Introduction: Analysts worldwide valuates stocks and companies by using different valuation models. The models are used to calculate how much public company?s stocks are worth and to identify whether stocks are over- or undervalued.  Objective: The objective of this essay is to study which valuation models are mainly used by financial analysts in Swedish banks. The purpose is also to study how reliable these models are considered. Method: The empirical study is based on a qualitative approach through interviews with financial analysts. The study includes both primary data (interviews) and secondary data (literature, websites and scientific articles)Theory: The theory chapter includes methods of analysis (fundamental and technical analysis), Valuation models, components of valuation and an example of a valuation with the Discounted cash flow model. Empirical study: The study includes a qualitative research that consists of interviews with financial analysts.

Background: What is a share and what determines the value of a company? This is a constant issue that many in the financial world are facing. Many argue that there has been some decoupling between stock valuation and how the company in question is developing operationally after the financial crisis that the world faced during 2008-2009.Problem: It is important to distinguish between the company and the share. A company that is good and well maintained may not be worth buying only because of it. The share is judged by other elements also.

AbstractAuthor: Markus Ekström and Albin OlssonAdvisor & examinator: Petter Boye, Thomas KarlssonTitle: Brand Valuation of companiesKeywords: Brand Valuation and Kalmar CountyIntroduction & Problem: The term trademark is originated from the Old Scandinavianbrandr and means stigmatize. A new standard for brand valuation ISO 10668 was adopted in2010, which has created a more reliable valuation method. It used several different methodsbefore, which meant different values but now they have agreed to this standard, which shouldmean that more companies make brand valuation. But that?s not the case, and you can wonderwhy? We also want to see the benefits created for companies, and the benefits companies canget with a valuation of the brand.Purpose: With this essay we want to examine how companies in Kalmar County looks atbrand valuation, if they have made it or not.

During the past 20 years, the price of forest estates in Sweden has raised more than the price of timber. The purpose of this study is to investigate if it, despite this development, is possible to buy a forest estate based on economic grounds. Different forest parameters will also be studied to analyse their effect on the profitability. The study is done in cooperation with the company LRF Konsult. Purchase price of 34 forest estates near the coast of Norrbotten, Sweden, has been compared to yield valuation. For the valuation, guidelines from the Swedish author Lantmäteriet was used.

This study investigates whether the permanent measurement bias (PMB) has changed over time for Swedish companies listed on the Stockholm Stock exchange at least one year during 1996-2000 or 2005-2010. By using the Residual Income Valuation-model the markets' implicit value on PMB is generated through reversed engineering, as values for all variables except PMB are entered such as the market perceived them at the specific valuation date each year. This implicit value is classified into industries and then sorted by their median. Statistical tests are performed to see if there is a difference between the industry median and the accounting-based values on PMB. The difference from period one to period two is also statistically tested for.The study finds that the implicit values on PMB have changed somewhat between the periods; however the fluctuations are not statistically significant.

Background: The valuation of growing crops is problematic partly due to weather conditions. 2011 showed that of all cultivated crops 42% were autumn sown which makes up a significant proportion of the total arable land in Sweden. This presented an opportunity to investigate more closely the methods and options used in the inventory valuation of biological assets. Problem: What options are there in the valuation of own-produced inventory specifically in the form of growing crops? Objective: This study's aim is to create an increased understanding of an agricultural company's options for inventory valuation of biological assets. In the survey of the options this study has found two main categories: rule-and principle-based accounting. Methods: A qualitative study with an abductive approach.

A debate in finance is whether a random investment gives the same return as carefully choose and valuing an amount of shares to invest in. Stock valuating Stock valuation is often done by fundamental valuation models, based on the company's underlying character, which tries to put a correct price on the stock. Today there are several different valuation models that can be used for this purpose. Since valuation models are only mathematical, equity research is underpinned by more subjective assessments about the company and its future.The purpose with this thesis is to describe which valuation models that are used by professional stock analysts, but also to see if the reliability on the equity research is affected by the used model to valuing the company. Furthermore, we want to see if the job that?s been done to understand the company, measured by the equity research quality, impact the reliability on the equity research.In this thesis, we have, to achieve our purpose, conducted a quantitative content analysis of 164 equity research done by professional analysts at firms listed on the Stockholm Stock Exchange. With basis in previous research, we have developed a method for determining the valuation model that is used in the equity research, the reliability on the equity research and a framework for assessing the quality of the equity research.In the theoretical framework the valuation models involved in our study are described, previous research on the reliability on the equity research and their practical use.

The aim of this thesis is to investigate how a valuation of a company preceding an acquisition can be affected by the fact that a strong brand is attached to the target company. Techniques to value a company and theories of brands are well developed, but the link between them is partially missing even though the needs to value brands have increased. A case study of five Swedish acquisitions is conducted to identify possible complicating and simplifying factors and how these are handled in the context of a valuation of an acquired company with a strong brand. Important findings are that a decreased volatility of future earnings can lead to more accurate prognoses and valuations due to the existence of a strong brand. A strong brand can, on the other hand, also make the valuation of the target company more difficult due to the fact that it is a subjective asset which increases the overall risk of the company.

The importance of human capital in firm valuation is something Huang and Wang points out in there paper from 2008. We expand Ohlson?s valuation model (1995) in line with Huang and Wang (2008) to enhance a market value that includes proxies for human capital. By using human capital based market value and one of Francis, Nanda and Olsson?s (2008) version of earnings quality, we create a value table which aim to sort for undervalued and overvalued companies during the  economic upswing of 2003 to 2007 in the human capital line of business.

This thesis aims to examine problems that occur when determining the fair value of investment properties. It also takes into consideration the reliability and relevance of the reported fair values on behalf of the key stakeholders. The study has been conducted by interviewing representatives at real estate and external valuation companies. The study shows that there is a need for assessments in the valuation process and that real estate companies have room for their own interpretations. The conclusion is that determining fair value is an estimate, not a fact.

This thesis studies the way valuation of investment properties is conducted in accordance with IAS 40 and how reliable these valuations are. This has been conducted by studying ten Swedish real estate companies listed on the NASDAQ OMX, during the period 2005-2008. The study shows that all companies use valuation models to determine the fair value of investment properties. Two different types of models have been identified. Companies that use the cash flow model show inconsistencies in time horizon, and how they determine the horizon value.

This paper attempts to investigate the correlation of 12 month abnormal returns and the fundamental value of stocks in theSwedish stock market between the year 2000-2011. Also, the paper tries to apply and evaluate the concept of the margin ofsafety. In estimating the fundamental value we use the residual income valuation model and three different estimationapproaches of the beta coefficient in order to correct for financial and operational biases. We find that our different portfoliosearn abnormal returns. However, this could be explained by the size effect and P/B effect.

There has been an increase in the importance and amount of information concerning publicly traded stocks in recent years. When analyzing and valuing stocks finding new ways of collecting information has therefore increased in importance. This thesis aims to explore how meetings with management can impact the stock valuation done by the security analysts. Furthermore the case study examines what kind of information analysts can receive by interpreting management at these meetings. This case study of ten Swedish security analysts show that the analyst?s stock valuation is directly or indirectly affected by the meetings.

Swedish listed property companies report their investment properties under the standard IAS 40 that gives the opportunity to value investment properties to either historical cost or to fair value model. One problem with the fair value model is that there is no observable market price since the real estate market is far from complete which means that the price of the asset is hard to determine because of the limited information.IAS 40 gives companies the opportunity to choose between internal or external valuation and this study aims to show how the property companies? values appeared between the years 2007-2011. From the result we will study if there could be a difference in the outcome depending on if the company chose either internal or external valuation.To investigate this we observe all Swedish real estate companies listed on OMX Nordic Stockholm and their financial reports during this period of time and complement this information by interviewing people working with these matters in the property companies. The methodology for the study is therefore partly quantitative and partly qualitative since we collect data both from financial reports and from interviews.

Background: Oil is the most dominating source of energy of today, it constitutes for more than 40 per cent of the worlds total energy consumption. This together with the fact that stock in oil companies has soared on the stock exchanges around the world makes oil a very interesting topic to write within. In order to gain knowledge in how to value oil companies, the authors will collect information from theory and through a questionnaire. By applying the information gathered to three companies listed on the Stockholm Stock Exchange the authors will reach an objective picture of valuation of oil companies.Purpose: To investigate how shares of stock are valuated in the oil exploring and producing industry, and what specific measures and metrics that are used in the valuation of stocks in Exploring and Producing (E&P) companies.Method: By using a qualitative approach for this thesis, the authors will investigate how the valuation of oil companies works and what measures that should be applied. The authors will use a part descriptive and part explorative study.