Study project (MBA)--University of Stellenbosch, 2003. / ENGLISH ABSTRACT: The objective of this study is to verify the cumulative factors developed by the Graduate
School of Business of the University of Stellenbosch when calculating prices per share
(price) over the period 1970 to 2000, earnings per share (EPS), cash flows per share
(CFS) and net asset values per share(NA V). All four are done in a time series format.
This study project forms part ofa larger research project of the Graduate School of
Business ofthe University of Stellenbosch (USB).
The data was extracted from the database of the USB and also from companies' financial
annual reports and/or directors' reports of the annual financial statements of each
company included in the research for the specified periods.
The aim of this study is to compare the calculated implicit cumulative factors used in
practice with the specific cumulative factor calculated/used by the USB. The !NET prices
were compared with the prices of the USB (after using the USB specific cumulative
factors). The study also compares the NAV published by companies with the NAV
obtained by the USB by dividing equity/weighted average number of shares duly adjusted
by the cumulative factor.
Companies with minor and major differences were observed but for the purpose of this
study only the examples of companies with major differences have been indicated and
properly documented. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie is om die kumulatiewe faktore wat deur die Nagraadse
Bestuurskool van die Universiteit van Stellenbosch ontwikkel is, te verifieer, wanneer
pryse per aandeel (prys) oor tydperk 1970 tot 2000, verdienste per aandeel, kontantvloei
per aandeel en netto batewaardes per aandeel bereken word. Al vier word in 'n
tydreeksformaat gedoen. Hierdie studieprojek vorm deel van 'n groter navorsingsprojek
van die Nagraadse Bestuurskool van die Universiteit van Stellenbosch (USB).
Die data is van die USB databasis verkry, asook van maatskappye se finansiële
jaarverslae en/of direkteure se verslae van die jaarlikse finansiële state van elke
maatskappy wat in die navorsing vir die spesifieke tydperke ingesluit is.
Die doelwit van hierdie studie is om die berekende implisiete kumulatiewe faktore wat
in die praktyk gebruik word met die spesifieke kumulatiewe faktore wat deur die USB
bereken/gebruik word, te vergelyk. Die !NET pryse is met die pryse van die USB
(nadat die USB spesifieke kumulatiewe faktore gebruik is) vergelyk. Die studie
vergelyk ook die netto batewaardes per aandeel wat deur die maatskappye gepubliseer is
met die netto batewaardes per aandeel wat deur die USB verkry is, deur die
aandeelhouersbelang/geweegde gemiddelde aantal aandele wat behoorlik aangepas is,
met die kumulatiewe faktore te deel.
Maatskappye met groter of kleiner verskille is waargeneem, maar vir die doel van
hierdie studie is slegs die voorbeelde van maatskappye met groter verskille aangedui en
behoorlik voorsien.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:sun/oai:scholar.sun.ac.za:10019.1/53712 |
| Date | January 2003 |
| Creators | Mpendu-Mningiswa, Nwabisa |
| Contributors | Hamman, W. D., Stellenbosch University. Faculty of Economic and Management Sciences. Graduate School of Business. |
| Publisher | Stellenbosch : Stellenbosch University |
| Source Sets | South African National ETD Portal |
| Language | en_ZA |
| Detected Language | Unknown |
| Type | Thesis |
| Format | 42 p. |
| Rights | Stellenbosch University |
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