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Company valuation
Havlín, David ; Scholleová, Hana (advisor) ; Krause, Josef (referee)
The aim of this thesis is to establish the value of the company for their owners. The thesis is divided into two parts: theorical and practical. In the first part the value, its creation and the methods used for valuation are defined. In the second part, the company is valuated based on the methodology of discounted cash flows.
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Valuation of PALARIAN, s. r. o.
Pyrasová, Lenka ; Kislingerová, Eva (advisor) ; Salač, David (referee)
The object of this thesis is to estimate the value of Palarian, s. r. o. to the 1st of January 2010 for the purpose of determining the value of the company's equity as information for the current owner. There are made strategic and financial analysis, analysis and forecasting of value generators. The financial plan is scheduled for the period 2010 - 2013. The company is valued using the DCF APV method. After the evaluation there is performed a sensitivity analysis on value growth. The valuation of company is defined as the estimation interval of the value, which are pessimistic and optimistic options of the valuation. The thesis contains sensitive data, which are secret.
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The valuation of the company Pivovary Staropramen, a.s.
Zbožínek, Pavel ; Kislingerová, Eva (advisor) ; Sieber, Martina (referee)
The main objective of this thesis is to determine market value of the company Pivovary Staropramen, a.s. before the merger. Master's thesis is divided into two parts - methodological and practical. Methodological part includes individual steps a procedures, that are used to total value determination of the company. Practical part of the thesis consists especially of strategic and financial analysis, financial planning and company valuation. There is used the model DCF in variant FCFF to determine the market value. For the comparison there is used the book value method. At the end of the thesis there is performed a sensitivity analysis on value growth.
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Valuation of the company Electro, Inc.
Večeřová, Karolína ; Jurečka, Jan (advisor) ; Hackl, Zbyněk (referee)
The main goal of the thesis is to find market value for the company Elektro, Inc. on the date 1st January, 2010. The company specializes in retail sale of consumer electronics and electric appliances. The valuation consists of financial analysis, strategic analysis, forecasting of important indexes of value and creating the financial scheme. For the final valuation there is used the method called DCF Equity that discounts all the cash flows that flow to the company's owners.
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Valuation of the company Wolters Kluwer a.s.
Šebková, Zuzana ; Rýdlová, Barbora (advisor) ; Svačina, Pavel (referee)
The object of this thesis is to determine the market value of the company Wolters Kluwer a.s. on the date 1st January 2010. The main object of the activity of this company are publishing and provide system of legal information. The valuation consists of financial analysis, strategic analysis and prediction of generators of values, which are used for making the financial plan. The valuation is provided by 2 methods. DCF Equity method and market comparison.
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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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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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Evaluation of the company Kordárna, a.s.
Kopecký, Ondřej ; Kislingerová, Eva (advisor) ; Schönfeld, Jaroslav (referee)
The work attempts to determine the value of company Kordárna, a.s. due to ongoing insolvency process. In the theoretical part there are described the methodological tools that are used in the valuation. They describe internal and external potential of the company. These methods are applied to the company in the practical part. In addition to determining the value of the company there is also assessed advantage of the reorganization, which allows the new insolvency law. The work shows that the reorganization causes higher proportional satisfaction of creditors than in the case of bankruptcy.
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Valuation of the Zentiva N.V
Perlík, Aleš ; Scholleová, Hana (advisor) ; Horník, Tomáš (referee)
The objective of the thesis is a valuation of the Zentiva N.V. The valuation was worked out using the following methods: (1) the DCF entity method with application of the FCFF, (2) a financial analysis of this company, (3) the SWOT analysis, (4) a market analysis, and (5) the projected financial statements for 2009 - 2012. The assessed financial value of the company was calculated to be CZK43,566,947,000 on the date of 1.12.2008.
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