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Ocenění podniku
Chadim, Miloš
This diploma thesis is focused on determination of a subjective value of the CEZ GROUP holding at December 31th 2012. The holding is well known especially be-cause of generating, distribution and selling electric energy in the six European states. This thesis includes a strategic analysis, a financial analysis, an analysis of value drivers, a design of a financial plan and an application of all three pricing approaches -- the asset approach, the market approach and the income approach. Specifically there were used methods as the book value method, the comparable company analysis and the DCF entity method. All results were compared both together and with the real value which had been accepted by markets on the spe-cific date.
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Vykázání neuznaných nehmotných aktiv v rozvaze: rizika a přínos
Dobrotková, Kamila ; Zelenka, Vladimír (advisor) ; Svačina, Pavel (referee)
The aim of this thesis is to analyse the research area of omitted intangible assets from the balance sheet and consider rewards of their potential recognition in the statement of financial position. The theoretical part provides the reader with the current regulation in force and compares it to the regulation prior the standardization and convergence process. The empirical part focuses on valuation of equity of three companies from the pharmaceutical industry based on the model pursued by American professor Stephen Penman. The values obtained are subsequently compared to market prices which are believed to reflect also the possession of omitted intangible assets. Differences identified speak in favour of potential recognition, however these are believed to be marginal comparing to probable inherent risks, which include, inter alia, stock market run-ups and earnings management.
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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.
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Valuation
Berglerová, Lucie ; Kislingerová, Eva (advisor) ; Klečka, Jiří (referee)
The Master's Thesis aims to analyze and evaluate the Vitana company at 31st December, 2013. The thesis is divided into parts that correspond with the valuation process. First of all the Vitana company is described. The valuation starts with a strategic analysis where strengths and weaknesses, market development, industry, economy and competition are identified. This is followed by a financial analysis that explains the past of the Vitana company. To determine the value of the company it is necessary to define generators of value and make their prognosis. After that the financial plan is drawn up. Determining the value is accomplished by using three valuation methods: valuation by using DFCFF, valuation by using EVA and book value.
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Business Valuation of engineering company HTP s.r.o.
Bartoničková, Jitka ; Jurečka, Jan (advisor) ; Lustigová, Marcela (referee)
The aim of the diploma thesis is to estimate the objectivised value of the Czech engineering company HTP s.r.o. based on the same concept up to 1. 1. 2011. Valuation is performed using discounted cash flow (DCF equity) with limited lifetime and book value method. The work includes financial analysis, strategic analysis, analysis and prognosis value generators, financial plan and final valuation.
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The Valuation of the pharmaceutical company Ferring-Léčiva, a.s
Karbanová, Iveta ; Scholleová, Hana (advisor) ; Baník, Jozef (referee)
The thesis deals with the valuation of the Ferring-Léčiva, a.s.. The estimated value of the company refers to April 1, 2012. Financial analysis of the company, analysis of the macroeconomic environment and industry analysis are applied in the process of valuation. The methods which are applied for the company valuation are free cash flow to the firm and free cash flow to the equity. Both methods are applied with two-stage model. After delivery of the statement of the enterprise value the attention is focused on the comparison with the method based on the accounting property of the company which is based on difference of the total assets and liabilities of the firm.
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Merger of companies (Domestic and Cross-border), accounting treatment
Fialová, Michala ; Vomáčková, Hana (advisor) ; Vomáčková, Lenka (referee)
The Graduation Theses is targeted at mergers of business Companies and its accounting aspects. The Theses solve mergers from the business - legal point of view (regulating in Act. No. 125/2008 Coll, Transformation of Business Companies and Cooperatives), and also from accounting point of view (from IAS/IFRS) as well from the czech accounting law Accounting Act, Regulation 500/2002 Coll, CAS). A separate chapter is devoted to practical real case of a merger of two limited liability companies.
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Estimating a value of the Firm Vodovody a kanalizace Beroun, a.s.
Šebová, Magdalena ; Scholleová, Hana (advisor) ; Krause, Josef (referee)
The aim of this diploma thesis is to estimate the value of the water supply company Vodovody a kanalizace Beroun a.s. on the date 30. 4. 2011 by using the yield method of DCF. The value is assessed for a potential investor in order of purchase. The thesis is divided into a theoretical part defining the basic theoretical background of valuation and a practical part, which primarily consists of a strategic analysis, a financial analysis and a financial plan.
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