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The CZK yield curve analysis and its application for the ALM analyses
Walos, Michal ; Dvořák, Petr (advisor) ; Tuček, Miroslav (referee)
The diploma thesis deals mostly with interest rate risk issue. It describes the basic methods of interest rate risk measurement with use of analyses executing by Asset Liability Management department in banks. Such analyses as repricing GAP, net interest income analysis, market value of equity and sensitivity analyses to interest rate movements. There is an analysis of Czech crown yield curve as well, in order to deeper insight of its probability behaviour. Results of this analysis are used for advanced techniques in ALM. Especially knowledge of volatilities of particular yield points and theirs relations is used in these methods. There was also a multi equation model for predictions of yield curve development created. One of the variables in the model there is the 2-week repo rate of Czech National Bank included.
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Business Valuation of BEZNOSKA, s.r.o. as of 31 December 2009
Straňák, Peter ; Mařík, Miloš (advisor) ; Hájek, Rudolf (referee)
This master's thesis deals with the valuation of BEZNOSKA, s.r.o. Situated in Kladno, the Czech Republic, this company engages in the development and production of instruments and implants for bone surgery. The company was established on the basis of the "surgery" division of then POLDI Kladno at the beginning of the nineties, during the "big privatisation" period. The aim of this thesis is to estimate the market value and investment value of the company as of 31 December 2009 as defined in the International Valuation Standards. The valuation is carried out using two basic methods. The focus of the work is based on the DCF method the result of which is verified by a method based on the market analysis, in particular the similar public company method. The book value method is only complementary. The thesis is divided into six chapters. Sequenced logically, it contains the basic information on the company valued, financial analysis, strategic analysis, analysis and forecast of the value drivers, financial plan and the valuation itself based on the method mentioned above. These topical units are further divided into several subchapters as necessary. Various analyses and statistical methods needed to successfully meet the set objective are applied throughout the text.
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The evaluation of company Rubena, a.s.
Uliarczyk, Jan ; Scholleová, Hana (advisor) ; Kolář, Miroslav (referee)
The aim of this paper is to determine the market value of company Rubena, a.s. as of April 30, 2011 based on publicly available information. The paper begins with the theoretical part which explains basic relations and different pricing models. Such information is then applied in the practical part which begins with the introduction of the company. The market appraisal is based on the theoretical recommendations. A crutial part is therefore the strategic analysis, which is followed by the analysis of financial health. The deduction of the paper features a statement about the company value.
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Appraisal of a detached house
Herda, Pavel ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The main goal of this Bachelor's Thesis is to make a comparison of 2 appraisals of a particular detached house and garden. First appraisal is based on market valuation and the second one on administrative valuation. The Thesis is divided into 4 main parts. In the introduction there are described the goals of the Thesis. Basic terms concerning the field of appraising of tangible assets, especially real estate appraising, are explained in the theoretical part. Both the practical appraisals are made in the practical part. Finally in the conclusion, there is the comparison of both methods used in previous part and the Thesis is summed up.
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Estimating a value of the Firm Vodovody a kanalizace Beroun, a.s.
Šebová, Magdalena ; Scholleová, Hana (advisor) ; Krause, Josef (referee)
The aim of this diploma thesis is to estimate the value of the water supply company Vodovody a kanalizace Beroun a.s. on the date 30. 4. 2011 by using the yield method of DCF. The value is assessed for a potential investor in order of purchase. The thesis is divided into a theoretical part defining the basic theoretical background of valuation and a practical part, which primarily consists of a strategic analysis, a financial analysis and a financial plan.
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Valuation of the company Alfa Ltd.
Louženská, Jaroslava ; Jurečka, Jan (advisor)
The thesis aims to find the market value of Alfa Ltd. on the date 1st January 2011. The company specializes in Internet sales of underwear and nightwear. The thesis is divided into several integrated parts. The first part presents the development of Internet and online stores. Another part is divided into the successive steps leading to the valuation of the company: financial analysis, strategic analysis, the values of the generators, financial plan and the final valuation. You can see the interval valuation in the thesis. For the interval final valuation is used the method DCF Equity (method of free cash flow for the owners discounted by cost of equity).
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Business Valuation of a Consulting Company
Wernerová, Kristýna ; Jurečka, Jan (advisor) ; Pastejřík, Jan (referee)
The aim of the diploma thesis is to estimate the market value of a Czech software and consulting company as of 1. 1. 2011. The thesis comprises financial analysis, strategic analysis, value generators analysis and forecast, financial plan and the final valuation based on discounted cash flow method (DCF), supported by market approach method (industry multiples).
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Business valuation JAROMÍR HUTLA - BATTERY CENTER Ltd.
Hutlová, Kateřina ; Maříková, Pavla (advisor) ; Hruboň, Lukáš (referee)
The aim of the thesis is to determine the market value Jaromir Hutla - Battery Centres Ltd. The work is structured in 4 main thematic areas.The first is an overview of basic information about the company and the related strategic analysis, which contains an evaluation of external and internal potential business. By combining findings from both parts of the strategic analysis gives the company forecast of the sales.The second thematic area is concerned with financial analysis, which is to assess the financial health of companies valued in the past and to confirm or refute the assumption of infinite duration company. The third section begins with an analysis and prognosis value of generators on the basis of the financial plan is built. The last thematic area is given alone DCF valuation methods APV and market comparisons, and subsequently drawing the resulting market value of equity
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Financial analysis as a tool for asset and capital management
BLAŽKOVÁ, Andrea
This thesis deals with general characteristics of financial analysis, the importance of financial analysis for financial management, an expression of financial ratios, including their systems, economic value added, and some bankruptcy and creditworthy models. The analytical section of the thesis applies selected financial indicators to interpret the financial situation of the constructional company Hochtief CZ.
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Valuation of the Company
ZACHAROVÁ, Monika
The aim of this thesis is to evaluate the company by means of the Relative Valuation Approach, including the confrontation of the result of this evaluation with the values obtained by application the Revenues Method of Valuation. To be able to use the defined methods to estimate the market price of particular entity was chosen the Company, that is operating in a sector with strong links to agriculture, which is obviously one of fundamental determinants for the establishment of the Company Value. One of the first requirements is to characterize the methods of valuation and apply them consequently to the chosen Company. But there exist the other milestones with have to be met. In the first instance, it must be process the analysis of the sector in which the enterprise operates, as well as the analysis of its performance on this market and analysis of its financial situation. While the methods of valuation are based on restrictive conditions and simplifications which have to be considerate and subsequently eliminate, this methods of valuation are applicable to determine the market value of the Company as whole entity. This Value of the Firm achieves comparable results defined in the application of different methods {--} The Relative Valuation, The Discounted Cash Flow Valuation and The Method of Revenues Capitalisation.
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