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Valuation of general practitioner practice in the Czech Republic
Pohořský, Jan ; Krabec, Tomáš (advisor) ; Šmídová, Radana (referee)
The aim of this thesis is to valuate private medical practice of general practitioner and develop a project that would enable selling this practice in a five-year horizon. For the purpose of valuation I will assess the state of and outlook of the Czech health care system, I will perform financial analysis of the company. Based on information from the financial and strategic analysis I will compile financial plan and final valuation. Project of the sale will address the steps that have an impact on sale in terms of cost, transaction risk, tax perspective, financing and methods of the sale.
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Business valuation Citfin, spořitelní družstvo
Brůha, Vojtěch ; Krabec, Tomáš (advisor) ; Šnajberg, Oxana (referee)
The aim of the thesis is to determine the value of Citfin, spořitelní družstvo to date 31.12.2013 for the purpose of strategic decision regarding the future functioning concept of the coop. The work includes a profile of the cooperative followed by financial and strategic analysis. Financial plan is based on the findings from the financial and strategic analysis. The valuation is based on asset analysis, additionally on yield analysis and market comparison.
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Vertical integration - benefits and drawbacks
Čermáková, Blanka ; Buus, Tomáš (advisor) ; Krabec, Tomáš (referee)
The thesis introduces thorough analysis of current approach towards margin squeeze practice, an abuse of dominant position by vertically integrated entity. For proper categorization, definition and understanding of the basic assumptions behind the strategy of margin squeeze and its application, the paper presents necessary conceptual apparatus. Further the paper deals also with regulatory framework of abuses of dominant position, national as well as international. In the practical section the paper introduces margin squeeze strategy within telecommunication industry and its regulatory framework in the Czech republic and brings recommendations for ex-ante margin squeeze testing in relation with current European regulators policy updates following the dynamic technological development of the industry.
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Valuation of company Autocentrum Olomouc s.r.o.
Trnovec, Martin ; Krabec, Tomáš (advisor) ; Menčlová, Barbora (referee)
The focus of this master thesis is to estimate the fair value of the company Autocentrum Olomouc s.r.o., new and used cars dealership, using revenue method DCF Entity. After short introduction, strategic analysis is elaborated to assess revenue potential of the company and to estimate its future market share and future revenues. Conclusions made in strategic and financial analysis, which takes place to assess financial health, will help to verify going concern necessary for choosing revenues based valuation methods. Creating of the value generators follows, what leads to preparing of the financial plan for the following years. From these plans, it will be able to calculate free cash flow, which is needed for the valuation using DCF Entity method. Final value of the company is estimated from previous analysis at the end of the thesis.
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ASSET DIVIDING APPRASIAL MODEL (ADAM) - Hodnocení investic při přímém vkládání kapitálu do nemovitostí
Schäfer, Carsten ; Krabec, Tomáš (advisor) ; Hnilica, Jiří (referee) ; Starý, Oldřich (referee) ; Bernet, Jürg (referee)
The Asset Dividing Appraisal Model (ADAM) enables the appraisal of cash flows resulting from direct real estate investments. The model is an evaluation tool, which takes capital markets and the specific characteristics of real estate as an asset (heterogeneity, site-dependency, eternal land-yield, etc.) into consideration, while also considering different ownership approaches of real estate in the European Union. Thus, it contributes to the harmonization of capital markets and of direct real estate investment evaluation as intended by the "European Directive on Markets in Financial Instruments 2004/39/EC". ADAM is based on financial mathematical instruments and on the property valuation methods of different cultural areas. It combines continental European (Germ an Gross Rental-Method) and international (Discounted Cash Flow-Method) property valuation approaches. Although it is scientifically reasonable to take property valuation approaches into account, the aim of the model is not to valuate a property or to quantify an objective market value but to evaluate cash-flows resulting from direct real estate investments. A mathematical analysis based on empirical market data confirmed the validity of the methodology of the model. In the course of the analysis the major input variables that determine the results of the model and how the model reacts to marginal deviations of input data, were quantified. This was done using partial derivations and a simulation study. In Czech Republic a building isn't actually considered as a part of the underlying plot. Consequently, differing persons or institutions can be owner of the building, as of the appropriate plot. From 2014 on, a suitable reformation of the Czech Civil Code is supposed to cause a consolidation of real estate property. Czech law is going to be adjusted to German law, which considers plot and building as an economic entity. This consolidation of real estate could be an approach of the introduced model.
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Transfer pricing in specific agreements for MNE´s financial management
Brabenec, Tomáš ; Marek, Petr (advisor) ; Krabec, Tomáš (referee) ; Kiesewetter, Zbyněk (referee)
My research concluded by the dissertation thesis focused on transfer pricing in financial management. The aim of this paper was to analyze the use of contracts for cost-sharing, contracts for contributing to the cost and service level agreements in a group of related persons of multinational companies. The work is divided into three logical parts. The first part of my dissertation analyzed the available scientific work and literature. A number of publications deals with the issue but only marginally. I thus drew upon mainly legal texts. I assumed the potential for practical use based on my finding that about 72 % of companies doing business in research and development operate in clusters of related persons. The second part of the paper deals with contracts for cost-sharing and cost contribution agreements. The basic problem of both agreements is reasonable estimation of the expected benefits. I suggested a procedure for estimation of benefit sharing among participants and also what indicators to use for measuring. Then I defined the share of costs. I suggested a definition of K.O. criteria for other than the U.S. legislation for incorrectly estimated shares. In this theoretical treatise on the weighted cost of capital I have found that companies that are not part of a group of related persons have a lower WACC. I pointed to the significant impact of agreements on avoidance of double taxation. As an alternative to the above contracts in the Czech Republic I presented a contract of association under the Civil Code. The third part of this work is dedicated to the Service Level Agreement. I conclude that it is necessary in certain ways to measure benefits, as it is a very important factor for the recipient of services. The benefits, however, cannot be measured directly, but through auxiliary variables, when the determining will always be influenced by the applied accounting standards. The second examined aspect was the allocation of costs to the service provider. Here, I conclude that there is no universally correct way. However, essential for these costs are only the actual relevant costs incurred in connection with the provision of intangible assets. Lastly, I focused on the usual profit margin surcharge over the cost provider of intangible assets. I conclude that when setting profit margins in accordance with the arm's length principle one should build on the level of normal returns on the invested assets of the provider.
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Strategic options of distressed companies in the Czech legal environment
Kosovský, Alexander ; Hnilica, Jiří (advisor) ; Krabec, Tomáš (referee)
The thesis provides a detailed overview of crisis resolution options available to distressed companies in the Czech legal environment. The work starts by describing the most common causes of corporate distress in attempt to understand the process of decline and define the key steps to prevent crisis in the early stage. We then proceed to discuss the methods of resolution that can be applied in the early pre-bankruptcy stages of distress, including downsizing and divestitures, out-of-court settlement with creditors, mergers with or acquisition by strategic or financial investors, or voluntary liquidations. Further on, the work provides a comprehensive summary of the Insolvency Act, the Czech legislation governing bankruptcy proceedings, concentrating on the option that could preserve business operations of troubled companies -- reorganisation. In the practical part of the thesis, the author evaluates the reorganisation plan of ČKD Kutná Hora, a.s., focusing on the company-specific issues and assessing the viability of the plan according to a number of success and risk factors, as well as the objectives stipulated by the Insolvency Act.
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The Impact of External Events on the Market Capitalization of Companies
Zelenka, Jaroslav ; Krabec, Tomáš (advisor) ; Veselá, Jitka (referee)
This diploma thesis analyses the relationship between external events (i.e. events with impact within the Czech Republic which cannot be influenced by local firms) and the value of market capitalization of companies on Prague Stock Exchange. The analysis of the 1994 to 2012 time series showed that even the most important political, economical and other events specific for the Czech Republic only have marginal impacts on values of companies on the Czech stock market. The impacts of corporate events proved to have much stronger such effects. The most advisable investment recommendation thus seems to be to ignore external events when deciding in which stocks to invest.
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Valuation of Nutricia Deva a.s.
Šťásková, Pavla ; Krabec, Tomáš (advisor) ; Plánička, Pavel (referee)
The aim of this diploma thesis is to estimate the fair value of the company Nutricia Deva a.s. to 1. 1. 2010. The thesis is divided into two parts, theoretical and practical. There is described the basic steps of the valuation process and some methods in the theoretical part. The first chapter of the practical part deals with the strategic analysis. Other chapter contains the work of financial analysis and its aim is to assess the financial health of the company. Other part is prediction of generators and preparing the financial plan. Valuation itself was performed using the DCF Entity method and a market comparison approach.
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Valuation of Servisbal Obaly, s.r.o.
Šťásková, Petra ; Krabec, Tomáš (advisor) ; Plánička, Pavel (referee)
The aim of this thesis is to find out the fair value of the company Servisbal Obaly s.r.o. to 1. 1. 2009. The thesis is divided into five parts. The first part consists of company introduction. The second part consists of strategic analysis, where the market potencial of the company is analysed. Other part is financial analysis and its aim is to assess the financial condition of the company. Then, an analysis and projection of value generators was carried out and financial plan was created. The valuation is made by DCF Equity method, as an alternative method is chosen method of market comparison, in particular the Guideline Public Company method.
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