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Analysis of the systematic risk and its influence in value investing
Mikláš, Antonín ; Pošta, Vít (advisor) ; Pivoňka, Tomáš (referee)
This Bachelor´s Thesis deals with analysis of systematic risk and its influence in value investing. Theoretical part of the thesis explains components of valuation based on discounted cash flow model. This part is focused mainly on beta from CAPM model which measures relation between given asset and systematic risk. Practical part begins with calculation of macroeconomic variables needed for company valuation. Then, combining the different stock market indices and using the least squares method, beta of the companies CEZ and Philip Morris CR is calculated. Valuation of these companies is made in the final part of the thesis accompanied with sensitivity analysis, which examines the influence of beta on internal value of a share.
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Process of picking stock based on value investing principles
Literák, Adam ; Pošta, Vít (advisor) ; Abdullin, Denis (referee)
The Bechelor thesis is focused on the process of picking undervalued stock. It is devided into two parts: theoretical-mothodological and practical. The first part defines Value Investing and its connection to the Efficient Market Theory and the tools used to determine the true value of a stock. To estimate the intrinsic value of a stock, Discounted Cash Flow model is used. All the inputs to the model (Free Cash Flows to the Firm, Waighted Average Cost of Capital, growth) are described and then estimated in the practical part. Western Digital Corporation, Inc., is picked based on screening the stock market. WDC is valued and its estimated value then compared to the price on the market. Closing thoughts conatain conclusions and potencial vulnerability of the model used.
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Comprehensive hedging of stock portfolio
Kábrt, Tomáš ; Mandel, Martin (advisor) ; Houštecký, Martin (referee)
This diploma thesis is devoted to the problem of creating a portfolio of shares. First part is focused on the characterization of shares - classes of shares and rights associated with them. The second chapter compares the Efficient market theory and Behavioral approach, as the two opposing schools of thought. The third chapter gradually introduces fundamental analysis, from the global analysis through the analysis of an industry to the analysis of a particular company. Furthermore, this work focuses on the Value investment approach, that is based on fundamental analysis. On the basis of several criteria are particular stocks selected to the portfolio. The intensity of these criteria is then tested in the relationship with the resulting number of selected stocks. The conclusion of the fourth chapter is devoted to the issue of discounts and premiums that are trying to take into account specific factors of securities, which should be reflected into their prices.
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Picking stocks with the value investing strategy
Slánský, Filip ; Pošta, Vít (advisor) ; Makovský, Petr (referee)
The Bachelor thesis focuses on the whole process of picking stocks. In the first, theoretical, part, the importance of investing both in personal and corporate life is mentioned. It also describes the screening process of a stock market inluding the list of all used screening criterias, and the DCF pricing model, as one of the most used valuing methods out there. All the parts of DCF model (cost of capital, cashflow, growth, valuation) are explained there. In the second, practical, part, we use the screening proces to pick one company from NYSE (New York Stock Exchange). The company is National Oilwell Varco, Inc., and the DCF model is used to execute valuation of the company with all necessary calculations. In closing of the second part, the investment decision is carried out applying the concept of margin of safety, and final thoughts depict the possible flaws in the valuation, acquired insights and future recommendation.
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Performance of Value Investing Stragegy Pursued by Selected European Funds
Hanzo, Ján ; Veselá, Jitka (advisor) ; Stádník, Bohumil (referee)
This diploma thesis covers value investing process defined by adherents of Graham and Dodd. Theoretical aspects of this principle are explained with special focus devoted to determination of intrinsic value using three step process utilizing information from value of assets, earnings power value and value of growth. We pay attention to strategic considerations that should facilitate an analyst to more reliable conclusions. Using European markets data, analytical part of this work examines return of mechanically compiled value and growth portfolios and presence of value premium. We than analyze return of existing value portfolios.
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Growth investing to small cap stocks
Rada, Hynek ; Musílek, Petr (advisor) ; Havlíček, David (referee)
This thesis focuses on indentification of financial analysis indicators of small firms. These indicators should help investors to use growth investing method within their first pick stocks. Discussed indicators are from capital market, rentability, indebtedness and liquidity areas. The resulting values of these indicators are interpreted accordingly to the strategy of the company. That helps to identify the company's strengths and weeknesses. This thesis contains of basic theoretical knowledge of growth investing and specifics of small companies. It also comprises of results of older empirical studies in which growth and value investing was compared. The growth investing methods by Jime Slater. There were used 14 historically significantly above average growing companies registred in NASDAQ for the purpose of analysis.
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