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Kalkulacja ceny sieci wodno-kanalizacyjnych dla potrzeb ich wykupu przez przedsiębiorstwa przesyłowe metodą kapitalizacji czynszu

100%

Trojanowski D., Kisiel P.

Świat Nieruchomości

2012

issue 2(80)

24-31

Under conditions of Polish business life the communes tend to transfer more and more often the operational management of water supply and sewage networks to companies specially created with that goal in mind. The company performing tasks which have a public utility character has on one hand an a-typical owner, i.e. the commune (the territorial self-government units such as communes should naturally act as non-profit oriented entities), but on the other hand it is a business entity, which should operate in a market environment, and its management team should make profit oriented; economically justified decisions. The paper is an attempt to indicate the ways of calculating the price, which may be applied by media supplying companies to appropriately set the sales value of water supply and sewage networks built by the “private” investor. Two methods are considered based on the method of discounting cash flows. In the second (last) paper from the series, the authors focus their attention on the method of rent capitalisation applied for calculating the sales price of the network offered for sale.

Brand valuation: an innovative approach based on the risk difference

86%

Skalický R., Meluzín T., Zinecker M.

Oeconomia Copernicana

2021

vol. 12

issue 1

159-191

Research background: Among academicians, a growing interest in brand valuation methods can be observed since the 1980s, when it became obvious that firms have off-balance sheet assets which have a significant effect on their value. Moreover, in a number of cases, the need to value the brand arises due to the reporting requirements or transactional and other intrafirm reasons. The existing methods used so far have commonly focused on changes in variables such as sale prices, changes in customer behaviour, or sales volumes and very often lead to different results, even when valuing the same brand. We believe that the risk factor has been neglected in these methods, although having a significant impact on the brand valuation. Purpose of the article: The aim of this paper is to formulate an alternative brand valuation approach based on the risk difference. This is defined as the difference between the risk to which a producer with a certain brand is exposed and the risk of the producer without a brand. Methods: Firstly, a set of assumptions was defined concerning the issue what conditions are required to be applied to use the proposed methodological approach. Next, the concept itself is formulated and tested while using the case study approach. Hence, in conditions of a model company, the method was verified with specific data. The results were also compared with the reproduction cost approach. Findings & value added: This paper presents a novel brand valuation method based on the risk difference. Building on a thought experiment, we compare an incumbent with a brand rather than with an average producer, which is a commonly used approach, with a new entrant to the market. We argue that in comparison to existing methods, our methodological approach reduces the number of unobservable inputs in the brand valuation process, and thus increases the accuracy and reliability of its results. Our method supports both researchers and practitioners to establish a better understanding between the well-established financial theories and new directions in brand valuation research.

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1 Oeconomia Copernicana

1 Świat Nieruchomości

1 Kisiel P.

1 Meluzín T.

1 Skalický R.

1 Trojanowski D.

1 Zinecker M.

1 2021

1 2012

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Kalkulacja ceny sieci wodno-kanalizacyjnych dla potrzeb ich wykupu przez przedsiębiorstwa przesyłowe metodą kapitalizacji czynszu

Brand valuation: an innovative approach based on the risk difference