The DuPont formula is one of the most well known and basic tools used for financial statement analysis and is highly useful for understanding firms strategies and operating environment. Previous studies on American listed companies have also shown that analysis of the changes in the DuPont components is useful in forecasting contexts. In this thesis we test whether disaggregating the change in return on net operating assets provides incremental information about future performance for Swedish listed and not listed companies. We find that the change in asset turnover is a leading indicator of increased profitability for both listed and private companies, regardless of size. We also find evidence that the usefulness of the disaggregation for understanding future performance is greater in capital intense industries and lesser in service industries..

Armatec tillhandahåller system, produkter och funktionella lösningar inom värme, kyla och process. Företaget har lager i Sverige, Norge och Danmark. Under senare tid har företaget sett att lagret i Norge utgör en stor kostnad. Armatec har därför börjat fundera på om de skulle tjäna på att centralisera logistikstrukturen dvs. stänga lagret i Norge och utöka centrallagret i Göteborg.

Fundamental analys är idag analytikers huvudsakliga metod för att beräkna företagt framtida fria kassaflöden och därmed värde. Detta detaljrika tillvägagångssätt är dock belagt med svårigheter och subjektiva överväganden vilket skapar utrymme för psykologiska och metodologiska fallgropar. Att motverka irrationellt beteende från analytikers sida skulle avhjälpa felaktiga investeringsbeslut genom säkrare prognoser och har även potentialen att reducera aktiers volatilitet och därmed risk, vilket i sin tur skulle inverka positivt på dess värde.Ekonomisk jämviktsteori säger oss att, under konkurrens, kommer lönsamheten i alla branscher att gå mot ett genomsnitt då företag och entreprenörer i olönsamma branscher kommer att flytta fokus mot mer lönsamma branscher vilket kommer att öka nyetableringen inom dessa. Detta kommer i sin tur att skapa en kraft för återgång till den genomsnittliga lönsamheten för ekonomin i sin helhet på längre sikt. Denna återgång till genomsnitt, mellan och inom branscher antyder att det finns en komponent för lönsamhetsutveckling som är förutsägbar.

I dag läser man inte ?dynamiskt? av ett företags nyckeltal, utan det görs över en lång tidsperiod. Att göra analyser i Jeeves är fullt möjligt, men kan vara både tidskrävande och kräva manuella beräkningar. Dessutom är det ofta svårt att se vilka samband som styr ekonomin i ett företag. Utifrån en mängd fakta bestämde vi oss för att utgå ifrån olika DuPont-scheman, för att ta fram olika värden på dimensioner/nyckeltal.

This study deals with the road freight sector's capital structure and how leases, loans and equity affect the ratios. The study is based on a ten-year period between 2000-2010 in Sweden. Investments in finance is a complex and interesting subject to study, there are many factors that can affect how the company best choose their investments when they have many great business investment the decisions plays a greater role. The aim is to find an optimal capital structure from a financial investment point of view. The purpose will be answered by the following research question: Are there significant differences between leases, loans and equity financed fleet of factors, profitability, tax, turnover, age, and cyclicality. The study will also examine how debt is related to profit margin, DuPont and the tax, all through a regression analysis. Then were plausible economic theories for the study.

The thesis deals with three document retrieval models based on logic: the Boolean model,the fuzzy model and the Van Rijsbergen model.In Chapter 1, the author presents the purpose of the thesis. This is to give the logical foundationof the models, to describe them and to examine them critically. In Chapter 2, some importantnotions in document retrieval are presented. Chapter 3 is devoted to the Boolean model, Chapter4 to the fuzzy model and Chapter 5 to the Van Rijsbergen model.These three chapters are organized in the same way. First, the logical foundation of the modelis given.

The purpose with this masters thesis was to model the scanner in a system for laser bathymetry. The model was then used to develop a controller for the scanner so a good search pattern was achieved. Two different types of models have been tested, a physical model and a Black Box model of Box Jenkins type. The physical model has been derived from Lagranges equations. Identification experiments have been used to compute the Black Box model and to find the unknown parameters in the physical model.

Evaporation is a part of the chemical recovery department at wood pulping mills. The purpose of evaporation is to remove water from the black liquor, which makes the liquor combustible. The process is very energy demanding, and having a well-functioning model of the system is of greatest interest. The model can then be used to study energy consumption and to test different control strategies. Two models have been developed during the master thesis.

This report describes a synchronous machine model with magnetic saturation in d-axis, neutralconnection and electrical exciter interface for the transient simulator PSCAD/EMTDC. It hasbeen designed and verified in comparison to the regular machine model in EMTDC.The performance of the model is very good when incorporating a linear as well as a saturatedmagnetising inductance. The dynamic deviation is only thousandths to ten thousandths perunit. By using a cubic interpolation of the saturation curve, the model gives a good representationof the saturation effect. The open source code implementation of the synchronousmachine model gives the possibility to easily adapt the model to specific requirements.The derived model makes it possible to simulate a synchronous machine with its excitationsystems, e.g.

The aim of this master thesis was to create a dynamic model for the processes in a solid fuel boiler of the moving grate type. Another aim with the model was to keep it as simple as possible but still able to catch the dynamics of the processes in the bedplate of the boiler. The creation of the model had its origin from drying and combustion equations used in earlier modeling work of boilers. The represented model has been used to simulate different kinds of disturbances in a boiler and different ways to control the boiler. These tests show that controlling a number of parameters in the bed of the boiler is an effective way to keep the grate stable during disturbances.

This master?s thesis describes the development of a model of the catalystsystem aiming at control by an MPC. A well functioning model, which is suitable in control purpose, is important while emission legislation become more and more hard to fulfill for the car manufacturers. Much research has been done in the field of physical modeling of the system, but in this work a linear adaptive time discrete ARX-model is developed and validated.The systems tendency to change its dynamic during usage implies that the model must be adaptive. The developed model proved to be well functioning and shows promising conditions for the MPC design.

This report describes a synchronous machine model with magnetic saturation in d-axis, neutralconnection and electrical exciter interface for the transient simulator PSCAD/EMTDC. It hasbeen designed and verified in comparison to the regular machine model in EMTDC.The performance of the model is very good when incorporating a linear as well as a saturatedmagnetising inductance. The dynamic deviation is only thousandths to ten thousandths perunit. By using a cubic interpolation of the saturation curve, the model gives a good representationof the saturation effect. The open source code implementation of the synchronousmachine model gives the possibility to easily adapt the model to specific requirements.The derived model makes it possible to simulate a synchronous machine with its excitationsystems, e.g.

The purpose of this thesis was to analyse, model and finally generate dynamic vehicular motions in a train. The objective with the analysis was to find important motions for a realistic train experience. The motions from the analysis were then weighted against possibilities for generation in a motion platform.A dynamic motion model was created to model the selected motions. The model was implemented in a simulation environment, more specifically MATLAB/Simulink. The simulation environment was used to simulate the model and to generate outputs to control a motion platform.

This project consists of an adaptation, trial and evaluation of a model for practicing. Based on prior research I created a model aiming mainly to raise a musician?s self- awareness around the different parameters a performance consists of. An additional wish was for it to simultaneously assist the musician in monitoring his or her progress. With video recording and self-evaluation as the two main parts I tried the model by using it over a period of three months.

In this report a model was constructed in order to determine how a number of covariates influence the gross domestic product, GDP. The covariates were chosen depending on their expected influence on GDP, for example education and life expectancy. The data used in this report are collected from the World Bank. The model to describe GDP has been calculated using multiple line arregression. In order to reach a reliable final model the number of covariates has been gradually decreased to eliminate insignificant covariates.