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[ES] El objetivo del TFG es la valoración de la empresa Carrefour SA por el método del descuento de flujos de caja libres. Para realizar dicha valoración, serán necesarios ciertos apuntes previos que guíen al lector hasta la misma. De esta forma, el trabajo se dividirá en una introducción macroeconómica a nivel global y de la industria a la que pertenece la empresa, un acercamiento a la estrategia, presencia y oferta de productos y servicios de esta, una presentación del marco teórico de la valoración de empresas y un análisis de los documentos contables de la entidad a tratar. Todo esto nos permitirá concluir con la mencionada valoración y las conclusiones extraídas de la misma., [EN] The following document presents the valuation of the Carrefour SA company by the free cash flow discount method. To make this assessment, certain previous notes will be necessary to guide the reader into it. In this way, the work will be divided into a macroeconomic introduction at a global level and of the industry to which the company belongs, an approach to the strategy, presence and offer of its products and services, a presentation of the theoretical framework of the valuation of companies and an analysis of the accounting documents of the entity. All this will allow us to conclude with the aforementioned assessment and the conclusions drawn from it.

[ES] El objetivo del TFG es la valoración de la empresa Carrefour SA por el método del descuento de flujos de caja libres. Para realizar dicha valoración, serán necesarios ciertos apuntes previos que guíen al lector hasta la misma. De esta forma, el trabajo se dividirá en una introducción macroeconómica a nivel global y de la industria a la que pertenece la empresa, un acercamiento a la estrategia, presencia y oferta de productos y servicios de esta, una presentación del marco teórico de la valoración de empresas y un análisis de los documentos contables de la entidad a tratar. Todo esto nos permitirá concluir con la mencionada valoración y las conclusiones extraídas de la misma., [EN] The following document presents the valuation of the Carrefour SA company by the free cash flow discount method. To make this assessment, certain previous notes will be necessary to guide the reader into it. In this way, the work will be divided into a macroeconomic introduction at a global level and of the industry to which the company belongs, an approach to the strategy, presence and offer of its products and services, a presentation of the theoretical framework of the valuation of companies and an analysis of the accounting documents of the entity. All this will allow us to conclude with the aforementioned assessment and the conclusions drawn from it.

[EN] This study focuses on answering whether EV/EBITDA multiple of public companies in the food industry can be useful to obtain the Terminal Value (TV) in the valuation of unlisted small and medium-sized food companies. A case study into Spanish unlisted agribusinesses is designed for several samples and accounting years from 2010 to 2013. By means of a discounted cash flow (DCF) model combined with bootstrap techniques, the TV/EBITDA empirical distribution of the unlisted multiples is obtained for two different scenarios of free cash flow (FCF) growth, and then compared with the EV/EBITDA of the listed companies in the same industry. The results show that the stock market EV/EBITDA multiple may be used to determine the TV in the valuation process of unlisted small and medium-sized food companies that consistently obtain positive cash flows.

[EN] This study focuses on answering whether EV/EBITDA multiple of public companies in the food industry can be useful to obtain the Terminal Value (TV) in the valuation of unlisted small and medium-sized food companies. A case study into Spanish unlisted agribusinesses is designed for several samples and accounting years from 2010 to 2013. By means of a discounted cash flow (DCF) model combined with bootstrap techniques, the TV/EBITDA empirical distribution of the unlisted multiples is obtained for two different scenarios of free cash flow (FCF) growth, and then compared with the EV/EBITDA of the listed companies in the same industry. The results show that the stock market EV/EBITDA multiple may be used to determine the TV in the valuation process of unlisted small and medium-sized food companies that consistently obtain positive cash flows.

I marknadsrapporter går att läsa att samhällsfastigheter är en lågriskplacering där investerare söker säker hamn när det börjar blåsa. I Catella Property Forecast (2019) bedöms samhällsfastigheter som låg risk med medel-till-hög avkastning. Den underliggande efterfrågan på samhällsfastigheter i Sverige drivs av den demografiska utvecklingen och framgent behövs stora investeringar för att möta behovet bland landets kommuner och landsting. Hos investerarkollegiet har samhällsfastigheter seglat upp som ett alltmer populärt segment och i en marknadsrapport från Pangea Property Partners kommuniceras att samhällsfastigheter är den mest eftertraktade produkten bland institutionella investerare på fastighetsmarknaden i Sverige (Pangea Institutional Outlook, 2019). På grund av dess beskaffenhet bedöms risk och osäkerhet för investeringar i samhällsfastigheter som relativt låg under kontraktsperioden där ekonomiskt stabila hyresgäster säkerställer ett kassaflöde under långa hyresförhållanden. Hyresgästrisken och vakansrisken är i princip obefintlig under de långa hyreskontraktens löptid. Dock behäftas fastigheterna alltid, likt alla fastigheter, med en viss risk som kan härledas till exempelvis teknisk risk och miljörisk. Utöver dessa tillkommer även politisk risk samt juridiska risker. Specifikt för samhällsfastigheter är att de, per definition, är specialanpassade för verksamheten vilket kraftigt begränsar dess alternativa användning. Alla ovan nämnda parametrar ska speglas i en marknadsvärdesbedömning utförd av en registrerad värderare. Marknadsvärdesbedömningar är centrala i beslutsfattandet vilket föranleder att det är av största vikt att de är rättvisande. Då investerare känner komfort för de förhållanden som råder under löptiden för de långa avtalen är det intressant att granska synen på dessa fastigheter då kontrakten har löpt ut. Syftet med denna fallstudie är att genomlysa hur restvärdet för samhällsfastigheter bedöms av värderare med hänsyn till osäkerhet och risk., Currently, there is strong investor demand for public property in Sweden with yields declining for both prime and secondary segments of the market. The underlying demand for properties relating to education and elderly care is expected to be high for years to come as a result of a growing population and other demographic changes. Investments in public property is considered low risk due to the long-term leases with financially strong and stable tenants. The occupancy rate for public property is high, partly due to the fact that single tenant properties are a regular occurrence and partly because the high demand. All investments are associated with risk, the character of which varies depending on the type of property and various other factors. Technical risk, political risk and environmental risks to name a few. Public properties are, per definition, properties that primarily houses tax-financed operators and that is customized for public services. Because of the specialized nature of these assets and the fact that they are difficult to convert to other uses the question of risk and uncertainty arise at the end of the lease period. When valuing a property using the discounted cash flow method this moment in time in when the terminal value is evaluated. The aim of this case study is to examine how valuers assess the risk and uncertainty associated with the terminal value of public property in Sweden. Through analysis of the external valuations that have been undertaken at one of Sweden’s largest owner of public properties for the end of year 2018 the objective is to find factors related to the terminal value that differ between properties intended for educational purposes and those for elderly care. By conducting interviews with external valuers, the report will outline what aspects of a property valuers examine in determining the terminal value. Information gathered in the interviews will be used to analyze the valuations that were carried out for the end of year rep

I marknadsrapporter går att läsa att samhällsfastigheter är en lågriskplacering där investerare söker säker hamn när det börjar blåsa. I Catella Property Forecast (2019) bedöms samhällsfastigheter som låg risk med medel-till-hög avkastning. Den underliggande efterfrågan på samhällsfastigheter i Sverige drivs av den demografiska utvecklingen och framgent behövs stora investeringar för att möta behovet bland landets kommuner och landsting. Hos investerarkollegiet har samhällsfastigheter seglat upp som ett alltmer populärt segment och i en marknadsrapport från Pangea Property Partners kommuniceras att samhällsfastigheter är den mest eftertraktade produkten bland institutionella investerare på fastighetsmarknaden i Sverige (Pangea Institutional Outlook, 2019). På grund av dess beskaffenhet bedöms risk och osäkerhet för investeringar i samhällsfastigheter som relativt låg under kontraktsperioden där ekonomiskt stabila hyresgäster säkerställer ett kassaflöde under långa hyresförhållanden. Hyresgästrisken och vakansrisken är i princip obefintlig under de långa hyreskontraktens löptid. Dock behäftas fastigheterna alltid, likt alla fastigheter, med en viss risk som kan härledas till exempelvis teknisk risk och miljörisk. Utöver dessa tillkommer även politisk risk samt juridiska risker. Specifikt för samhällsfastigheter är att de, per definition, är specialanpassade för verksamheten vilket kraftigt begränsar dess alternativa användning. Alla ovan nämnda parametrar ska speglas i en marknadsvärdesbedömning utförd av en registrerad värderare. Marknadsvärdesbedömningar är centrala i beslutsfattandet vilket föranleder att det är av största vikt att de är rättvisande. Då investerare känner komfort för de förhållanden som råder under löptiden för de långa avtalen är det intressant att granska synen på dessa fastigheter då kontrakten har löpt ut. Syftet med denna fallstudie är att genomlysa hur restvärdet för samhällsfastigheter bedöms av värderare med hänsyn till osäkerhet och risk., Currently, there is strong investor demand for public property in Sweden with yields declining for both prime and secondary segments of the market. The underlying demand for properties relating to education and elderly care is expected to be high for years to come as a result of a growing population and other demographic changes. Investments in public property is considered low risk due to the long-term leases with financially strong and stable tenants. The occupancy rate for public property is high, partly due to the fact that single tenant properties are a regular occurrence and partly because the high demand. All investments are associated with risk, the character of which varies depending on the type of property and various other factors. Technical risk, political risk and environmental risks to name a few. Public properties are, per definition, properties that primarily houses tax-financed operators and that is customized for public services. Because of the specialized nature of these assets and the fact that they are difficult to convert to other uses the question of risk and uncertainty arise at the end of the lease period. When valuing a property using the discounted cash flow method this moment in time in when the terminal value is evaluated. The aim of this case study is to examine how valuers assess the risk and uncertainty associated with the terminal value of public property in Sweden. Through analysis of the external valuations that have been undertaken at one of Sweden’s largest owner of public properties for the end of year 2018 the objective is to find factors related to the terminal value that differ between properties intended for educational purposes and those for elderly care. By conducting interviews with external valuers, the report will outline what aspects of a property valuers examine in determining the terminal value. Information gathered in the interviews will be used to analyze the valuations that were carried out for the end of year rep

Por medio de las metodologías Flujo de Caja Libre Descontado (FCL) y Múltiplos relativos, se determinó el valor de Safratec Holdings en el mercado y posteriormente se halló el valor equivalente al 30% del valor del patrimonio de la compañía que solicita un inversionista español interesado en comprar. Para ello, primero se realizó un estudio del entorno macroeconómico de Chile, sector agro-industrial y luego se procedió con la proyección de estados de resultados de Safratec Holding con el fin de obtener los flujos de caja futuros de la empresa y determinar el valor terminal. El valor actual de los flujos de caja así calculados, se determinan utilizando una tasa de descuento cuidadosamente seleccionada WACC 4 (Costo Promedio Ponderado del Capital). Agregando ambos valores (terminal y suma de flujos de caja, ambos descontados) se obtiene el Valor de la compañía Safratec Holdings. Posteriormente, con la metodología de múltiplos relativos se reafirmara el rango de valor actual de la empresa. Para este fin, se realizó una selección de las compañías que poseen grandes similitudes con Safratec Holdings. Adicional, se plantea una reorganización de la estructura corporativa y unas estrategias que ataquen las falencias que han ocasionado el cierre de varias de las líneas de producción de la compañía y el alineamiento de la visión de la misma., Using the methodologies, Free Cash Flow Discounted and Multiples relative value Safratec Holdings was determined and subsequently the amount equivalent to 30% of the value of the assets of the company applying for a Spanish investor interested in buying was found. To do this, first a study of the macroeconomic environment of Chile, specifically agro-industrial sector was conducted and then proceeded with the projected income statements Safratec Holding in order to obtain future cash flows of the company and determine the value terminal. The present value of cash flows thus calculated, are determined using a discount rate carefully selected WACC (Weighted Average Cost of Capital). Adding both values (terminal and amount of cash flows, both discounted) value of the company Safratec Holdings is obtained. Later, with the methodology of the range of multiples relative current value of the company is reaffirmed. To this end, a selection of companies that have strong similarities with Safratec Holdings was performed. Further, a reorganization of the corporate structure and strategies that address the shortcomings that have caused the closure of several production lines of the company and the alignment of the vision of it arises

Por medio de las metodologías Flujo de Caja Libre Descontado (FCL) y Múltiplos relativos, se determinó el valor de Safratec Holdings en el mercado y posteriormente se halló el valor equivalente al 30% del valor del patrimonio de la compañía que solicita un inversionista español interesado en comprar. Para ello, primero se realizó un estudio del entorno macroeconómico de Chile, sector agro-industrial y luego se procedió con la proyección de estados de resultados de Safratec Holding con el fin de obtener los flujos de caja futuros de la empresa y determinar el valor terminal. El valor actual de los flujos de caja así calculados, se determinan utilizando una tasa de descuento cuidadosamente seleccionada WACC 4 (Costo Promedio Ponderado del Capital). Agregando ambos valores (terminal y suma de flujos de caja, ambos descontados) se obtiene el Valor de la compañía Safratec Holdings. Posteriormente, con la metodología de múltiplos relativos se reafirmara el rango de valor actual de la empresa. Para este fin, se realizó una selección de las compañías que poseen grandes similitudes con Safratec Holdings. Adicional, se plantea una reorganización de la estructura corporativa y unas estrategias que ataquen las falencias que han ocasionado el cierre de varias de las líneas de producción de la compañía y el alineamiento de la visión de la misma., Using the methodologies, Free Cash Flow Discounted and Multiples relative value Safratec Holdings was determined and subsequently the amount equivalent to 30% of the value of the assets of the company applying for a Spanish investor interested in buying was found. To do this, first a study of the macroeconomic environment of Chile, specifically agro-industrial sector was conducted and then proceeded with the projected income statements Safratec Holding in order to obtain future cash flows of the company and determine the value terminal. The present value of cash flows thus calculated, are determined using a discount rate carefully selected WACC (Weighted Average Cost of Capital). Adding both values (terminal and amount of cash flows, both discounted) value of the company Safratec Holdings is obtained. Later, with the methodology of the range of multiples relative current value of the company is reaffirmed. To this end, a selection of companies that have strong similarities with Safratec Holdings was performed. Further, a reorganization of the corporate structure and strategies that address the shortcomings that have caused the closure of several production lines of the company and the alignment of the vision of it arises

Por medio de las metodologías Flujo de Caja Libre Descontado (FCL) y Múltiplos relativos, se determinó el valor de Safratec Holdings en el mercado y posteriormente se halló el valor equivalente al 30% del valor del patrimonio de la compañía que solicita un inversionista español interesado en comprar. Para ello, primero se realizó un estudio del entorno macroeconómico de Chile, sector agro-industrial y luego se procedió con la proyección de estados de resultados de Safratec Holding con el fin de obtener los flujos de caja futuros de la empresa y determinar el valor terminal. El valor actual de los flujos de caja así calculados, se determinan utilizando una tasa de descuento cuidadosamente seleccionada WACC 4 (Costo Promedio Ponderado del Capital). Agregando ambos valores (terminal y suma de flujos de caja, ambos descontados) se obtiene el Valor de la compañía Safratec Holdings. Posteriormente, con la metodología de múltiplos relativos se reafirmara el rango de valor actual de la empresa. Para este fin, se realizó una selección de las compañías que poseen grandes similitudes con Safratec Holdings. Adicional, se plantea una reorganización de la estructura corporativa y unas estrategias que ataquen las falencias que han ocasionado el cierre de varias de las líneas de producción de la compañía y el alineamiento de la visión de la misma., Using the methodologies, Free Cash Flow Discounted and Multiples relative value Safratec Holdings was determined and subsequently the amount equivalent to 30% of the value of the assets of the company applying for a Spanish investor interested in buying was found. To do this, first a study of the macroeconomic environment of Chile, specifically agro-industrial sector was conducted and then proceeded with the projected income statements Safratec Holding in order to obtain future cash flows of the company and determine the value terminal. The present value of cash flows thus calculated, are determined using a discount rate carefully selected WACC (Weighted Average Cost of Capital). Adding both values (terminal and amount of cash flows, both discounted) value of the company Safratec Holdings is obtained. Later, with the methodology of the range of multiples relative current value of the company is reaffirmed. To this end, a selection of companies that have strong similarities with Safratec Holdings was performed. Further, a reorganization of the corporate structure and strategies that address the shortcomings that have caused the closure of several production lines of the company and the alignment of the vision of it arises