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Labuan Bajo is being the focus of infrastructure development by the Indonesian government which is one of the super priority tourism destinations. In general, tourist destinations in Labuan Bajo are synonymous with Komodo National Park. This is the background for the developer to invest in the construction of resort X in Labuan Bajo. It is hoped that the resort X area can become an attraction for tourists in Labuan Bajo. In this study, a financial feasibility analysis was carried out to find out whether or not the investment to be made was feasible. The methods used are discounted cash flow (DCF) and Monte Carlo. The X resort construction project is built on an area of 113,396 m2 and is planned to build 263 units of shop houses and 1 unit of 4-star hotels as well as supporting buildings such as back of house (BOH) buildings, public toilets, floating libraries, arrival pavilions. The results of the analysis using the DCF method show a positive NPV value of Rp 87,895,000,000 and an IRR value of 17.66% greater than the Minimum Attractive Rate of Return (MARR) value of 10%, so that the project can be declared feasible to be implemented, as well as the Monte Carlo method which shows a positive NPV value of Rp 35,423,000,000 and an IRR value of 12.82% greater than the MARR value. Therefore, based on the results of the analysis of these two methods, the resort X project in Labuan Bajo can be declared feasible to be implemented. [ABSTRACT FROM AUTHOR]

This study investigated non-instantaneous deteriorating items because not all products deteriorate immediately. In the high-tech product life cycle, the product demand increases linearly substantially in the growth stage and maintains a near-constant level in the maturity stage. This is a ramp-type demand rate. To satisfy the demand as shortages occur, partial backlogging is necessary. The advance-cash-credit payment scheme, comprising advance, cash, and credit payments, has gained popularity in business transactions to improve cash flow flexibility among supply chain participants. This study explored a partial backlogging inventory model with ramp-type demand for non-instantaneous deteriorating items under generalized payment. The proposed model also incorporated discounted cash flow analysis to account for the time value of the profit function. This study attempted to determine the optimal replenishment strategy to maximize the present value of the total profit. Finally, we conducted a sensitivity analysis to examine the efficacy of the proposed model and gain managerial insights. The optimal total profit rises with an increase in the permissible delay period and sale price but decreases with an increase in ordering and purchase costs. Then, the decision-maker can refer to the managerial insights to choose the appropriate parameter value for the operation. [ABSTRACT FROM AUTHOR]

Dealing with risk and addressing risk consequences constitute indispensable and specific elements of every business activity. The aim of this paper has been to assess the level of risk connected with the process of exploitation of hard coal deposits used for the production of coke in Poland, that is why a methodology has been developed which takes into account the impact of significant risk factors resulting from both geological and mining conditions upon unit cost of coal mining. This methodology constitutes a comprehensive approach to sustainable management of hard coal resources. The key source of information pertaining to exploitation risk factors is the digital geological model of hard coal deposit which has been developed. It comprises a structural model as well as a quality model of the basic quality parameters of coal. Structural models and coal quality models have been developed on the basis of litho-stratigraphic profiles from geological exploratory boreholes and underground observations (boreholes drilled from underground workings and their profiling). The structural grid model also contains information on tectonic disturbances (faults) or sedimentation disturbances (intercalations, wash-outs, and the like). The digital model was used as the basis for devising time schedules of development and preparatory works, as well as coal extraction proper. Historical results of mining and economic data from 81 longwalls mined in the years 2016–2022 have been used for the purpose of analysis of the impact of risk factors on unit operating costs. The analysis comprised a total of 23 criteria which influence the costs of mining. From that group, 10 risk factors have been selected by means of statistical analysis using segmented regression, these factors have been utilized to make an assessment of the forecast concerning risk factor level for zones of the deposit meant for mining until the year 2035. The risk factors taken into account were those which are due to natural hazards, geological structure of the deposit (coal seam) and technical limitations. Risk factor (RF) indicator has been developed, for its construction the Fuzzy Analytic Hierarchy Process (FAHP) has been used. The value of RF, which expresses the aggregated form of variability concerning individual factors pertaining to geology and mining, has been used to determine the adjusted own risk assessment when estimating the economic efficiency of the coking coal deposit for 8 exploitation zones with the use of discounted cash flow method. The assessed average value of RF for the entire deposit amounted to 0.29. The lowest level of RF was noted in case of zone W (RF = 0.17), whereas the highest value of risk occurs in zone PN (RF = 0.64). The values of RF were used to calculate the rate of discount as consolidated measure of own risk, when assessing investment projects in mining. For zone W with the lowest risk of mining the discount rate amounts to 8.34%, whereas in case of zone PN which has the highest risk level, it amounts to 15.02%. Assessing the level of mining risk provides the possibility to optimize the cost of mining, and may be utilized for making decisions concerning the sequence and time of mining from particular zones of the deposit. [ABSTRACT FROM AUTHOR]

The feasibility of producing biobased Polybutylene adipate terephthalate (PBAT) or 1,4-butanediol (BDO) as a way for diversification of sugar production facilities, was investigated in this study. Two scenarios for biorefineries integrated into an existing sugarcane mill, were investigated: In scenario 1, the feedstock (A-molasses) was diverted to produce three different monomers, i.e., terephthalic acid (TPA), adipic acid (AA) and 1,4-butanediol (BDO) in stoichiometric ratios required for PBAT production. Scenario 2 investigated using all the feedstock to produce BDO as a final product, based on substantial market potential. The processes were simulated in Aspen Plus® to obtain mass and energy balances for equipment sizing and costing. Then a discounted cash flow method was used to calculate the internal rate of return (IRR). The results indicated that scenario 1 had higher energy usage (47.3 MJ/kg of PBAT) compared to scenario 2 (42.1 MJ/kg of BDO) as PBAT synthesis required TPA and AA monomers, produced in energy-intensive processes. Scenario 2 with an IRR of 34.4% had a better economic performance than Scenario 1 with 19.1% IRR, partly due to Scenario 1 having smaller production scales for monomers, suffering the negative effects of economies-of-scale. Although both scenarios were profitable, the sensitivity analysis indicated that Scenario 1 would remain profitable with either a 30% increase in total capital investment or a 30% decrease in operation time, while Scenario 2 would become unprofitable. The study has demonstrated that bio-based PBAT can be produced from molasses in a manner that is cost-competitive with current fossil-based market prices. [ABSTRACT FROM AUTHOR]

Resource Constraint Project Scheduling Problems with Discounted Cash Flows (RCPSPDC) focuses on maximizing the net present value by summing the discounted cash flows of project activities. An extension of this problem is the Payment at Event Occurrences (PEO) scheme, where the client makes multiple payments to the contractor upon completion of predefined activities, with additional final settlement at project completion. Numerous approximation methods such as metaheuristics have been proposed to solve this NP-hard problem. However, these methods suffer from parameter control and/or the computational cost of correcting infeasible solutions. Alternatively, approximate dynamic programming (ADP) sequentially generates a schedule based on strategies computed via Monte Carlo (MC) simulations. This saves the computations required for solution corrections, but its performance is highly dependent on its strategy. In this study, we propose the hybridization of ADP with three different metaheuristics to take advantage of their combined strengths, resulting in six different models. The Estimation of Distribution Algorithm (EDA) and Ant Colony Optimization (ACO) were used to recommend policies for ADP. A Discrete cCuckoo Search (DCS) further improved the schedules generated by ADP. Our experimental analysis performed on the j30, j60, and j90 datasets of PSPLIB has shown that ADP–DCS is better than ADP alone. Implementing the EDA and ACO as prioritization strategies for Monte Carlo simulations greatly improved the solutions with high statistical significance. In addition, models with the EDA showed better performance than those with ACO and random priority, especially when the number of events increased. [ABSTRACT FROM AUTHOR]

Around 65% of the mitigation needed for the targeted net-zero carbon aviation emissions in 2050 is expected to come from Sustainable Aviation Fuels (SAFs). In this study, an alternative gasification-driven Biomass-to-Liquid (BtL) concept for the production of SAFs is introduced and evaluated. In particular, a fuel synthesis scheme based on the double-stage fermentation of the produced syngas (syngas → acetic acid → TAGs) is assessed instead of the conventional Fischer-Tropsch (FT) or Alcohol-to-Jet (AtJ) synthesis. The objective of the present work is the techno-economic evaluation of a large-scale (200 MWth) replication of the mentioned BtL concept, whose performance has been simulated in Aspen PlusTM (V.11) with reasonable upscaling considerations and models validated at a pilot scale. The estimated baseline Total Capital Investment (TCI) of €577 million lies in the typical range of €500–700 million that many recent techno-economic studies adopt for gasification-driven BtL plants of similar capacity, while the estimated annual operating costs of €50 million correspond to a 15–40% OpEx reduction compared to such plants. A discounted cash flow analysis was carried out, and a baseline Minimum Jet Selling Price (MJSP) equal to 1.83 €/L was calculated, while a range of 1.38–2.27 €/L emerged from the sensitivity analysis. This study sets the biological conversion of gasification-derived syngas into triglycerides (TAGs) as a promising alternative route for the production of SAFs. In general, gasification-driven BtL pathways, led by the relatively mature FT and AtJ technologies, are capable of thriving in the coming years based on their capability of advanced feedstock flexibility. [ABSTRACT FROM AUTHOR]

Recent international arbitration cases, especially P&ID v Nigeria , have highlighted how easy it is for claimants—whether in treaty-based Investor–State Dispute Settlement or commercial arbitration—to advance immense claims grounded on essentially no evidence against state respondents. This largely reflects the readiness of many quantum experts to engage in the practice which Martin Wachs called 'lying with numbers' in order to misrepresent the execution risks of speculative unbuilt projects in a manner that is radically at odds with empirical data regarding such execution risks, which is exacerbated by the ignorance of many arbitrators about business economics and discounted cash flow valuation. This situation is unlikely to improve, and overall standards of candour in valuation in international arbitration will keep going down as the system will keep rewarding the act of cloaking advocacy in the guise of scientific or technical rationality in order to 'lie with numbers'. [ABSTRACT FROM AUTHOR]

The use of renewable energy sources has become strategic in the production of electricity worldwide due to global efforts to increase energy efficiency and achieve a net zero carbon footprint. Hybrid systems can maximize stability and reduce costs by combining multiple energy sources. A conventional metric, such as the levelized cost of energy (LCOE), that is appropriate for assessing the cost-effectiveness of an option may not be appropriate when evaluating the economic feasibility of hybrid systems. This study proposes a stochastic discounted cash flow model (DCF) to assess the economic viability of a hybrid renewable energy system (HRES) in Brazil. The objective is to determine the combinations that will provide the highest 50th percentile internal rate of return (IRR) and the lowest coefficient of variation (CV). Model variables include capital expenditures (CAPEX), operation and maintenance (O&M) costs, sectoral charges, taxes, and long-term energy production metrics. The results demonstrate that the synergies modeled contributed to the higher economic outcomes for the HRES obtained by combining both energy sources rather than opting for a stand-alone configuration. A wind-dominant combination of 60% wind was able to increase the 50th percentile of the IRR, while a solar-dominant combination of 65% solar minimized the CV. [ABSTRACT FROM AUTHOR]

Decisions by states to cancel oil and gas licenses in the transition to net-zero emissions can trigger investment arbitration claims. Given the massive damages that arbitration tribunals can award to investors, investment arbitration is increasingly being criticized as an obstacle to climate change mitigation and the just energy transition. Under the Discounted Cash Flow (DCF) method, tribunals have based their valuation on the expected production volumes during the remaining lifetime of oilfields and forecasts of international oil prices, essentially requiring states to compensate companies at market conditions for all energy left underground. With an increasing number of carbon neutrality pledges at the global level and states' due diligence obligation to reduce emissions, this article argues that tribunals can no longer ignore decarbonization considerations in the application of the DCF method. Damages decisions must instead account for the price, production cost and risk expectations under net-zero pathways. Significant downward adjustments to the estimated future income of hydrocarbon assets can be achieved by using the lower oil price forecasts in net-zero emissions scenarios, instead of current market conditions. Adjusting future cash flow projections and the discount rate to reflect carbon pricing and other climate policy risks can significantly lower the present value of hydrocarbon assets. As arbitration tribunals have so far ignored decarbonization in their oil damages calculations, legal reforms are needed to require the alignment of investor compensation to decarbonization and ensure a just energy transition. [ABSTRACT FROM AUTHOR]

Economically feasible and optimized process development for the commercialization of liquid hydrogen (LH 2) is vital because the cooling system of a H 2 liquefaction setup requires considerable energy. Liquefied natural gas (LNG) cold energy can be used for H 2 liquefaction to facilitate efficient production of LH 2. In this study, we evaluated three scenarios of a novel H 2 liquefaction process at a scale of 300 tons/day utilizing LNG cold energy. Subsequently, a comparative study of the energy analysis, economic evaluation, and environmental evaluation was conducted. Among the three scenarios, the scenario that used LNG cold energy directly had the lowest minimum selling price (MSP) and environmental impact. The discounted cash flow rate of return for this project was 12.98%. Our results demonstrated that the use of LNG cold energy can improve the economic and environmental feasibility of H 2 liquefaction. [Display omitted] • H 2 is an environmentally safe and sustainable fuel that can replace fossil fuels. • Liquid H 2 overcomes the storage and transport limitations of gaseous hydrogen. • Using liquefied natural gas (LNG) cold energy produces liquid H 2 efficiently. • Using LNG cold energy can improve the feasibility of hydrogen liquefaction. [ABSTRACT FROM AUTHOR]

The only source of revenue for mining is the sale of its reserves. Therefore, a particular quantity of reserves and a specific selling price will generate a certain income. However, these income determinants are very unpredictable. Theoretically, real options (RO) substitute the discounted cash flow (DCF) approach to account for this uncertainty. Generally, RO quantify the uncertainty particularly related to price volatility. However, owing to its mathematical intricacy and application, the utility of RO is minimal. In addition, historical data analysis cannot be applied for spatial uncertainty related to grade uncertainty. Conventional RO approaches, such as the Black–Scholes method and lattice valuation technique, cannot measure a project with multiple uncertainties. In addition, these methods are mathematically complex and not sufficiently flexible for practical adaptation. This study proposes originality on simulation technique called stratified state aggregation (SSA) development that combined price and grade uncertainties in estimating the value of mining projects. For case study, a tin mining project of PT Timah Tbk in Indonesia was undertaken, specifically for short-term mine planning in underwater mining operations at two mining locations. We utilized the historical data natural logarithmic analysis to determine price uncertainty and conditional simulation to evaluate grade uncertainty. Our results indicated that mining uncertainties might be modeled using RO and value-added through SSA can be used to assess multi-uncertainty and multi-stage mining (rainbow option). The SSA decision aligned with the DCF method with improvement in uncertainty assessment. In addition, incorporating management flexibility may aid in alleviating concerns regarding the continuation or termination of a project. [ABSTRACT FROM AUTHOR]

This study aims to explore the feasibility of adopting international capital budgeting (ICB) Criteria, specifically Net Present Value (NPV) and Adjusted Present Value (APV), as more suitable criteria for international companies when making investment decisions (ID). The study also elucidates the equations related to measuring the results of ICB Criteria, contributing to the estimation and prediction of future cash flows. The research sample included analysts, investors, academics, financial managers, and individuals interested in foreign investments and financial data analysis across all service contract fields. The researcher distributed 343 valid survey forms, including paragraphs and questions, and collected and classified the data using the Statistical Package for the Social Sciences (SPSS version 24). The study concludes that ICB Criteria (NPV and APV) based on discounted cash flows (DCF) are preferred measures for making optimal ID in the Iraqi environment. [ABSTRACT FROM AUTHOR]

This study aims to investigate the feasibility of establishing international capital budgeting Criteria (ICBC) that are more suitable for international companies in making investment decisions (ID). It highlights the equations related to measuring the results of international capital budgeting (CB) Criteria that contribute to achieving and predicting future cash flows. The research sample consisted of analysts, investors, academics, financial managers, and individuals interested in foreign investments and financial data analysis across various service contract fields. The researcher distributed 343 valid survey forms for analysis. The questionnaire included a set of paragraphs and questions, and the data were collected and categorized using the statistical software (SPSS 24). The study concludes that ICBC based on discounted cash flows (DCF) are preferred measures for making optimal ID in the Iraqi environment. [ABSTRACT FROM AUTHOR]

• Designed an automated Material Recovery Facility for mixed waste. • Estimated a capital cost of $23 MM for 120,000 tonne/year of MSW. • The NPV ranged from $3.57 to $60 MM based on location. • Global warming potentials ranged from 5.98 to 8.53 kg CO 2-eq /MT. Material Recovery Facilities (MRFs) are crucial players in achieving a circular economy. MRFs receive complex waste streams and separate valuable recyclables from these mixtures. This study conducts techno-economic analysis (TEA) to estimate the net present value (NPV) and life cycle assessment (LCA) to estimate different environmental impacts of a commercial scale standalone, single-stream MRF to assess the economic feasibility and environmental impacts of recovering valuable recyclables from an MRF processing 120,000 tonnes per year (t/y). The TEA employs a discounted cash flow rate of return (DCFROR) analysis over a 20-year facility lifetime, along with a sensitivity analysis on the impact of different operating and economic parameters. Results show that the total fixed cost of building the MRF facility is $23 MM, and the operating cost is $45.48/tonne. The NPV of the MRF can vary from $3.57 MM to $60 MM, while 100-year global warming potential can range from 5.98 to 8.53 kg carbon dioxide equivalents (CO2-eq) per tonne of MSW. We have also found that MSW composition (arising from regional effects) significantly impacts costs, 100-year global warming potential, and other impact categories such as acidification potential, eutrophication potential, ecotoxicity, ozone depletion, photochemical oxidation, carcinogenic effects, and non-carcinogenic effects. Sensitivity and uncertainty analysis indicate that waste composition and market prices significantly impact the profitability of the MRF, and the waste composition mostly impacts global warming potential. Our analysis also indicates that facility capacity, fixed capital cost, and waste tipping fees are vital parameters that affect the economic viability of MRF operations. [ABSTRACT FROM AUTHOR]

According to IVS 2023 the terminal value of a DCFA can be calculated in respect of the three fundamental appraisal approach: market, income and cost. Specifi- cally, "Where the asset is expected to continue beyond the explicit forecast period, valuers must estimate the value of the asset at the end of that period. The terminal value is then discounted back to the valuation date, normally using the same discount rate as applied to the forecast cash flow" (IVS 105 Valuation Approaches and Methods, para 50.20). Although academic and professional normally refer to direct capitalization to calculate the exit value (scrap value, going out value) different approaches are possible. In particular it is possible to calculate the exit value using the market approach. The present work starts from an original model of Discounted Cash Flow Analysis proposed by Simonotti (2006) to propose possible alternative to the original formula. The model proposed, as defined for the paper "Prudential Value DCFA Formula (PVF)" provides methodological alternatives to the original model in order to apply the method in different property market conditions allowing the appraiser to represent even property market in recovery or falling market phase, or prudential assessment of worth and opinion of value. In particular the proposed model replace the compound growth of the property value included in the traditional Simonotti's model, with a linear growth or even a combination of both. The paper emphasize how property valuation standards can not be considered as immutable but they may be considered in constant evolution. In delivering an opinion of value for mortgage lending purposes the approach of professional academician and real estate analyst need to be able to respond to change of external conditions, in consideration of the sustainability of the cash flows in the long term, for the entire duration of the loan (and therefore for the purpose of identifying the long-term sustainable value of the asset). The approach is functional, inter alia, for the purpose of identifying the "prudential value" as defined by the innovative banking regulation (Basel 3) according to the definition of loan-to-value (LTV) ratio for loan origination and monitoring. [ABSTRACT FROM AUTHOR]

Many states exempt intangible personal property (IPP). Often people conflate, combine, and confuse IPP with goodwill when those are distinct concepts. Furthermore, to apply the IPP exemption, many people attempt to estimate IPP and goodwill value using ad hoc solutions. This article proposes a simple and transparent method, the enterprise value to invested capital (EVIC) multiple, to estimate the taxable property's value. The multiple's algebraic equivalence, advantages, simplicity, and transparency compared to the discounted cash flow (DCF) method, without "slippery inputs," is discussed. The model values tangible property according to the law of one price and IPP values are correlated with the firm's expected profitability. The paper uses publicly available data from the airline, electric, gas distribution, pipeline, railroad, telecom, and wireless industries are used as examples to demonstrate valuation accuracy and consistency across companies for tangible property values and excluding IPP values. The model is most useful for utility sectors and industrial properties that have a combination of real, personal, and intangible personal property where tangible assets are a key value driver. [ABSTRACT FROM AUTHOR]

The currently implemented indiscriminate subsidy policy in China is difficult to provide effective incentives for a firm's investment behavior because it does not take into account the differences in resource characteristics. Thus, this paper puts forward a type of differentiated subsidy that considers resource conditions, consisting of a basic guaranteed subsidy and a variable incentive subsidy. First, from the perspective of the economic efficiency of enterprises, the amount of basic subsidy required by enterprises is calculated by the discounted cash flow method. Then, from the government's perspective, a variable incentive subsidy amount is calculated by establishing an expectation benefit maximization function using principal-agent theory. The case application shows that due to the superior resources and development conditions of the Fuling block, it requires a significantly smaller subsidy amount than the Weiyuan block which verifies the need to consider regional differences in the design of shale gas development subsidies. [ABSTRACT FROM AUTHOR]

Background: There is extensive evidence for the cost-effectiveness of programmatic and additional tuberculosis (TB) interventions, but no studies have employed the social return on investment (SROI) methodology. We conducted a SROI analysis to measure the benefits of a community health worker (CHW) model for active TB case finding and patient-centered care. Methods: This mixed-method study took place alongside a TB intervention implemented in Ho Chi Minh City, Viet Nam, between October-2017 – September-2019. The valuation encompassed beneficiary, health system and societal perspectives over a 5-year time-horizon. We conducted a rapid literature review, two focus group discussions and 14 in-depth interviews to identify and validate pertinent stakeholders and material value drivers. We compiled quantitative data from the TB program's and the intervention's surveillance systems, ecological databases, scientific publications, project accounts and 11 beneficiary surveys. We mapped, quantified and monetized value drivers to derive a crude financial benefit, which was adjusted for four counterfactuals. We calculated a SROI based on the net present value (NPV) of benefits and investments using a discounted cash flow model with a discount rate of 3.5%. A scenario analysis assessed SROI at varying discount rates of 0-10%. Results: The mathematical model yielded NPVs of US$235,511 in investments and US$8,497,183 in benefits. This suggested a return of US$36.08 for each dollar invested, ranging from US$31.66-US39.00 for varying discount rate scenarios. Conclusions: The evaluated CHW-based TB intervention generated substantial individual and societal benefits. The SROI methodology may be an alternative for the economic evaluation of healthcare interventions. [ABSTRACT FROM AUTHOR]

During the COVID-19 pandemic, more than 24 billion pieces of surgical mask waste (WM) were generated in the EU region, with an acute shortage of their management and recycling. Pyrolysis and gasification are among the most promising treatments that were proposed to dispose of WMs and convert them into pyrolysis oil and hydrogen-rich syngas. This work aimed to investigate the techno-economic analysis (TEA) of both treatments in order to assess the feasibility of scaling up. The TEA was carried out using a discounted cash flow model and its data were collected from practical experiments conducted using a fluidised bed pyrolysis reactor and bubbling fluidised bed gasifier system with a capacity of 0.2 kg/h and 1 kg/h, respectively, then upscaling to one tonne/h. The technological evaluation was made based on the optimal conditions that could produce the maximum amount of pyrolysis oil (42.3%) and hydrogen-rich syngas (89.7%). These treatments were also compared to the incineration of WMs as a commercial solution. The discounted payback, simple payback, net present value (NPV), production cost, and internal rate of return (IRR) were the main indicators used in the economic feasibility analysis. Sensitivity analysis was performed using SimLab software with the help of Monte Carlo simulations. The results showed that the production cost of the main variables was estimated at 45.4 EUR/t (gate fee), 71.7 EUR/MWh (electricity), 30.5 EUR/MWh (heat), 356 EUR/t (oil), 221 EUR/t (gaseous), 237 EUR/t (char), and 257 EUR/t (syngas). Meanwhile, the IRR results showed that gasification (12.51%) and incineration (7.56%) have better economic performance, while pyrolysis can produce less revenue (1.73%). Based on the TEA results, it is highly recommended to use the gasification process to treat WMs, yielding higher revenue. [ABSTRACT FROM AUTHOR]

Nuclear assisted low carbon hydrogen production by water electrolysis represents a potential application of nuclear cogeneration towards deep decarbonization of several fossil fuel-dependent industrial sectors. This work builds a probabilistic techno-commercial model of a water electrolysis plant coupled to an existing nuclear reactor for base load operations. The objective is to perform discounted cash flow (DCF) calculations for levelized nuclear hydrogen production cost under input parameter uncertainty. The probability distributions of inputs are used with the Monte Carlo-Latin Hypercube (MC-LH) sampling technique to generate 105 input scenarios and corresponding distribution of the levelized or life cycle hydrogen production cost instead of deterministic point values. Based on current techno-economic conditions, the levelized production costs of electrolytic hydrogen using electricity from large water-cooled nuclear reactors are determined to be US $ 12.205 ± 1.342, 8.384 ± 1.148 and 6.385 ± 1.051/kg H 2 respectively at rated alkaline water electrolyser capacities of 1.25 MW(e), 2.5 MW(e) and 5 MW(e). The corresponding values for PEM water electrolysers are US $ 13.162 ± 1.356, 8.891 ± 1.141 and 6.663 ± 1.057/kg H 2. The potential for flexible nuclear reactor operation and management of power demand uncertainties through nuclear hydrogen cogeneration is also examined through a case study. [ABSTRACT FROM AUTHOR]

Objective - This paper aims to examine the theoretical and practical aspects of the widely used discounted cash flow (DCF) valuation method. Methodology - The proposed method is probably the most widely used approach in the valuation of unlisted companies. It involves estimating the future cash flows that the company is expected to generate and discounting them to their present value using a discount rate. The study was conducted on Spanish olive oil companies between 2005 and 2020. Findings - Our results show that there are two values for valuing companies: static and dynamic values. Both values are calculated based on the sum of the updated cash value plus the remaining value. The static value provides only one value, while the dynamic value provides a range of values, resulting in a more accurate understanding of a company's value and a better comprehension of the risks associated with that value. Therefore, the company is considered a cash flow generator, and the value of the company is found by calculating the present value of these flows using an appropriate discount rate. Novelty - Despite this method being a powerful tool for evaluating companies, even in complex situations, the DCF method is subject to a significant assumption bias, and even slight changes in the underlying assumptions of the analysis can greatly alter the evaluation results. [ABSTRACT FROM AUTHOR]

The introduction of advanced technologies by the Industry 4.0 phase at national enterprises is in the initial stages and requires economic support from the state. The system of financial and economic stimulation for the introduction of advanced technologies for smart-industrial development should combine monetary (monetary and credit) and fiscal (tax and budget) incentives. To ensure the validity and optimality of the choice of the list of such measures, it is relevant to build scenarios for the development of national industry using economic and mathematical modelling tools that allow assessing the impact of the identified incentives on the overall economic growth indicators. An analysis of the models by areas of incentives aimed at studying the impact of incentives on the economic performance of enterprises, industry or the overall economy of the States is carried out. The advantages and disadvantages of the DCF, VAR and GARCH models are outlined, which, along with the methods for assessing the effectiveness of individual incentives CBA, ROI, NPV, etc., may require modification to consider individual incentives, the introduction of additional factors and the accumulation of variables to assess the overall impact on the economy. Therefore, they are labour-intensive for solving the outlined problems, but can be used for intermediate calculations for certain incentive areas. For modelling the components of the financial and economic stimulation system at the national level, the most appropriate models are general economic models (Cobb-Douglas model, Solow model, AD-AS model, Samuelson-Hicks model, etc.). The modified Cobb-Douglas model, taking into account the digitalisation factor, reflects the dependence of production on the introduction of advanced smart technologies, has a number of advantages over other models and is technically convenient for long-term calculations, which is required for national industry development scenarios to assess the impact of the introduction of financial and economic stimulation for industrial development. Promising areas of research are outlined. [ABSTRACT FROM AUTHOR]

The financial valuation of power plants is an important instrument for investment planning. The environment of the energy sector, which is strongly influenced by renewable energies, is changing. The shift to decentralized supply has an impact on the technical complexity of the energy system and requires congestion management. In such a transitioning system, flexibility is gaining a more important function in the valuation of power plants. Existing valuation methods are examined as to how flexibility and marketing options are taken into account. The comparison of the existing valuation methods showed that the valuation results are strongly dependent on the method used and the technology investigated. There is a lack of validation of the methods through quantitative evaluation. [ABSTRACT FROM AUTHOR]

This study investigates the feasibility of rice straw for energy production in Cambodia. The potential areas for a 10 MW biomass-fired power plant installation are estimated based on rice straw availability displayed in a graphic information system (GIS). The discounted cash flow (DCF) method on the profitability index (PI) was executed by Mathlab software, which was used to determine the period of the power plant profitability. The reduction of CO and CO2 emissions from the proposed rice straw biomass-fired power plant with 10 MW capacity was calculated and compared with the coal-fired power plant and open field burning. Prey Veng, Takeo, and Battambang are potential provinces that have an estimated rice straw source of 804,796 t/annum, 720,040 t/annum, and 603,273 t/annum, respectively. Within a 20-year project, the biomass-fired power plant can reach profitability between six and ten years with the operation of the rice-straw price of 20 USD/t to 40 USD/t. The total energy produced by these potential areas is 1251 GWh/annum, with a CO2 emission avoidance of 1.06 million t/annum compared to the coal-fired power plant operation. Simultaneously, the emission savings of the biomass-fired power plant compared to open-field burning are 0.61 million t/annum of CO2 and 0.02 million t/annum of CO in the study site. The findings are prospectively essential for further designing of a small-scale biomass-fired power plant in Cambodia. [ABSTRACT FROM AUTHOR]

• Develop a novel approach called SEH that represents multi-carrier energy systems operating in the SG environments. • The optimum size of the important equipment of SEH such as transformers, ACHs, boilers, and CHP have been considered. • An RL method has been proposed to solve the optimization issue in this article, and also the problem is described as reward function, action space, and state space. • Three criteria as net present value (NPV), rate of return (ROR), and dynamic payback period (DPP) have been applied to approximate the efficiency of the project in the Discounted cash flow (DCF). • The residential customer as an SEH is considered to validate the proposed optimization approach. Getting equipped by highly new smart technologies, Energy Hubs (EHs) and Smart Grids (SGs) are gaining interest these days. Energy management will advance over time as a result of the interaction impact among power and natural gas grids, and the use of smart technology for communications. The present study proposes a novel approach entitled Smart EH (SEH) for modeling multi-carrier energy systems in SG environments. Furthermore, this paper determines the optimum management and sizing of combined heat and power, auxiliary boiler, absorption chiller, as well as transformer unit as the essential components of an SEH. It is difficult to address the requirements of SGs with most conventional load scheduling algorithms because they lack robustness and performance in complex environments. An evaluation of the benefits and costs of optimizing such parameters was carried out in this paper and the Reinforcement Learning (RL) algorithm is applied to solve the optimization problem. An individual user in a dynamic electrical market was examined as an SEH in support of the suggested approach. According to simulation outcomes, the suggested method is effective regarding time efficiencies and load variations. [ABSTRACT FROM AUTHOR]

The conventional hydrothermal carbonisation (HTC) is mainly tied to the high capital investment of the reactor and low product quality. In a novel approach, the rapid subcritical HTC of paunch waste (at 240 °C for only 5 min) was proposed to enhance the quality of products and their utilisation via in-situ production of magnetic hydrochar. Magnetite nanoparticles were found on the surface of hydrochar with size of 10–20 nm and crystal lattice spacing of 0.25 nm, XRD characteristic peaks of magnetite, and strong FTIR peak at 580 cm−1 assigned to Fe-O stretching in the crystalline lattice of magnetite. Magnetic hydrochar could adsorb Congo Red at a capacity of 59.9 mg g−1. An organic-rich process water with a high COD of 43 g L−1 was co-generated along with magnetic hydrochar and assumed to be anaerobically digested. The estimated theoretical methane yield was found sufficient to run the HTC plant in an energy-neutral mode. After developing a process model in Aspen plus, the discounted cash flow analysis revealed a net present value of US$13.04 MM for 30 years of operation, which can increase to $34.79 MM if the iron precursors are sourced from locally available iron-rich sludge. [ABSTRACT FROM AUTHOR]

An economic feasibility study must consider the uncertainties inherent to a mining project, whose risks must be quantified properly to enable accurate decisionmaking. Studies previously carried out through the Discounted Cash Flow (DCF) methodology in the project evaluated here - a quarry whose operations are currently interrupted, located in Pernambuco, Brazil, formerly taxed under the presumed profit regime - indicated a positive Net Present Value (NPV) in the deterministic scenario, therefore projecting a profitable project. However, a probabilistic analysis using Monte Carlo simulations indicated only a 49.98% occurrence probability for this NPV. An assessment focused on the company's taxation was never carried out, which is a gap that the present study intends to fill, in addition to evaluating the feasibility of immediate investment in this project. Furthermore, this is a gap in Brazilian literature in general, which does not take into account the taxation system in their economic assessments. In this context, considering scenarios whose taxation was based on real and presumed profit regimes, we reassessed the cash flows of this quarry and performed deterministic and probabilistic economic analyses, and compared the results of both scenarios. The sensitivity analysis indicated that the production rate would be the most impactful variable in the project's NPV, considering the six variables assessed. Hence, it was verified in both deterministic and probabilistic analyses that taxation under real profit, results in a higher economic return with a 56.08% probability of the NPV being positive and with the Internal Rate of Return (IRR) higher than inflation (SELIC rate) at 4.81%; the taxation under the presumed profit, on the other hand, obtained respective probabilities of 46.54% and 3.23%. However, with the chances of obtaining some profit (NPV greater than zero) at the order of 50% and a minimal chance of the IRR being greater than the SELIC rate adopted at the time of this study, we would advise against investing in this venture. Moreover, even if the current moment is not the most suitable for investment in this sector, regardless of the production rate assessed in the probabilistic analysis, taxation on the real profit regime presented a greater economic return than taxation on the presumed profit regime., indicating that, for the parameters considered in this study, the first would be the most appropriate choice of tax system for this type of enterprise in Brazil. [ABSTRACT FROM AUTHOR]

Valorizing wet wastes to sustainable aviation fuel (SAF) can be achieved through sequential arrested anaerobic digestion (AAD) to volatile fatty acids (VFAs) and thermochemical catalytic upgrading. Alternatively, conventional anaerobic digestion (AD) can use wet waste to produce biogas (for electricity generation), biomethane, or green hydrogen. To assess the VFA-SAF pathway, we conducted a comprehensive techno-economic analysis (TEA) of each approach using Aspen Plus and discounted cash flow models, coupled with life cycle assessment (LCA) to estimate fuel carbon intensity (CI) and evaluate the implications of policy incentives for carbon emissions reduction. First, we calculated the minimum fuel selling price (MFSP) required to meet a 10 % internal rate of return (IRR) for each product without policy incentives. In this scenario, all pathways faced challenges in meeting the market values of equivalent fossil-based products. Next, we examined projected costs for alternative sustainable technologies and found that SAF and biomethane from wet waste were competitive, while electricity and hydrogen costs were significantly higher. Finally, we incorporated current policy incentives; with incentives, all pathways exceeded a 10 % IRR using fossil-equivalent selling prices. Among all the options considered, VFA-SAF produced the most profitable carbon-negative fuel that was economically competitive with alternative sustainable technologies. [Display omitted] [ABSTRACT FROM AUTHOR]

The adoption of renewable energy resources is in the core of energy transition. However, its implementation can be highly impacted by country policies. A limited number of researches investigated solar photovoltaic investments, comparing net-metering rules for distinctive energy consumption levels and different discounted rates, from the investors' point of view. This paper analyzes the impact of Brazilian net-metering rules on solar photovoltaic investments, considering residential scale. The methodology contemplates the development of a Discounted Cash Flow model to calculate Discounted Payback (DP), Net Present Value (NPV), Internal Rate of Return (IRR), and Levelized Cost of Electricity (LCOE) of projects. The case studies consider the impact of Brazilian regulation from net-metering rules (previous, considered, and current), energy consumption levels (Low, Middle, and High), and discount rates (5 %, 10 %, 15 %, and 20 %). The results show that from the previous to current rule the return for investor, on average, decreased 5.77 %. However, this reduction would be of 12.81 % if considered rule was adopted. For the 36 studies carried out, even in the worst case the investments remain viable. Therefore, the existing policy is suitable for the current stage of sector development; minimizing the impacts for energy tariff, distribution companies, consumers, and prosumers. [ABSTRACT FROM AUTHOR]

The use of liquefied natural gas (LNG) in the transportation sector is increasing, and boil-off gas (BOG) management systems are considered viable options to increase economic efficiency and reduce greenhouse gas emissions at LNG refueling stations. The present study proposed an economically optimized method by investigating four refueling station scenarios, including different BOG management systems. Among the four scenarios, the scenario in which compressed natural gas was produced from BOG had the lowest minimum selling price (MSP) and was the most economical. Sensitivity and uncertainty analyses were conducted for the economically optimal scenario, which identified the factors with the most influential impact and their uncertainties on the MSP. Finally, to determine the feasibility of the business through profitability analysis, the net present value, discounted payback period, and present value ratio due to changes in the discount rate were presented, and the discounted cash flow rate of return was found to be 13.22%. As a result of this study, a BOG management system can contribute to improving the economic feasibility for LNG refueling stations by reliquefying BOG and re-selling it (the most efficient way is scenario 4) and will provide an economical guide for countries with much demand for LNG in the transport sector. [ABSTRACT FROM AUTHOR]

Economic feasibility analysis is essential in the decision-making process regarding investment in photovoltaic projects. Project profitability must be measured based not only on the costs and revenues, but also on the climatic particularities of the different locations. Therefore, performing simulations of technical and economic performance of photovoltaic models is fundamental. Thus, the objective of this study was to analyze deterministic and stochastic models of investments in two types of photovoltaic systems, one incorporated into the enterprise's architecture (a BIPV system) and the other, a conventional one, in different Brazilian locations, covering the predominant climatic factors in the country. The methodological proposal consisted of choosing a city in Brazil with each predominant climate type and compiling its data on irradiation, monthly sunshine hours, and tariffs of the electric power concessionaire, to simulate the electrical generation performance of the proposed photovoltaic systems and their profitability. For the economic analysis, the cumulative probability of positive Net Present Value (NPV) returns was obtained through deterministic simulations in all municipalities. Only the municipality of Pau dos Ferros-RN was chosen to perform 10,000 stochastic simulations, and its cumulative probabilities of positive NPV returns were obtained. In both models of photovoltaic technology analyzed and simulation logics, 100% of the NPVs were positive, indicating profitable cash flows in all scenarios. However, some municipalities obtained better results than others when the climate types favored sunny weather. Moreover, although all cases returned positive NPVs, the conventional model proved to be more economically attractive than BIPV system. [ABSTRACT FROM AUTHOR]

Taxes, particularly income tax, may affect how long investors decide to hold on to an investment property. There exists a research gap regarding the implications of a distributed profit-based taxation system for the holding period of an investment asset. As a distributed profit-based taxation system allows investors to postpone income tax liability, it creates an advantage for investors operating under such a system compared to investors operating under other systems of income taxation. In this paper we model optimal holding periods under different systems of income taxation using a specific type of discounted cash flow model. We show that, theoretically, under the distributed profit taxation system, an optimal holding period for an investment property for an individual investor is the longest (ceteris paribus). This is in concordance with the circumstance that the after-tax value of the property for the investor is highest under the distributed profit taxation system. The results suggest that investment and property development projects under distributed profit taxation are not to be treated in the same way as projects under other tax systems with respect to time. Limitations of the study are related to the deterministic setting of the model as well as some restrictive assumptions. [ABSTRACT FROM AUTHOR]

The energy economy is continually evolving in response to socio-political factors in the nature of primary energy sources, their conversions to useful forms, such as electricity and heat, and their utilization in different sectors. Nuclear energy has a crucial role to play in the evolution of energy economy due to its clean and non-carbon-emitting characteristics. A techno-economic analysis was undertaken to establish the viability of selling heat along with electricity for an advanced 100 MWth small modular reactor (SMR) and four nuclear hybrid energy system (NHES) configurations featuring the SMR paired with chemical heat pump (ChHP) systems providing a thermal output ranging from 1 to 50 MWth. Net present value, payback period, discounted cash flow rate of return, and levelized cost of energy were evaluated for these systems for different regions of U.S. reflecting a range of electricity and thermal energy costs. The analysis indicated that selling heat to high temperature industrial processes showed profitable outcomes compared to the sale of only electricity. Higher carbon taxes improved the economic parameters of the NHES alternatives significantly. Providing heat to high temperature industries could be very beneficial, helping to cut down the greenhouse gases emission by reducing the fossil fuel consumption. [ABSTRACT FROM AUTHOR]

UAM is a new concept of mobility that expands the two-dimensional transportation system to three dimensions using a personal air vehicle (PAV). This study explores the economic feasibility of the UAM airport shuttle service from two perspectives. First, this study estimates the fare of UAM services to attract customers. The UAM service should maintain a competitive price to convert existing transportation users into UAM users. This study used Incheon Airport (ICN) ground transportation data to estimate a competitive fare based on the multinomial logit model. The pricing range at which UAM services can obtain users from Seoul Station to ICN is estimated to be 96 to 108 USD, assuming the new service reduces traveling time by 30–40 min compared to taxi service. The comparison with professional institutions indicates that the 96–108 USD price range is feasible. However, according to a simulation based on the discounted cash flow (DCF) method, other approaches to increase economic feasibility are required. Second, this study reviewed operational policies to improve the economic feasibility of UAM shuttle services from two perspectives. The first is a service perspective that introduces new services or enhances the current service level. The internalization of CNS (communications, navigation, and surveillance) and UTM (unmanned traffic management) services can be a new business area, including premium routing. The second is introducing a dynamic pricing policy. Segmented pricing, time-based pricing, and changing market conditions strategies can practically strengthen the economic feasibility. Operating an airport Vertiport providing a dedicated path for UAM passengers can allow UAM operators to charge more on a premium passenger segment by shortening airport procedure time. Because it can avoid the uncertainty of road congestion, there is plenty of incentive to set higher fares during peak times with severe congestion. In addition, by creating a market environment in which multiple operators participate, the operators can share the burden of infrastructure construction and operation, which account for more than 80% of the total operating costs, increasing the economic feasibility of services. [ABSTRACT FROM AUTHOR]

The article describes the approach proposed by the authors to analyze the effectiveness of projects for the introduction of eco-technologies in hotels concerning the risk-return ratio. The net present value (NPV) of the project is used as a criterion for assessing the profitability of the green technology implementation project. The magnitude of the project risk is the second criterion, which can be calculated by various methods. Applying the proposed approach, the authors analyzed the experience of implementing environmental projects by Russian hotels. An illustration of the proposed method is the 'risk-return' diagram for introducing energy-saving technologies in a 3* hotel. The approach combines the advantages of the analysis method for discounted cash flow project efficiency and project risk analysis tools by using two criteria and can be applied for a quick and visual analysis of environmental projects in the hospitality sector. [ABSTRACT FROM AUTHOR]

The issue of how to price options embedded in callable bonds has attracted a lot of interest over the years. The usual bond valuation methods rely on yield curves, risk premium, and other parameters to estimate interest rates used in discounted cash flow calculations. The option to retire the bond is, however, neglected in the standard pricing models, causing a systematic overvaluation of callable bonds. In the event of a decline in interest rates, investors are exposed to the risk of a lower return on investment than indicated by the yield to maturity. We propose a novel approach to valuing the risk that the issuer will use the right to buy back the bond at a specific call price. While prior models are focused on valuing marketable callable bonds, we deliver a unique approach to valuing bonds with an embedded European option (or a multiple option) that are traded solely through private transactions. These can typically be characterized by the lack of historical records on transaction prices. The modular character of calculation we propose allows us to take into account additional information, such as probable behaviour of the issuer, available opportunities for achieving alternative earnings or different estimates in terms of interest rate development. [ABSTRACT FROM AUTHOR]

The relevance of market cycles is known in the financial markets and in the context of real estate valuations it manifests itself in the estimate of the "exit value" of the Discounted Cash Flow Analysis. The hypothesis that the market cycle has a behaviour very similar to what happened in the past introduces some risks and uncertainty in the estimated value. To allow a more extensive use of cyclical capitalization in formulating value judgments, this paper proposes two methodological adaptations to the original model: the first, based on the presence of a regular market trend; the second based on the hypothesis of irregular market cycles and therefore more representative of the dynamics to which a specific real estate segment is exposed. In the perspective of a more extensive availability of information, data and extra-data, other application areas are also identified on which further investigations need to be developed. [ABSTRACT FROM AUTHOR]

This study examines three investment methodologies for renewable energy projects: 1) leveled electricity cost, 2) discounted cash flow with Monte Carlo and value at risk (VaR) simulations, and 3) real-world scenarios. Two investment strategies are evaluated: 1) investment without tax incentives, without financing, and with an assets depreciation of over 10 years, and 2) the same conditions as 1), but with tax incentives. A sensitivity analysis is performed to assess the impact of depreciation rate variation and debt percentage on the initial outcomes. The results show that levelized photovoltaic solar electricity and wind costs are 5.1 ¢USD/kWh and 4.8 ¢USD/kWh respectively. There is a reduction of 44% and 39%, respectively, when tax incentives consider assets depreciation to 10 years, 100% debt percentage, and 6% interest rate E.A (discount rate). It is concluded that the LCOE (levelized cost of energy) methodology can be combined with other investment assessment methodologies such as discounted cash flow with Monte Carlo and VaR simulations. [ABSTRACT FROM AUTHOR]

Certifications related to sustainability in agribusiness are a crucial tool for promoting agricultural processes with a higher level of socio-environmental responsibility. However, their economic impact on small and medium-sized rural properties remains a topic of discussion. This research, with its comprehensive approach, aims to assess the economic potential generated by Bonsucro certification, an innovation process in sustainability. This process introduces pioneering evaluation criteria to meet the specific sustainability demands in the sugarcane sector on small and medium-sized properties. The approach was quantitative, using the Discounted Cash Flow method supported by Monte Carlo Simulation, where four scenarios were developed considering the small and medium producers without certification and with Bonsucro certification. The results obtained not only allow for obtaining the Economic Value of certified and non-certified producers but also for profiling the modal producer (who possesses traditional characteristics of the region), identifying convergence variables that are common characteristics among them and that impact land management, such as education, average age, investment capacity, among others. The findings demonstrate that small and medium-sized rural properties certified by Bonsucro create more economic-financial and sustainable value than uncertified rural properties. These findings can serve as a powerful motivator for private entities and associations of rural producers to implement certification, thereby empowering small and medium-sized rural producers to address relevant issues that have impacted the sustainability of sugarcane production, bringing significant results in terms of economic viability and socio-environmental impact. [ABSTRACT FROM AUTHOR]

Offshore wind auctions in Europe have recently seen considerable price decreases, with resulting support levels low enough to warrant the question whether project profitabilities are robust enough against changing market prices, or whether project suffer from low returns upon project realisation. This study investigates the development of profitability between auction date and Final Investment Decision, mainly through identifying impacts of changes in electricity prices, using stochastic discounted cash flow analysis. Some projects seem to have experienced adverse market developments. The study employs an explanatory-sequential approach to analyse two strategies to mitigate this risk: Pricing risks into the auction bid and absorbing losses through reduced returns or, alternatively, passing them down to contractors in the supply chain. The study finds indications that post-auction market developments have likely led to diminishing returns of developers, rather than increased price pressure on contractors. The study enhances the understanding of project profitabilities and developers' choices between auction and investment decision, and therewith opens the discussion on post-auction industry dynamics as an increasingly relevant factor to ensure that offshore wind can live up to its envisaged role in the decarbonisation of society. [Display omitted] • Detailed empirical approach to assessing economic viability of projects over time. • Implications of adverse market developments in major European offshore wind projects. • Some developers have experienced diminishing returns from market price changes. • Post-auction industry dynamics as increasingly relevant research field. [ABSTRACT FROM AUTHOR]

Organizations seek partnerships, fusions and acquisitions (F & A) in expected to obtain economies of scale and gain of synergy, scope and value creation or even at entry into new markets. Decided by acquisition or merger, it is necessary to carry out the evaluation of the enterprise. Business evaluation models and methodologies have been developed over time, with the assumptions and information arising from finance theory. The acquisitions of anonymous public companies are carried out through the public offering of shares (OPA). In Brazil, the OPA is disciplined by the Normative Instruction - in 361/2002 of the Securities and Securities, and must be accompanied by a company assessment report. This research through content analysis sought to evidence information about the company's history and vision, marketing market, criteria and assumptions of evaluation, discount rate, among others, constant in the evaluation reports. It was evidenced that the item that presented a higher amount of words and / or data set was market and industry. The supremacy of discounted cash flow methodology was found. In all reports was evidenced information about business knowledge and strategic analysis. The qualification of the evaluators presented the lower variability of information, indicating a certain standardization of these data. It can be considered that the information highlighted in the Lauds suprem the needs of information of users and can be a tool to minimize asymmetry of information and errors in Valuation. Although the quality of the information has not been evaluated, it can be inferred that a greater amount of data can offer larger informational content, thus giving more subsidy for decision-making. [ABSTRACT FROM AUTHOR]

The valuation of a technology or invention patent is an exercise of good sense based on referents of competitive intelligence and experts. The purpose of this article is to establish the monetary value of the invention patent according to the technology situation and under possible commercialization scenarios. First, the conditions and potential of the patent are evaluated through expert analysis, the expectations of the owners of the invention patent and of potential clients or allies. Second, the patent is valued by discounted free cash flow (FCLD) and according to possible commercialization alternatives. The results show that there is an increase in the added value of 2.7 times for the company, in the alternative corresponding to the licensing of energy distributors in the national territory, compared to the alternative of only producing internally and making its own distribution. [ABSTRACT FROM AUTHOR]

The societal demand for biomethane production by anaerobic digestion of waste and biomass is rapidly growing to build a circular economy, yet actual efficiency is limited. Biochar addition has been technically shown to enhance methane yields in general, but economics are unknown so far. Here, we evaluated the profitability of adding biochar into orange peel waste using the method of the discounted cash flow. We also studied biochar prices and incentives for biomethane production. Results indicate that adding biochar decreases 17 times the overall economy of the process. This decline is explained by high current prices of biochar. To reach profitability, subsidies should be higher than 20 Eur per MWh of biomethane. [ABSTRACT FROM AUTHOR]

More wood for technical valorization is to be expected in Europe over the coming years, due to climate change and the bark beetle. To further independence from fossil‐fuel resources a novel approach to the base‐catalyzed depolymerization (BCD) of organosolv lignin into monomers and oligomers, while maximizing yields and minimizing coke formation, was scaled up in a theoretical wood‐based biorefinery with a yearly input of 40 000 t of wood chips. Other process steps were modeled from the literature. A novel work‐up approach was evaluated under laboratory conditions, implemented, and compared with a simulation‐based pervaporation technique. The life‐cycle assessment (LCA) showed that the biorefinery provided a significantly lower global warming potential (GWP) (excluding biogenic carbon) than its fossil counterparts. Moreover, the majority of impacts on the other midpoint categories was also smaller than for the fossil reference. However, after allocating the GWPs, it was evident that subsequent conversion of the C6 fraction to value‐added products is necessary for optimal results. The discounted cash flow analyses for the biorefinery setups (40 to 400 kt year–1) showed that they were not profitable with prices based on fossil references. However, when using higher prices/t from the literature, such as €1615 for monomers, €2000 for oligomers, and €510 for C6 sugars, a positive net present value could be reached at approximately 100 000–120 000 t processed annually. Hence, the conclusion was that a biorefinery utilizing wood not only brings environmental benefits and a reduction in the use of fossil resources but can also be financially beneficial. © 2021 Society of Chemical Industry and John Wiley & Sons, Ltd [ABSTRACT FROM AUTHOR]

This article aims to analyze the incorporation of Webjet by Gol, in 2011, from the perspective of the owners of each of the companies, considering the value of the transaction and the gains generated by synergies arising from the operation. The quantitative analysis used the discounted cash flow method to evaluate each companies' value vis-à-vis the amount of the transaction, and the Tobin's q, to verify if there was synergistic gain. The results indicated that (i) Webjet shareholders experienced wealth gain from the transaction and (ii) the transaction did not generate synergistic gains for Gol's shareholders. This article also contributes to the literature by expanding the knowledge applied to the airline incorporations, in addition to adding to the evidence that targeted companies are generally benefited by mergers and acquisitions even in the absence of synergistic gains. [ABSTRACT FROM AUTHOR]

The viability of converting wood chips and plastic to power via compact integrated catalytic fast/slow pyrolysis, combustor, and Stirling engine technologies was determined using modeling analysis. Aspen simulations followed by sizing analysis were performed to determine the size, weight, and net energy efficiency of upgrading wood chips and plastic to power using a compact energy system with a feedstock processing capacity of 1 kg h−1. The equipment and tooling to fabricate individual components of a compact energy system were identified. The total costs of fabricating all the individual components of compact energy systems were assessed. A discounted cash flow analysis with an internal rate of return of 20% was used to assess the minimum selling price of compact energy systems. The specific energy (Wh kg−1) of the compact catalytic fast pyrolysis system, compact slow pyrolysis system, and compact plastic conversion system were assessed at 20, 29, and 63, respectively. The assessed capital and annual costs of manufacturing 10 000 compact energy systems per year were $51 million and about $11 to $13 million, respectively. The calculated minimum selling price of a catalytic fast pyrolysis system, a compact slow pyrolysis system, and a compact plastic conversion system were $3055, $3021, and $2980, respectively. The sensitivity analysis results showed that the internal rate of return, capital investment, materials cost, annual operating costs, and capital cost have significant impacts on the minimum selling price of compact energy systems. © 2021 Society of Chemical Industry and John Wiley & Sons, Ltd [ABSTRACT FROM AUTHOR]

Valuation is at the core of every investor decision, especially in times of uncertainty. In this paper the author moves from the outset of the COVID-19 pandemic when global markets were in turmoil, through the period when sentiment became clearer in the market and the role that this should play, how valuation methodology evolved as we entered into a period where investor activity returned with the wider economy going through periods of lockdown and restriction easing and then further periods of restrictions. We appear to be in an increasingly polarised marketplace and valuation methodology is increasingly important to ensure a consistent approach is taken. The pandemic has given valuers new tools and refocused the valuation community on how best to value in times of uncertainty — lessons learned that will remain relevant in the future. [ABSTRACT FROM AUTHOR]