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Investment analysis of a share of ČEZ
Čupa, Jiří ; Veselá, Jitka (advisor) ; Fučík, Vojtěch (referee)
This bachelor thesis deals with analysis of stock title ČEZ and is divided into three main segments. In the opening segment focuses on various approaches to prognosis of market development. In the second segment I conduct Fundamental analysis on global, sector and corporate level with the intention of discovering if ČEZ stock is overrated, underrated or correctly rated. In the third segment Technical analysis is conducted with the aim of finding the perfect timing for a trade. In the conclusion there is overall assessment of outputs of fundamental and technical analysis as well as investment recommendation.
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Changing the access to ensuring fire protection at The Temelin Nuclear Power Station after the accident at The Fukusima Nuclear Power Station.
KŘÍŽEK, Luboš
The theme of the dissertation is a change in an approach to securing fire protection in the Temelín Nuclear Power Plant after the accident in the Fukushima Nuclear Power Plant. The theoretical part is an introduction to fire protection. It especially points out the statutory obligations applicable for both the public and the private sector, which are transferred to the companys fire rescue corps too. At the same time, fire protection is interconnected with legislation and specified in greater detail in EU countries. The theoretical part describes the process of building a uniform information system, safety-related issues and prevention of dangerous situations. The theoretical part summarizes the history of the nuclear energy industry, from the discovery of the disintegration of the uranium nucleus in 1938 and the first controlled reaction of uranium liberation by splitting a nucleus in 1942, when, at the same time, the first reactor was built. Unfortunately, this discovery did not only familiarize mankind with positive aspects associated with a controlled reaction, but it also showed the dark side of nuclear energy in the form of atomic bombs used mainly in the course of the World War II. After the World War II, civil defence organizations were gradually founded in the world. The main goal of all these organizations was to prevent nuclear weapons, nuclear power plants and nuclear fuel from being spread. At the present time there are three strong international organizations dealing with nuclear fission. Despite all the efforts to build a system of radiation protection, environmental protection and impacts on living organisms were not elaborated fully. First, passive attitudes aimed at protective equipment were the central theme, and these passive attitudes have been reflecting in an active approach to environmental protection in the past few years, the goal being to eliminate phenomena giving rise to threats to the environment and life as such. The actual history of nuclear power plants is very complex and complicated. The principle of all these power plants, no matter what type of reactor their operation is based on, is always nuclear fission the trouble is that in this case any wrong handling or storage has immense consequences for the whole world's population. The development of the nuclear energy industry in the Czech Republic was slow, which was caused by the occupation of the Jáchymov uranium mines by the Soviet Army after the World War II. Based on an agreement with Czechoslovakia, the Soviet Army exported the uranium extracted to the Soviet Union and left just 10% of it in the territory of Czechoslovakia. At that time, nuclear power plants began to be built in Czechoslovakia, such as the Jaslovské Bohunice Nuclear Power Plant, Dukovany Nuclear Power Plant and the Temelín Nuclear Power Plant as the last one, whose construction was started in times of Czechoslovakia, but which was completed and put into operation in times of the existence of the Czech Republic. The research is focused on emergency events which were the cause of the accident in the Fukushima Nuclear Power Plant. Based on an FMEA (failure mode and effects analysis), the issues related to the activities of the company's fire rescue corps were specified. Another analysis is focused on the evaluation of outside and inside factors and evaluation of strengths, weaknesses, opportunities and threats to the company's fire rescue corps. Utilizing an FMEA, possible risks and failures are detected. The goal of this analysis is to eliminate risks and increase safety. The result is objective evaluation and increase in safety within the Temelín Nuclear Power Plant. A considerable negative aspect of this analysis is that it is very time consuming and varies in time due to the changeability of the factors monitored. The result of all the work is the evaluation of the existing state of the company's fire rescue corps through a SWOT analysiS.
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Stock Fundamental Analysis
Holek, Michal ; Petřík, Patrik (referee) ; Sojka, Zdeněk (advisor)
The aim of this diploma thesis is to perform a fundamental stock analysis of the joint - stock company ČEZ. The theoretical part consists of general definitions of individual methods and procedures of fundamental stock analysis, which makes a theoretical background for creating the experimental part. The experimental part consists of global, sectoral and firm analysis. The output of the fundamental stock analysis is establishing an intrinsic value of the stock and consequent investment recommendation.
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Prediction on Capital Market by Fundamental Analysis
Hovorka, Jan ; Prokopec, Michal (referee) ; Sojka, Zdeněk (advisor)
The master’s thesis is focused on prediction on capital market by fundamental analysis. It's principle and methods that can be used for intrinsic stock value evaluation are described in the theoretical part. The experimental part goes in for the fundamental analysis of the company ČEZ. Evaluated intrinsic value of the stock is compared with the current price of a stock on the Czech stock exchange and the investment strategy is discussed.
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Fundamental Analysis
Trunečka, Tomáš ; Viktorin, Lukáš (referee) ; Sojka, Zdeněk (advisor)
The diploma thesis is dealing with a fundamental analysis. The first part of diploma thesis presents the methods and procedures of analysis. It evaluates their advantages and disadvantages. The practical part of diploma thesis is dealing with an application of fundamental analysis in assessment of financial position of concrete joint stock company ČEZ. The top of my survey is estimated a formulation of instrinsinic share value and a recommendation for shares of ČEZ.
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Fundamental Analysis of Chosen Czech Stocks
Veselík, Tomáš ; Andrle, Karel (referee) ; Meluzín, Tomáš (advisor)
This master’s thesis is aimed at practical use of fundamental analysis of stocks. Its main goal is, on the basis of defined procedures, to analyze and valorize companies ČEZ, a. s., ECM Real Estate Investments A. G. and then decide about possible investments into the stocks of these companies. This thesis is divided into two main parts. First part deals with theoretical solutions of fundamental analysis and brief comment of another two ways how to analyze stocks – graphic and psychological analysis. In second part there is a practical elaboration of fundamental analysis for aforesaid companies and, in the end of this thesis, there is a summary of achieved results with brief commentary for possible investors.
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Fundamental analysis
Malý, Luděk ; MBA, Jan Krejčí, (referee) ; Sojka, Zdeněk (advisor)
The master’s thesis is focused on fundamental analysis of stocks. The methods of fundamental analysis including their advantages or difficulties and possibilities of implementation in practice were analysed and described in theoretical part of thesis. The experimental part involved the fundamental analysis of the company ČEZ issued in a calculation of intrinsic value stock. In conclusion, the results of the analysis were compared to a current price of a stock on the Czech stock exchange. In addition, the following methods are used in the investment recommendations concerning stocks of ČEZ.
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Analysis of the systematic risk and its influence in value investing
Mikláš, Antonín ; Pošta, Vít (advisor) ; Pivoňka, Tomáš (referee)
This Bachelor´s Thesis deals with analysis of systematic risk and its influence in value investing. Theoretical part of the thesis explains components of valuation based on discounted cash flow model. This part is focused mainly on beta from CAPM model which measures relation between given asset and systematic risk. Practical part begins with calculation of macroeconomic variables needed for company valuation. Then, combining the different stock market indices and using the least squares method, beta of the companies CEZ and Philip Morris CR is calculated. Valuation of these companies is made in the final part of the thesis accompanied with sensitivity analysis, which examines the influence of beta on internal value of a share.
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CAPM and its application in the business valuation
Vavrouch, Martin ; Pošta, Vít (advisor) ; Kulbakov, Nikolay (referee)
The Bachelor thesis deals with the use of CAPM within the business valuation process. In the first, theoretical, part, the DCF model is explained, the CAPM is derived and the link between the DCF model, used for intrinsic value computation, and CAPM, used for discount rate calculation, is shown. The second, practical, part concerns itself with the application of the theoretical model CAPM in the real world and on the real company ČEZ a.s. In this part the basic methods of CAPM computation are shown as well as the main pitfalls of this calculation. At the end of the second part, the valuation of ČEZ using DCF and the discount rate obtained from the CAPM is performed.The main goal is to demonstrate to the reader how to calculate the discount rate using CAPM and to calculate the actual discount rate of ČEZ.
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