Original title: The valuation of companies in emerging markets
Translated title: Valuation of Companies in Emerging Markets
Authors: Budinsky, Karl ; Krabec, Tomáš (advisor) ; Hnilica, Jiří (referee)
Document type: Master’s theses
Year: 2011
Language: eng
Publisher: Vysoká škola ekonomická v Praze
Abstract: In this thesis the distinctive features and challenges of the company valuation in emerging markets are presented. The valuation approach considered as superior in comparison to other methodologies, the triangulating method, is applied to a company from the emerging market of Brazil, the aircraft manufacturer Embraer. The triangulation valuation approach comprises one primary method, the scenario discounted cash flow valuation, and two secondary approaches, the valuation based on multiples and the valuation with a country-risk built into the cost of capital. At the beginning, the valuation methods prevalent in developed markets are presented. Afterwards, for the emerging markets, the applicability of these approaches from the developed world is assessed. In addition, potentially useful modifications are identified. In advance of the detailed valuation of Embraer, the Brazilian macroeconomic situation and its main financial market, the Bolsa de Valores, Mercadorias & Futuros de Sao Paulo (BOVESPA), will be analyzed.
Keywords: Brazil; Company valuation; Embraer; Emerging markets; Brazil; Company valuation; Embraer; Emerging markets

Institution: University of Economics, Prague (web)
Document availability information: Available in the digital repository of the University of Economics, Prague.
Original record: http://www.vse.cz/vskp/eid/28896

Permalink: http://www.nusl.cz/ntk/nusl-71876


The record appears in these collections:
Universities and colleges > Public universities > University of Economics, Prague
Academic theses (ETDs) > Master’s theses