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The role of data in the valuation of an enterprise - the cost of equity

100%
Piątek E.
Zeszyty Naukowe UPH seria Administracja i Zarządzanie
|
2019
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vol. 49
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issue 122
71-78
EN
The valuation of a company is a complex process and requires comprehensive knowledge. The decisions made at each stage have consequences for the next step. The first fundamental stage is to choose the standard of value that the valuer wants to determine. Only then is the appropriate valuation method selected. One of the further factors influencing the outcome of the valuation process is the cost of equity, which takes into account important parameters of the company's operation. It is the cost of equity that causes the most controversy and dilemmas. The research problem analyzed in the article is a way of calculating the cost of equity in  enterprise valuation. The example of a specific valuation indicates that the cost of capital cannot be a parameter (data item) covering all risks, but only those that cannot be programmed in cash flows. In the course of research works, the valuation of enterprise B organized in the form of a general partnership as of 29.08.2014 in connection with its contribution by the shareholders to the joint-stock company A as an in-kind contribution increasing the capital was performed. Due to the fact that there is a minority shareholder in joint-stock company A, there is a dilemma of choosing the right value and valuation method and the method of calculating the cost of equity. Neither the literature on the subject in this respect, nor the parties to the transaction, indicate a clear solution, especially as regards the value of the cost of equity.  
2
Content available remote

Economic value added as a modern performance indicator

80%
Ilic M.
Perspectives of Innovations, Economics and Business
|
2010
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vol. 6
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issue 3
94-97
EN
The qualitative information support presents a step further in the business process. Many traditional indicators of performance that have been used by the companies could not provide such support. Economic value added as an innovative approach to the measurement of business performance gives us a more realistic overview about the current state of the company. Taking into account the cost of equity and the possibility of execution of numerous accounting modifications represent significant innovations regarding to other concepts. The aim of this paper is to show practical examples of the extent to which traditional assessment of the company success may differ from the business overviewed from the perspective of economic value added.
3

Szacowanie kosztu kapitału własnego na przykładzie polskiego sektora bankowego

80%
Zyguła A.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2013
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issue 913
159-175
EN
The concept of the cost of equity is one of the key issues of corporate financial management. However, numerous scientific studies as well as economic practice show that there is no single, universal technique for estimating the cost of equity. Moreover, even within a given technique there is often no consensus on how to determine its basic parameters. This article focuses on the most popular technique for estimating the cost of equity, i.e. the CAPM approach. Doubts and problems arising while estimating the cost of equity are analysed and then presented on the example of the banking sector companies listed on the Warsaw Stock Exchange in the years 2001–2011.
4
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Modified Fama-French method in the valuation of the cost of equity of mining companies

61%
Turek M., Michalak A., Turek M., Michalak A.
Zeszyty Naukowe Instytutu Gospodarki Surowcami Mineralnymi Polskiej Akademii Nauk
|
2017
5
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Koszt kapitału, jako element oceny sytuacji finansowej wybranych spółek branży spożywczej

61%
Szczecińska B.
Metody Ilościowe w Badaniach Ekonomicznych
|
2011
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vol. 12
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issue 2
365-372
PL
W niniejszym opracowaniu podjęto próbę oceny sytuacji finansowej dwóch wybranych spółek branży spożywczej notowanych na GPW w Warszawie na podstawie wskaźników finansowych oraz porównania średniego ważonego kosztu kapitału WACC (weighted average cost of capital) i jego składowych. Średni ważony koszt kapitału rozpoczęto od obliczenia kosztu kapitału własnego, który w opracowaniu został oszacowany przy wykorzystaniu modelu wyceny aktywów kapitałowych CAMP (capital assets pricing model). Koszt kapitału obcego obliczono, jako relację między odsetkami i innymi wydatkami związanymi z zaciągniętym długiem a wartością pozyskanego kapitału obcego.
EN
The aim of this paper is an attempt to assess the financial situation of the two selected food industry companies listed on Warsaw Stock Exchange on the basis of financial indicators and to compare the weighted average cost of capital (WACC) and its components. Calculation of WACC started from the calculation of the cost of equity capital, which in the study was estimated based on the capital asset pricing model CAMP (capital assets pricing model). The cost of outside capital is calculated as the relation between interest and other expenses related to debt and the value of contracted outside capital.
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