Company Valuation Methods

Dissertação de Mestrado sob o título Análise da variabilidade genética de isolados de Colletotrichum gloeosporioides de cajueiro (Anacardium occidentale L.) utilizando marcadores moleculares e teste de patogenicidade, defendida e aprovada em 23 de fevereiro de 2005, em Recife, Pernambuco, pela banca examinadora constituída pelos doutores: DEDICO Aos meus pais, João Batista de Figueirêdo Cabral e Maria Carvalho de Figueirêdo, que sempre acreditaram e me apoiaram na realização desta etapa da minha vida. OFEREC ¸O À minha filha Isabela Soares de Figueirêdo e à minha esposa Girlene Soares de Figueirêdo pelo amor que me fortalece. A minha família, por todos os momentos de carinho e incentivo. A Neiva Oliveira Tinti pela orientação, abrindo-me os olhos para o mundo da biologia molecular de fungos e incentivo à realização desta dissertação. A Angela Coimbra dos Santos pelo apoio incessante e incondicional, mesmo antes do meu ingresso no mestrado, e co-orientação neste trabalho. A Elza Áurea Luna de Alves Lima que, como chefe do Departamento de Micologia, não mediu esforços para possibilitar a realização deste trabalho. A Iranise B. B. Torres pelas primeiras lições em Micologia, enorme incentivo ao meu ingresso na Pós-graduação em Biologia de Fungos e também orientações de vida. A todos os professores da Pós-Graduação em Biologia de Fungos e Departamento de Micologia pelo apoio técnico-científico à realização deste trabalho. Em especial aos professores do Laboratório de Fungos Fitopatogênicos, Sidney T. Bastos e Severina Barros, que tanto convivi, compartilhando idéias e dúvidas sobre essa grande área que é a fitopatologia e, por que não, a vida.

Within the area of finance, few issues excite as much controversy as the payment of dividends. Conventional finance theory suggests that shareholders should be indifferent to the dividend policy adopted by the companies in which they invest - a proposition which seems to fly in the face of both commonsense and observed practice. This article examines the current state of the debate over dividend policy
in Britain and asks whether dividend policy really matters.

This study aims to results information system of cash flow Analysis to determine company’s health. Cash flow analysis in the form of a cash flow statement describing the receipt, cash disbursement and final cash balance in a period for monitoring and decision making. Cash flow analysis is classified into three activities, namely cash flow from operating activities (OCF), cash flow from investing activities (OCF), cash flow from financing activities (OCF). This study took samples on companies listed on the BEI and equaled namely Mahaka Media Tbk and ABM Investama Tbk. The results of this study show that ABM Investama is a healthy company because the value of OCF in positive (+), while at Mahaka Media Tbk is an unhealthy company because the value of OCF is negative (-).

The purpose of this article is to present the main problems posed by mergers and divisions, to valuators and experts, called to certify their correctness. This material summarizes the main Romanian and European legislative norms in the field, and shows, through a series of practical examples, which should be the internal legislative changes, in order to avoid logical contradictions, that may arise. This paper proposes a number of solutions and invites professionals and corporations to contribute to legislative regulation of reported

RESUMEN La valoración de empresas, tradicionalmente, no ha recibido una atención prioritaria en el campo de la investigación empírica. En la actualidad se aprecia un importante desarrollo profesional que demanda información sobre la aplicación práctica de los fundamentos metodológicos de la valoración de empresas. En general los estudios empíricos a nivel internacional revelan divergencias entre la teoría y la práctica en diferentes aspectos del proceso valorativo. 914 ARTÍCULOS DOCTRINALES Alfonso A. Rojo Ramírez y Domingo García Pérez de Lema La Valoración de Empresas en España: un estudio empírico (1) «Existen muy pocos países de la OCDE que incluyan estadísticas sobre fusiones y adquisiciones dentro de sus datos oficiales» [FMI, 2004]. Para España puede verse el informe de KPMG [2004]. (2) En la actualidad denominada «Asociación Profesional de Sociedades de Valoración» [www.atasa.com]. ARTÍCULOS DOCTRINALES 915 Alfonso A. Rojo Ramírez y Domingo García Pérez de Lema La Valoración de Empresas en España: un estudio empírico (3) El concepto de valor económico es utilizado aquí en su sentido concreto, esto es, el valor intrínseco del bien o valor sustancial.

Resumen Este artículo analiza las transformaciones del pensamiento contable en el marco de las Normas Internacionales de Información Financiera (NIIF), donde la teoría microeconómica del mercado ha ejercido una influencia relevante el criterio de maximización del valor y la teoría financiera, conjuntamente con el enfoque de gobierno corporativo anglosajón, que se manifiestan concretamente en el modelo del valor razonable, todo ello en el contexto del desarrollo del capitalismo financiero y de los mercados de capital, la globalización económica y la prevalencia del paradigma económico neo liberal. Se examina la pertinencia, en los países no desarrollados, del enfoque del valor adoptado por las NIIF y se encara el tema de la no neutralidad ideológica y epistemológica de ese cuerpo normativo en general y del modelo del valor razonable en particular. Palabras clave: Globalización, financiarización, financiarización contable, valor, teoría del valor, valor razonable, gobierno corporativo...

La escasa relevancia de la información contable sobre los activos intangibles en la valoración de las empresas innovadoras españolas: el caso de los sectores farmacéutico y biotecnológico RESUMEN El presente artículo analiza en qué medida la norma contable recoge ade-cuadamente el valor de los activos intangibles, así como su utilidad para los agentes financieros en los procesos de compra-venta de empresas. A partir de una muestra, que recoge los precios pagados en transacciones privadas y en los mercados cotizados de los sectores farmacéutico y biotecnológico españoles durante el periodo 2005-2011, se ha analizado, en primer lugar, el comportamiento de la ratio precio-valor en libros. En segundo lugar, a través de un modelo de regresión, se ha evaluado la relevancia de las dife-rentes partidas contables en el proceso de generación de precios, así como qué parte del valor intangible de la empresa no aparece recogido en los es-tados contables. Los autores concluyen sobre la necesidad...

El presente artículo analiza en qué medida la norma contable recoge adecuadamente el valor de los activos intangibles, así como su utilidad para los agentes financieros en los procesos de compra-venta de empresas. A partir de una muestra, que recoge los precios pagados en transacciones privadas y en los mercados cotizados de los sectores farmacéutico y biotecnológico españoles durante el periodo 2005-2011, se ha analizado, en primer lugar, el comportamiento de la ratio precio-valor en libros. En segundo lugar, a través de un modelo de regresión, se ha evaluado la relevancia de las diferentes partidas contables en el proceso de generación de precios, así como qué parte del valor intangible de la empresa no aparece recogido en los estados contables. Los autores concluyen sobre la necesidad de acompañar la información económico-financiera tradicional con un informe de capital intelectual. This article analyzes the extent to which accounting standards adequately reflects the value of in...

Valuation of morbidity associated with childhood asthma is signi…cant both to policy and to non-market valuation methodologies. Our results show that household perceptions and beliefs, such as belief in one's ability to predict and control asthma attacks, and relative perceptions of the overall burden asthma places on a family, have a larger impact on valuation than traditional measures of asthma severity. More generally, our approach can be applied to other chronic illnesses as well, such as diabetes or chronic pain. possible. This research was funded through the US EPA-STAR Valuation of Human Health Program (R-82966501, Valuing Reduced Asthma Morbidity in Children). This article has not been formally reviewed by the EPA. The views expressed in this document are solely those of the authors and the EPA does not endorse any product or commercial services mentioned in the publication.

Economic crisis that occurred in European regional in 2007 and slowing recovery has negative impact for industries in Asian countries such as China, Malaysia and Indonesia especially in banking industry. Some banking in Indonesia crisis and many difficulties which led to banks collapse. Another impact have seen with number of banks that unhealthy which must be liquidated because it can not be saved again. Merger and acquisition policy driven by Bank Indonesia through single presence policy that national banks merged to become more efficient, more robust in capital so that has strong competitiveness internationally. This strategy considered able to bring change toward better. Crash condition policies and security threats that occurred on 2007-2010 worth further highlighted in this paper how merger and acquisition process on banking which carry out the policy with motives and interests by literature study.

The purpose of conducting research is to analyze the financial performance of cigarette companies listed on the Indonesia Stock Exchange (IDX) in 2015-2019 through analysis of liquidity, solvency, activity, and profitability ratios. The research data is secondary data obtained indirectly from third parties or through documents. The data source for this research was obtained from the internet via the official website of the Indonesia Stock Exchange (IDX), www.idx.co.id, in the form of annual reports of companies in the cigarette sector in the consumer goods industry for 2016-2019. The results showed that the company Gudang Garam Tbk had excellent performance; this was evidenced by the liquidity, solvency ratio, activity ratio, and the company's profitability ratio, which continued to fluctuate and tended to increase. The company H. M Sampoerna Tbk has performed exceptionally well, evidenced by the ratio of liquidity and solvency, and is terrible when judged by the ratio of activi...

Wealth is not the only important thing in this world, however, people will have difficulty in the absence of wealth or economic activity. The inability to manage finances and assets is influenced by various factors, one of which is limited resources or knowledge. Wealth management as part of financial science can make it easier to develop and protect various assets owned. This study is explanatory research that aims to examine certain phenomena through qualitative approach without any hypothesis-test. The data used in this study is financial records of Indonesian state-owned banks listed on the Indonesia Stock Exchange. Through Asset Sustainability approach, this study found that BTN is the only bank that is likely to be sufficiently maintaining or renewing existing assets among Indonesian state-owned banks. Should the other state-owned corporations banks continue to under-invest in their assets, they may experience a degradation in the asset's service levels and/or usefulness.

This study aims to results information system of cash flow Analysis to determine company's health. Cash flow analysis in the form of a cash flow statement describing the receipt, cash disbursement and final cash balance in a period for monitoring and decision making. Cash flow analysis is classified into three activities, namely cash flow from operating activities (OCF), cash flow from investing activities (OCF), cash flow from financing activities (OCF). This study took samples on companies listed on the BEI and equaled namely Mahaka Media Tbk and ABM Investama Tbk. The results of this study show that ABM Investama is a healthy company because the value of OCF in positive (+), while at Mahaka Media Tbk is an unhealthy company because the value of OCF is negative (-).

Understanding relationships between market structure, conduct, and performance is argued to be important for proper design of contingent markets. Such an understanding may be gained through experimental economics methodology, as demonstrated by a study of Impacts of information quantity, complexity, and display on "information overload" in a simple contingent market.

Understanding relationships between market structure, conduct, and performance is argued to be important for proper design of contingent markets. Such an understanding may be gained through experimental economics methodology, as demonstrated by a study of Impacts of information quantity, complexity, and display on "information overload" in a simple contingent market.

Energy, both renewable and non-renewable energy, are increasingly used in every sector of life. Manufacturing sectors, especially, account for the largest share of annual industrial energy consumption by 81% in which it consumes two general types of energy source, fuel and nonfuel. Cement industry is one of the industries that plays an important role in the construction process and requires a large amount of energy in its production process. The use in this process contributes to a different amount of carbon emission. Furthermore, this increase in energy consumption is not in line with the availability of energy sources. Therefore, the Indonesian government ordered energy-efficient strategies to maintain sustainability. A review on the implementation from secondary data was conducted and analyzed. The review result shows even though strategies and policies are implemented by the companies, a reduction of energy consumption within the past 3 years from the cement industry in Indonesia does not necessarily obtain a decrease of carbon emission.

fuenzalida 1 samuel Mongrut 2 Estimación de los ratios de descuento en latinoamérica: Evidencia empírica y retos abstract This paper compares the main proposals that have been made in order to estimate discount rates in emerging markets. Seven methods are used to estimate the cost of equity capital in the case of global well-diversified investors; two methods are used to estimate it in the case of imperfectly diversified local institutional investors; and one method is used to estimate the required return in the case of non-diversified entrepreneurs. Using the first nine methods, one estimates the costs of equity for all economic sectors in six Latin American emerging markets. Consistently with studies applied to other regions, a great deal of disparity is observed between the discount rates obtained across the different models, which implies that no model is better than the others. Likewise, the paper shows that Latin American markets are in a process of becoming more integrated with the world market because discount rates have decreased consistently during the first five-year period of the XXI Century. Finally, one identifies several challenges that have to be tackled to estimate discount rates and valuate investment opportunities in emerging markets.

El objetivo del presente estudio es aportar una nueva perspectiva acerca de la valoración de empresas, aportando por ello, una revisión de la bibliografía existente acerca de los métodos más utilizados y sus ventajas y limitaciones, haciendo hincapié en el método de descuento de flujos de efectivo y en la técnica de múltiplos. Para dicho estudio se ha realizado un modelo de regresión basado en datos económico-financieros de empresas privadas en España durante el periodo de 2010 a 2016. Además, dicho estudio pretende abordar tres objetivos que son: 1) determinar si la técnica de múltiplos incide en el valor de la empresa calculado mediante el MDFT, 2) comprobar si el carácter familiar de las firmas influye en el valor de las mismas calculado a través del método de descuento de flujos de efectivo, y, 3) explorar la heterogeneidad entre los diferentes tipos de empresas familiares en relación con el valor de la empresa. El estudio está en consonancia con el marco teórico de valoración por el MDFT, así como con la valoración por múltiplos.

En este trabajo se construye un modelo general que representa el valor de la empresa en función de las variables estratégicas y permite anticipar el comportamiento del valor de la empresa ante los cambios en los conductores de valor. El análisis de las variaciones y las elasticidades de los flujos de tesorería respecto a distintas combinaciones de las variables estratégicas configura un panorama completo e integrado del impacto de estas variables en la creación de valor. Como una aplicación directa del modelo se estudia el valor de la empresa Titansa ampliado con un análisis de sensibilidad. Finalmente, considerando los conductores de valor como variables aleatorias se estima el valor de las opciones de compra y venta mediante simulación Montecarlo.

I want to begin with a caveat. I have no training in psychology, and my interest in the field is that of an amateur. Thus, the confidence with which I shall make statements about psychological facts is in inverse proportion to my expertise. My point of departure is the assumption that the most serious problem with contingent valuation (CV) methodology is hypothetical bias. Apart from introspection, the evidence for this assumption comes from two classic studies conducted by Richard Bishop and his colleagues at the University of Wisconsin. The first study by Bishop and Heberlein (1979) involved a survey of two random samples of individuals who had obtained permits to hunt ducks in the Horizon Zone of East Central Wisconsin. One sample group was asked the hypothetical question whether they would be willing to sell their permit for a specified sum of money (this sum differed among individuals). The other sample group was given a real opportunity to sell their permit for a specified sum...

SMEs constitute 99% of all businesses in the EU, employing more than 100 million people, contributing to nearly every aspect of the economy. As a result of rising energy prices and rising inflation, many SMEs face existential concerns due to market instability and resource prices. As a result of current external factors, such as the Ukraine war, companies are under more pressure to find a solution to the demographic change and succession of the business. When it comes to M&A, it might lead to more mispricing, resulting in noise-trader risks. In order to provide an unbiased analysis of the impact of oil and gas prices on enterprise value, this paper uses inferential statistics along with linear regression. As such, the research examined company transactions in the industrial-productive private market between 23.09.2012 and 23.09.2022. Data were taken from 579 European datasets (nEU=579) originating from the Schengen Union.
A strong positive relationship was found between the movements in EBIT multiples and commodity prices in the multivariate regression. Due to the increase in price of electricity in 2022, investors will be able to reduce their energy costs by almost 50% by purchasing several companies in the same industry, resulting in a positive impact on the market factors paid.

The issue discussed in the paper is highly relevant and topical in economic practice because of changes in the recognition of certain assets and their depreciation. The author’s research established that depreciation write-off in financial terms constitute capital comprising two components: depreciation and the tax shield effect. The non-tax shield is more important relative to other tax shields because the vast majority of entities in the raw materials industry own assets which are depreciated for the purposes of balance sheet accounting and tax accounting. As a cost depreciation, on the one hand, reduces the financial result and on the other, generates additional operating cash flows. Depreciable assets account for a large portion of coal companies’ assets. In addition, due to the implementation of IFRS 16 on leasing their share increased as did the amount of depreciation. Hence, its share in operating cash flows in Polish coal companies is slightly higher than in global companies. An overwhelming part of the additional depreciation arising from the inclusion in the assets reported in the balance sheet of assets used based on contracts of lease, lending or rental does not reduce the tax basis and does not constitute a tax shield. Consequently, it creates a disparity between the gross profit/loss and taxable income, thereby increasing the effective tax rate. An increase in the depreciation level in coal companies facilitates maintenance of liquidity and provides financing for investment projects and improves debt servicing, especially in times of declining financial result when coal prices are low.

En el presente articulo se muestran algunas ideas de los diversos modelos matematicos presentes en las finanzas. Mediante ideas basicas de la teoria de finanzas, se llegara a la ecuacion central que rige la mayoria de problemas sobre los derivados financieros, se hablara entonces de la ecuacion diferencial parcial de Black-Scholes.

The article presents the methodology that arises from the integration between BSC and the AHP, which allows to calculate the main relative values and to identify hierarchies for indicators and perspectives. Similarly, the paper aims to show how the methodology facilitates the calculation of the Global performance index-both, actual and expected. In such a way that through them the decision makers can evaluate the organization performance, as well as monitor the

Increased competitiveness in the Australian building and construction industry has led to reduced profits for builders particularly for tier 1 builders offering essentially undifferentiated offerings. An analysis of the profitability of a sample of large commercial builders based in Victoria have confirmed that net profit margins for these companies are 2 and 3 percentage points of total revenueswafer thin. The aims of this paper are to characterise the profitability of these commercial builders by examining a range of profitability measures, and to investigate this loss of value across the construction supply chain. The findings indicate that the average net profit margin has nearly halved from 3.2% in 2006 to 1.7% in 2015. Companies with large revenues, those exceeding $500 million annually, exhibit a generally lower profitability than smaller companies. Despite this lower profitability, return for shareholders remains reasonable with an average return on equity of 20% reflecting a shift to higher leverage, lower risk, asset light business model. Like all businesses, construction companies must demonstrate their financial viability by turning a profit and providing a convincing riskadjusted return to their investors. Empirical evidence suggests that companies reporting low profitability are at increased risk of insolvency. Failure to acknowledge this may lead to serious financial implications for the industry and the economy.

Leaders play a vital role in a company. The success or failure of a company is greatly influenced by the leadership style adopted in the Company. This research is field research with a qualitative approach. The method used in this study is the method of interviews and observation or observation. Harmony occurred between the Company and the assisted villages around the cement factory of PT Indocement Tunggal Prakarsa Tbk. Palimanan unit, which in the previous era of Leadership did not occur within the scope of the CSR program. The changes that have occurred and can be seen are the increasing relations with the assisted villages within the assisted area of P.T. Indocement Tunggal Prakarsa. Tbk Palimanan unit, and the maximum reactivation of UPS (Waste Management Unit) BUMDes (Village Owned Enterprises) West Palimanan. Combining the Democratic Leadership Style and Christian Leadership is applied to solve existing problems. Success in the era of Christian Leadership in PT Indocement Tunggal Prakarsa Tbk. is inseparable from divine Influence, namely the factor of God's intervention in an individual's life. God's intervention aims to shape the individual into a leader with full capacity by using self, other people, special events, and the individual leader's response to what she is experiencing.