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Doscounts and premiums in business valuation and theoretical model of control premium
Rýdlová, Barbora ; Mařík, Miloš (advisor) ; Marek, Petr (referee) ; Kráľovič, Jozef (referee)
The dissertation thesis deals with discounts and premiums in business valuation, especially lack of marketability discount and control premium (minority discount). There are no complex theoretical publications concerning these topics in the Czech Republic. Abroad, the publications are mostly descriptions and results of empirical studies originated in U.S. markets. These empirical studies usually deal with a single or a few aspects of a discount or premium. There are still some blank areas in the discounts and premiums theory even abroad, such as the sources of control premium, relationship between the levels of value and standards of value, the relation between the value of a company as a whole and the value at the level of shareholders. I develop a theoretical model of control premium, in the dissertation, which is trying to fill-in these blank areas and thus help practitioners to deal with the control premium or minority discount in a correct way. Moreover the model shows how protection of minority shareholders in general and especially during acquisitions influences the magnitude of control premium. It also shows that the magnitude of control premium depends on the market competition structure. If the competition is perfect (as we can suppose it would be at financial markets for minority interests) or there is a strong oligopsonistic competition the subjects of transaction are not able to influence the price, whereas for monopsonic structure (as it usually is in the M&A market in the Czech Republic) the subjects can influence the price. For monopsonic structure at the M&A market I conclude it is impossible to estimate the value of transaction as a point estimate since it will depend on nonfinancial factors what the price of transaction will be. We can only estimate the upper and lower boundary of interval the final price of transaction will lie within. The boundaries are the maximum price for the acquirer and minimum price for the seller in the sense of German Köln School. The dissertation also tests the possibility and theoretical correctness of using the results of foreign empirical studies of discounts and premiums for valuing businesses in the CR. We analyze the methodology and synthetize the problems connected with application of results of various studies. I conclude that it is impossible to use the results directly in the conditions of the CR. I suggest there should be a deeper analysis done and factors that influence the magnitude analyzed and considered. We should not rely just on averages. The thesis also contains an empirical part testing the magnitude of the lack of marketability discount in the Czech Republic.
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Identification and valuation of customer relationships and assembled workforce in the context of PPA
Pernica, Ondřej ; Svačina, Pavel (advisor) ; Rýdlová, Barbora (referee)
The diploma thesis deals with valuation of two types of intangible property in context on financial reporting, specifically purchase price allocation according to IAS/IFRS. The theoretical part describes the framework and specifics of valuation for financial reporting purposes and the basic valuation approaches and methods. An emphasis is placed on the multi-period excess earnings method, which is typically used for valuation of exotic intangible assets. In the practical part there is a demonstration of valuation of customer relationships in the banking sector by the multi-period excess earnings method and valuation of assembled workforce, including a discussion of potential weak points and possible variations of the commonly used income-based valuation method.
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Valuation of the company Komerční banka a.s.
Pospíšilová, Jana ; Rýdlová, Barbora (advisor) ; Svačina, Pavel (referee)
The main goal of the thesis is to find market value for the company Komerční banka, a.s. on the date 31st December 2010. At the beginning of the work is described the specifics of banking institutions. The valuation consists of financial analysis, strategic analysis and creating the financial scheme. For the final valuation there is used the method called DCF Equity that discounts all the cash flows that flow to the company's owners. As an additional method was used Bond Pricing Model, market capitalization and market comparison.
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Financial and strategic analysis of Avaya Czech Republic, s.r.o.
Zachová, Petra ; Rýdlová, Barbora (advisor) ; Jurečka, Jan (referee)
The aim of this thesis is get information about financial and strategic potiancial of Avaya Czech Republic, s.r.o. Results from this thsis should be used for valuation of this company. The thesis is structured into three parts. First part gives us the teoritic base about value categories, financial analysis and strategic analysis. In financial analysis you can find ratio indicators and comparison with competition. Strategic analysis looks at this company through analysis of external and internal potential.
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Financial plan and valuation of Avaya Czech Republic s.r.o.
Pastuchová, Barbora ; Rýdlová, Barbora (advisor) ; Hackl, Zbyněk (referee)
The aim of this thesis is to determine market value of enterprise, Avaya Czech Republic 30.9.2009. Date of valuation is 30.9.2009. Avaya is part of a global concern that affects business operation. Value is sought due to the possible sale of the company. The awards are 2 methods used, DCF Equity and comparison method.Filling of the thesis is an analysis of the value of generators, build a financial plan and the actual valuation.
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Company valuation Tonak SpA
Vrba, Jan ; Rýdlová, Barbora (advisor) ; Andree, Dalibor (referee)
This work deals with the valuation of the Tonak company. My endeavor was that this thesis cover all facts that are absolutely necessary for real appraisal form. The introduction to the work is theoretical, and is supposed to acquaint its readers with the methods of valuation. Based on this fact, the work should thus be understood by those who have only basic knowledge of accounting. Another chapter of the "object of valuation" focuses on a particular company. This chapter should familiarize people who have never heard about this company before with basic information about the structure and accounting rules of the Tonak company. In the financial analysis we look closely at the individual financial statements for the years 2005 - 2009 and analyze the strengths and weaknesses of the financial aspects of company. The most important data will be compared with major competitors. The strategic analysis is divided into two parts. Analysis of external potential and analysis of internal potential. The external analysis focuses on the relevant market in terms of product and customer, and based on historical data and expert estimates attempts to predict the development of the market's revenue as a whole. On the other hand, the section on analysis of internal potential strives to predict Tonak's revenue compared against other companies in the sector. Based on these analyses, I am providing the estimated revenues of TONAK for the first and second stage. The next chapter is called "Generators values." These generators allow me to map out the complete financial plan for the next five years. The final section is devoted to the own valuation of Tonak. As the main method I chose DCF APV, which is the least common, though I believe its expression value is one of the best. As a supplementary method is used the market comparison method, which is compulsory in the Czech Republic despite its limited amount of data which, however, leads to limited expressibility.
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Estimate of multipliers in business valuation by market approach method.
Kachlík, Brian ; Rýdlová, Barbora (advisor) ; Marek, Petr (referee)
My thesis "Estimate of multipliers in business valuation by market approach method" discusses the factors affecting market valuation of businesses. The focus is on comparable companies' method as it is the most exercised in mergers & acquisitions and therefore I believe the thesis will be beneficial for real life application. The study has two parts -- the first, theoretical one followed by the second, analytical one, in which conclusions from the theoretical part are tested. I analyzed four factors -- company size, financial risk, operational risk and expected earnings' growth. On the basis of executed analyses I concluded that real life circumstances do not always reflect theoretical models, despite their correctness undoubted by both academicians and market players. My thesis successfully accomplished its goal to find out which factors theoretically influence the adjustment of multipliers and whether these factors really do have an impact in real life valuation.
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Valuation of the company Wolters Kluwer a.s.
Šebková, Zuzana ; Rýdlová, Barbora (advisor) ; Svačina, Pavel (referee)
The object of this thesis is to determine the market value of the company Wolters Kluwer a.s. on the date 1st January 2010. The main object of the activity of this company are publishing and provide system of legal information. The valuation consists of financial analysis, strategic analysis and prediction of generators of values, which are used for making the financial plan. The valuation is provided by 2 methods. DCF Equity method and market comparison.
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Valuation of Auto Slavik Podebrady s.r.o.
Slavík, Vladimír ; Rýdlová, Barbora (advisor) ; Svačina, Pavel (referee)
This diploma thesis solves valuation of particular company based on market valuation. In this thesis has been used analytical and forecasting instruments including above all financial analysis, strategic analysis, financial plan, discounted cash flow method, annual owner's cash flow multiplier method for automobile dealerships. The result of this thesis is valuation at market value.
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Ocenění podniku Central Group a.s.
Šmahlíková, Petra ; Mařík, Miloš (advisor) ; Rýdlová, Barbora (referee)
Cílem diplomové práce je zjištění tržní hodnoty společnosti Central Group a.s. k 1. 1. 2007. V první části je uveden stručný profil společnosti. Druhá část se věnuje strategické analýze. Jejím výsledkem je prognóza tržeb společnosti. Další část se týká finanční analýzy společnosti, která slouží k zhodnocení finančního zdraví. Cílem čtvrté části je analýza a prognóza generátorů hodnoty a sestavení finančního plánu. Poslední část se věnuje samotnému ocenění společnosti metodou DCF Equity. Jako alternativní metoda je použita metoda tržního porovnání.
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