|
| |
|
|
Analysis of yields for income approach to property valuation in the Czech Republic
Horáková, Veronika ; Hlaváč, Jiří (advisor) ; Podškubka, Tomáš (referee)
My diploma thesis deals with the analysis of yields which are used for finding out the value of the estate by the income approach. In the theoretical part there is the description of the particular approach of the estate valuation and the definition of the basic points going together with the real estate market. There is even the comparison of the methods used in the valuation of the estate with the methods used in the valuation of the business. The practical part deals with the yield analysis, its relationship with another macroeconomic quantity. This work is focused on the development of the yields through the real estate market segments, too.
|
|
|
Comparative analysis of divisions implemented in 2013
Štejfová, Kateřina ; Skálová, Jana (advisor) ; Podškubka, Tomáš (referee)
The main theme of the diploma thesis is the division of companies. The thesis is divided into two parts, a theoretical and a practical one. The theoretical part deals with the legal, accounting and tax framework of the division. The chapter on legislation primarily tackles its development within the European Union and the Czech Republic. The part on accounting concentrates on the determination of the accounting period, valuation of assets and deferred tax regarding the division, while the section on tax legislation adopts the perspective of the Tax Code, corporate income tax and value added tax. The main part of the thesis is practical and offers a comparative analysis of divisions implemented in 2013. First of all, the method of obtaining the data for analysis is described, and then the most part of the chapter deals with the presentation of the result of the analysis.
|
|
|
Cost of Debt Capital for DCF Valuation of Businesses in the Czech Republic
Podškubka, Tomáš ; Marek, Petr (advisor) ; Mařík, Miloš (referee) ; Šebestíková, Viola (referee)
This dissertation thesis deals with estimation of the cost of debt that is applied for DCF valuation of businesses in the specific environment of the Czech Republic. Neither theory nor practice has focused on this issue in detail. There is no systematic and comprehensive list of the cost of debt estimation methods usable in practice. Valuers and analysts disregard estimation of the cost of debt arguing that it can be easily estimated from the current bank loan interest rates or from the traded bonds. Neither method is perfect and fully applicable in the Czech Republic. This dissertation thesis shows how the DCF value of an enterprise is shaped by the cost of debt. Almost all formulas analysed caused the value of an enterprise to change with the cost of debt, which makes the estimation of the cost of debt very important. Further, based on an analysis of 183 valuation reports, the thesis documents the practice of the cost of capital estimation in the Czech Republic. It shows that while the cost of equity is mainly estimated in compliance with theory, estimation of the cost of debt is done by simple and sometimes inappropriate methods, because there is no guidance in the literature. Finally, this thesis suggests various methods of the cost of debt estimation that can be used in practice in the Czech Republic. It provides full application guidance to these methods, data that was calculated by the author or taken from other sources and evaluates advantages and disadvantages of these methods. This thesis concludes by recommending methods that should be used for the cost of debt estimation in the Czech Republic as opposed to the simple methods currently used.
|
|
|
Restructuring of OP Prostějov Company
Kasman, Tomáš ; Kislingerová, Eva (advisor) ; Podškubka, Tomáš (referee)
Diploma thesis "Restructuring of OP Prostějov Company" offers a comprehensive insight into crisis management and key ingredients that lead to the successful company turnaround. Slatter`s theoretical approach is combined with the best practice of strategy consultants at Roland Berger. We analyze the situation of the biggest manufacturer of outerwear dresses in Czech Republic - OP Prostějov Company. Both financial and strategic analyses identify the key drivers in clothing industry and assess the causes of the company poor performance. OP Prostějov is recommended to focus on Measure-to-Made luxury collection, while all the unnecessary properties should be divested and sold in order to pay the bank loans and other liabilities of the company. The most important steps are defined in the part of financial restructuring and new strategic reorientation with attention to improve the basic operational metrics -- most importantly to improve EBIT margin and return on capital invested.
|
|
|
Use of financial derivatives in business
Müller, Tomáš ; Marek, Petr (advisor) ; Podškubka, Tomáš (referee)
The paper shows the main possibilities of using financial derivatives in business with an emphasis on Czech corporate clients. It describes selected types of financial derivatives, such as forwards, futures, FRA, options, warrants and investment certificates. Based on practical examples, it shows the possibilities of using selected financial derivatives to hedge currency, interest rate and commodity risk, and also to evaluate funds of an entrepreneur. It also analyzes and compares individual possibilities and attempts to point out main advantages and disadvantages of using financial derivatives in practical business.
|
|
|
Financial analysis of Madeta, a. s.
Průša, Martin ; Podškubka, Tomáš (advisor) ; Marek, Petr (referee)
This thesis deals with the financial analysis of Madeta, a. s. First the methodology for financial analysis is defined. It is then used in the practical part of the work. The next section contains a brief introduction of the company. The financial analysis of Madeta, a. s. in the years 2006-2009, which is an essential part of the whole work, follows. Gradually the horizontal and vertical analysis, ratio indexes, financial distress prediction models and SWOT analysis are emphasized. Finally, the comparison with competitors and the industry in which Madeta, a. s. operates is made.
|
|
|
Private equity investments in the Czech Republic
Procházka, Adam ; Marek, Petr (advisor) ; Podškubka, Tomáš (referee)
Private equity investments belong to alternative investments. They are based on investing into non-public firms. Private equity can be devided in two groups. In the first case starting and expanding companies are being sought(venture capital), the second choice consists of buying established companies(private equity in closer). In both cases the necessary assumption is a high potential of the particular company so the investor can re-sell the business in few years for profit. As will be shown on five different investment cases from Czech environment, high returns on capital are compensated by high risk -- particularly by low liquidity and by a threat of wrong market estimation.
|
|
|
Compare the development of Czech and Polish capital market
Halfarová, Simona ; Marek, Petr (advisor) ; Podškubka, Tomáš (referee)
The aim of this bachelor thesis was to compare the development of Czech and Poland capital market. The work is dividend into three parts. The first part contains historical development of capital markets and the description of institutions in the capital market. In the second part of my thesis I focuse on comparison of both capital markets using various criteria and indicators. The third part is devoted to the idea of the current financial global crisis. In this part I deal with its influence on the capital market in Czech republic and Poland. The conclusion of this work includes the evaluation of the overall situation and also the outline of its future development.
|
|
|
Financial analysis and confrontation of companies in telecommunication sector in Czech Republic
Šplíchal, Jakub ; Podškubka, Tomáš (advisor) ; Marek, Petr (referee)
Bachelor thesis on the theme "Financial analysis and confrontation of companies in telecommunication sector in Czech Republic" focuses on elaboration of financial analysis of single companies in sector from 2004 to 2008. Thesis consist of two main parts. Methodical and operative. The main methods are described in methodical part and then they are aplicated in operative part. They lead to final analysis. After that analysis there are comparation of companies, estimation of their weaknesses and strengths and judgement of their future progress in this sector.
|
guest ::
