Title: The appraiser?s choice of valuation method ? factors that influences the choice of company valuation methodsSeminar date: 04/06/07Course: Master thesis in Business Administration, 10 Swedish credits.Authors: Anne Benedicks and Veronica ÖbergAdvisor: Eron OxingProfession of category: Financial analysts, auditors and company lawyers.Key words: Company valuation, valuation methods, cash flow analysis, comparative valuation, the net asset value method.The Main Issue: What is of decisive importance when choosing a special company valuation method?Purpose: The purpose of this paper is to identify, analyse and evaluate the most common methods of valuation for financial analysts, auditors and company lawyers and those factors that influences the choice of method.Method: A multiple survey has been implemented for the actual profession categories. Primary data was collected through semi-structured interviews and a questionnaire survey.Theoretical: The theoretical frame of reference is based upon the paper?s dependent variable, i.e. the role of the appraiser.

The 3:12-provisions are part of a legal system specified for owners of close corporations (companies owned and managed by a small group of businesspeople), for taxation of capi-tal gains and dividend. The reason for special rules for the taxation of these owners is to prevent them from transforming their income, to only be subject of the lower taxation of capital gains, instead of income of service. Since the rules were put in force, they have been subject to several changes. The most recent changes took effect on the 1 January 2006. They involve a higher importance for the rule of salary-based taxation.

Title: Valuing Real Estate FCFE and interest coverage under macroeconomic uncertainty with scenario analysisAuthors: Marcus Ewerstrand, Jakob MattssonAdvisor: Gert SandahlBackground and problem: After the collapse in the Swedish economy in the beginning of the 1990-ties, the company Secerum was launched. Securums objective was to handle unsecured credits from Nordbanken by transferring a large portfolio of properties and to setup a number of companies who would be in charge for the prospects of these assets. One company that was established during this remarkable period was Castellum, in the year of 1994. After a successful process of raising capital to its development of corporate strategies and formation of several affiliated companies which operates locally, Castellum was publish on the Stockholm stock exchange 1997/1998. Now, thirteen years later after its establishment, the credit crunch in the US.

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.

 Efter den finansiella krisen 2007 har allt fler företag problem med likvida medel. Detta medför att riskerna för sena eller uteblivna betalningar ökar. En av de branscher som drabbats hårdast är träindustrin. För tillfället har många större företag inom branschen blivit tvungna till konkurs. Detta har en direkt påverkan på branschens underleverantörer som sätts i en försämrad situation. Syftet med denna uppsats är att utifrån empirin beskriva och genom valda teorier förklara hur underleverantörer inom den trärelaterade industrin hanterar risken för sen eller utebliven betalning.

This bachelor thesis describes why investors should invest in environmentally certified buildings instead of non certified buildings. The report provides an overview of possible factors influencing an investor in the investment process of an environmentally certified building. The report explains why building companies find incentive to build green buildings and how a cash flow method can be adapted so it can be used in the valuation process of an environmentally certified building. Environmentally certified buildings are used as a strategy to reduce emissions that threaten the environment as well as a strategy to obtain market shares for the building companies. This report focuses on the economic advantages of an environmentally certified building.The construction- and real estate industry stands for approximately 40 percent of the energy consumption in the world.

Background: Businesses are traditionally valued with the so called Discounted Cash Flow-model. When valuing newly-started businesses, surrounded by high uncertainty, and whose capital mostly consists of unrealized business opportunities, the Discounted Cash Flow-model needs to be complemented if the total value of the business is to be captured. A valuation with the help of real options is capable of valuing these unrealized opportunities, which often exist in newly-started businesses. The unrealized opportunities are to be found in the business plan of the business, why this needs to be valued to capture the total value of a newly-started business. Purpose: To demonstrate what the use of real options can result in when valuing businesses.

ABSTRACTSeminar date: 2008-06-04Subject: Bachelor thesis in Business AdministrationAuthors: Charlotta Lind Therese LundinBorn: 1982 Born: 1982Västerås VästeråsTutor: Ulla PetterssonTitle: Company valuation- A study in which valuation methods that areused in determining the value of producing companies and servicecompanies.Problem: According to the theory there are a number of different valuation methods which can be used to determine the value of producing companies and service companies. The thesis research problem is:- Which valuation methods does a valuator use in practice todetermine the value of producing companies and servicecompanies?- Does the valuator take different types of information andkey ratios in consideration when valuating producingcompanies and service companies?Purpose: The purpose is to examine and describe which valuation methods a valuator uses to valuate producing companies and servicecompanies in an acquisition.Method: In order to achieve the purpose of the thesis a quantitative survey and three qualitative interviews, made by email, has been carried out.Conclusion: The conclusion of the thesis is that discounted cash flow and relative valuation are used to determine the value of producingcompanies and service companies. The valuators choice ofvaluation method is not generally affected by the nature of thecompany?s operations.Keywords: Company valuation, valuation methods, producing companies,service companies, relative valuation, discounted cash flow.

This paper aims to investigate abnormal returns for rivals to bidder targets in connection with the announcement of the bid. The study is based on 38 bids placed between September 2006 - January 2011 and 137 rival firms listed on Nasdaq OMX Nordic. We measure cumulative abnormal returns, CAR, for rival firms through an event study. We find that rival firms earn significant positive CAR in connection with the announcement of the bid. This is in line with the two-sided signaling effect presented by Akhigbe et al.

On 1 January 2005, IFRS (International Financial Reporting Standards)was mandatory for all listed companies within the European Union. The introduction is to create a transparent and consistent reporting. Mainly to provide companies, investors and financiers the same access to world capital markets. Since the introduction of IFRS, the goodwill value is determined by annual impairment tests. If an impairment of goodwill is a fact the goodwill decreases in value.

In relation with structure transformation in farm companies with bigger animal population and pressure at the milk price, the farmers in both countries have to invest more money in the company to endure. This had conduct what more owners had seen grown requirements to invest in bigger population barns. The investment is necessary to retain stability in the economy for the companies, at that time when the profitability for small production barns decrease. This essay carries out through a case, there the activities main part are milk production. The present operation consists of 82 milk cows in long stall with a yield on 10 500 kg ECM. The idea is that the company should increase the activity to 180 cows.

The subject of this study is the ?work strategy? (arbetslinjen); the idea that work and active measures are preferred over cash benefits. The aim of the study is to investigate why the work strategy, which has been almost undisputed for nearly a century, has had widely changing contents over the years, what measures have been taken and which groups have been included. It also attempts to find out whether there is a correlation between unemployment rates, society and the different aspects of the work strategy. The study is conducted as an idea analysis, mainly of dissertations on the work strategy and public inquiries, and covers five time periods from the 1920?s until today.

On 1 January 2005, IFRS (International Financial Reporting Standards)was mandatory for all listed companies within the European Union. The introduction is to create a transparent and consistent reporting. Mainly to provide companies, investors and financiers the same access to world capital markets. Since the introduction of IFRS, the goodwill value is determined by annual impairment tests. If an impairment of goodwill is a fact the goodwill decreases in value.

In line with Sloan (1996) but on European data (STOXX 600) we are investigating whether stock prices reflect information about future earnings contained in the accrual and cash flow components. The extent to which current earnings performance persists into the future earnings performance is shown to depend on the relative magnitudes of the cash and accrual components of current earnings. Moreover, we still find a significant positive excess return (Jensen?s alpha and size-adjusted return) by replicating Sloans (1996) hedge portfolio by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals. However, we find no evidence of negative excess returns for companies with relatively high accruals, this somewhat lower the total excess returns for all the portfolios.

In line with Sloan (1996) but on European data (STOXX 600) we are investigating whether stock prices reflect information about future earnings contained in the accrual and cash flow components. The extent to which current earnings performance persists into the future earnings performance is shown to depend on the relative magnitudes of the cash and accrual components of current earnings. Moreover, we still find a significant positive excess return (Jensen?s alpha and size-adjusted return) by replicating Sloans (1996) hedge portfolio by taking a long position in the stock of firms reporting relatively low levels of accruals and a short position in the stock of firms reporting relatively high levels of accruals. However, we find no evidence of negative excess returns for companies with relatively high accruals, this somewhat lower the total excess returns for all the portfolios.