weighted average cost of capital. Our study is in line with the study by Modigliani and Miller (1961) regarding the irrelevance of the dividend policy.   Contribution of the thesis: The results of the study contribute to creating knowledge that may be useful to business executives who prepare the company's dividend policy, since any choice of dividend policy should not be expected to have a significant impact on the weighted average cost of capital.   Suggestions for future research: As our study has not taken into account the companies' investment opportunities, it remains to take this into consideration to investigate the impact of the dividend policy on the weighted average cost of capital.   Key words: Dividend policy, Weighted average cost of capital, Signaling theory, The irrelevance of a dividend policy, Trade-off theory

Submitted by Gina Montone (ginamontone@gmail.com) on 2013-03-12T12:33:05Z No. of bitstreams: 1 Mestrado Gina.pdf: 618226 bytes, checksum: 3689a2772451ab950d1ecde041b853b5 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2013-03-12T12:35:35Z (GMT) No. of bitstreams: 1 Mestrado Gina.pdf: 618226 bytes, checksum: 3689a2772451ab950d1ecde041b853b5 (MD5) / Made available in DSpace on 2013-03-12T12:52:31Z (GMT). No. of bitstreams: 1 Mestrado Gina.pdf: 618226 bytes, checksum: 3689a2772451ab950d1ecde041b853b5 (MD5) Previous issue date: 2013-01-28 / The objective of this study was to determine whether the BNDES, in the period between 2000 and 2011 generated economic profit for its main shareholder, the Federal Government. We analyzed financial statements and notes published in this period to obtain data for the calculation of Economic Value Added or Economic Value added (EVA ®). This methodology deducts the cost of all capital employed in the company's from the operating profit after taxes. Furthermore, uses the weighted average cost of capital (WACC) as return on invested capital for calculating the cost of capital. The WACC weights the cost of debt, after deducting the rate of taxes on income and the cost of equity. The use of certain assumptions and developing some scenarios were required to estimate the cost of equity shareholder. Furthermore, some adjustments, such as the inclusion of dividends and interest on capital paid to shareholders by BNDES were performed for the calculation of EVA ®, and other accounting adjustments needed to estimate the cost of equity shareholder. At the end of the study, we observed that in all scenarios used to generate economic profit for used in all scenarios, the generation of economic profit was negative. / O objetivo deste trabalho foi verificar se o BNDES, no período entre 2000 e 2011 gerou lucro econômico para o seu principal acionista, o Governo Federal. Foram analisados demonstrativos financeiros e notas explicativas publicadas neste período para obtenção de dados para o cálculo do Valor Econômico Adicionado ou Economic Value added (EVA®). Esta metodologia deduz o custo de todo o capital empregado na empresa do lucro operacional após os impostos. Além disso, utiliza o custo médio ponderado de capital (CMPC) ou Weighted Average Cost of Capital (WACC) como taxa de remuneração do capital investido para cálculo do custo do capital. O WACC pondera o custo de capital de terceiros, após a dedução da alíquota dos impostos incidentes sobre o lucro e o custo de capital próprio. A utilização de algumas premissas e a elaboração de alguns cenários foram necessários para a estimativa do custo do capital próprio do acionista. Além disso, alguns ajustes, como a inclusão de dividendos e juros sobre capital próprio pagos pelo BNDES ao acionista foram realizados para o cálculo do EVA®, além de outros ajustes contábeis necessários. Ao final do estudo, observamos que, em todos os cenários utilizados, a geração de lucro econômico foi negativa.

Diploma thesis deals with the valuation of the company Iveco a.s., for the management needs. The estimated value refers to December 2016. The basis for the valuation is strategic and financial analysis. The results will be taken into account for establishment of the financial plan, which will be used in the valuation process. Emphasis is placed on yield methods using free cash flow to the firm(FCFF) and economic value added EVA. Both methods are compared with book value of the company.

The hypothesis claims that full service carriers (FSCs) will be forced to change their operating models. Additionally, the trends which form aviation market of the future are explored. The investigation is based on a financial assessment of ten important airlines incorporated in four different regions across the globe, between 2005 and 2014. According to the findings the trend of liberalization will continue, thus FSCs will continue losing market share to low cost carriers (LCCs) and as such, they will be made to change the way they operate in order to survive. The future aviation market is defined by a reshuffle of demand towards emerging countries, further rationalization of operating models and consolidation.

Diploma thesis deals with the valuation of the automotive company Automotive lighting, s.r.o for the management needs. The estimated value refers to October 2012. The basis for the valuation is strategic and financial analysis. The results will be taken into account for establishment of the financial plan, which will be used in the valuation process. Emphasis is placed on yield methods using free cash flow to the firm(FCFF) and economic value added EVA. Both methods are compared with book value of the company.

Today's dynamic period requires sufficient amount of high-quality information to make right decision. Valuation of a company may be one of the sources. It is a result of complex valuation of a company and its activity from different points of view. Information gained during the process valuation can be used to effective management of a company, too. The main aim of this thesis is to evaluate the company's environment, the market where the business runs as well as the analyses its future possibilities. Following historic data, strategic and financial analyses will be carried out and these results will serve for company value determination, using the yield method. Gained information will be valuable as far as company's management as well as investors are concerned. The result lies in historical progression, contemporary situation, potential and future prediction valuation. Recognized company's value will serve as the final output.

The aim of this thesis is to determine the value of the company Technicky skusobny ustav based in Piešťany. The first part of the work deals with the theoretical basis for the evaluation of the company, there are described the reasons why to evaluate companies, and further process to apply for the valuation. The following is a description of selected parts of the strategic and financial analysis, financial plan and evaluation methods. Furthermore, there will be presented the chosen company and subsequently evaluated according to methods in the theoretical part. For determining the value of the company there were used discounted free cash flow method and economic value added method. In the conclusion specific evaluation methods are applied and statement stated about the value of the company dated to 31.12.2015.

Master´s thesis deals with the determination of the value of the company Českomoravský cement, a.s. The theoretical part defines concepts and definitions that are subsequently used in the analytical part of the thesis. There is also strategic analysis, financial analysis, financial plan, discount rate estimation and subsequent value of the company as an analytical part.