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The evaluation of Stallergenes SA
Horčička, Jan ; Kislingerová, Eva (advisor) ; Kotáb, Jiří (referee)
Master's thesis focuses on evalution of Stallergenes SA. Theoretical part starts with clarifying the background of the company and sector it is situated in. It is followed by outlining the principles and methods of financial analysis. Theoretical part is ended by introduction of the enterprise evaluation methods. Practical part contains strategic analysis -- characteristics of the sector, competition analysis and prediction of future development. Next, the financial analysis is performed. The evaluation is done by using book value method, discounted cash flow method and method based on EVA model.
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Valuation of ZAPA beton, a.s.
Jiroutová, Monika ; Scholleová, Hana (advisor) ; Mackenzie, Iveta (referee)
This Master thesis deals with the valuation of ZAPA beton, a. s. to the date August 16, 2012. As a valuation method was used the earnings valuation method based on discounted free cash flow to the firm (FCFF). Important parts of Master thesis are analysis of external environment, analysis of building industry and financial analysis of the company. Process of valuation was implemented on the base of well-prepared financial plan and quantification of necessary input variables such as discount rate and rate of growth. Final part includes sensitivity analysis, for which was used Monte Carlo simulation. This simulation helps to determine main risk factors which do have the most significant influence on the final value of company.
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The valuation of the company
Kovtunov, Serafim ; Scholleová, Hana (advisor) ; Habrnal, Marek (referee)
The task of the final thesis is to estimate the value of the enterprise in order to sell the minority stock to unknown buyer. Whole the work is divided to two parts. The first one is theoretic part, which is presented by description of strategic analysis, financial analysis, financial plan and valuation methods. Strategic analysis consists of analysis of external potential of company and its competitive strength. The purpose of financial analysis is to show financial condition of the company using chose ratios and other financial tools and methods. The last important part is financial plan. In accordance with financial plan are predicted future revenues and cash-flow, which is the essential for method discounted cash-flow. In the second practical part were applied strategic analysis, financial analysis of financial statements, created financial plan and estimated the value of the company by the most appropriate method of valuation of enterprise.
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Valuation of the company Rodinný pivovar BERNARD a.s.
Langr, Jan ; Scholleová, Hana (advisor) ; Čámská, Dagmar (referee)
The aim of the thesis is to determine the value of equity of the company Rodinný pivovar BERNARD a.s as of July 31st, 2012. To assess the value of the company the DCF Entity approach is used. The thesis itself is divided into two separate parts. The first contains the theoretical basis for company valuation and general description of methods and procedures that are used. The second part introduces the business, analyses its relevant market and macro environment and sets the prognosis for its future development. This prognosis is essential to set up a financial plan which is then used to determine the value of the company for its owners. The final supplementary chapter describes the possibilities of using Monte Carlo simulation as an extension to the classical methods of company valuation.
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The valuation of the company Cestovni kancelar Fischer, a.s.
Zindulková, Kateřina ; Maříková, Pavla (advisor) ; Poborský, František (referee)
The aim of my thesis is to estimate market value of the company Cestovni kancelar Fischer, a.s. as of 31st December, 2012. The thesis is divided into five main chapters. It starts with an overview which is followed by the strategic analysis. At the end of this chapter, the sales are predited for the second phase of the valuation. In the next part, the financial analysis have been performed to confirm the financial health of the company. In the third part generators of value have been analysed and predicted. On the basis of the generators of value the complete financial plan has been set up. In the last chapter, the company value was appraised using DCF APV and market comparison methods.
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Benchmarking of financial performance (based on a specific company)
Hurtová, Zuzana ; Král, Bohumil (advisor) ; Sako, Vladimír (referee)
Presented diploma thesis compares financial performance of a selected company with the financial performance reached in a given industrial sector. INFA criteria are used for the evaluation of the company and of its performance. INFA is a system of pyramidal decomposition of economic value added. The sector database of the Ministry of Industry and Trade of the Czech Republic was used for the referential analysis. The thesis consists of two parts. The first part defines financial analysis, economic value added and INFA criterion system from a theoretical point of view. The second part applies INFA on the specific company. The values of company indicators determined by this method are then compared with average values in the sector. Discrepancies are discussed and elucidated. The final chapter evaluates advantages and disadvantages of the used benchmarking model.
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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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Derating on the low voltage devices with a thermal trip unit
Dobrovolný, Jakub ; Vetiška, Vojtěch (referee) ; Dostál, Lukáš (advisor)
Electrical devices are secured as not to injure living creatures via electric current and damage or destroy machinery due to the effects of electric current. Circuit breaker is a device responsible for protection of an electrical circuit against damage. The main aim of thesis is the correct function of the thermal trip unit when it exposes to the thermal warming. The thermal trip unit is depended on heating of a bimetal before overcurrent flow. The goal of thesis is temperature and voltage drop profile from measured values. Verification of the measurement is done in SolidWorks Flow Simulation software. According to simulations are determined currents for correct function of the thermal trip unit in different temperatures of an environment. The most important result of the thesis is correct setting of the operating current in the circuit breaker.
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Návrh způsobu zjišťování a vyjadřování přírodní hodnoty lesních porostů (PHP) a jeho provozní odzkoušení na ověřovacím objektu Svatá Anna
Ferkl, Vladislav
Projekt a jeho zpracování je součástí navazujících opatření k zajištění komplexního řešení systému přírodě blízkého způsobu obhospodařování lesů. Navazuje na metodu kvantifikace a hodnocení funkcí lesů, metodiku tvorby hospodářských plánů pro strukturálně bohaté lesy a další práce řešící problematiku ekologizace provozních způsobů současného lesního hospodářství. Vymezuje kritéria hodnotových stupnic pro tři základní hlediska, ovlivňující přírodní hodnotu lesních porostů: a) druhová skladba, b) prostorová struktura a c) podíl úmyslných zásahů do obnovy a vývoje porostů. Řeší podkladové zdroje a způsob hodnocení, obsahuje příklady a možnosti využití, a to jak pro přírodní, tak kulturní lesy. Navrhovaný systém zjišťování PHP je svojí jednoduchostí, snadným propočtem a možností vyjádřit jak konkrétní hodnotu PHP pro porost i větší území lesa, tak dynamiku jeho vývoje v stanoveném čase, snadno provozně využitelný. Pracuje s navzájem srovnatelnými a dostupnými daty v rámci celé ČR. V druhé části zpracovaného projektu jsou na příkladu ověřovacího objektu lesů Svatá Anna, o velikosti cca 50 ha hospodářského lesa v soukromém majetku, předvedeny možnosti provozního využití navrženého systému hodnocení. Propočet obsahuje: vyhodnocení stávajícího stavu lesa podle porostních skupin (segmentů), a to zvlášť pro zónu omezeného a plného managementu obhospodařování porostů, výpočet hodnoty PHP pro celkové (sumární) území objektu, odvození dosažitelného cíle vývoje porostů do r. 2019, vyjádřeného v hodnotách PHP a výpočet procentického vyjádření současných (zjištěných) a dosažitelných hodnot PHP vzhledem k absolutnímu (teoretickému) maximu jejich hodnoty.
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