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Cost of Equity for Market Valuation in the Czech Republic with an Emphasis on Market Risk Premium
Novotný, Tomáš ; Maříková, Pavla (advisor) ; Brabenec, Tomáš (referee)
The aim of the work is to analyze the theoretical basis of determination of the market risk premium in conditions of the national market in the Czech Republic with CAPM and practical procedures of its determination using the market data provided by Bloomberg. The work addresses some open problems of practical determination of market risk premium as a choice between historical and implied risk premium, determination of credit spread as a representative of country risk and accurate determination of the equity and bond market volatility ratio. The thesis also contains research on the cost of equity and single-factor sensitivity analysis demonstrating the significant influence of a small change in one parameter entering the calculation of the discount rate on the resulting value.
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Valuation of OKD, a.s.
Šišo, Peter ; Brabenec, Tomáš (advisor) ; Hamplová, Barbora (referee)
Master thesis deals with current trends on coal market, relationships between prices of coal and prices of other commodities, forecasting of coal prices in fifteen years horizon utilizing statistical tools and business valuation of a company from coal mining industry. Master thesis further analyzes a sensitivity of the company value on changes in projected prices of coal and other commodities.
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Strategic & econometric analysis of ČEZ Energetické produkty Ltd.
Köhler, Jiří ; Brabenec, Tomáš (advisor) ; Šléška, Pavel (referee)
With the development of modern technology the perception of waste is changing. What was once considered unusable and expensive can be now seen as an useful material with potential to increase revenues of the company. As example can serve energetic industry, which was until recently only able to store its waste produced during combustion of coal. Now energetic companies are able to transform their waste into secondary energetic products (by-products) that can be further used in other industries. The main goal of the thesis is to determine whether there is a potential for the development of the secondary energetic products in the Czech Republic.
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Valuation of the company Únětický pivovar a.s.
Podolský, Jiří ; Brabenec, Tomáš (advisor) ; Hamplová, Barbora (referee)
The thesis aims to determine the value of equity of the company Únětický pivovar, a. s. as of January 1st, 2014. It does not have a theoretical and practical part as usual. It is a complex unit, in which the concepts and methods are explained straight away. The paper is divided into five main parts. Introduction of company profile is followed by strategic analysis, which deals with analysis of the external potential of beer market and internal potential of the company. The next part, financial analysis, gives a picture of financial results, health and stability of the company and other comparable breweries. The output of the chapter Value drivers is the financial plan, which is crucial for company valuation using the method of discounted cash flow (DCF). The final chapter contains an application of Monte Carlo simulations, which enriches the conclusions by offering probability distribution of the value of the company.
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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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The valuation of the company KLINMAM CZECH, s.r.o.
Hejduk, Tomáš ; Svačina, Pavel (advisor) ; Brabenec, Tomáš (referee)
The aim of this thesis is to determine the market value of the company Klinmam czech, spol. s r.o. to 31st December 2011. The thesis is divided into four main parts: financial analysis, strategic analysis, the generators of value and financial plan and valuation. The valuation is made by DCF (Discounted Cash Flow) equity method and methods of market comparison.
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The cost of equity with accent on size of company
Tomko, Marián ; Jurečka, Jan (advisor) ; Brabenec, Tomáš (referee)
This thesis is dedicated to determination of cost of equity capital. The main objective is to evaluate whether the cost of equity may, in its calculations, vary depending on the size of a company. The means for achieving the results can be comparison of calculations of cost of equity by model with historical returns actually achieved. This is what many empirical studies are focused on. A partial goal of this paper is to analyze the results of selected studies and their mutual comparison. Relevant theoretical explanations will be also presented.
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Vliv cen na rozsah krádeží drahých kovů v ČR
Brabenec, Tomáš ; Montag, Josef (advisor) ; Zajíček, Miroslav (referee)
This paper estimates the elasticity of supply-of-offences with respect to the gains from crime. Previous studies have uncovered little evidence because standardly used proxies for gains from crime such as average income suffer substantial problems. They are slightly variable and/or may represent the opportunity cost of crime at the same time. This paper uses higly fluctuating world prices on non-ferrous metals as proxy for the gains from crime. Using monthly data about metal thefts in the Czech Republic for years 2003-2009 estimates elasticity of supply-of-offences. The estimated elasticity with respect to copper price are around 0,6.
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Transfer pricing documentation
Kocánková, Zuzana ; Buus, Tomáš (advisor) ; Brabenec, Tomáš (referee)
This thesis deals with transfer pricing, namely the documentation. It tries to map the legislative standards and procedures of transfer pricing documentation that could be applied in the Czech Republic. The main objective of this thesis is a compilation of documentation for a specific company in the Czech Republic in accordance with those procedures. The thesis contains three main chapters. The first section mainly covers the basic theoretical concepts and actual legislation regarding transfer pricing. This is the minimum necessary for initiation into the issue. The second chapter deals specifically with the theoretical process of creating documentation. The final, third part of the thesis includes the application of the theory to a specific company.
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Financial analysis of Norwegian companies
Falathová, Jana ; Marek, Petr (advisor) ; Brabenec, Tomáš (referee)
This bachelor thesis deals with the financial analysis of the selected sectors of the Norwegian economy. The evaluation is conducted by using the total capital ratios of profitability and return on equity. Further are applied indicators of liquidity, activity and indebtedness. Partially this work deals with the specifications of the Norwegian economy, with emphasis on selected sectors of primary, secondary and tertiary sectors of the economy. The core of the analysis of selected industries and their comparison. Finally, the conclusion of the comparison is that best industry is the manufacture of basic metals and fabricated metal products. The least powerful industry is fishing and fish farming.
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