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Application of the Option Methodology to Guarantee Valuation
Hruboň, Lukaš ; Valach, Josef (advisor) ; Scholleová, Hana (referee) ; Zmeškal, Zdeněk (referee)
This dissertation focuses on guarantees with a special emphasis on the option method of guarantee valuation. The existing domestic and international literature does not present a comprehensive debate on guarantee valuation with a sufficient discussion of the role of the guarantor. In addition, a minimal number of sources are devoted to the option valuation of guarantees applied to non-traded companies (and their structures) typical for the Czech Republic, which might inter alia have led to the marginal practical experience of the Czech valuation experts with the method. Following the identified blind spots of the current knowledge, the thesis primarily (i) presents coherent theoretical underpinnings of guarantee valuation, (ii) provides a proposed option valuation approach to guarantee valuation and (iii) demonstrates through a case study of the HAME holding an application of the proposed approach, including an evaluation of its strengths and weaknesses. Based on an analysis and synthesis of the domestic and international literature, a poll among the Czech valuation institutes and a numerical application on the historic HAME holding case, the author observes the following main findings: (i) on a theoretical bases, the option guarantee valuation method presents a plausible way of analysis, (ii) the proposed option valuation approach is applicable in the Czech praxis. Despite these positive prima facie findings, the option valuation approach shall be subject to further testing, comparisons with competing methods and improvements resulting from an increased number of its practical applications.
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Business valuation JAROMÍR HUTLA - BATTERY CENTER Ltd.
Hutlová, Kateřina ; Maříková, Pavla (advisor) ; Hruboň, Lukáš (referee)
The aim of the thesis is to determine the market value Jaromir Hutla - Battery Centres Ltd. The work is structured in 4 main thematic areas.The first is an overview of basic information about the company and the related strategic analysis, which contains an evaluation of external and internal potential business. By combining findings from both parts of the strategic analysis gives the company forecast of the sales.The second thematic area is concerned with financial analysis, which is to assess the financial health of companies valued in the past and to confirm or refute the assumption of infinite duration company. The third section begins with an analysis and prognosis value of generators on the basis of the financial plan is built. The last thematic area is given alone DCF valuation methods APV and market comparisons, and subsequently drawing the resulting market value of equity
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Analysis of risks of PPP projects
Tesařová, Petra ; Valach, Josef (advisor) ; Hruboň, Lukáš (referee)
This thesis deals with projects of Public Private Partnership (PPP), its aim is to describe the concept of PPP in theory, to mention its potential benefits as well as contemporary criticism. It also describes methods for the evaluation of PPP projects, analysis of risks and barriers for increased use of PPP projects in the Czech Republic.Practical part focuses on the project in the Czech Republic at the regional level, describes the problems associated with the evaluation of the project and compares the realization of project through PPP project with a form of conventional public contract.
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Financial analysis of stock company VR Group
Masaryková, Katarína ; Valach, Josef (advisor) ; Hruboň, Lukáš (referee)
Táto práca sa zaoberá metódami finančnej analýzy a posúdením finančného zdravia a výkonnosti podniku. Analyzovanou spoločnosťou je spoločnosť VR Group, a.s. a jej vývoj v období 2001 až 2006. V rámci práce je spracovaná horizontálna a vertikálna analýza účtovných výkazov, analýza pomerových ukazovateľov, komplexné zhodnotenie finančného zdravia prostredníctvom Altmanovej rovnice. V neposlednom rade je výkonnosť spoločnosti posúdená na základe hodnotového ukazovateľa EVA. Analýza je uskutočnená z pohľadu externého užívateľa.
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Comparison of performance of selected collective investment funds
Šnajder, Andrej ; Valach, Josef (advisor) ; Hruboň, Lukáš (referee)
The thesis is engaged in a very up-to-date subject in the field of a capital market. Concretely the thesis is concerned in a collective investment. After the introductory theoretical part and the description of legal regulations follows the fundamental part, which is the analyse of performance of selected collective investment funds during a period from the beginning of year 1999 till the end of year 2006. The aim of the work is to compare performance of a foreign and domestic funds, whereas this comparison proceeds between selected equity funds, bond funds and money market funds. The result of the analyse is very interesting. In the event of the equity funds performance of the foreign fund is distinctively higher than in the domestic fund. However in the event of the bond funds the czech fund became the winner of comparison. Performance of money market funds was approximately same but in the both cases lower than risk free interest rate used in the analyse.
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Řízení, financování a vymáhání pohledávek ve společnosti Animalco a.s.
Beránková, Michaela ; Valach, Josef (advisor) ; Hruboň, Lukáš (referee)
Hlavním cílem této práce je detailně vymezit oblast řízení pohledávek. V teoretické části jsou analyzovány prvky řízení, tedy financování, zajištění a vymáhání pohledávek, a navžena základní pravidla pro jejich aplikaci v podniku. V praktické části je následně proveden rozbor jednotlivých prvků na konkrétním příkladu akciové společnosti. Největší pozornost je přitom věnována jedné z forem zajištění pohledávek, a sice jejich pojištění. Dále je hodnocen vývoj a dopad pohledávek na majetkovou a finanční strukturu společnosti.
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