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The valuation of company PKS MONT, a.s.
Strnad, Jakub ; Scholleová, Hana (advisor) ; Neubauer, Edmund (referee)
The subject of establishing the market value is PKS MONT stock company specializing in the production of windows and doors made of plastic, wood and aluminum. It is a company founded in 1996 as a member of PKS holding companies which are targeting mainly on building sector. The mentioned company realized an important investment in modernization of production facilities in 2009. Size of the investment exceeded CZK 120 mil., more than 90 % total assets of the previous year. The market in which the company operates is undergoing a crisis due to the economy decrease. This situation has a negative impact on the indebted company. The main impact of decline in demand is expected in 2011, first year of financial plan. The financial plan is built on the current corporate financial policy and in many cases modified in response to predicted market developments with covering company possibilities to find permanent use in the increasing competition. The main purpose of the thesis is determination the company market value based on discounted free cash flows from business activities. Predicted free cash flows affected decline in demand in 2011 and necessity of permanent investments in modernization of production facilities in order to maintain technical and technological progress with competition and with the market. The financial plan forecast can help management to focus on possible scenario of future development and adapt it their next steps. Each project is based on assumptions and level of risk, which can act positively or negatively on the assumptions set. Therefore, the conclusion is devoted to risk analysis tests changes in result depending on probability distribution all analyzed assumptions.
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The valuation of „PEGAS NONWOVENS SA“ company
Kurfürst, Marek ; Kislingerová, Eva (advisor) ; Smrčka, Luboš (referee)
The aim of the thesis is to determine the intrinsic value of the shares of Pegas Nonwovens SA,which is traded in the SPAD on the Prague Stock Exchange. The work begins by analyzing the causes of fluctuations in share prices and trying to capture the causes of these price fluctuations. The relationship between stock index and stock Pegas in long term helps to detect beta coefficient, which is used o calculate the cost of equity. In determining the intrinsic value of shares it is proceeded in five steps. First, it is characterized the macro and micro enviroment, in which the company operates. Subsequently, from the financial statements I tried to assess main trends through analysis of standard ratios and on the basis of that I defined the so-called "value drivers". All these collected data gave me presumption for most likely prognosis of development, i.e. business plan, which is quantified via pro forma financial statements. The fourth step was to calculate free cash flow to shareholders (FCFE) and in the final step it was discounted to find out the present value of equity/one share.
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Valuation of Companies in Emerging Markets
Budinsky, Karl ; Krabec, Tomáš (advisor) ; Hnilica, Jiří (referee)
In this thesis the distinctive features and challenges of the company valuation in emerging markets are presented. The valuation approach considered as superior in comparison to other methodologies, the triangulating method, is applied to a company from the emerging market of Brazil, the aircraft manufacturer Embraer. The triangulation valuation approach comprises one primary method, the scenario discounted cash flow valuation, and two secondary approaches, the valuation based on multiples and the valuation with a country-risk built into the cost of capital. At the beginning, the valuation methods prevalent in developed markets are presented. Afterwards, for the emerging markets, the applicability of these approaches from the developed world is assessed. In addition, potentially useful modifications are identified. In advance of the detailed valuation of Embraer, the Brazilian macroeconomic situation and its main financial market, the Bolsa de Valores, Mercadorias & Futuros de Sao Paulo (BOVESPA), will be analyzed.
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Business Valuation
Zemanová, Alena ; Kislingerová, Eva (advisor) ; Jašíková, Pavla (referee)
The subject of the thesis is a business valuation using the income method of discounted cash flow. The theoretical section deals with the description of the valuation process including financial analysis, and presents the most commonly used valuation methods and the specifics of real estate companies. The practical part includes the valuation of aAIM Czech Republic (Olomouc) using discounted cash flow and a detailed introduction to this method. The project concludes with an estimated market value of the company and suggestions on how to increase its value.
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The role of the region in funding of transport in the Czech Republic for example Vysočina
Nováčková, Radka ; Toth, Petr (advisor) ; Pova, Patrik (referee)
The aim of this work is mapping of financial flows in the financing of transport in the Czech Republic, and subsequently characterizes the role of the region, which results from this system. Transport is one of sector of economy in the Czech Republic when its funding is largely carried out through the state budget. Funding will include transportation to the complicated financing, where financial flows are complex. In a lot of regions of the transportation is one of the most challenging areas for funding. Labour sets out the main tasks of the region in this system and is characterized by linking with other regional actors in the financing of transport. Subsequently, the work deals with the funding mechanism of transport in the region and examines its role in funding transportation.
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Appraisal of company Třinecké železárny, a.s.
Matyásko, Michal ; Scholleová, Hana (advisor) ; Hřebík, Tomáš (referee)
In my graduation theses I deal with determining value of Třinecké železárny, a.s. by means of method DCF with use of FCFF and method EVA. This thesis contains strategic (analysis of a business environment and SWOT analysis) and financial analysis which presenting the base for creating the financial plan. Afterwards we can use this instrument for calculating cash flow and economic value added which are essential to valuating process.
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Valuation of company
Macek, Pavel ; Scholleová, Hana (advisor) ; Smrčka, Luboš (referee)
The aim of the thesis is to determine the value of the company Okna Macek, s.r.o. Theoretic part of the work deals with techniques, methods, and tools of company evaluation. Practical part applies these methods to the company. In introduction there are mentioned basic information on the firm, organizational structure and product assortment. Then strategic analysis follows , which consists of analysis of development of macro-environment and micro-environment. Financial analysis rates of performance of the company by using methods of absolute, ratio and global indicators and interfirm comparison. Than the plan of generators of value is processed, i. e. incomes and outcomes, investments and working capital. On its base there are set planned financial statements, i. e. balance, income sheet and cash flow. In the final part the company is avaluated using two - phase discounted cash flow method in the version of FCFE. Discount rate is assumed with the aid of CAPM method and sectional INFA model. At the conclusion of the thesis there is the valuation statement.
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Investment project evaluation
Tvrdíková, Iveta ; Scholleová, Hana (advisor) ; Smrčka, Luboš (referee)
My paper engages in investment decision of company, shows the connection with microeconomic and macroeconomic area, that is important to be respected in this kind of decision. The paper makes a survey about the methods of investment project evaluation and simultaneously deals with criterions, which are respected by these methods. With using of concrete methods of valuation ilustrates how to proceed.
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Cash management in broker company and in leasing company
Procházková, Pavla ; Mikovcová, Hana (advisor) ; Kocourek, Ivan (referee)
The main subject of this thesis is the liquidity -- very important premise for long-term existence of every firm. The aim is to characterize financial management with emphasis on liquidity and cash management in two different firms. Two mentioned firms are quite specific -- broker company and leasing company. Because of this the key goal of this thesis is the analysis and evaluation of their liquidity, monitoring similarity and diversity in procedures which the firms use in cash management. The basic question is the evaluation of process of cash management in two mentioned firms, understanding of preferred instruments and identification if it is sufficient for stable financial solvency. The particular procedures and methods in cash management in two different firms are mentioned in this thesis. Attention is paid on working capital, liquidity ratios and other -- cash flow statement, plan of payment etc.
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