Dissertations / Theses on the topic 'DCF'
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Kouba, Václav. "Ocenění konkrétního podniku metodou DCF Entity (nebo DCF Equity) a DCF APV a analýza případných rozdílů." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-82024.
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The master thesis evaluates the company ZVVZ GROUP. The main focus is to link the aspects connected with the yield valuation method DCF APV (Discounted Cash Flow Adjusted Present Value), since this method has many advantages, although rarely used in practice. The DCF Entity method is chosen for comparison. This method is used much more often, despite methodological imprecisions, which are usually omitted. To demonstrate the advantages of the DCF APV method, I have decided to evaluate a complicated company ZVVZ, a. s. which has been transformed into holding ZVVZ Group, a. s.
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Holloway, Russell. "Covert DCF - A DCF-Based Covert Timing Channel In 802.11 Networks." Digital Archive @ GSU, 2010. http://digitalarchive.gsu.edu/cs_theses/70.
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Covert channels are becoming more popular as security risks grow in networks. One area that is promising for covert channels is wireless networks, since many use a collision avoidance scheme such as carrier sense multiple access with collision avoidance (CSMA/CA). These schemes often introduce randomness in the network, which provides good cover for a covert timing channel. In this thesis, we use the 802.11 standard as an example to demonstrate a wireless covert channel. In particular, most 802.11 configurations use a distributed coordinated function (DCF) to assist in communications. This DCF uses a random backoff to avoid collisions, which provides the cover for our covert channel. Our timing channel provides great improvements on other recent covert channels in the field of throughput, while maintaining high accuracy. We are able to achieve throughput over 8000 bps using Covert DCF, or by accepting a throughput of 1800 bps we can achieve higher covertness and 99% accuracy as well.
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Strasser, Hans-Jürgen. "DCF-Bewertung von Versicherungsunternehmen /." Frankfurt, M. ; Berlin Bern Bruxelles New York, NY Oxford Wien : Lang, 2009. http://d-nb.info/996544119/04.
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Truchlý, Tomáš. "Ocenění podniku metodou DCF FCFE." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-2905.
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Diplomová práce se zabývá stanovením tržní hodnoty fiktivní společnosti MEDEX, a.s. pro potřebu majoritního akcionáře s použitím interních zdrojů informací. Ocenění je provedenou metodou DCF FCFE. Finančnímu plánu a následnému stanovení hodnoty akcií předchází finanční a strategická analýza, včetně analýzy makroprostředí.
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Boda, Markus, and Leo Johansson. "Bolagsskatten : Dess roll i DCF-värdering." Thesis, Stockholm University, School of Business, 2005. http://urn.kb.se/resolve?urn=urn:nbn:se:su:diva-6209.
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Syftet med denna undersökning är att se hur mycket företagen egentligen betalar i skatt, om den effektiva skatten skiljer sig från den nominella bolagsskatten på 28 % och hur detta kan påverka en DCF-värdering. Vidare studerar vi vilka faktorer som kan påverka storleken på den skattesats som används i företagsvärderingar samt drar slutsatser om vad som bör beaktas och om hur man kan kvantifiera dessa faktorer i en värderingsmodell. Vi har valt att studera hur mycket företagen betalar i skatt och vilken skattesats som analytikerna egentligen använder för att se om det föreligger någon diskrepans mellan dessa. Vi genomför även en undersökning för att se vad som ligger bakom analytikernas beslut till skattesats som används vid DCF-värdering. Vi ställer upp en hypotes om att analytiker använder den nominella bolagsskatten på 28 % när det genomför DCF-värderingar. Därefter jämför vi den nominella skattesatsen med eventuella skillnader som står att finna i empirin gällande den faktiska, justerade skattesatsen i en värderingsmodell. Slutsatsen vi kan dra av de analyser vi gjort är att vi inte kan finna något direkt stöd för att ett bolags skattesats är beroende av varken vilken bransch företaget opererar i eller bolagets storlek - definierat som dess börsvärde. Trots att vi har svårt att hitta några avgörande skillnader i skattebörda mellan olika branscher och storleksgrupper kan vi inte heller säga att en schablonskatt, baserad på nominell skattesats, är ett effektivt sätt att förutsäga kommande skattebetalningar. Även om de genomsnittliga skattesatserna pekar mot att den nominella skattesatsen kan fungera som en någorlunda god proxy åt den effektiva skattesatsen gör de stora skillnaderna företagen emellan att man rimligtvis måste ta en noggrannare titt på den situation som det för tillfället undersökta företaget befinner sig i. Det som ytterligare komplicerar situationen är att vi hos företagen i många fall inte kan se några direkta samband mellan skattesatserna från ett år till ett annat.
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Hlavatá, Eva. "Ocenění vybrané společnosti metodou DCF FCFF." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-5511.
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Landa, Alan. ""ocenění podniku Pražská plynárenská a.s.metodou DCF"." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-124948.
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Směták, Martin. "Ocenění podniku KOVOVÝROBA HOFFMANN, s.r.o. metodou DCF Entity a DCF APV se zaměřením na porovnání obou metod." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-205454.
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The master thesis aims to compare the DCF Entity method and the DCF APV method. In the practical part of the thesis, both of these methods are applied to evaluate the company KOVOVÝROBA HOFFMANN, s.r.o. When applied correctly and using the same input data, DCF Entity as well as DCF APV results are supposed to equal. However, both methods dispose of its pros and cons. Despite its imperfections, the DCF Entity method is commonly used in practise, whereas the DCF APV method lacks of interest. This thesis, however, points out that the DCF APV could be not merely an equal alternative to the DCF Entity method, but could also avoid some of its imperfections or give extra information compared to the DCF Entity method. As a consequence, we can expect increasing importance of the DCF APV method.
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Varholová, Slávka. "Ocenenie konkrétneho podniku metódou DCF Entity a EVA." Master's thesis, Vysoká škola ekonomická v Praze, 2006. http://www.nusl.cz/ntk/nusl-169.
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V práci sa sústerím na strategickú analýzu (vymedzenie relevantného trhu, analýzu vonkajšieho a vnútorného potenciálu podniku a jeho konkurenčnú silu); finančnú analýzu podniku, pomerové ukazovatele vrátane EVA; generátory hodnoty a finančý plán. Vlastné ocenenie podniku výnosovými metódami DCF Entity a EVA; výpočet pokračujúcej hodnoty pomocou Gordonovho a parametrického vzorca; výpočet priemerných vážených nákladov na kapiál. Porovnanie oboch metód, ich výhody a nevýhody.
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Dvořák, Antonín. "Principles and Pitfalls of Terminal Value in DCF." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-2211.
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The thesis deals with the topic of terminal value assessment in DCF models. Examining ten different techniques, the parameters behind, and the possible perils, its aim is to formulate the best practice for terminal value estimation. Afterwards, eleven of real business valuations are analyzed with the previously formulated best practice serving as a benchmark. Where possible, the impact of departures from the best practice on the estimated business value is quantified. The analysis confirms the hypothesis that practical terminal value assessments often diverge substantially from the best practice, which has a material impact on the resulting business value estimate.
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Alkadeki, H. H. Z. "Performance modeling and enhancement for IEEE 802.11 DCF." Thesis, Coventry University, 2015. http://curve.coventry.ac.uk/open/items/0e5c2b52-5932-4cf5-8a3d-f76aedaa5e94/1.
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The most important standard in wireless local area networks (WLANs) is IEEE 802.11. For this reason, much of the research work for the enhancement of WLANs is generally based on the behaviour of the IEEE 802.11 standard. This standard is divided into several layers. One of the important layers is the medium access control (MAC) layer. It plays an important role in accessing the transmission medium and data transmission of wireless stations. However, it still presents many challenges related to the performance metrics of quality of service (QoS), such as system throughput and access delay. Modelling and performance analysis of the MAC layer are also extremely important. Thus, the performance modelling and analysis have become very important in the design and enhancement of wireless networks. Therefore, this research work is devoted to evaluate and enhance the performance modelling of IEEE 802.11 MAC-distributed coordination function (DCF), which can lead to the improvement of the performance metrics of QoS. In order to more accurately evaluate the system performance for IEEE 802.11 DCF, a new analytical model to compute a packet transmission probability for IEEE 802.11 DCF has been proposed based on difference probabilities in transmission mechanism. The performance saturated throughput is then evaluated with the proposed analytical model. In addition, a new analytical model for estimating the MAC layer packet delay distribution of IEEE 802.11 DCF is also proposed. The performance results highlight the importance of considering the different probabilities between events in transmission mechanism for an accurate performance evaluation model of IEEE 802.11 DCF in terms of throughput and delay. To enhance the effectiveness of IEEE 802.11 DCF, a new dynamic control backoff time algorithm to enhance both the delay and throughput performances of the IEEE 802.11 DCF is proposed. This algorithm considers the distinction between high and low traffic loads in order to deal with unsaturated traffic load conditions. In particular, the equilibrium point analysis (EPA) model is used to represent the algorithm under various traffic load conditions. Results of extensive simulation experiments illustrate that the proposed algorithm yields better performance throughput and a better average transmission packet delay than related algorithms.
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Symington, Andrew. "A Hardware Testbed for Measuring IEEE 802.11g DCF Performance." Thesis, University of Cape Town, 2009. http://pubs.cs.uct.ac.za/archive/00000605/.
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The Distributed Coordination Function (DCF) is the oldest and most widely-used IEEE 802.11 contention-based channel access control protocol. DCF adds a significant amount of overhead in the form of preambles, frame headers, randomised binary exponential back-off and inter-frame spaces. Having accurate and verified performance models for DCF is thus integral to understanding the performance of IEEE 802.11 as a whole. In this document DCF performance is measured subject to two different workload models using an IEEE 802.11g test bed.
Bianchi proposed the first accurate analytic model for measuring the performance of DCF. The model calculates normalised aggregate throughput as a function of the number of stations contending for channel access. The model also makes a number of assumptions about the system, including saturation conditions (all stations have a fixed-length packet to send at all times), full-connectivity between stations, constant collision probability and perfect channel conditions. Many authors have extended Bianchi's machine model to correct certain inconsistencies with the standard, while very few have considered alternative workload models. Owing to the complexities associated with prototyping, most models are verified against simulations and not experimentally using a test bed.
In addition to a saturation model we considered a more realistic workload model representing wireless Internet traffic. Producing a stochastic model for such a workload was a challenging task, as usage patterns change significantly between users and over time. We implemented and compared two Markov Arrival Processes (MAPs) for packet arrivals at each client - a Discrete-time Batch Markovian Arrival Process (D-BMAP) and a modified Hierarchical Markov Modulated Poisson Process (H-MMPP). Both models had parameters drawn from the same wireless trace data. It was found that, while the latter model exhibits better Long Range Dependency at the network level, the former represented traces more accurately at the client-level, which made it more appropriate for the test bed experiments.
A nine station IEEE 802.11 test bed was constructed to measure the real world performance of the DCF protocol experimentally. The stations used IEEE 802.11g cards based on the Atheros AR5212 chipset and ran a custom Linux distribution. The test bed was moved to a remote location where there was no measured risk of interference from neighbouring radio transmitters in the same band. The DCF machine model was fixed and normalised aggregate throughput was measured for one through to eight contending stations, subject to (i) saturation with fixed packet length equal to 1000 bytes, and (ii) the D-BMAP workload model for wireless Internet traffic. Control messages were forwarded on a separate wired backbone network so that they did not interfere with the experiments.
Analytic solver software was written to calculate numerical solutions for thee popular analytic models for DCF and compared the solutions to the saturation test bed experiments. Although the normalised aggregate throughput trends were the same, it was found that as the number of contending stations increases, so the measured aggregate DCF performance diverged from all three analytic model's predictions; for every station added to the network normalised aggregate throughput was measured lower than analytically predicted. We conclude that some property of the test bed was not captured by the simulation software used to verify the analytic models.
The D-BMAP experiments yielded a significantly lower normalised aggregate throughput than the saturation experiments, which is a clear result of channel underutilisation. Although this is a simple result, it highlights the importance of the traffic model on network performance. Normalised aggregate throughput appeared to scale more linearly when compared to the RTS/CTS access mechanism, but no firm conclusion could be drawn at 95% confidence. We conclude further that, although normalised aggregate throughput is appropriate for describing overall channel utilisation in the steady state, jitter, response time and error rate are more important performance metrics in the case of bursty traffic.
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Greyling, Neville. "An investigation into PCF-DCF behaviour of 802.11b networks." Thesis, Stellenbosch : University of Stellenbosch, 2010. http://hdl.handle.net/10019.1/4118.
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Thesis (MScEng (Electrical and Electronic Engineering))--University of Stellenbosch, 2010.ENGLISH ABSTRACT: In recent years the demand for bandwidth has dramatically increased because of new applications for data and multimedia, and wireless technology has prevailed as a prominent technology for data connectivity, especially for home, office and last mile services. As wireless communications are dependant upon spectrum availability, which is communal, this scarce commodity in communication has to be used as efficiently as possible. Some aspects of this requirement are addressed in this project. We chose the IEEE 802.11b standard for this particular investigation because of its widespread use, the vast amount of applicable literature, the variety of software simulation tools and the ease with which equipment can be obtained. The IEEE 802.11 standard specified the Point Coordination Function as the de- terministic protocol. Recently research into this aspect has stagnated, and it was the purpose of this project to investigate how existing infrastructure networks could be improved by optimising some modes of the 802.11 protocol. The investigation also hoped to determine when to change between Distributed Coordination Function (DCF) and Point Coordination Function (PCF), and to provide an adaptive protocol to do so. This thesis presents mathematical models for the operation of DCF and PCF modes, which is compared with results from a network simulator (ns2), for theoretical veri- fication. A protocol is also proposed to dynamically switch between DCF and PCF, to harness the advantages they present.
AFRIKAANSE OPSOMMING: Die afgelope paar jaar het die aanvraag na bandwydte dramaties verhoog as gevolg van nuwe toepassings vir data en multimedia, en draadlose tegnologie het voorgekom as ’n dominante tegnologie vir data konnektiwiteit, veral vir die huis, kantoor en laaste myl dienste. Omdat draadlose kommunikasie afhanklik is van spektrum beskikbaarheid, wat gemeenskaplik is, moet hierdie skaars kommoditeit in kommunikasie so effektief moontlik gebruik word. Sekere aspekte van die vereiste sal in die tesis ondersoek word. Dit is besluit om die IEEE 802.11b standard vir die spesifieke ondersoek te gebruik as gevolg van die wye toepassing, die groot hoeveelheid beskikbare literatuur, die verskeidenheid simulasie sagteware en die gemak waarmee die toerusting bekom kan word. Die IEEE 802.11 standaard spesifiseer the Punt Koordinasie Funksie (PCF) as die deterministiese protokol vir die betrokke standaard. Onlangs het navorsing oor hierdie aspek gestagneer, en dit is die doel van die projek om te ondersoek hoe bestaande infrastruktuur netwerke moontlik verbeter kan word deur optimering van sekere modusse van die 802.11 protokol. Die ondersoek hoop ook om te bepaal wanneer die oorgang van die Distrubusie Koordinasie Funksie (DCF) en Punt Ko- ordinasie Funksie sal plaasvind, en om ’n dienooreenstemmende protokol te on- twikkel. Die tesis verskaf wiskundige modelle vir die werking van die DCF en PCF modusse, wat vergelyk word met resultate uit ’n netwerk simulator (ns2), vir teoretiese ver- ifikasie. ’n Protokol word ook voorgestel om dinamies te wissel tussen DCF and PCF, om die voordele wat die protokolle verskaf te gebruik.
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Ryšánek, Štěpán. "Ocenění podniku Metrostav a.s. metodou DCF Equity a EVA Equity." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-192019.
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The aim of this thesis is to determine the market value of the company Metrostav a.s. as of 31th December 2011. The author uses discounted cash flow method DCF Equity and the method EVA Equity to achieve this value. The work is divided into four major parts - financial and strategic analysis, generators of the value and valuation of the company. In the first two parts the company's position in the construction market in the Czech Republic is defined. The author also sets the development of the whole market and potential future position in the market. Assuming the going concern the generators are perform and subsequently the value of the firm is determined.
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Klečka, Ondřej. "Moderní přístupy k DCF modelu v komparaci s přístupy klasickými." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-197410.
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Diploma thesis covers the topic about different attitudes to DCF valuation. The first part is an introduction into CAPM theory and a multifactor French-Fama model. This part also indicates different views on financial assets and analyzes an issue of setting discount rates, especially the risk-free rate and equity risk premium. The second part of this paper applies the theory into valuation of Microsoft, GAP and Telefónica O2. There are elaborated forecasts of the financial statements and free cash flows (FCFCE, FCFU), the discount rate composition and analyses of the factors HML and SMB. At the end, there are performed various valuations, which results are discussed together with a development of real market prices.
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Zlatník, Lukáš. "Stanovení hodnoty podniku ŠKODA VAGONKA, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15658.
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The goal of the diploma thesis is value setting of the company with a use of standard methods of evaluation like financial and strategic analysis, analysis of value generators, financial plan and selected method of evaluation. This thesis is divided into two parts - theoretic and apliccation part. The wanted value of the company is subjective value, it means value for the individual.
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Kivader, Dušan. "Oceňovanie Vodafone a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-85774.
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Main task of my Master's thesis is to figure out the value of business entity using well known methods of pricing of the company. I've choosed to specify the value of the Czech company Vodafone a.s., which is member of the Vodafone group. This valuation is prepared for the case that the company would be sold in January 2012 to the potentional investor. There are two ways of figuring out the weighted average costs of capital that are used in my thesis. There is also discussion about using the country risk premium when specifying the costs of capital using CAPM model. After macroeconomic analysis, field analysis, and financial analysis, there is made a financial plan. There are used discounted methods of valuing the company such as Free cash flow to the firm (DCF FCFF), Economic value added (DCF EVA) and also Accounting method.
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Kopecký, Pavel. "Ocenění společnosti Kofola, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-149849.
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The master thesis Valuation of the company Kofola a.s. is divided into two main parts. The first part deals with the basic theoretical fundaments of business valuation. The basic terms of business valuation, purposes of valuation and its process is described within this part. The practical part aims to finding Kofola a.s. market value The strategic analysis, the financial analysis and the analysis of value generators which enabled the creation of financial plan contributed towards the finding of market value. The final income valuation is created by the DCF entity method.
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Dinstuhl, Volkmar. "Konzernbezogene Unternehmensbewertung : DCF-orientierte Konzern- und Segmentbewertung unter Berücksichtigung der Besteuerung /." Wiesbaden : Dt. Univ.-Verl, 2003. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=010456960&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.
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Santos, Duarte Pereira Cacho Gonçalves. "Avaliação financeira da ALTRI SGPS, S.A." Master's thesis, Universidade de Évora, 2021. http://hdl.handle.net/10174/29811.
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O presente trabalho tem como objetivo central a avaliação financeira da empresa ALTRI SGPS, S.A. Para proceder a esta avaliação foi, em primeiro lugar, necessário realizar uma revisão da literatura do tema, de forma a conhecer os diferentes métodos utilizados na avaliação de empresas. Foi realizada uma análise da situação económico-financeira da empresa nos últimos anos, e foram ainda analisadas as características da empresa e das suas atividades. Selecionou-se de entre os métodos conhecidos aqueles que mais se adequam às características da empresa. Realizaram-se previsões relativas às variáveis económico-financeiras chave da ALTRI, e aplicaram-se os métodos selecionados, cujos resultados indicam que as ações da empresa se encontravam subavaliadas no final de 2019. Os resultados obtidos foram sujeitos a duas análises de sensibilidades, que serviram para reforçar a conclusão anterior. Por fim foi efetuada uma avaliação relativa, em que apenas um de três métodos veio reforçar a mesma conclusão; Valuation of ALTRI SGPS, S.A.
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The main objective of this work is the valuation of the company ALTRI SGPS, S.A. It was first necessary to conduct a literature review on the subject, in order to understand the different methods used in company valuation. An analysis of the company's financial situation in recent years was carried out, and the characteristics of the company and its activities were also analyzed. It was selected from the pool of known methods those that best suit the characteristics of the company. Forecasts were made regarding the key economic and financial variables of ALTRI, and the selected valuation methods were applied, the results of which indicate that the company's shares were undervalued at the end of 2019. These results were subject to two sensitivity analysis, which served to reinforce the previous conclusion. Finally, a relative valuation was carried out, and only one of the three applied methods reinforced the previous conclusion.
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Nemasta, Lukáš. "Stanovení hodnoty podniku Primátor, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-150200.
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This diploma thesis deals with the valuation of the brewery Primátor as at the 1st January 2010. This company was sold to the company LIF, a.s. by the former owner, city of Náchod in the spring 2009 as a company with low rentability and with financial problems caused by inefficient projects of the city, which were realized by the brewery and which weren't connected with the core business of the company, with the brewing. The main purpose of this work is to find the value of brewery after one year production connected wholly with the brewing under the new owner without the financial burden of the city. The value will be compared with the price realized during the transaction of sale. The reason of the comparison is to evaluate the adequacy of this price payed for the brewery.
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Wiesner, Jiří. "Ocenění pivovaru Krakonoš spol. s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-206055.
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The aim of this thesis is valuation of the brewery Krakonoš spol. s r.o. to the 31st December 2014. The thesis consists of four parts. First part is devoted to the theoretical introduction to the business valuation and performance of the Krakonoš spol. s r.o. Next parts focuse on financial, strategic analysis, financial plan, including generators of value, and business valuation of the Krakonoš spol. s r.o. As the main valuation method was used DCF Equity, like one of the yield methods
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Janhuba, Jan. "Ocenění rodinné firmy Tank ONO, s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264041.
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The aim of this thesis is to evaluate the company Tank ONO Ltd. independent buyer for the date 31. 12. 2014. The work consists of a theoretical part, which provides the theoretical bases to the process of valuation and the practical part. The practical part shows the practical application of theoretical knowledge to a specific company and is made up of strategic and financial analysis, followed by generators of values and financial plan. In conclusion, the valuation of the company itself, for which it has been used as the main method DCF Equity and additionally capitalized earnings method.
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Gonçalves, Paulo Alexandre Ferreira. "Indexação do EV/EBITDA à recompra : informação fiável nos investimentos das SCR." Master's thesis, Instituto Superior de Economia e Gestão, 2009. http://hdl.handle.net/10400.5/1844.
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Mestrado em Ciências EmpresariaisNem todos os projectos se sustentam em elevados padrões de qualidade, pela simples razão que nem todos são viáveis; torna-se então crucial distingui-los. A indexação do múltiplo EV/EBITDA, aferido no momento do investimento, ao preço de recompra da empresa, fomenta a prestação de informação fiável e mais valorizada, quer pelo promotor, quer pelo investidor. Ainda que a sua aplicabilidade seja limitada a investimentos em empresas já constituídas, este modelo de indexação poderá ser bem sucedido na definição de valores justos de venda e de recompra de empresas não cotadas: se o valor de recompra da empresa estiver de alguma forma vinculado à informação prestada no momento da venda, então esta será mais fiável.
Not all projects are supported by high quality standards, for the simple reason that not all projects are sustainable; therefore, it is crucial to differentiate them. The indexing of multiple EV/EBITDA, measured at the time of investment, to the buy-back price (or repurchase price) of a company, would provide reliable and valuable information, both by the promoter and the investor. Even though its applicability is restricted to investments in already existing companies, this model could be used successfully in the definition of the fair value of unquoted companies: if the repurchase value of a company is somehow linked to the information reported at the time of sale, then that information will be more reliable.
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Frenglová, Věra. "Ocenění společnosti Hügli Food,s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-15948.
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The thesis is concerning valuation of Hügli Food, s. r. o., which is company operating in food processing industry. Thesis content four parts - strategic and financial analysis, generators of value and valuation itself. The aim of finacial analysis is to qualify acting of business in areas of profitability, stability, liquidity and viability. Strategic analysis leads to identification and examination of strengths and weaknesses. Final part of thesis is dedicated to valuation itself. Valuation methods were combination of DCF APV and exit multiple and market comparison.
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Budilová, Veronika. "Oceňování podniku metodou diskontovaných peněžních toků." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-149835.
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The goal of my thesis is to evaluate a spedition and logistics company called Rhenus Freight Logistics s.r.o. The valuation date is 30.11.2012. For this purpose a DCF method will be used. The DCF valuation approach is based upon the theory that the value of a business is the sum of its expected future free cash flows, discounted at an appropriate rate to present value. The thesis is structured into two parts. The theoretical part describes the method itself, while in the practical part the method is applied. The application includes strategic analysis, financial analysis, prognosis of value drivers, financial plan and final valuation.
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Cardwell, Katharine Jean Zoglauer. "Equity research - Redes Energéticas Nacionais SGPS S.A. : examining DCF valuation model invariance." Master's thesis, Instituto Superior de Economia e Gestão, 2018. http://hdl.handle.net/10400.5/16520.
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Mestrado em FinançasEste projeto contém uma análise financeira abrangente das Redes Energéticas Nacionais S.G.P.S, S.A (REN). Foi desenvolvido de acordo com os padrões do projeto final do Mestrado em Finanças do ISEG e escrito de acordo com as diretrizes do CFA Institute Research Challenge. A empresa em causa foi definida pela CFA Society Portugal, que a selecionou de entre as empresas que integram o Índice PSI20. A REN é o único operador e gestor em Portugal da infraestrutura de transmissão terrestres do Sistema Eléctrico Nacional e do Sistema Nacional de Gás Natural. Uma abordagem de soma total das partes (SoP) foi usada para atingir uma recomendação de compra com uma preço alvo de € 2,78 / ação para o final de 2018, implicando um potencial de valorização de +15% sobre a cotação de € 2,43 / ação em 9 de fevereiro. A avaliação principal é complementada com uma análise de robustez sobre a SoP, através da construção de um modelo de valor residual (também conhecido como lucro anormal) para avaliar as ações. O resultado geral confirma as estimativas de preço iniciais, no entanto, é analisado em mais detalhe um pressuposto relevante sobre o rácio price-to-book de longo prazo na avaliação da REN, uma vez que considera-se que este pressuposto causa uma grande variação no preço alvo. As informações utilizadas ao longo deste relatório estavam disponíveis publicamente à data de 9 de fevereiro de 2018, portanto, qualquer informação ou eventos subsequentes não foram considerados.
This project contains a comprehensive financial analysis of Redes Energéticas Nacionais S.G.P.S, S.A (REN). It was conducted in accordance with ISEG´s Master in Finance final work project standards and written following the CFA Institute Research Challenge guidelines. The subject company was assigned by CFA Society Portugal who selected it from the Portuguese PSI20 Index. REN is Portugal's sole operator and manager of the National Electric System's mainland transport infrastructure and the National Natural Gas System. A sum-of-the-parts (SoP) FCFF approach was used to reach a BUY recommendation with a 2018YE price target of €2.76/sh, implying a +15% upside potential from the February 9th closing price of €2.43/sh. The original research is extended in the current work to consider the robustness of the SoP valuation by constructing a residual income (also known as abnormal earnings) model to value the shares. The result overall confirms the original price targets, however a strong assumption regarding the long-term price-to-book ratio of REN's valuation is investigated and found to cause large variation in the resulting price targets. The information used throughout this report was publicly available as of February 9, 2018, thus any information or subsequent events have not been considered.
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Novák, Viktor Bc. "Určení tržní hodnoty podniku IVAX Pharmaceuticals, s.r.o. metodou DCF, ve variantě FCFF." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-2109.
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V dnešní době globalizace se jednotlivé trhy, které byly dříve oddělené, postupně propojujijí a vzniká tak dynamické prostředí, kde se změny odehrávájí relativně rychle. Dochází ke stále větší koncentraci kapitálu, jehož prostřednictvím se odehrávájí různé obchodní transakce. Mezi takové transakce patří například nákup a prodej podniku, fůze, akvizice a mnohé další. A právě v této souvislosti se ukazuje velký význam teorie oceňování podniku
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Novák, Viktor. "Určení tržní hodnoty podniku IVAX Pharmaceuticals, s.r.o. metodou DCF, ve variantě FCFF." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-13749.
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V dnešní době globalizace se jednotlivé trhy, které byly dříve oddělené, postupně propojujijí a vzniká tak dynamické prostředí, kde se změny odehrávájí relativně rychle. Dochází ke stále větší koncentraci kapitálu, jehož prostřednictvím se odehrávájí různé obchodní transakce. Mezi takové transakce patří například nákup a prodej podniku, fůze, akvizice a mnohé další. A právě v této souvislosti se ukazuje velký význam teorie oceňování podniku
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Altebro, Kristina, and Rima Esmailiyan. "Företagsvärdering : En studie av två värderingsmodeller och deras harmonisering med noterade börsvärden." Thesis, Södertörns högskola, Institutionen för ekonomi och företagande, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-9530.
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Ett företags värde kan vara av yttersta vikt i en mängd situationer och många är de (aktieägare, myndigheter, analytiker, investerare m.fl.) som kan vara i behov av den informationen. Företagsvärdering är ett ständigt aktuellt ämne och aktieanalytiker värderar löpande börsföretagen för att identifiera övervärderade eller undervärderade aktier. Syftet med studien är att undersöka och jämföra resultatet i form av företagsvärdet från de analyserade värderingsmodellerna och det noterade börsvärdet. Den teoretiska referensramen har sin utgångspunkt i två grundval: utifrån framtida avkastning samt utifrån värdet på tillgångar och skulder. Dessa två teorier brukar benämnas avkastnings- respektive substansvärdering. Studien bygger på den kvantitativa metoden och beräkningarna har genomförts med hjälp av numeriska data i form av extern information från de utvalda företagens årsredovisningar. Uppsatsen präglas av ett deduktivt synsätt, teorier och modeller testades mot det empiriska underlaget. Resultaten från värderingen, framtagna med avkastningsvärdering, skiljer sig kraftigt i jämförelse med de för företagen noterade börsvärdena. Samma mönster återfinns när det gäller substansvärderingen, där de resultat som framkommit visar på stora skillnader med börsvärdena. Vid en värdering måste ta hänsyn tas till en mängd olika omständigheter så som vilken typ av tillgångar företaget har, dess skulder och kapitalstruktur. Eller är det kanske så att företaget ska avvecklas och tillgångarna säljas? Skillnaderna i värdering uppstår inte bara på grund av att modellerna värdesätter faktorerna olika, skillnaderna kan även härledas till vem som genomför värderingen. Det krävs en gedigen kunskap om både företaget i sig samt den marknad som företaget verkar på.A company's value can be of utmost importance in a variety of situations and many are those (shareholders, government agencies, analysts, investors and others) who may be in need of the information. Business Valuation is a perennially topical subject and stock analyzers evaluate current listed companies to identify overvalued or undervalued stocks. The purpose of this study is to investigate and compare the results in terms of business value from the analyzed valuation models and the quoted market value. The theoretical framework is based on two bases: Based on future performance and the value of assets and liabilities. These two theories are usually called yield and net asset valuation. This study is based on the quantitative method. Calculations were made by using the numeric data in terms of external information from the selected company’s financial statements. This essay is characterized by a deductive approach, theories and models were tested against the empirical basis. The result of the evaluation, developed with yield valuation, differs sharply in comparison with those of the company’s listed stock prices. Same pattern is found in the net asset value, where an obtained result shows large differences in market capitalizations. One must take into account a variety of factors such as the nature of the assets of the company, its liabilities and capital structure. Or is it so that the company settled and assets can be sold? The difference in valuation arises not only because the models value the factors in different ways, the differences can also be traced to who carries out the valuation. It requires a solid understanding of both the company itself and the market in which it operates.
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Przeczek, Tomáš. "Ocenění společnosti Orco Property Group S. A." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-71944.
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The objctive of this thesis was AN assessment of the value of the Orco Property Group Company. It required making out a strategic analysis, financial analysis and working out a financial plan. For the actual valuing I decided to choose the DCF Equity method.
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Albrecht, Tomáš. "Ocenění vybrané obchodní společnosti." Master's thesis, Vysoká škola ekonomická v Praze, 2017. http://www.nusl.cz/ntk/nusl-359186.
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The aim of the Master´s Thesis Valuation of FOXCONN CZ s.r.o. is to determine the objectified value of the company FOXCONN CZ s.r.o. as at 31. 12. 2015 from the perspective of an external analyst. The Master´s Thesis is divided into two main parts. The theoretical-methodological part describes the procedure of calculation single methods leading to the final valuation of the company. The emphasis is mainly on description of valuation, strategic analysis, financial analysis, planning of value generators, financial plan and the individual valuation approaches. The practical part is based on the application of particular procedures and calculations, described in the theoretical part. Results of every single chapter are properly commented using relevant information and other facts. The conclusion contents the summary of gained results leading to the determination of final value of the company. Method of free cash flows to equity (FCFE) was used for valuation.
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Amorim, Henrique Carvalho Alves de. "Equity Research - REN-Redes Energéticas Nacionais, S.G.P.S., S.A." Master's thesis, Instituto Superior de Economia e Gestão, 2016. http://hdl.handle.net/10400.5/13143.
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Mestrado em FinançasEste estudo contém a avaliação e a respetiva estimativa do valor intrínseco da ação da REN para 04/01/2016. O nosso Relatório de Avaliação é uma continuação do processo de implementação de um novo formato de apresentação para este tipo de projeto, agregando as regras e estilo do Trabalho Final do Programa de Mestrado do ISEG e as recomendações do CFA Institute (Pinto, Henry, Robison, and Stowe, 2010). A escolha da REN provém do meu interesse pessoal no setor energético e do seu complexo sistema, desde da produção ao consumidor final, sendo que a REN encontra-se a meio termo deste trajeto, através do transporte de eletricidade e gás natural. O preço-alvo foi alcançado usando o método mais apropriado em termos de avaliação absoluta, o método dos Fluxos de Caixa Descontados (DCF). Com um preço-alvo de 3.10€ e um potencial de valorização de 9.83% em relação ao preço da ação em 04/01/2016 (2.82€), a recomendação final para a REN é Neutro.
This study contains the valuation and the respective estimation of REN´s intrinsic share value for 04/01/2016. Our Equity Research is a continuation of the implementation process of a new presentation format for this kind of project, combining the rules and style of ISEG´s Master Final Project and the CFA Institute (Pinto, Henry, Robison, and Stowe, 2010) recommendations. REN's choice comes from my personal interest in the energy sector and from its complex system, from production to the final consumer, being that REN is in the mid-term of this path, through the transportation of electricity and natural gas. The price target was reached by using the most appropriate method in terms of absolute valuation, the Discounted Cash Flow (DCF) Approach. With a price target of 3.10€ and an upside potential of 9.83% relatively to the share price at 04/01/2016 (2.82€), the final recommendation for REN stands for Neutral.
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Rudolfová, Lucie. "Ocenění podniku společnosti Mubea spol.s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-76491.
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The target of this diploma thesis is to determine a value of company Mubea, spol s r.o. headquartered in Zebrak. The company is a member of transnational group Muhr und Bender KG, while its legal owner is a holding company of this group Mubea Engineering AG. Mubea, spol. s r.o. is evaluated for the purposes of its legal owner and therefore it is going on investment value as of 1.1.2009 which should reflect the main investments planned for 2011. The final valuation is based on two methods: yield method of discounted cash flows to entity and market comparison of industrial multipliers. This thesis consists of five main parts besides the final valuation. After the introduction of the company follow strategic and finantial analysis, which estimate the possibility of going concern, analysis and forecast of value drivers and finantial plan.
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Mejsnar, David. "Ocenění společnosti Stavební firma s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-74997.
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The objective of this diploma thesis is the evaluation of a small construction company according to two different methods and consequent assessment of the values obtained by using these methods. The evaluation was requested by the shareholders of the company to assess current situation of the company and to research and sum up potential future opprotunities. The results of this thesis should serve as a basis for company's strategic decision making. First part of the thesis focuses on methodologic aspects of evaluation. The second part is devoted to the application of defined methods and processes on the real construction company. The enterprise was evaluated by discounted cash flows method and by liquidation value method. In conclusion of this thesis, both methods are compared and possible mesasures are proposed to the shareholders.
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Vinohradská, Veronika. "Ocenění podniku AGF Logistics, s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2015. http://www.nusl.cz/ntk/nusl-264464.
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The purpose of this thesis is the valuation of AGF Logistics, Ltd. The diploma thesis consists of financial analysis for the years 2011 to 2015, from the strategic analysis, financial plan drawn up for the years 2016 to 2020 and valuation of the company. Company valuation is done based on the DCF entity method using other supporting methods.
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Abaris, Nedas, and Firass Sjönoce. "Investors and valuers: Similarities and differences from a behavioural perspective." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-146892.
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This thesis is an explorative analysis of the commercial real estate actors. The behavioral theory has revealed many flaws in the neo classical assumptions. This includes models of rationality and prescribed behaviors. Research suggests both appraisers and investor act in ways that can be seen as irrational. Appraisers amongst other things anchor to figures that are not part of the valuation theory and investor invest on bases that are not fundamentally sound. Both also exhibit biases, such as confirmation bias and loss aversion. If valuation does not reflect the way market participants behave then they fail to give us a correct market value. We use interviews to try and understand how appraisers try to reflect the market and to understand how investors and other market actors value properties by comparing their use of the DCF-method. Our results suggest that there are many technical differences between how methods are used by different actors and that appraisers have a too close connection with the market actors.
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Turková, Kateřina. "Ocenění společnosti Pivovary Staropramen a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2007. http://www.nusl.cz/ntk/nusl-1074.
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Cílem diplomové práce je zjištění tržní hodnoty společnosti Pivovary Staropramen a.s. k 1. 1. 2006. V první části ocenění jsou uvedeny základní informace o společnosti, její minulost a současnost. Druhá část se týká finanční analýzy společnosti, pomocí které je posouzeno její finanční zdraví. Další část se zabývá strategickou analýzou, jejíž výsledkem je prognóza tržeb společnosti. Cílem čtvrté části ocenění je analýza a prognóza generátorů hodnoty a sestavení finančního plánu. Výsledkem diplomové práce je ocenění společnosti provedené metodou DCF entity. Pro porovnání je rovněž vypočtena amortizační hodnota, která tvoří dolní mez ocenění.
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Šmahlíková, Petra. "Ocenění podniku Central Group a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-3356.
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Cílem diplomové práce je zjištění tržní hodnoty společnosti Central Group a.s. k 1. 1. 2007. V první části je uveden stručný profil společnosti. Druhá část se věnuje strategické analýze. Jejím výsledkem je prognóza tržeb společnosti. Další část se týká finanční analýzy společnosti, která slouží k zhodnocení finančního zdraví. Cílem čtvrté části je analýza a prognóza generátorů hodnoty a sestavení finančního plánu. Poslední část se věnuje samotnému ocenění společnosti metodou DCF Equity. Jako alternativní metoda je použita metoda tržního porovnání.
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Poddaný, Martin. "Oceňování nemovitostí - tržní hodnota vs. administrativní cena." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15485.
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In the theoretical part of the work, firstly, the basic concepts of the property valuation are defined and there are also described the primary basis information types for valuation. Furthermore, this part describes the system of property valuation in the Czech Republic and abroad. The theoretical part is concluded with the retrieval of the main valuers umbrella organization. The analytical part deals with market and administrative valuation of an apartment building in Prague. The thesis is focused to the issue of "regulated" rents in the property valuation process and proposes its own market valuation method concept. Finally the author points out the main differences between the market and administrative system of property valuation.
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Pagáč, Martin. "Ocenění podniku Okna Rabien." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-16729.
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The aim of the thesis is to establish the value of company Okna Rabien for its current shareholders. Okna Rabien is a manufacturing company active in the field of plastic windows and doors production. The thesis is divided into two parts. The first part summarises the key valuation theory concepts. The second applies chosen valuation techniques on the case of Okna Rabien. It contains strategic and financial analysis, value drivers part, financial plan and the final valuation. The value of the company was established by Discounted Cash Flow to the Firm method.
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Morawiec, Jan. "Oceňování firmy." Master's thesis, Vysoká škola ekonomická v Praze, 2010. http://www.nusl.cz/ntk/nusl-75715.
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The diploma thesis deals with setting of market value of the company Budejovicky Budvar as of 31. December 2009. The theoretical part of this thesis describes risks and difficulties that can be encountered by each professional valuator while evaluating a particular business. Practical part of the thesis consists of strategic analysis, which focuses on assessing and estimating of the target's market. Financial analysis covers financial position of the company and leads in analysis of the value generators and compilation of a financial plan. The actual valuation is based on discounted cash-flows attributable to the shareholders. The business valuation also estimates the value of the brand.
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Gergelyová, Jana. "Ocenenie spoločnosti SYNER, s. r. o." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-192742.
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The subject of this thesis is to analyze the financial health of the company Syner, and determine the market value of the company based on publicly available information. The value of the company should provide important information for owners, whether access to the proposed takeover of foreign investors or reject the offer. The theoretical part of the thesis describes the processes and methodology of valuation, then in the practical part is introduction of company, financial and strategic analysis and valuation of the company itself.
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Pivoňková, Lucie. "Ocenění podniku společnosti BOVA Březnice, spol. s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-264135.
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This Diploma thesis "Evaluation of BOVA Březnice, spol. s r.o." is formed as an expert opinion. The goal of this thesis is to find investment value for the needs of owners to the date 1. 1. 2014. Valuation of company is compiled mostly from internal available data. As a main valuation method was used DFC entity. The thesis consists of complex strategic analysis, the financial analysis, value drivers, financial plan and a final valuation.
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Dai, Zijian. "The Business Mode of Cmmercial Education Centers : Factors that Potential Customers Care about and Profitability of a Real Project." Thesis, KTH, Fastigheter och byggande, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-298261.
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Commercial education center is a new business mode that has just appeared in Chinese real estate market in recent years. It is directly derived from the business mode of shopping malls. While the shopping mall gathers a variety of service facilities and retail stores in a building or area and provides consumers with comprehensive services, the commercial education center gathers for-profit education institutions to provide customers with centralized education services. Because this business mode is quite new in Chinese real estate market, there are very few relevant researches. Real estate developers need to understand potential customers’ concern for the commercial education centers to improve their satisfaction, and they also need conclusions about the profitability of this business mode. This thesis carried out unstructured interviews on six families and four institution educators with different conditions, investigated their concerns about commercial education centers and summarized their opinions into 15 factors. A questionnaire is designed based on these factors and crucial factors in previous researches that affects customers' satisfaction for shopping malls. Then the questionnaire survey is conducted in a larger scope (369 respondents). Finally, with the help of a local real estate company, DCF analysis is conducted on a real commercial education center project. Three scenarios including most likely, optimistic and pessimistic are considered during this process. The results of unstructured interviews reveal factors that affects customers' satisfaction for the commercial education centers. The Results of the questionnaire survey shows the order of importance of these factors. According to the DCF model, the internal rate of return of this project meets the requirement of the company under the most likely situation and the optimistic situation.Kommersiellt utbildningscenter är ett nytt affärsläge som just har dykt upp på den kinesiska fastighetsmarknaden de senaste åren. Det härrör direkt från affärsläget för köpcentra. Medan köpcentret samlar en mängd olika servicefaciliteter och butiker i en byggnad eller ett område och ger konsumenterna omfattande tjänster, samlar det kommersiella utbildningscentret vinstdrivande utbildningsinstitutioner för att förse kunderna med centrala utbildningstjänster. Eftersom detta affärsläge är ganska nytt på den kinesiska fastighetsmarknaden finns det mycket få relevanta undersökningar. Fastighetsutvecklare måste förstå potentiella kunders oro för de kommersiella utbildningscentren för att förbättra deras tillfredsställelse och de behöver också slutsatser om lönsamheten i detta affärsläge. Denna avhandling genomförde ostrukturerade intervjuer om sex familjer och fyra institutionspedagoger med olika förhållanden, undersökte deras oro för kommersiella utbildningscentra och sammanfattade deras åsikter i 15 faktorer. Ett frågeformulär utformas baserat på dessa faktorer och avgörande faktorer i tidigare undersökningar som påverkar kundernas tillfredsställelse för köpcentra. Sedan genomförs enkätundersökningen i större omfattning (369 svarande). Slutligen genomförs DCF-analyser med hjälp av ett lokalt fastighetsföretag på ett verkligt kommersiellt utbildningscenterprojekt. Tre scenarier inklusive mest troliga, optimistiska och pessimistiska beaktas under denna process. Resultaten av ostrukturerade intervjuer avslöjar faktorer som påverkar kundernas tillfredsställelse för de kommersiella utbildningscentren. Resultaten av frågeformuläret visar hur viktiga dessa faktorer är. Enligt DCF-modellen uppfyller den interna avkastningen för detta projekt företagets krav under den mest troliga situationen och den optimistiska situationen.
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Zmelíková, Tereza. "Ocenění podniku Opavia-LU, s.r.o." Master's thesis, Vysoká škola ekonomická v Praze, 2014. http://www.nusl.cz/ntk/nusl-194699.
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The aim of the thesis "Valuation of company Opavia - LU, Ltd." is to perform assessment of the financial situation and valuation of the selected company. The analysis is worked out from the perspective of external users for the accounting period 2009-2013. The methodical section provides analysis of financial indicators, which are then examined in the practical part of the company itself. Financial analysis includes vertical and horizontal analysis, analysis of financial ratios and economic added value. Further, this work also focuses on prediction of the financial plan for future 5 year and valuation of the company based on discounted cash flow method.
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Leung, Keith Chin-Kee. "Beyond DCF analysis in real estate financial modeling : probabilistic evaluation of real estate ventures." Thesis, Massachusetts Institute of Technology, 2014. http://hdl.handle.net/1721.1/87612.
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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, 2014.This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 57-59).
This thesis introduces probabilistic valuation techniques and encourages their usage in the real estate industry. Including uncertainty and real options into real estate financial models is worthwhile, especially when there is an elevated level of unpredictability surrounding the investment decision. Incorporating uncertainty into real estate pro formas not only provides different results over deterministic models, it changes the angle of attack to real estate valuation problems. When uncertainty is taken into account, the focus shifts from simply maximizing financial returns, to modeling and managing uncertainty to make better ex ante finance and design decisions. The ability to add optionality in probabilistic financial modeling can enhance returns by curtailing losses during downturns and taking advantage of upside conditions. A step-by-step example is carefully crafted to demonstrate the simplicity with which uncertainty, Monte Carlo Simulations and Real Options may be included into real estate pro formas. The example is entirely Excel based and is separated into three parts with each progressively increasing in complexity. SimpleCo Tower establishes the familiar Discounted Cash Flow pro forma as a starting point. ModerateCo Tower describes how uncertainty and Monte Carlo simulations can be incorporated into a pro forma while illustrating the effect of non-linearity on financial models. ChallengeCo Tower reveals how real options can add value to an investment and how it should not be overlooked. The case study illustrates how the techniques outlined in this thesis can add significant value to real estate decisions without much added effort or investment in expensive software. The case study also shows how the use of real world data to model uncertainty can be put into practice.
by Keith Chin-Kee Leung.
S.M. in Real Estate Development
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Grunenberg, René. "Das DCF-Verfahren in der Immobilienbewertung und dessen Anwendung aus nationaler und internationaler Sicht." Berlin Logos-Verl, 2009. http://d-nb.info/997563109/04.
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Sekanina, Jan. "Ocenění podniku." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-15654.
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The aim of the thesis is to determine the value of the equity of Vodafone Czech Republic, a. s. For the purpose of the valuation I elaborated a strategic analysis focused on the analysis of external (economy, industry branch) and internal (competitive position, market share) potential. Strategic analysis is supplemented by financial analysis to analyze the financial health and strength of the company (horizontal and vertical analysis of the financial statements, ratio analysis and competitive comparison). The valuation was carried out by income approach, namely using the discounted cash flow model DCF Entity (using free cash flows to the firm FCFF). I chose the two-phase variant of the DCF model. Detailed financial plan was prepared in order to project free cash flows to the firm (FCFF) in the 1st stage of the valuation. Free cash flow to the firm projected for every year of the 1st phase is discounted to the present value as of the date of the valuation using the discount rate (the weighted average costs of capital WACC). At the end of the valuation process sensitivity analysis was worked up. The result of the valuation was determination of the value of the equity.
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Janů, Petr. "Ocenění podniku Holcim Česko, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113424.
Full textAbstract:
The aim of this diploma thesis is to estimate the value of Holcim (Česko), a.s. on the date 30th April 2012. The company is a supplier of building materials throughout the Czech Republic and is thus strongly dependent on construction. The value of the company is prepared for the purchase by a potential investor who has access only to publicly available sources of information. In addition to determining the value of the company, you can find in the thesis the market analysis (the analysis of macroeconomic environment and industry analysis) and financial analysis covering the determination of financial health. An essential part of the thesis is the theoretical basis of the valuation process. The valuation of the company was determined by using the method of DCF valuation - FCFF and then the value of equity was determined.