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Cost of Capital

S/F/12. Dissertation. The Influence of the Asset Valuation Methodologies on Investment Decision - Making in Energy and Utilities Industry

WORDS:
17000
DATE:
2004
PRICE:
169.99 GBP

This dissertation investigates the nowadays topical and innovative subject whether the Physical Asset Valuation Methodologies used in Energy and Utilities industry influence the Capital Investment Decision - Making. There is a growing popularity of the Market Approach Valuation Methodologies application in the Industry, like Replacement Cost and Deprival Value based Methodologies, yet the traditional Discounted Cash Flow and Net Present Value Methodologies have still being applied in the unregulated markets. Three of those Market approach Methodologies are subjects to detailed scrutiny in this research, which are: Depreciated Optimised Replacement Cost (DORC), Economic Value (EV) and Deprival Optimised Value (ODV). The reason of considering those Methodologies is that regulators have actively been promoting them, yet the Asset Valuators and the company stakeholders are still unsure about the proper value of the Methodologies. Therefore, when determining whether those Methodologies influence the Investment Decision - Making it's also being tried to find out, which of those Methodologies is most likely to give a more accurate valuation result. The main objectives of this research are originally to manage the physical asset at the companies within Industry in the way to achieve its main goal - add a value to the company, and the Valuation Methodologies is the part of the Asset Management Planning. The theoretical concepts relating to the issue are considered and the empirical analysis - made. The Quantitative approach survey is performed with practitioners in the asset valuation and academics. The survey demonstrates a support for value of the Market Approach Valuation Methodologies because the Valuation Methodologies definitely influence the Investment Decision - Making and the Market approach ones give more accurate asset valuation results. Albeit the three Methodologies observed (DORC, EV and ODV) have closely equal advantages though. This research is one of the original points for further researches into the Asset Valuation Methodologies in relation to the Asset Management Planning in Energy and Utilities Industry area.

 

KEYWORDS: f, dissertation, influence, asset, valuation, methodologies, investment, decision, -, energy, utilities, industry,

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