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Valuation of company Opavia - LU, Ltd.
Zmelíková, Tereza ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The aim of the thesis "Valuation of company Opavia - LU, Ltd." is to perform assessment of the financial situation and valuation of the selected company. The analysis is worked out from the perspective of external users for the accounting period 2009-2013. The methodical section provides analysis of financial indicators, which are then examined in the practical part of the company itself. Financial analysis includes vertical and horizontal analysis, analysis of financial ratios and economic added value. Further, this work also focuses on prediction of the financial plan for future 5 year and valuation of the company based on discounted cash flow method.
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How business cycle affects attendance of czech cinemas between 1993 -2013?
Levová, Kateřina ; Pikhart, Zdeněk (advisor) ; Zeman, Karel (referee)
The basic question of this thesis was the relationship between the business cycle and the cinema attendance in the Czech Republic. Other questions are the effect of technological advances, household income and the impact of substitutes and complements to attendance. Similar questions have already examined several papers in different countries, but the results are not identical. The benefit of this work is examining the Czech industry, which from an economic point of view is not analyzed too often. The first part describes the relevant theories: the theory of the business cycle theory, theory of the consumer and demand. Another part contains a description of the analyzed sector, its historical development and an overview of studies that have worked on this issue. Following are two models: the first examining a total annual cinema attendance (1993 - 2013) and the second model focused on the average attendance per projection). In both models was studied cinema attendance dependence on the cyclical component of the unemployment rate and other variables. In both cases, the results suggest that attendance is procyclical. The amount of real wages has a positive impact on attendance. The impact of technological advances on the contrary negative.
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Methodology of real estate valuation and valuation of specific unit in Prague
Perkina, Elizaveta ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The primary objective of this thesis is to estimate the market value of residential unit in Prague. The main valuation method is comparative method. Value estimated on this basis is then compared to the value determined based on the income approach (Direct capitalization method). The differences in the results found in valuation on the basis of selected approaches are presented in the last part of the thesis as well as explanation in what cases it is preferable to use the particular approach. The theoretical part of the thesis contains basic concepts of property valuation. The other theoretical chapters summarize the basic legal legislation in this field and real estate valuation methodology. In the practical part of the work, the valuation of the specific real estate (housing unit in Prague) realized.
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The Valuation of Edenred CZ s.r.o.
Hýža, Petr ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The aim of this diploma thesis is to estimate the market value of the company Edenred CZ s.r.o.. The thesis consists of two parts, theoretical and practical. In theoretical part is described applied methodology for valuation of company. Practical part contains analysis of market potential and company's business potential, financial analysis and analysis of value drivers. Subsequently, there is prepared financial plan as the company is evaluated in long-term perspective. As main valuation method is used DCF Equity and as complementary method Capitalized Net income.
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The valuation of the company Poděbradka, a.s.
Hollý, Michal ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The aim of this thesis is to estimate the market value of czech soft drink producing company Poděbradka, a.s. to the date of 31rd December 2013. The thesis is divided to two logical units -- theoretical and practical. The teoretical unit describes principles, theories and generally recognized ways of corporate valuation in the Czech Republic and in the world. Practical unit continues and expands the theory in its application. Due to the extent of the thesis, just two main yield methods of valuation will be used -- method of discounted cash flow, which is used mainly in Anglo-American valuation praxis and method of capitalized netto earnings, which is mainly used in German-speaking countries. Master thesis ends with terminal valuation statement, which defines the market value of the valuated company.
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Macroeconomic Analysis of Development of Slovenia from 1995 to the Present with Focus on Development of Banking
Košina, František ; Zeman, Karel (advisor) ; Krebs, Vojtěch (referee)
The aim of this thesis is to analyze macroeconomic development in Slovenia in the last 20 years. Special attention is paid to the development of banking sector and Tthe development of its ownership structure. The theoretical part deals with the basic concept of national economy, characteristics of the main macroeconomic aggregates and the banking system. These theoretical solutions provide an information base for the practical part, which processes a macroeconomic analysis of Slovenia from 1995 to the present. Banking sector is analyzed from the perspective of the legal framework and institutional provision. It is followed by the analysis of the Slovenian banking sector itself, which shows that the Slovenian crisis was rooted precisely in the banking sector, which is largely state-owned. The main solution of this situation is the privatization of large state-owned banks and restrictive measures of public finances.
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The valuation of residental property for mortgage purposes
Papíková, Anna ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The thesis deals with the valuation of residental property for mortgage purposes. The theoretical part presents the methodology of real estate valuation process with respect to the new legislative amendments connected with the New Civil Code, which came into force on 1 January 2014. The practical part demonstrates a analysis of the market, where the residental property is located. Consequently the market value of real estate is estimated for selling purpose by comparison method. Then real property valuation is providing for the mortgage purposes based on the methodology respected by Raiffeisenbank. All the outcomes are summarized and mutually compared in the final part of the thesis.
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Business evaluation of the company Kiekert-CS, s.r.o.
Kurka, Jan ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The aim of this thesis is to determine the market value of the company Kiekert-CS, s.r.o. as of 1 April 2013. Strategic analysis is the first part of this thesis, which has a crucial role throughout the valuation, because there is identified the market development potential, business potential of Kiekert-CS, s.r.o. and the means, which the company owns. Several studies of leading consulting companies are used for determination of market potential. Subsequently, there is prepared financial analysis and value drivers forecast, which underlines the financial plan. DCF equity method serves as an essential method within the process of valuation, method of market multiples is used as a complementary one. The final market value of the company Kiekert-CS, s.r.o. is set in the range of 2,9 billion CZK and 3,4 billion CZK, with the most likely market value considered by the author 3,38 billion CZK.
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The costs and benefits of process privatization during the transformation of CSFR (CR) from 1990
Lochmanová, Kristýna ; Ševčík, Miroslav (advisor) ; Zeman, Karel (referee)
Privatization as the main attribute of transformation process brought benefits and costs; benefits in the form of speed, social justice, reduce abuse of political power and finally privatization of 60% of all businesses and the costs called by its critics as "tunneling of the state." The objective of this dissertation is to compare these revenues and costs and answer to the question whether we can consider the process of Czechoslovakia, respectively Czech privatization in the 1990s as successful. The main determinants of this process was not only the starting conditions, but even then the legal environment and the offered possibilities of privatization. The basic method of this thesis is the analysis of revenues and expenses. For the more objective evaluation I will use a comparison of the results of other emerging countries. Specifically, I will focus on Poland and Hungary, whose starting conditions are deemed as most comparable to ours.
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Analysis of selected indicators of activities and powers of central bank in our country since 1989
Kočová, Olga ; Zeman, Karel (advisor) ; Řežábek, Pavel (referee)
The issue of competences of central bank in monetary or foreign exchange policy, the optimal adjustment of regulation and supervision of financial market and also the necessary independence of this institution is subjected to intensive discussion at the present time economic policy. In the theoretical part I will define basic concepts and definitions relating to this issue. From a theoretical point of view I will describe the concept and function of central banking, the independence of central bank, its types and optimal settings. I will also characterize the regulation and supervision of financial markets with regard to the definitions, models, systems, objectives and instruments of this issue. I will define the basic theoretical aspects of monetary and foreign exchange policy. In the analytical part I will process an analysis of selected indicators of activities and powers of the central bank in our country since 1989, mainly from the independence of the central bank, setting of monetary policy, financial market supervision and foreign exchange policy. I will make a comparison of changes in the development and activities of central banks in these areas with regard to trends in the legislation and their powers. The aim of this thesis is to analyze the development of selected indicators of activity of the central bank in our country with a focus on the transformation of the Czech economy with a summary of significant changes.
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