This thesis contains business valuation of company CHEMOSVIT ENVIRONCHEM, a.s. based on income approach. The first part discusses theoretical concepts and methods of valuation. The second part includes strategic, financial and SWOT analysis, financial plan and income based discounted cash flow valuation. In conclusion, the valuation statement as at 31.4.2011 is reported.

This master´s thesis is focused on evaluation of company´s economic performance. Evaluation is done by standard methods of financial analysis and modern method Economic Value Added. Theoretical part describes methods and procedures that can be used for evaluation of economic performance. Practical part deals with evaluation of economic performance of the company KOH-I-NOOR PONAS Ltd.

本文模型來自於DeGroot (1974)的模型，以此模型為基礎延伸至兩產品之架構，並利用比較效果與網絡效果疲乏之間的交互作用，而得到了本文的定理2.。此定理2.可解釋許多市場上，廠商選擇其產品推出時間而影響其銷售量之變化。因此，本文對於兩廠商的競爭提出了一個新觀點：廠商因何時推出其產品，而能使得其產品成為主流。我們討論的不是價格或者品質的競爭，而在於產品相對推出的時間，因此，本文在定理2.得到了一個充分條件，這個條件讓廠商知道應何時推出其產品，而此產品可成為市場上之主流產品。

The aim of this thesis is to perform an analysis of MODUS ltd. which will be based on evaluation of its economic performance and finding out the causes of the current situation. In the first part, there is basic theoretical determination of the analysis and all of its appurtenances. The second part emphasizes on an extensive characteristics of the chosen company, so that it is possible to perceive the calculated determinants from the right perspective. The third part includes the performance of the analysis of a given company and a well-arranged recording and subsequent evaluation of the results obtained. The thesis is concluded with the evaluation of the economic situation of the company based on the results of the analysis and with the recommendation of particular measures which would increase the economic efficiency and effectiveness in the future. Furthermore, there is a summary of models and determinants used with an indication of their advantages and disadvantages.

The aim of this dissertation is to design finance management model and then to test it in real company operated in field of facility management (property and asset management in the field of real estate’s). Designed model works with instruments of financial analysis and investment management. Key hypothesis of the model tells that return on equity should by higher or equal in comparison to weighted average cost of capital. This hypothesis is used not only for effective financial management of the company but also for its smaller units (business centres). Part of the dissertation is definition how to implement and use the model (31 steps for the implementation). Designed model (and hypothesis as well) is verified on the case study.

本研究的目的在於探討企業的財務結構決策是否攸關市場價值。根據加權平均資金成本與企業評價模式相關文獻基礎，產生下列三個假設：(1)資本結構與平均資金成本存有關聯性；(2)最適資本結構必須存在，以使平均資金成本達到最低；(3)平均資金成本與企業價值也存有關聯性。故本研究之實證議題探討：(1)平均資金成本與資本結構的關聯性以及最佳資本結構是否存在(2)加權平均資金成本、權益資金成本與企業價值的關聯性(3)資本結構與平均資金成本之關聯性對企業價值的影響。 本研究使用民國80年至88年台灣證交所股票上市公司作為樣本資料，主要的實證結果如下。財務結構與平均資金成本具有顯著的負向關係，故實證結果並不支持M-M 的槓桿無關論。在十八個產業中，大約半數的產業存在最適資本結構。此外，相對於平均資金成本而言，權益資金成本與股價報酬呈現顯著的負向關係，且具有較高的解釋力；這個結果強調了權益資金成本在解釋股價報酬上的重要性。 本研究亦發現，企業經理人無法透過財務結構的調整來極大化企業的價值，經理人應該考量其他方式來極大化公司的價值。 / The purpose of this thesis is to investigate whether financial structure decisions of a firm are relevant to its market value. Three assumptions underlie the literature on weighted average cost of capital and firm valuation models. First, the linkage exists between the capital structure and the average cost of capital. Second, in order to minimize the average cost of capital, the presence of optimal capital structure is required. And third, the relationship exists between the average cost of capital and firm values. The empirical issues explored in this thesis therefore include: (1) The relationship between the average cost of capital and the capital structure and the presence of optimal capital structure; (2) The association between weighted average cost of capital, cost of equity capital and firm values; and (3) The influence of capital structure-average cost of capital relationship on firm values. Using the listed companies on Taiwan Stock Exchange over the period of 1991 to 1999 as the sample, major empirical findings are as follows. The empirical evidence indicates that financial structure is significantly negatively associated with the average cost of capital, which in turn may imply the M-M leverage irrelevance proposition is not supported by the sample firms examined. About half of the 18 industries examined in this study suggest the presence of optimal capital structure. Furthermore, compared to the average cost of capital, the cost of equity capital is found to be significantly and negatively associated with stock returns and has better explanatory power. This emphasizes the importance of the cost of equity capital in interpreting the behavior of stock returns. In addition, this thesis also finds that managers’ influence of maximizing firms’values through adjusting their firms’financial structures is limited. Managers may have to find avenues other than financial structure decisions to maximize the values of their firms.

Le POCIS (Polar Organic Chemical Integrative Sampler) est un outil d'échantillonnage intégratif alternatif aux techniques d'échantillonnages classiques (ponctuelle ou automatisée) dédié à la mesure de micropolluants organiques relativement hydrophiles dans les eaux. Cet outil permet d'intégrer les concentrations dans le temps (CTWA, Time-Weighted Average Concentration) et, dans certains cas, d'abaisser les limites de quantification. Une revue bibliographique détaillée a montré la forte variabilité des données de performances du POCIS mesurées en laboratoire (notamment les taux d'échantillonnage ou Rs). Cette variabilité résulte en majeure partie de systèmes expérimentaux d'étalonnage différents selon les études et pas toujours renseignés. Dans la littérature, les CTWA obtenues in situ sont comparées aux concentrations obtenues après échantillonnage classique, tel que mis en œuvre actuellement dans les programmes de surveillance européens ; ces concentrations sont dans la plupart des cas du même ordre de grandeur, même si elles ne représentent pas tout à fait la même information. Avec comme objectif d'obtenir des CTWA les plus justes et robustes possibles, nous avons étudié le comportement du POCIS « pharmaceutique » en laboratoire vis-à-vis de 56 micropolluants (hormones, pharmaceutiques, alkylphénols, pesticides, filtre UV), dans un système expérimental d'étalonnage conçu spécifiquement pour contrôler l'ensemble des conditions expérimentales ayant une influence sur les Rs. Nous avons ainsi déterminé 43 Rs robustes et démontré que le POCIS est bien adapté à l'échantillonnage de la plupart des molécules étudiées. De plus, l'allure des cinétiques d'accumulation est expliquée à l'aide des propriétés physico-chimiques des molécules (log D , surface polaire). Cinq homologues deutérés ont été identifiés en tant que PRC (Performance Reference Compounds), c'est-à-dire qu'ils peuvent être utilisés pour corriger les différences de conditions entre le laboratoire et le terrain. Nous avons également comparé le POCIS au Chemcatcher « polaire » en laboratoire et montré qu'en terme de domaine d'application et de performances, le POCIS est mieux adapté pour les micropolluants étudiés. Enfin, nous avons testé la justesse et la robustesse du POCIS lors de deux essais inter-laboratoires (EIL). Le premier EIL, portant sur l'étalonnage de l'outil en laboratoire, a démontré la robustesse de ses performances pour 3 pesticides. Le deuxième EIL in situ a démontré la pertinence du POCIS pour échantillonner des hormones, des pharmaceutiques et des pesticides dans un effluent de station d'épuration. Cette thèse permet d'avancer dans le domaine des connaissances sur l'outil POCIS et de favoriser son application dans le cadre de la directive sur l'eau / The POCIS (Polar Organic Chemical Integrative Sampler) is an alternative integrative sampling tool to conventional sampling methods (grab or automated) for measuring hydrophilic organic micropollutants in water. This tool permits to supply time-weighted average concentrations (TWAC) and, sometimes, to decrease limits of quantification. A detailed bibliographic review showed the important variability of POCIS performance data measured in laboratory (notably the sampling rates or Rs). This variability is in majority due to different experimental calibration systems, not always well detailed, among studies. In the literature, in situ TWAC are compared to concentrations from conventional sampling, actually used in European monitoring programs ; these concentrations are generally of the same order of magnitude, even if they do not represent the same information. In order to obtain accurate and robust TWAC, we studied in laboratory the “pharmaceutical” POCIS behavior for 56 micropollutants (hormones, pharmaceuticals, alkylphenols, pesticides, UV filter), in a calibration system specifically made for controlling the whole experimental conditions having an influence on Rs. We determined 43 robust RS and demonstrated that POCIS is well adapted for sampling most of studied molecules. Moreover, the pattern of kinetic accumulations is explained using molecule physical-chemical properties (log D, polar surface). Five deuterated homologues were identified as PRCs, meaning that they can be used for correcting differences in conditions between the laboratory and the field. We also compared the POCIS with the “polar” Chemcatcher and we showed that in term of application field and performances, the POCIS is better adapted for studied micropollutants. At last, we tested the accuracy and the robustness of the POCIS during two inter-laboratory studies (ILSs). The first ILS, dealing with the laboratory calibration of the tool, demonstrated performance robustness for 3 pesticides. The second in situ ILS demonstrated the relevance of the POCIS for sampling hormones, pharmaceuticals and pesticides from a waste water treatment plant effluent. This thesis permits to improve knowledge on the POCIS and to promote its application for the water framework directive

Submitted by João Paulo Mesquita Villela (jpmv_nit@yahoo.com.br) on 2018-03-05T22:41:17Z No. of bitstreams: 1 Dissertação JP - WACC-GN - Final.pdf: 4843974 bytes, checksum: 53a8c6a560387b7ac0c7d2f370bdc655 (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2018-03-12T15:00:37Z (GMT) No. of bitstreams: 1 Dissertação JP - WACC-GN - Final.pdf: 4843974 bytes, checksum: 53a8c6a560387b7ac0c7d2f370bdc655 (MD5) / Made available in DSpace on 2018-03-16T17:17:30Z (GMT). No. of bitstreams: 1 Dissertação JP - WACC-GN - Final.pdf: 4843974 bytes, checksum: 53a8c6a560387b7ac0c7d2f370bdc655 (MD5) Previous issue date: 2018-01-18 / The objective of this work is to propose a methodology for determining the weighted average cost of capital to be employed by the regulatory agency in the tariff review process of natural gas distributors in the state of São Paulo. The challenge in this process is to establish a remuneration that guarantees the lowest cost with the greatest benefit to the customers and at the same time provides the maintenance of the economic balance and the incentive to expand the services provided by the concessionaires. The complexity of the study becomes evident when we verify the great dispersion of values proposed in the contributions sent to the Sanitation and Energy Regulatory Agency of the State of São Paulo (ARSESP) during the public consultation process. In this sense, the different approaches used by other regulatory agencies also make it difficult to establish a standardized solution to the problem. In this way, we analyzed initially the methodology defined by the ARSESP, the contributions received during the public consultation process carried out by the agency and some references of national and international regulatory practices. Finally, we sought to solve the issue by proposing a methodology considered adequate to estimate the weighted average cost of capital for the natural gas distributors in the state of São Paulo. / O objetivo deste trabalho é propor uma metodologia para a determinação do custo médio ponderado de capital a ser empregado pela agência reguladora no processo de revisão tarifária das distribuidoras de gás natural do estado de São Paulo. O desafio nesse processo é estabelecer uma remuneração que garanta o menor custo com o maior benefício para os clientes e ao mesmo tempo proporcione a manutenção do equilíbrio econômico e do estímulo a ampliação dos serviços prestados pelas concessionárias. A complexidade do estudo torna-se evidente ao verificarmos a grande dispersão de valores propostos nas contribuições enviadas a Agência Reguladora de Saneamento e Energia do Estado de São Paulo (ARSESP) durante o processo de consulta pública. Nesse sentido, as diferentes abordagens utilizadas por outras agências regulatórias também dificultam a definição de uma solução padronizada para o problema. Desta forma, analisou-se inicialmente a metodologia definida pela ARSESP, as contribuições recebidas durante o processo de consulta pública realizado por esta agência e referências das práticas regulatórias nacionais e internacionais. Finalmente, procurou-se solucionar a questão propondo uma metodologia considerada adequada para estimar o custo médio ponderado de capital para as distribuidoras de gás canalizado do estado de São Paulo.

The theme of the thesis is to compare the accounting and economic value added. The theoretical part describes the value added and its determinants. It is defined as economic value added. The first is the basic formula for calculating the economic value added, and the identification of variables that are needed to calculate. The most important variable is the weighted average cost of capital. The next section is defined by other methods which can calculate EVA. The practical section provides the necessary methods and procedures for calculating the financial and economic value added. Methods chosen for the calculation were: the CAPM method, Modular method and Benchmarking diagnostic system of financial indicators INFA.

This master thesis deals with the proposal of a chosen company by using the income-based methods called Discounted Cash Flow and Economic Value Added. The theoretical part provides the description of the methodology of business valuation process. The practical part presents financial, strategic and SWOT analysis of the company. Furthermore particular valuation methods are applied. In conclusion statement of value is reported.