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Valuation of the company operating in the chemical industry
Winter, Lukáš ; Strouhal, Jiří (advisor) ; Pavelcová, Kamila (referee)
The aim of the thesis is to valuate a company operating in the chemical industry using the income valuation approach as of January 1, 2015. At first, the company valuated will be analyzed from the perspective of strategic and financial analysis. Subsequently an opinion on the future prospects of the company will be issued, and provided that all the criteria needed for the usage of discounted cash flow methods are met, the company will be valuated using Discounted Cash Flows method, Economic Value Added method and Capitalization of earnings method. Book value method will be used as an additional method of valuation. In conclusion, a summary valuation of the company will be carried out, which will be subjected to a risk analysis using Monte Carlo simulation method.
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Valuation of Structured Products
Dohnálek, Jan ; Brada, Jaroslav (advisor) ; Kováč, Michal (referee)
The objective of the thesis is to acquaint readers with field of structured product valuation. It is a relatively complex issue which is, however, based on general valuation foundations. The opening chapter is dedicated to these general fundamentals of valuation. Emphasis is placed mainly on present value principle, a specific variant of comparison, and its related aspects. The second section describes key elements of structured product valuation. Greater part of this chapter is devoted to the Monte Carlo simulation, the most employed tool in valuation of these products in practice. An important part of Monte Carlo simulation is an option spread, which arises as by-product of the simulation and reflects value of an option contained in the evaluated instrument. Third chapter is focused on interest rate and prepayment models. Level of prepayment is dependent on interest rates development which both are the most critical factors that affect value of structured products. Description of models includes theoretical and mathematical formulation as well as mentioning their advantages and disadvantages. Valuation model is illustrated in the last part, which is demonstrated on valuation of hypothetical structured products example. Based on the model, the development of cash flows from underlying asset portfolio is forecasted which in turn determines the value of evaluated instruments. The final section deals with advantages of structured products and, hence, why banks and other institutions use them in practice.
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Monte Carlo method and its usa in finance
Košina, Martin ; Hejdová, Martina (advisor) ; Stecenková, Marina (referee)
The aim of the thesis is the description of the Monte Carlo simulation method, which in recent decades are very popular in many scientific fields. Nowadays various statistical surveys, analysis and information processing are similar statistical methods very significant. The theoretical part of the paper firstly describes the general simulation models because of their solutions with similar methods such as Monte Carlo, are often used. The following are typical examples of the historical method, its description and usage. The practical part of the thesis deals with the management of risk in finance and the possible application of the Monte Carlo in determining the level of risk Value at Risk. This rate is modern and globally used tool in the management of market risk. The practical part is about the calculation of the extent of the price index PX , which is the official index of the Prague Stock Exchange.
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Use of Methods of Managerial Decision-Making in Introducing a new Product in the Market of Security Services
Brož, Jan ; Pudil, Pavel (advisor) ; Bína, Vladislav (referee)
The aim of the thesis is to evaluate the suitability of methods of managerial decision-making in practice. The thesis highlights the diversity of selected methods, particularly in relation to the use of discrete and continuous risk factors. The methods are applied to the case of the introduction of new product in the market of commercial security services. The thesis includes a complete strategic planning cycle based on the defined objectives of the organization, security agency SECURE. From the analytical part, including the analysis of the competitive environment 5F, through the creation of strategies, author proceeds to an implementation part which is the essence of the thesis. It is represented by managerial decision-making under risk and uncertainty, particularly decision matrix and the method of Monte Carlo. The conclusion contains evaluation and comparison of different methods and their contribution to practical use.
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Evaluation of METRANS DYKO Rail Repair Shop, s. r. o.
Klečka, Jaroslav ; Špička, Jindřich (advisor) ; Čámská, Dagmar (referee)
The aim of this thesis is to determine an objectified value of equity capital of the company from a perspective of a parent company. The evaluation will be done by an yield method, however, it will also be compared with the accounting method. FCFF (free cash flow to firm) will be used for the final evaluation. The result of this method will be compared to the evaluation based on EVA (economic value added). When creating evaluations and its components. I will have access to company data and used procedures will be continuously consulted with the management of the evaluated company. The evaluation by the yield method is based on the financial plan. For its objectified construction it is necessary to conduct strategic and financial analysis that will result in a basis for predicting the future economic activities of the company. At the end of the thesis I will apply Monte Carlo Simulation to the chosen evaluation method in order to take into account the uncertainty in financial planning for the next 6 years. The awards resulted most likely mean (arithmetic average) valued company in the amount of 406 600 thousand. CZK.
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Valuation of the company Únětický pivovar a.s.
Podolský, Jiří ; Brabenec, Tomáš (advisor) ; Hamplová, Barbora (referee)
The thesis aims to determine the value of equity of the company Únětický pivovar, a. s. as of January 1st, 2014. It does not have a theoretical and practical part as usual. It is a complex unit, in which the concepts and methods are explained straight away. The paper is divided into five main parts. Introduction of company profile is followed by strategic analysis, which deals with analysis of the external potential of beer market and internal potential of the company. The next part, financial analysis, gives a picture of financial results, health and stability of the company and other comparable breweries. The output of the chapter Value drivers is the financial plan, which is crucial for company valuation using the method of discounted cash flow (DCF). The final chapter contains an application of Monte Carlo simulations, which enriches the conclusions by offering probability distribution of the value of the company.
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Modelování tržeb v kavárenství
Kropáčková, Veronika
The aim of this thesis is based on modelling of revenue streams in a sweatshop Klokánek. At the beginning the reader will get familiar with basic terminology and methods related to marketing analysis and time series forecasting that will be later on applied in the practical part using historical business data. The aim is to create quantitative basis for pricing and estimation of revenues for a selected product, partly based on competing sweatshops pricing and quality of services. The particular forecasting was conducted for several variants of sales levels: Holt-Winters method, Monte Carlo simulation, SARIMA. These inputs were collected for the recommendations that were provided in the end of the thesis.
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Kalkulace zavedení alternativního pohonu dopravních prostředků ve středně velkém podniku
Gelnarová, Alice
This thesis deals with the introduction of alternative propulsion vehicles in a medium-sized enterprise. The starting point of the work is time series of fuel prices modelation: CNG gas, Natural 95 and Diesel during the years 2008--2013 and a two-year prediction of the prices, including the estimation of the uncertainty associated with the development of prices. The prediction is then used in simulations to estimate the probable development and effect of investments. The result of this thesis is formulated in a general methodology for the possible purchase of new cars in the midmarket and practical applications to mid-sized company MIKROP ČEBÍN a.s.
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Valuation of the company DEKTRADE, a.s.
Krupa, Štěpán ; Scholleová, Hana (advisor) ; Habrnal, Marek (referee)
The aim of this Master's Thesis is valuation of the company DEKTRADE, a.s. as determined by possible independent analytic using publicly accessible information or data that could be acquired when in touch with management of the company as at January 1st 2013. Results of the thesis are supposed to analyze the corporation itself from the strategically-financial point of view, specify the height of its value if offered to a potential buyer and at last but not at least to help the board of managers to see the conceivable outlook of main competitors on DEKTRADE, a.s. The Thesis is split to theoretical and practical part where the first one should constitute solid methodological base for the final valuation of the company. Keystones of the latter are strategic and financial analysis followed by financial plan and specific techniques of valuation of the company. The ending of the Thesis is devoted to Monte Carlo simulation of results with respect to risk exposition of the computed values.
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