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Expansion of the small cable television counterparts of market leading commercial channels in view of Hungarian regional and social aspects
107-110Views:182Currently, there are 102 Hungarian-language television channels in Hungary. TV2 Hungary is the second largest commercial television channel. Current trends in the television market in Europe indicate that large channels are expanding their portfolios while at the same time selling their smaller units. This trend has now affected Hungary as well.
After having TV2 for 16 years, MTM-SBS Television Ltd. eventually expanded its portfolio with three new cable channels. The first new channel was FEM3, a channel directed at women, which was launched on January 1, 2010. A year later, the male channel, PRO4, was launched and finally, SuperTV2, primarily a premium entertainment channel, was launched on November 2, 2012. Although the main channel, TV2, remained free, the new pay channels on cable received a significant amount of investment from venture capitalists and Pro7Sat1 for the development of new content.
SuperTV2 is a premium channel. When the channel was launched, the goal was to target those viewers who had turned away from watching the increasingly less-sophisticated content on the commercial channels as well as those who were not drawn to the programming on public television. When the viewer stats were examined, the channel had proven itself. The premium brand of Super TV2 was successful in attracting new viewers and consumers and within a year it had gained a strong foothold over more than 100 other Hungarian-language channels.
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Possibilities of mass valuation in land use in Hungary
59-68Views:176Technological development makes it possible to simplify and accelerate decision-making processes by adequately processing and evaluating large volumes of data. Sub-data obtained from large data sets have a very important practical role in asset valuation, forecasting and valuing delineated or difficult-to-map areas, or in the context of portfolio management. Land valuation is a separate segment within asset valuation and it requires a specific methodological approach on behalf of evaluators. In this study, the authors compared the transaction data of arable land and the value of other land use categories. Based on empirical assessments, the authors developed proposals for the fast and cost-effective determination of the value of land use categories other than arable land - mainly meadows and pastures.
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Managing risk using real options in company’s valuation
125-132Views:186The valuation of company is very important because provides information about the current value/situation of company, and through this, provide the opportunity of choosing the best company’s growth alternatives. The future strategic decisions are characterized by lack of knowledge, information, so all measures of company’s growth are closely linked with uncertainty and risk. The company’s valuation process is also related with uncertainty and risk. The risk may result both from the assessed assets and the technique used. In literature, we could find three approaches for risk management: capital budgeting based method, methods based on portfolio analysis and real options approach of risk management. Among them, the real options based methods is the most revolutionary approach for risk management. The advantages of the method, consists in the fact, that the process of establishing strategic decisions integrates the possibility of reversibility, delay and rejections, which isn’t it possible at two previous methods. The method also takes into account the total risk of company, so both the company-specific and systematic risk. In this study, I have used one of the best-known real option based method, the Black-Scholes model, for determining the option’s value. Determination of option value is based on the data of enterprise, which was tested Monte Carlo simulation. One of the basic assumptions of the Black-Scholes model is that the value of option is influenced by several factors. The sensitivity of option’s value could be carried out with so-called “Greeks”.. In the study the sensitivity analysis, was carried out with indicators Delta (Δ), Gamma (Γ) and Vega (ν). The real options based risk management determinations were performed in the R-statistics software system, and the used modules are 'fPortofio' and 'mc2d'. By using of real options method, I have calculated the average value of company capital equal with 38.79 million. By using simulation was carried out 1000 runs. The results of this show a relatively low standard deviation, small interquartile range and normal distribution. In the calculation of indicator Delta, could be concluded the value of company moves in 0.831 proportion to the price of options, the standard deviations of index is low, so the real option based method could be used with success in company’s value estimation. The Gamma index shows the enterprise value is sensitive just for large changes. The result of Vega reflects the value of option, so the company’s value volatility, which is small in this case, but this means a volatility of value. In summary, we can conclude that the call options pricing model, well suited for the determination of company’s value.