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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
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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.  
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QUANTITATIVE METHODS IN THE RISK ANALYSIS ON THE EXAMPLE OF THE OIL SECTOR

61%
Byrska-Rąpała A.
Information Systems in Management
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2012
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vol. 1
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issue 3
171-183
EN
The geological object (deposit) is a specific type of asset of mining enterprise which cannot be quantitatively or qualitatively interchangeably measured. In spite of rapid development of geological and economic sciences, still none of universal method of evaluation of value of resources has been settled yet. In the article, on the example of the oil sector, author described chosen methods of the mathematical statistics and the financial mathematics tools, which are used in the risk assessment related to estimating the fair market value of hydrocarbons. In the article the following subjects are presented: - the hyperbolic lognormal distribution in the exploration risk assessment, - the exponential utility function and the evaluation of the real option in the economic risk assessment. For each area of risk assessment is to recommend software. Statistical methods and the financial engineering used in estimating the fair value of the properties, are from many years the topic of numerous scientific publications and research. Many of the studies has indicated the importance of mathematical methods in solving problems in the area, where not long ago intuition and experience of evaluator of deposit were mainstream.
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