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Investments in Energy Sector through the Lenses of Valuation
Tezner, Karel ; Heřman, Jan (advisor) ; Bílek, Milan (referee)
The main research goal is to identify specifics of energy utilities generating electricity and heat from a valuation perspective. To fulfill this goal, the electricity and district heating sector, their characteristic, economic aspects and related regulation have been described. Having weighted possible valuation approaches, the author has decided to opt for both the DCF method and the method using market multiples. The former has been extended by Monte Carlo simulation. The financial and strategic analysis, analysis of key value drivers, financial plan and valuation itself has been thoroughly done. There have been 7 values of equity derived according to a method used and assumptions considered. The variability of outcomes indicates the need for a correct consideration of relevant factors while compiling valuation. These factors are as follows: costs of inputs and their impacts on the entity's operation, price of electricity and heat, life cycle, technological parameters and ecological regulation.
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Inter-company comparison within the frame of district heating segment
Pechek, Václav ; Krause, Josef (advisor) ; Návara, Václav (referee)
The isolated evaluation of companies is not sufficient to analyze economic performance of particular enterprises. The performance of the company has to be assessed in relation to the relevant segment and to other companies. The importance of inter-company comparison based on financial analysis is enlarged by the need to increase efficiency and to maintain competitiveness. The aim of this thesis is to identify the determinants of performance of companies, which operate in the district heating segment. The aim is achieved by application of different methods of inter-company comparison. The particular emphasis is placed on the type of used fuel (the most significant cost for district heating companies). Appropriate indicators for evaluation of the economic performance are selected from a wide range of financial analysis indicators. The selection is subject to interests of the parent company.
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Zhodnocení finanční situace podniku
Mikšátková, Lenka ; Pevná, Jana (advisor) ; Pevná, Jana (referee)
Bakalářská práce popisuje elementární metody finanční analýzy, její zdroje a uživatele. Dále jsou uvedeny nejznámnější přístupy k finanční analýze a vybrané způsoby výpočtu elementárních ukazatelů finanční analýzy jako např. poměrové ukazatele, rozklad ROE, IN indexy, Kralickův Quicktest. V praktické části jsou v konkrétním podniku (Teplárna České Budějovice, a.s.) tyto finanční ukazatele spočítány a vyhodnoceny.
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