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Postmerger Financial Performance: Econometric Analysis
Volgina, Vera ; Hnilica, Jiří (advisor) ; Sieber, Patrik (referee)
There are numerous researches done in the last couple decades dedicated to the observation of impact of merges and acquisitions on the performance of the company. The topic is considered to be up-to-date, as still there is no common approach to evaluating of benefits mergers are about to bring to a new established entity. In this thesis the issue of post-merger financial performance is investigated on an example of three biggest energy companies in Europe: RWE, E.ON and Vattenfall. The aim of the thesis is to find out whether financial performance of chosen companies improves after the merger occurs. This target is elaborated with a help of the analysis of commonly used financial ratios in corporate finance and construction of two regression models, which explain the interrelations between basic indicator of the company's growth (net income), the fact of the merger and determined financial ratios. As an outcome of the research, a few findings were obtained, such as worsening of financial performance three to five years after the merger, with continuing improvement in further years, quite stable financial indicators before the merger, positive interconnection between the fact of the merger and the net income. Such outcomes might be considered as significant, though further research and elaboration of the topic can be performed in the future.
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Financial analysis of the production company Iveco Czech Republic, a.s.
Weinert, Matěj ; Sieber, Patrik (advisor) ; Hnilica, Jiří (referee)
Financial analysis of the production company Iveco Czech Republic, a.s. The firm primarily engaged in the production and sale of buses. Financial analysis is one of high quality and fast tool to inform the owner or manager of its success, or the overall financial health of the firm. I divide the financial analysis into two main parts. In the first part we deal with theories and methodological apparatus. In Part Two I mention the application as accurately as possible the elements of financial analysis. These include horizontal and vertical analysis, balance sheet rules, ratios of profitability, liquidity, activity and debt. Furthermore, I express the value of indicators EVA, Index 2005, Altman's model and doing Du Pontův decomposition. Further analysis of the mention of net working capital and compare it with its needs. The most important part of the whole work is the comparison with the business sector, specifically comparing its performance with another competitor. In the very end I summarize all the parameters and describes how the firm leads to the Czech market.
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Valuation of effectiveness of constrution of photovoltaic power plant
Rákosník, Milan ; Sieber, Patrik (advisor) ; Marek, Miroslav (referee)
The main objective of this thesis is to provide management of specific company with valid information concerning intended investment in construction of a small photovoltaic power plant. Valuation of the investment is done using methods: payback period, discounted payback period, net present value, internal rate of return and profitability index. There is a comlete sensitivity analysis included in the thesis. Besides the valuation itself, the thesis provide also relevant information about the company, legal environment, czech and european renewable energy market and current state of the project.
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The Assessment of the Enterprise Zentiva
Procházková, Olga ; Hnilica, Jiří (advisor) ; Sieber, Patrik (referee)
The target: The general analysis, strategy and methods of assessment of the pharmaceutical enterprise resp. the group of Zentiva as of 1.12.2008 and determination of its market value. Methods: The resulting assessment by the model DCF- two- phase models of FCFF and FCFE include predicted discounted cash flow ending in the year 2013 for the evaluation of the first phase. The conclusion: The analysis and determination of market value of the enterprise. The value of the group resp. the volume of consolidated revenues of the group is modified with assistance of simulation Monte Carlo.
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Evaluation of investment oportunities in the real estate market
Kohnová, Michala ; Sieber, Patrik (advisor) ; Zekov, Dimitar (referee)
This thesis contents the evaluation of the different investment oportunities and their risks in the real estate field against the macroeconomic area of the Czech Republic and the current financial crisis (speculative purchase of lands, comercial real estate, residential real estate). The actual situation on the real estate market is described with the help of the statistic data of the current building-up, average prices, interest rates etc. It is targeted on the particular risks, which can appear during the development proces. To each risk is described the instruction how can we handle them. At the end of the theoretical part are specified the singles financial indicators which are most used practically. In the practical part evaluate we the concrete investment oportunity in the residential build-up from the view of developer.
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Finanční analýza Metrostav, a. s.
Beneš, Ivo ; Kislingerová, Eva (advisor) ; Sieber, Patrik (referee)
Cílem mé práce bylo vypracovat finanční analýzu společnosti Metrostav, a.s. tj. komplexně posoudit finanční situaci tohoto podniku v letech 2003-2006. Na tomto místě bych chtěl opět připomenout, že tato finanční analýza byla provedena z pozice externího analytika, neboť veškerá data, ze kterých jsem při své práci čerpal, byla veřejně dostupná.
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