|
|
Způsobila alkoholová prohibice pokles počtu dopravních nehod spáchaných řidiči pod vlivem alkoholu?
Brabenec, Tomáš ; Montag, Josef (advisor) ; Potužák, Pavel (referee)
This paper tries to find out whether a short ban on sales of liquors reduced the harmful use of alcohol with respect to motor vehicle accidents. I make use of short (two weeks) alcohol prohibition which was imposed by the Ministry of Health Care in the Czech Republic in September 2012 aiming to stop the deadly wave of methanol poisoning. To estimate the effect of prohibition on the number of road traffic accidents, I exploit the methodology of differences-in-differences. I use daily data about traffic accidents from the Czech Republic (treatment group) and from neighboring countries such as Austria, Germany and Poland (control group). The result suggests that there is no significant drop in term of road traffic accidents.
|
|
|
Valuation of PEBAL s.r.o.
Turza, Vladimír ; Brabenec, Tomáš (advisor) ; Keselý, Ladislav (referee)
The thesis aims to determine the equity value of the company PEBAL s. r. o. as of January 1st 2016. It is not separated into theoretical and practical part, because it is considered as fake appraisal of an expert. That is the reason why the whole thesis is practical with occasional theoretical background explanations. In the first part there is basic information provided about the appraised company along with its characteristics. Then financial analysis is carried out which will provide an overall picture of financial health of the company along with determination of competitors. Followed by strategical analysis which deals with the market as whole and predicts its future development as well as development of sales of the valued company. The next part consists of analysing and predicting value drivers and the overall financial plan. Result of the last part is the valuation itself applying discounted cash flow (DCF) method using discounts rate calculated earlier in the chapter. The final chapter also contains market valuation using method of comparable companies along with Monte Carlo simulation, that provides probability distribution of the value of the company.
|
|
|
Valuation of the company KRPA PAPER, a.s.
Červinka, Jan ; Brabenec, Tomáš (advisor) ; Lepič, Lukáš (referee)
The subject of the thesis is the market value of the company KRPA PAPER, a.s. as of December 31st, 2014. The aim of the thesis is an aplication of teoretical knowledge in a particular example. The purpose is to determine the net market value of the company. The thesis is divided into chapters which represent the typical phases of the valuation of a company. At the beginning of each chapter there is a brief description of its purpose in a business valuation. In the introduction part the basic aspects of the valuation are described. The financial and strategic analysis, the value drivers, the financial plan and the valuation chapters follow. For the valuation itself the DCF Entity method is used. The discount on the entity level is applied.
|
|
|
Zero Waste - "Valuation and business planning" for a potential investor
Sedlák, Jiří ; Brabenec, Tomáš (advisor) ; Dvořák, Jaroslav (referee)
The target of Zero Waste "Valuation and business planning" for a potential investor is to explore and evaluate the identified market opportunity. Business plan concerns the foundation of food and consumer goods retail business which is aimed towards reducing consumers negative impact on the environment, supporting local jobs and sustainable farming. The thesis is based on theoretical knowledge from the publications listed in the resources which were confronted with the reality in interviews with the owners of comparable businesses. Resulting from the business planning a calculation of present value of the proposed model enterprise has been made. Value calculated using discounted cash flows had shown that cannot be unequivocally recommended to establish the company. Pessimistic scenario shows a negative net present value and realistic option shows a positive net present value. However it is necessary to understand the thesis as a model business plan for valuation of such businesses. As for example with a different form of funding or reduction of initial investment, the company may change to a version that would be recommendable to implement.
|
|
|
Start-up valuation
Körtvelyová, Adéla ; Krabec, Tomáš (advisor) ; Brabenec, Tomáš (referee)
The thesis is focused on solving the problematic issue of how to evaluate companies at an early stage in their life cycle, or how to evaluate the start-ups. The concept of start-ups has very quickly expanded abroad, especially in the United States and in Canada. In recent years, this concept slowly extended even to the Czech Republic, but issues of valuation of start-ups are dealt almost exclusively in foreign publications focusing on foreign start-up companies. Therefore, the aim of this thesis is to familiarize the reader with the basic issue of the valuation of start-ups and performance of the various methods and approaches to the valuation of start-ups.
|
|
|
Valuation of the company Jan Becher - Karlovarská Becherovka, a. s.
Novotný, Jakub ; Brabenec, Tomáš (advisor) ; Lepič, Lukáš (referee)
The aim of the Master´s Thesis is the valuation of the company Jan Becher - Karlovarská Becherovka, a.s. at market value to 31. 12. 2014. The first parts of the thesis acquainted with the purpose of the valuation and with the valued company. Then follows financial analysis, where is analyzed financial health of the company and the premise of going concern. Strategic analysis and prognosis of sales of the company, which is based on the strategic analysis, follow. Then value generators are predicted and subsequently financial plan created. The final part of the thesis deals with the valuation of the company by method DCF Entity and also by market comparison method as the method of support.
|
|
|
Financial due diligence: theory and practice in M&A transactions
Vavrovič, Maroš ; Brabenec, Tomáš (advisor) ; Hamplová, Barbora (referee)
This thesis focuses on financial due diligence within M&A transactions. In the first part, due diligence is characterized as one of the main factors of M&A failure. Due diligence process and definition is described afterwards, as well as purpose of due diligence, various types of due diligence and position of due diligence within individual phases of M&A transaction. Furthermore, financial due diligence and its main principles are defined. Essential differences between financial due diligence, audit and financial analysis are also described. The diploma thesis analyzes the focus of financial due diligence on specific items of balance sheet, P&L account and cash flow statement. In the final part, an actual financial due diligence report from Czech M&A transaction is analyzed, including its individual parts.
|
|
|
Change in market value through acquisitions, empirical investigation on capital markets of Germany, France and Great Britain
Mitkov, Michal ; Brabenec, Tomáš (advisor) ; Hamplová, Barbora (referee)
This paper presents an investigation into the relationship between the announcement of acquisitions, the existence of positive abnormal return for shares of these firms and market efficiency in Germany, France and Great Britain. The sample of transactions ranged from January 2010 to December 2015. This thesis has used the event study methodology where the Cumulative Average Abnormal Returns (CAAR) of the target and bidder firm's stock prices in different event windows have been analysed. Across all the markets, target firm's stock price yields positive CAAR that is significantly different from zero on the day of the announcement. Unlike the target firms, bidder firms do not show statistically significant CAAR for all analysed markets. The second goal was to analyse market efficiency using CAAR data from the event study. It was concluded that the analysed markets behave in a semi-strong form of market efficiency with potential cases of insider trading identified.
|
|
|
Business evaluation of Pivovar ZUBR a.s.
Vasilišin, Ľubomír ; Brabenec, Tomáš (advisor) ; Pucci, Slavomír (referee)
The aim of this Master's thesis is to evaluate the market value of the Zubr Brewery a.s., to the 1.1.2014. The main method selected for estimating the value of the company is discounted cash-flows for creditors and owners, also known as DCF entity. The early chapters are dedicated to making financial and strategic analysis of the company and of its competitors. After confirmation of going concern, the generators are defined and financial plan is executed, which serves as the key of the valuation using the income methods. The final value of the company is complemented by the valuation using book value method and multiples. In the end, the chapter deals with deferred tax liability and its possible use in the planning of forecast of the company.
|
|
| |
guest ::
