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INSTITUTIONAL ASPECTS OF EXPERT ACTIVITY
Hanák, Jakub ; Mařík, Miloš (referee) ; Fiala, Josef (referee) ; Semela, Marek (referee) ; Telec, Ivo (advisor)
The thesis analyzes an expert in social (institutional) relations that constitute the organizational and institutional background of Forensic Expertise as part of forensic engineering. The work explains the terminology and definitions used, with the greatest attention is paid to the analysis of the conditions for the exercise of expert activities from different perspectives (in particular legal and economic). Is discussed in detail in particular the status of expert institutes, and in all contexts: both in terms of expertise and its guarantee, as well as in terms of responsibility processors appraisal institute. Further describes the work of existing associations and experts estimated their future development. An important part of the work is a comparison of the conditions for the exercise of expert activities (advantages and disadvantages) in selected European countries: Slovak Republic, England and Austria. Based on the findings in the final section are designed and justified by changes in the conditions and rules for the performance of expert activities and other related aspects.
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The Discaunt Rate for the Determination of the Market Value of an Enterprise
Prodělal, František ; Mařík, Miloš (referee) ; Marková, Leonora (referee) ; Korytárová, Jana (advisor)
The work is focussed on the determination of capital structure in its market values, determination of the cost of non-own capital, and determination of the cost of equity, primarily by using the CAPM method. In terms of the CAPM procedure the work deals with the main parameters required by the method, such as risk-free yield rate, risk market premium, and beta coefficient. Furthermore, attention is given to modifications resulting from the inaccuracies of the CAPM method to make the method correspond as much as possible with the actual yield and risk of shares historically achieved at the capital market, and likewise to modifications needed when applying the CAPM method to the valuation of Czech businesses. The recommended procedure of determining the market discount rate for the valuation of an enterprise is applied on an example. Data obtained from the capital market of the Czech Republic are used to calculate the risk premium of the Czech capital market and beta coefficient of selected ten shares out of the Czech capital market, giving an assessment of the possibility of using the data obtained from the Czech capital market for the valuation of businesses incorporated in the Czech Republic.
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Estimation of discount value for stocks with restricted rights
Gres, Sergey ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
This thesis is dedicated to main approaches of restricted stock estimation. The main aim of the work is to identify possible methods and basic steps to estimat of separate stock value or value of various shares on equity including preferred stocks and stocks with restricted rights in conditions of efficient markets as well as in conditions of Czech economic environment. The aim of the research is to understand how to estimate preference share value. The first part of the thesis is dedicated to relevant legislation that allows issuing of preferred shares and other types of stocks with restricted rights. The next part deals with empirical studies comparing market prices of preferred and ordinary stocks. After analyzing of the results and main factors that influence the value of preferred stocks, I properly study respective approaches of preferred stock estimation and estimation of stocks with restricted rights. The last chapter of the main part explains possibility to use foreign empirical and theoretical studies under Czech economic environment.
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Title of the Masters thesis: Business evaluation of the hospital Vrchlabi
Polívková, Andrea ; Mařík, Miloš (advisor) ; Nantl, Vít (referee)
The aim of this Masters thesis is to evaluate the market value of hospital Vrchlabi to the 1. 1. 2016. The main method selected for estimating of the value of the hospital is discounted cash flow for creditors and owners, also known as DCF entity. The early chapters are dedicated to making financial and strategic analysis of the company and of the competitors. After confirmation of going concern, the generators are defined and financial plan is executed, which serves as the key of the valuation using the income method and multiples. The final value of the hospital is based on valuation using book value and multiples as well.
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Business Valuation of the Company Mlýn J.Voženílek, spol.s.r.o.
Luňák, Hynek ; Mařík, Miloš (advisor) ; Červený, Martin (referee)
The aim of this master thesis is to evaluate equity of the company Mlýny J.Voženílek, spol.s.r.o. based on the data from public sources. The evaluation is conducted as at January 1. 2016. Aim of this evaluation is to set market value. The methods used for this evaluation are DCF equity method, industry multiples method and my own method. The thesis is divided into 8 parts. Among those parts are introduction of the company, strategic analysis, financial analysis, prognosis of value drivers, compilation of financial plan and the evaluation itself.
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Valuation of football club FC Slovan Liberec
Nekvindová, Martina ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
The aim of this thesis is to find a suitable approach for valuation of Czech football clubs and application of this approach for valuation of FC SLOVAN LIBEREC. The thesis examines specifics of football business and its effects on valuation. The market value of FC SLOVAN LIBEREC is determined as of 31. 12. 2015, based on strategic and financial analysis of the club.
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Analysis of the expert opinions on the business valuation
Švecová, Eliška ; Mařík, Miloš (advisor) ; Krch, Přemysl (referee)
This thesis is focused on analysis of expert opinions on the business valuation. Its goal is to identify the most serious mistakes in expert opinions and how to prevent them. The analysis is processed using preselected criteria. Totally twenty-two expert opinions are analyzed. The conclusion is a quantitative summary of the results of analysis of expertise, as well as pointing out the most common shortcomings and proposals for their elimination.
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The Quality of Income Based Business Valuations
Havlíková, Zuzana ; Mařík, Miloš (advisor) ; Kvíz, Martin (referee)
The goal of this thesis is to evaluate quality of the income based business valuations prepared by Czech valuation experts. Selected topics of standard of value, financial plan quality, and discount rate are examined on the sample of 110 valuations mostly dated in 2015. The main emphasis is put on the methodology and approach used by Czech valuation experts and their comparison to the best practice of business valuations. The opinion regarding quality of business valuations is based on the fulfilment of a specific set of criteria. At some parts results are compared to the first master thesis on similar topic from 2011. In the conclusion, recommendations how to improve the quality of business valuation in the future are presented.
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Business Valuation of the Company SAZKA a.s.
Síleš, Radek ; Mařík, Miloš (advisor) ; Legát, Viktor (referee)
The aim of the master thesis is to assess market value of equity of SAZKA a.s. company as at January 1, 2015. There are used three various methods for the valuation because each of them stresses different aspects of valuation theory. There is used DCF equity method, comparable company analysis and liquidation value method. The thesis is divided into six parts. The first two parts summarize general information about valuation concept and company SAZKA a.s. Then follows a strategic analysis, a financial analysis, a prognosis of main economic measures and a financial plan. In the last chapter is carried out the valuation of equity of SAZKA a.s. company.
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INSTITUTIONAL ASPECTS OF EXPERT ACTIVITY
Hanák, Jakub ; Mařík, Miloš (referee) ; Fiala, Josef (referee) ; Semela, Marek (referee) ; Telec, Ivo (advisor)
The thesis analyzes an expert in social (institutional) relations that constitute the organizational and institutional background of Forensic Expertise as part of forensic engineering. The work explains the terminology and definitions used, with the greatest attention is paid to the analysis of the conditions for the exercise of expert activities from different perspectives (in particular legal and economic). Is discussed in detail in particular the status of expert institutes, and in all contexts: both in terms of expertise and its guarantee, as well as in terms of responsibility processors appraisal institute. Further describes the work of existing associations and experts estimated their future development. An important part of the work is a comparison of the conditions for the exercise of expert activities (advantages and disadvantages) in selected European countries: Slovak Republic, England and Austria. Based on the findings in the final section are designed and justified by changes in the conditions and rules for the performance of expert activities and other related aspects.
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