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Valuation of the company SYNER
Gergelyová, Jana ; Kislingerová, Eva (advisor) ; Vápeník, Martin (referee)
The subject of this thesis is to analyze the financial health of the company Syner, and determine the market value of the company based on publicly available information. The value of the company should provide important information for owners, whether access to the proposed takeover of foreign investors or reject the offer. The theoretical part of the thesis describes the processes and methodology of valuation, then in the practical part is introduction of company, financial and strategic analysis and valuation of the company itself.
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Valuation of the trademark VLTAVOTÝNSKÉ KREMROLE
Tomší, Klára ; Svačina, Pavel (advisor) ; Hájek, Rudolf (referee)
The thesis deals with the valuation of the trademark named "VLTAVOTÝNSKÉ KREMROLE". It is divided into five main parts. The first one examines external strategic potential based on past market characteristics and the future development. The same part analyses the internal strategic potential based on the potential of trademark's owner. In the second and third part I deal with the information about current financial indicators of the owner of the trade mark and their prognosis. The fourth part provides the results of the opinion survey which was targeted at the knowledge of valuated trademark between consumers and at their attitude to the trademark. The last part describes methods for valuation of the trademark and gives the final value of the trade mark.
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Valuation of Commercial Insurance Companies with Focus on Relative Valuation
Hejduková, Markéta ; Mařík, Miloš (advisor) ; Daňhel, Jaroslav (referee) ; Hnilica, Jiří (referee)
Considering the insufficient current state of theory in the field of the insurance companies' valuation, the aim of this dissertation thesis was firstly to comprehensively analyze issues of commercial insurance companies' valuation and secondly to develop an appropriate body of knowledge that could contribute to the development of a practical methodology to be used in valuation practice. This dissertation thesis is divided into three consecutive parts. The first part assessed the accounting issues of commercial insurance companies with an impact on financial analysis and planning and on further procedure of insurance companies' valuation. In this section, the structure of financial statements of insurance companies was described and specific items of financial statements were discussed, especially concerning financial investments and technical reserves. The book keeping methods, reporting and testing while abiding to the Czech accounting regulations were analyzed. As well as, different accounting procedures required by IFRS or US GAAP were pointed out. Moreover, specific ratios convenient for a financial analysis of insurance companies were recorded. For an overall rating of the financial health, the value creation test was suggested in an equity form. Subsequently, the value drivers of insurance company were identified and recommendations for the complex processes of financial planning were given. Such a complex financial planning process should include a strategic analysis applicable for the purposes of a premium growth rate forecast. The second part includes the various methods of valuation, such as income approach, asset approach and relative valuation. Application of conventional valuation techniques was assessed and necessary modifications of classical methodology were suggested with respect to the specifics of the insurance market. Special attention has been paid to the fair value reporting of certain balance sheet items, as well as the creation of hidden reserves, respectively hidden debt. Modifications of valuation formulas were stated and/or suggested per each introduced method. The scope of this part also included methods of Embedded Value and Appraisal Value, which are used in practice for reporting purposes in the fields of life insurance, and their applicability in the field of business valuation was then assessed. The third part contains an extensive empirical study that focuses on one of the methods of the valuation multiples estimation, for the purposes of life insurance companies, namely so-called sector regressions. Analysis and testing were performed on historical data of traded life insurance companies from Europe, the USA and Canada for the period of 2000 to 2011. Only profitable companies were taken into account in each given year. Data were drawn from S&P Capital IQ database. Multiples MV/E, MV/BV, MV/Prem and D/MV, which were identified as utilizable (dependent variables) in the theoretical part of this thesis, were tested together with 13 financial indicators of life insurance companies (independent variables). Extreme observations of the tested multiples, as well as the indicators, were removed. The major outcome of this empirical study is firstly an identification of key financial indicators which have a major impact on valuation multiples of life insurance companies, and secondly, computation of time consistent regression formulas. Such formulas make for a relatively simple tool for the estimation of valuation multiples (and subsequently market value) of non-traded life insurance companies based on key financial indicators.
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Valuation of commercial banks
Gasymov, Sabukhi ; Hrdý, Milan (advisor) ; Stroukal, Dominik (referee)
The diploma thesis is dedicated to the valuation of commercial banks. The work is divided into seven chapters. The first chapter deals with the specifics of commercial banks for valuation purposes. The second chapter is devoted to describing different valuation methods. The third chapter analyzes the characteristics of the selected bank. The fourth chapter deals with financial analysis and strategic analysis, and financial plan of the bank in other chapters. The last chapter is the heart of the work, where the selected bank is being valuated. The conclusion summarizes the issue.
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Accounting and tax aspects of accounting for inventories according to CAS and IFRS
KAHOUNOVÁ, Veronika
This Thesis deals with the Accounting and tax aspects of accounting for inventories according to CAS and IFRS. Theoretical part contains characteristics of inventories, methods of valuation and accounting of inventories according to CAS. Another part of the theory describes the inventories, their valuation and reporting in accordance with IFRS. In the practical part is characterized the selected company with demarcation its inventories. Practical part it also contains an analysis of the differences between the methods and procedures used by the entity and methods authorized in IFRS in the valuation of own production and consumption of inventories. In another part is an analysis of the influence of valuation methods of consumption inventories on economic result. At the end of each chapter are suggested improvements or solution of the problem. Finally it is shown a total comparison of the reporting for inventories according to CAS and IFRS.
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Running the Tax Records in the agricultural company, selected problems
HOSOVÁ, Aneta
This thesis deals with tax record keeping on the private farm and selected problems arising from such operations, as well as the possible transition to accounting. The theoretical part describes the possible forms of bookkeeping, the specifics which are connected with agricultural activities, valuation of animal and crop production which are important components in the accounting and tax record and some theoretical problem areas. The practical part analyzes individual accounting classes the farmer uses, and which belong to the economic year. A close attention is paid to some problem areas such as accounting for animals which bring some complications. Finally the tax record keeping is assessed and possible transfer to accounting suggested, as it seems to be better option than the current form.
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The accounting valuation of cultural heritage, nature of museum collections, objects of cultural value and religious buildings
JAROŠOVÁ, Lenka
The aim of this paper is to present the proposed amendments, discuss their current form, apply the validity of the basic accounting principles, adhere to a true and fair view of the accounts and highlight the practical importance of this type of property for the development of the region. Act on Accountancy no. 304/2008 Coll., amending Act no. 563/1991 Coll., regulates the obligations of owners and managers of cultural monuments, museum collections, objects of cultural values and religious buildings. Newly under this Act they are obliged to keep these in the accounts as assets. These adjustments should bring improvements to register this type of property. With that, we of course open up a number of questions. We must not forget that property as cultural monuments, museum collections or objects of cultural value, have not only the financial value, but also historic. The paper is devoted to amending legislation and its impact on the register and conditions valuation of this type of property.
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Animals - Aspects of Financial Reporting, the Valuation in Terms of Czech Accounting Standards
SLAVÍKOVÁ, Michaela
This thesis deals with the accounting problem which is concerned with animals within the Czech Accounting Standards. The content is divided into the characteristic of animals in accounting, the financial reporting and the valuation in terms of Czech Accounting Standards. The aim of this thesis is to clarify the accounting and reporting for animals in stocks and fixed assets. There exist many doubts connected to the issue "in what time we charge animals in stocks and since when we charge them in fixed assets". The accounting for animals is very specific, particularly in the area of valuation. The practical part of the work is devoted to more examples of valuation and illustrations of financial statements. In practice, there are many errors of reporting and accounting for animals. The goal of this work is to avoid these mistakes and organize the mentioned knowledge.
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Impact location on the price of real estate in the region Dačice
JORDÁNEK, Martin
The main objective of this bachelor thesis is to affecting the impact of factors on the price of real estate in the region Dačice. In the first part are described basic terms. It is followed by a practical part, which shows the factors examined, a description of the area where they were assessed. Evaluation of the conclusions are deduced from partial analyzes.
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The documents necessary for the valuation of the property, their sources and the process of obtaining
ŠVECOVÁ, Markéta
The topic of the thesis is the documentation required in the valuation of real estate, their sources and the process of acquisition. The aim of this work is a list of information that are needed for the valuation of real estate. The thesis is focused on the availability and the difficulty of finding resources. The work is divided into two parts (literature search and practical). Literature search includes basic definitions relating to real estate valuation, explain the concepts of value and price, reasons and methods of valuation, conduct of investigations. The practical part is focused on the valuation of the apartment at the price established pursuant to Decree 441/2013 Coll. and by direct comparison. Awards flat was done through the Delta-NEM.
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