|
| |
|
|
Modern methods of evaluating the financial situation of the company and their applicability
KOTALOVÁ, Zdeňka
Companies generally use a number of indicators to determine the current development of their activities and to ensure an increase the wealth of the owners. This initiated an effort to find tool that would completely express the financial situation of the company. Traditional indicators of the financial analysis are based only on accounting data and therefore do not take into account all the costs of the newly established companies. New modern methods were developed due to this impulse. In order to verify the function of modern methods, a set of one hundred enterprises was selected. I will apply these available principles to calculate the economic added value, since the basic goal of the thesis is to evaluate the applicability and utility of modern methods (EVA - economic added value, MVA - market added value and cost of capital) and compare them with older indicators of profitability. The theoretical part of the thesis focuses on the description of basic concepts and methods. An essential part of the thesis is the metodology which completely clarifies the individual steps used for the data set. In the beginning, the practical part specializes in the calculation of the cost of capital using the methodology of the MPO of the Czech Republic, the division of companies into groups according to selected criteria and subsequent comparison with the industry average. The key points is to find out the dependence on and the capability of the EVA indicator, traditional indicators and standard IN models. The penultimate chapter will be devoted to the usability of the market added value calculation and comparison with five companies traded on the capital market. In the end, the results will be evaluated and the entire matter will be summarised.
|
|
|
Methodology for determining the value of family businesses in the succession process
Režňáková, Mária ; Karas,Michal ; Srbová, Pavla ; Pěta, Jan ; Brychta, Karel
The methodology is based on valuation methods commonly used for valuation of companies. This methodology offers a refinement and modification of the application of standard valuation methods based on the knowledge obtained from the analysis of data of Czech enterprises and affects the specifics of small and medium-sized family businesses in the Czech Republic. From this perspective, it is an original approach, which was developed by the project researchers, justified by appropriate methods of statistical data processing and continuously submitted for review in presentations at scientific conferences and in professional articles. In the framework of the project, a family-friendliness factor has been developed, which allows the specificity of family businesses to be incorporated into the valuation model. In addition, a cost of equity model for small and medium-sized enterprises was derived, which is a modification of the CAPM and is based on data from Czech SMEs. It takes into account both the industry specifics of Czech enterprises and the rate of return achieved in the Czech Republic. Users have at their disposal total beta coefficients (beta total) for individual NACE industries (in many cases even sub-industries), which have not yet been quantified for the Czech Republic and their use is wider than just within the framework of this methodology. The methodology provides both recommendations for specifying input parameters in determining the value of a company according to the purpose of the valuation and the expected development of the company, as well as information on the industry values of the parameters used in the valuation. Users who are not professionally involved in this issue have the possibility to use the software developed, which allows to determine the value of a family business in a simplified way. The simplification lies in the fact that it is not possible to take into account all the specifics of each entity that may be valued, but also in the fact that the input parameters are generally set on the basis of past developments. At the same time, the user has the possibility to adjust these parameters according to the knowledge of the situation of the enterprise to be valued. The methodology is also an original approach from an international point of view: the authors are not aware of any other published methodology that measures the specificity of family businesses and at the same time demonstrates their influence on the performance of family businesses, and incorporates the family factor into the process of determining the value of a family business. This methodology is certified by the Czech Society for Quality (certificate number M063/M/2022 dated 29.11.2022)
Fulltext:  PDF
|
|
|
Valuation of a Firm Operating in the Engineering Industry
Sýkorová, Pavla ; Karas, Michal (referee) ; Režňáková, Mária (advisor)
This diploma thesis is devoted to determining the value of a company operating in engineering. The work is divided into six parts. The first part presents the objectives of the work and processing methods. The next part contains theoretical background. In the third part, the awarded company is subjected to a strategic analysis. The following chapter deals with value generators, which are further supplemented in chapter five, which contains the financial plan. The last chapter presents the final valuation of the company and the change of input parameters.
|
|
|
Financial Evaluation of Investment Project
Havelková, Markéta ; Sieber, Martina (advisor) ; Loužek, Marek (referee)
Bachelor thesis deals with the evaluation of the effectiveness of the investment project Coffee with Master and Margarita. The first part summarizes selected available literature about evaluating investments, the financial plan, determine the cost of capital, risk and determine the value. Considerable space is also devoted to the review of methods of investment evaluation. The second part is devoted to a specific example of a detailed assessment of the investment plan open cafe, the described theory is put into practice.
|
|
|
Financing of firms - resources of financing
Křížková, Renata ; Hraba, Zdeněk (advisor) ; Borkovec, Aleš (referee)
This master thesis deals with financial resources of company. I explain terms such as enterprise financing, capital structure, structure of company assets, long and short-term financing, shareholder's capital, liabilities and their costs. For the qualification purpose I have divided the financial resources into shareholder 0s equity and liabilities. They are separately described in the third and the fourth parts. They are the most importatnt and the widest parts of the whole thesis. The last part is devoted to alternative resources, that companies can use for financing of their business plans. The thesis concentrates on the possibilities of financing for large business companies. The aim of my thesis is to provide its readers with a variety of knowledge on the topic, which should enable them to make thier own financial decision. KEY WORDS: enterprise financing, financial management, resources of financing, structure of assets, capital structure, cost of capital
|
|
|
Capital Structure and Possibilities of Affecting it from Company’s Perspective
Kavanová, Zuzana ; Petříková, Růžena (referee) ; Kocmanová, Alena (advisor)
The diploma thesis is focused on the issue of the capital structure of a selected company and the possibilities of affecting it from company’s perspective. The basic concepts related to the capital structure, the issue of optimizing the capital structure, the factors that affect the capital structure and the financial performance of the company are explained. Furthermore, the work deals with a proposal of ways or sources, by which the company could optimize its capital structure in order to streamline its business.
|
|
|
Valuation of the Firm by Using Income Capitalization Approach
Vítková, Veronika ; Kuřátko, Ludvík (referee) ; Karas, Michal (advisor)
This diploma thesis deals with the valuation of the company STROJSTYL, s.r.o. The theoretical part defines basic concepts and methods related to the valuation of the company and mentions the procedure for performing the valuation of the company. Then follows the practical part, in which the company is introduced and theoretical knowledge is applied to the selected company in order to perform the final valuation of the company by 1 January 2019.
|
|
| |
|
|
Valuation of the Firm by Using Income Capitalization Approach
Šviková, Šárka ; Huňatová, Eva (referee) ; Karas, Michal (advisor)
This master thesis deals with the valuation of the firm NHKZ Steel s.r.o. by using income capitalization approach. In the first part, there are described theoretical foundations of the thesis and process used for valuation of the company. The practical part contains the strategic and financial analysis, compilation of value drivers, proposal of the financial plan and cost of capital. At the end of the thesis, there is the valuation of the firm to the date 1. 1. 2017 using the method of discounted cash flow method DCF entities and the economic value added method.
|
guest ::
