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USE OF STATISTICAL METHODS IN THE BUSINESS VALUATION
Zelenka, Martin ; Zimmermann, Pavel (advisor) ; Sedakov, Vladimir (referee)
The aim of this paper is to outline the possibility of application of statistical methods for business valuation. This paper provides a basic overview of the subject in particular mathematical statistical point of view. The first chapter contains an introduction to the field of business valuation are presented valuation areas where it is possible to use different statistical methods. In the following parts of my work it is possible to find a description of methods and a brief description of the problem. The work is mainly focused on the analysis of time series. At the end of the theoretical part of the time series analysis problems of application of regression models are mentioned as well as the difficulties of its application practice. Potential solutions of these problems are mentioned. The final chapter is devoted to practical demonstration of application of the proposed methods on real data for a selected company. The work presents unique suitability of statistical methods in business valuation and demonstrates their practical application.
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Estimate of multipliers in business valuation by market approach method.
Kachlík, Brian ; Rýdlová, Barbora (advisor) ; Marek, Petr (referee)
My thesis "Estimate of multipliers in business valuation by market approach method" discusses the factors affecting market valuation of businesses. The focus is on comparable companies' method as it is the most exercised in mergers & acquisitions and therefore I believe the thesis will be beneficial for real life application. The study has two parts -- the first, theoretical one followed by the second, analytical one, in which conclusions from the theoretical part are tested. I analyzed four factors -- company size, financial risk, operational risk and expected earnings' growth. On the basis of executed analyses I concluded that real life circumstances do not always reflect theoretical models, despite their correctness undoubted by both academicians and market players. My thesis successfully accomplished its goal to find out which factors theoretically influence the adjustment of multipliers and whether these factors really do have an impact in real life valuation.
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Ocenění podniku - ČEZ Distribuce, a. s.
Iser, Jan ; Hnilica, Jiří (advisor) ; Machek, Ondřej (referee)
The goal of this thesis is to appraise the electricity distributor ČEZ Distribuce, a.s.. The Thesis includes information about the company, analysis of the regulatory environment, strategic and financial analysis. As the principal used method of valuation is the discounted cash flows to entity, key value drivers description and financial plan form a vital part of the work. Last section is consecrated to the core calculation of the value itself, using two phase discounted cash flows method. The results from DCF valuation are reinforced by comparable transactions analysis. The Thesis is ended with an estimation of the business value and its explanation.
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The valuation of the company Plzeňský Prazdroj, Inc.
Čermáková, Petra ; Scholleová, Hana (advisor) ; Kotáb, Jiří (referee)
The aim of this diploma thesis is to estimate the market value of the company Plzeňský Prazdroj, Inc. at 20th April 2010 in order to sell the company to an unknown investor.In the theoretical part of the thesis are defined reasons, methods and procedures of valuation of the company. In the second part there is described the company and economic situation in the Czech Republic and in the World. This part is followed by a strategic analysis, financial analysis and construction of the financial plan for the years 2009 - 2012. At the end of the thesis is carried out the valuation of the company by method free cash flow for the firm. The resulting value is compared with a book value of the firm.
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Evaluation of a small company
Široká, Markéta ; Kislingerová, Eva (advisor) ; Zámečník, Petr (referee)
This thesis is focus on evaluation of the equity of the small company which is a producer of cosmetic. In theoretical part the procedure and methodic of evaluation are described. In the practical part the evaluated company is introduced and the strategic and financial analysis is made. Based on the result of the analysis the finical plan is drawn. As the bases method for evaluation I used the method of discounted free cash-flow to the equity (FCFE). Lastly I carried out a sensitivity analysis.
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Valuation of energetic company
Hradecký, Jindřich ; Marek, Petr (advisor) ; Brabenec, Tomáš (referee)
The main objective of this diploma thesis is a business valuation of company Pražská energetika, a.s. The aim of this assignment is to indicate the market value as of 1/1/2009. The appraisal is carried out by means of income method DCF in Equity version. In addition, there is a comparison with direct evaluation, where the data are taken directly from the capital market. The thesis is divided into eight chapters, which deal subsequently with basic characteristics, methods of how the strategic and financial analysis has been carried out, value drivers prediction, as well as separation of non-operating assets and calculation of discount rate including the final evaluation. The methods used are mostly similar to methods stated in publications by Miloš Mařík. The results of this appraisal could be useful for small investors, who consider buying or selling stocks of this company.
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Valuable Consideration in Takeover Bid and Settlement by Unwilling Reducing of Shareholder’s Share
Koranda, Vladimír ; Kříž, Radim (advisor) ; Chára, Petr (referee)
This work deals with valuable consideration when changes of ownership of equity securities occur in connection with corporate changes in joint-stock company, especially with unwilling changes -- rise of registered capital with excluding the priority subscription right (§ 204a/5 of the Commercial Code), unwilling transfer of shares on the major shareholder (§ 354 of the "Act on the changes of commercial companies and associations") and squeeze out (§ 183i of the Commercial Code). Valuable consideration defines relatively in detail the Takeover Bid Act. This framework could be to certain extent analogically used for valuable consideration in unwilling transaction. However, its definition itself offers a considerable room for interpretation, so is also seized as the independent secondary topic (chapter 1). The main topic concerns two basic aspects. The first is a company evaluation. In this aspect we will take a look only at the dependence of the expert providing the evaluation on major shareholder (chapter 5). Work aims at the second problematic aspect of unwilling transaction - a premium over the valuable consideration for the infringement of right (chapter 2, especially section 2.4.). The work also deals with unevaluated risks of minority shareholders in the period beginning the day to which the company was evaluated to time of the pay out of ownership (chapter 4).
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Metody tržního porovnání při oceňování podniku v českých podmínkách
Krch, Přemysl ; Mařík, Miloš (advisor) ; Jahodová, Lucie (referee)
The purpose of the diploma thesis was to assess the applicability of Market Approach in business valuation of the Czech entities. The first part comprises basic description of Valuation methods, the core of the thesis describes the guideline publicly traded companies method - multiples, comparable companies etc. -, guideline transaction method and industry multiples method. The application part consists of two valuations using guideline publicly traded companies method - the valuation of Komercni banka and of Trinecke zelezarny.
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Ocenění podniku Elektroprof a.s.
Slezák, Marcel ; Mařík, Miloš (advisor) ; Maříková, Pavla (referee)
The aim of this thesis is to find the estimation of the market price of Elektroprof a.s. on 1st April 2009. DCF entity was applied as the main valuation method, the alternative one is the method of market comparison, namely method of comparable companies. The introductory provides basic information about company, other chapters includes financial analysis, strategic analysis and prognosis of value creator and financial plan.
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Valuation of Auto Slavik Podebrady s.r.o.
Slavík, Vladimír ; Rýdlová, Barbora (advisor) ; Svačina, Pavel (referee)
This diploma thesis solves valuation of particular company based on market valuation. In this thesis has been used analytical and forecasting instruments including above all financial analysis, strategic analysis, financial plan, discounted cash flow method, annual owner's cash flow multiplier method for automobile dealerships. The result of this thesis is valuation at market value.
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