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Estimation of discount value for stocks with restricted rights
Gres, Sergey ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
This thesis is dedicated to main approaches of restricted stock estimation. The main aim of the work is to identify possible methods and basic steps to estimat of separate stock value or value of various shares on equity including preferred stocks and stocks with restricted rights in conditions of efficient markets as well as in conditions of Czech economic environment. The aim of the research is to understand how to estimate preference share value. The first part of the thesis is dedicated to relevant legislation that allows issuing of preferred shares and other types of stocks with restricted rights. The next part deals with empirical studies comparing market prices of preferred and ordinary stocks. After analyzing of the results and main factors that influence the value of preferred stocks, I properly study respective approaches of preferred stock estimation and estimation of stocks with restricted rights. The last chapter of the main part explains possibility to use foreign empirical and theoretical studies under Czech economic environment.
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Valuation of football club FC Slovan Liberec
Nekvindová, Martina ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
The aim of this thesis is to find a suitable approach for valuation of Czech football clubs and application of this approach for valuation of FC SLOVAN LIBEREC. The thesis examines specifics of football business and its effects on valuation. The market value of FC SLOVAN LIBEREC is determined as of 31. 12. 2015, based on strategic and financial analysis of the club.
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Business Valuation Using Simulation
Gavrylyuk, Zinayida ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
The following thesis is focused on the use of Monte Carlo simulation in business valuation. It examines the theoretical context of the valuation process and simulation techniques and subsequently applies these to the valuation of Plzeňský Prazdroj, a. s. as of 31.3.2008. The aim was to explore the potential of application of Monte Carlo simulation and to interpret obtained information. There was created the valuation model and performed sensitivity analysis based on which there were identified factors which have significant impact on the value. These were further investigated and characterized in terms of probability. Following the extension of the model to include uncertainty factors there was simulated business value in relation to the variability of uncertainty factors and the result was subsequently interpreted. It was concluded that Monte Carlo simulation may be useful predominantly in search for subjective value for investor due to additional information obtained.
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Valuation of company Shean, Ltd.
Širůčková, Veronika ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
The dimploma thesis deals with the determination of the market value of equity Shean, Ltd., which is focused on creation of e-shop and websites projects. The thesis consists of 5 parts: Strategic Analysis, Financial Analysis, Valuation of Software OmnixCMS, Analysis of value generators and Valuation. The paper used valuation methods EVA Entity and market comparison method. The work also includes valuation of an intangible asset for valuation purposes by EVA Entity.
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Strategic analysis of OHL, a.s. company with emphasis of variant sales forecast
Dezort, David ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
Diploma thesis is mainly focused on strategic analysis and its variant solutions. The aim of the thesis is to elaborate strategic and financial analysis with proposal of partial adjustments for the purpose of evaluation to 31.12.2010 for OHL ŽS, a.s. Another aim is to judge the chosen methods for sales projection in connection with variable value basis. To achieve the given aims I have work out financial and strategic analysis for objective, investment and market value basis. Finally I present summary and recommendations for the given method.
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The valuation of company Telefónica Czech Republic,a.s.
Smolková, Anna ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
The aim of the diploma thesis is to determine the market value of the company Telefónica Czech Republic,.a.s. as at 31.12.2010. The structure of the thesis has a form of expert opinion and does include the valuation itself as well as the financial and strategic analysis. The financial plan for the period of 2011 till 2017 was compiled based on the outcome of both the analyses (strategic and financial). The value of the company is determined by two methods: DCF equity (three scenarios of future development, pessimistic, realistic, optimistic, are included) and market comparison. The interval of valuation is determined based on outcome of both the methods.
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Business evaluation of the company Metrostav
Koňák, Petr ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
The aim of my thesis is to estimate market value of the company Metrostav as of December 31, 2008. To achieve this objective several analyses including financial analysis, strategic analysis and analysis of value drivers have been done. Finally, a financial plan has been set up and DCF Equity method of valuation implemented. Market value of Metrostav equity as of December 31, 2008 has been estimated at CZK 10 037 million.
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Discount for lack of marketability in terms of Czech Republic
Stöhr, Martin ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
The first chapter defines the liquidity and determines the cost forming the illiquidity discount. The second chapter assesses the various methods and studies relating to estimation of the discount for lack of marketability for minority interests within the U.S. markets. The third chapter identifies the effects of factors that influence the discount in the in the Czech Republic differently from the U.S. markets. The fourth chapter focuses on factors affecting the level of the discount within převiously observed range and determines the basic method for calculating the discount for lack of marketability for minority interest in the Czech Republic. The fifth chapter deals with the possibility of converting the discount for lack of marketability into risk premium in the CAPM model. The last chapter focuses on determination of the discount for lack of marketability for majority interests.
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Evaluation of PROWELL s.r.o.
Ulčová, Markéta ; Mařík, Miloš (advisor) ; Luxemburk, Patrik (referee)
The goal of the thesis is to find out the value in use of the company Prowell s.r.o. to 1. 1. 2007. The first part of the thesis deal with the strategical analysis. It`s result is forecast of sales revenues of this company. The second part talk about financial analysis, which appreciate financial health of the company. The next part analyzes and predicts generators of value and financial plan. The final evaluation of enterprise is inducted in the last part of the thesis. For evaluation was used method DCF APV and orientation method of market comparison.
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