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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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Estimating a value of the firm Hollandia Karlovy Vary, a.s.
Staňková, Hana ; Kislingerová, Eva (advisor) ; Čámská, Dagmar (referee)
The aim of this thesis is to estimate the value of Hollandia Karlovy Vary, a.s. to the date 31st December 2013. The thesis is divided into theoretical and practical part. The theoretical part describes the approaches and methods that lead to the valuation of the company. The practical part includes a description of the valued company, financial and strategic analysis including analysis of internal and external potential, financial plan and the final valuation of the company. For valuation are used these methods: discounted free cash flows to the firm and market comparison based on industry multipliers. In thesis there is also used a method of book value for final comparison.
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ASSET DIVIDING APPRASIAL MODEL (ADAM) - Hodnocení investic při přímém vkládání kapitálu do nemovitostí
Schäfer, Carsten ; Krabec, Tomáš (advisor) ; Hnilica, Jiří (referee) ; Starý, Oldřich (referee) ; Bernet, Jürg (referee)
The Asset Dividing Appraisal Model (ADAM) enables the appraisal of cash flows resulting from direct real estate investments. The model is an evaluation tool, which takes capital markets and the specific characteristics of real estate as an asset (heterogeneity, site-dependency, eternal land-yield, etc.) into consideration, while also considering different ownership approaches of real estate in the European Union. Thus, it contributes to the harmonization of capital markets and of direct real estate investment evaluation as intended by the "European Directive on Markets in Financial Instruments 2004/39/EC". ADAM is based on financial mathematical instruments and on the property valuation methods of different cultural areas. It combines continental European (Germ an Gross Rental-Method) and international (Discounted Cash Flow-Method) property valuation approaches. Although it is scientifically reasonable to take property valuation approaches into account, the aim of the model is not to valuate a property or to quantify an objective market value but to evaluate cash-flows resulting from direct real estate investments. A mathematical analysis based on empirical market data confirmed the validity of the methodology of the model. In the course of the analysis the major input variables that determine the results of the model and how the model reacts to marginal deviations of input data, were quantified. This was done using partial derivations and a simulation study. In Czech Republic a building isn't actually considered as a part of the underlying plot. Consequently, differing persons or institutions can be owner of the building, as of the appropriate plot. From 2014 on, a suitable reformation of the Czech Civil Code is supposed to cause a consolidation of real estate property. Czech law is going to be adjusted to German law, which considers plot and building as an economic entity. This consolidation of real estate could be an approach of the introduced model.
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The valuation of the company ATAS elektromotory Náchod a.s.
Obstová, Ivana ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The objective of this master thesis is to estimate the value of the company ATAS elektromotory Náchod a.s. as of 31st December 2011 for an unknown buyer. The thesis is divided into two main parts. The theoretical part describes the current approach and methodology related to the valuation of a company. The practical part focuses on the company's profile, financial and strategic analysis, prognosis of the value drivers, financial plan and the final value of the company. For the valuation the discounted cash flow method was used in the version of free cash flow to the firm. The estimated value is subjected to the sensitivity analysis.
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Valuation of company Kofola a.s.
Kopecký, Pavel ; Heřman, Jan (advisor) ; Kotáb, Jiří (referee)
The master thesis Valuation of the company Kofola a.s. is divided into two main parts. The first part deals with the basic theoretical fundaments of business valuation. The basic terms of business valuation, purposes of valuation and its process is described within this part. The practical part aims to finding Kofola a.s. market value The strategic analysis, the financial analysis and the analysis of value generators which enabled the creation of financial plan contributed towards the finding of market value. The final income valuation is created by the DCF entity method.
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Business Valuation - Discounted Cash Flow
Budilová, Veronika ; Kislingerová, Eva (advisor) ; Čámská, Dagmar (referee)
The goal of my thesis is to evaluate a spedition and logistics company called Rhenus Freight Logistics s.r.o. The valuation date is 30.11.2012. For this purpose a DCF method will be used. The DCF valuation approach is based upon the theory that the value of a business is the sum of its expected future free cash flows, discounted at an appropriate rate to present value. The thesis is structured into two parts. The theoretical part describes the method itself, while in the practical part the method is applied. The application includes strategic analysis, financial analysis, prognosis of value drivers, financial plan and final valuation.
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Firm Evaluation - Drůbežářský závod Klatovy, a. s.
Böhmová, Dana ; Scholleová, Hana (advisor) ; Mackenzie, Iveta (referee)
The thesis is evaluating Drůbežářský závod Klatovy, a. s. This firm is the second biggest poultry producer in the Czech Republic. Goal of this thesis is to set up price of this firm as of 30th April 2012. To be as conclusive as possible, the evaluation itself is made by two independent methods. The final price is synthesis of both. Concretely speaking, DCF entity method and method of accounting value are used. In the frame of these methods the value for both owners and creditors will be calculated. The incentive for valuation is a possible future sell of the firm to an unknown investor. The thesis is divided into subchapters of Profile of the Firm, Strategical Analysis, Financial Analysis, Value Drivers, Financial Plan and Firm Evaluation.
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Valuation of 2K Czech, s.r.o.
Fiala, Jakub ; Kislingerová, Eva (advisor) ; Štamfestová, Petra (referee)
The objective of the thesis is to estimate the value of 2K Czech, s.r.o., as of 31th December 2011. The thesis is structured into two parts. The theoretical part describes applied methods and valuation approach. Application includes strategic and financial analysis, prognosis of value drivers, financial plan and final valuation using discounted cash-flow method and market comparison method.
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Evaluation of the company Stavební firma s.r.o.
Mejsnar, David ; Scholleová, Hana (advisor) ; Kotáb, Jiří (referee)
The objective of this diploma thesis is the evaluation of a small construction company according to two different methods and consequent assessment of the values obtained by using these methods. The evaluation was requested by the shareholders of the company to assess current situation of the company and to research and sum up potential future opprotunities. The results of this thesis should serve as a basis for company's strategic decision making. First part of the thesis focuses on methodologic aspects of evaluation. The second part is devoted to the application of defined methods and processes on the real construction company. The enterprise was evaluated by discounted cash flows method and by liquidation value method. In conclusion of this thesis, both methods are compared and possible mesasures are proposed to the shareholders.
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The evaluation of the company Poděbradka, a.s.
Dvořáková, Veronika ; Scholleová, Hana (advisor) ; Krause, Josef (referee)
The main goal of this thesis is to evaluate the company Poděbradka, a.s. at 1.1.2010 with the yield DCF method and to compare this subjective price with sale price of the company in 2006. Diploma thesis involves theoretical part which stands as a basis for practical part. There is strategic and financial analysis in the practical part followed by financial plan and the evaluation with the DCF entity method in FCFF alternative.
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