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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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Analýza akciového titulu ČEZ
Prokop, Martin ; Veselá, Jitka (advisor)
The purpose of this work is to briefly describe the principles of fundamental analysis and, at the same time, to provide a simple guidance to be used by investors when assessing the shares. Within the framework of global analysis such individual macroeconomic quantities are defined that can influence the development of the ČEZ Company. The power of their impact on the shares is calculated by way of correlation coefficients. In sectoral analysis the position of ČEZ Company is described not only on the Czech but also on foreign markets. Attention is also focussed on different types of regulations and provisions that are characteristic for the energy market. In this part individual methods are described and the information items and data defined that are necessary for the assessment; at the same time these data are used for the calculation proper of the internal value of shares.
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Liberalization of electricity market and competition policy
Zámorský, Tomáš ; Zemplinerová, Alena (advisor) ; Misic, Viktorija (referee)
The purpose of the electricity market liberalization is disruption of the rigid market structure, in which monopoly from regulation abuses its position at the expense of consumers. Rigid market structure was characteristical for the czech electricity market from 1990 to 2001, when the "energetics act" came into force. This act caused gradual liberalization of the market entrance until nowadays situation, when consumers can freely choose their electricity provider. The aim of this thesis is based on comparison of non-price and price competition advantages of alternative and traditional electricity providers to find out, if the main electricity producer ČEZ is able to hold its dominant market share. The analysis showed that, thanks to liberalized market entrance, ČEZ has no longer so stable position on the market and that its market share e.g. on market of wholesale electricity supplies is not due to competition dominant. Its market share from the point of view of number of points of supply remains major.
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Evaluation of employee involvement in CSR activities of ČEZ, a.s.
Akšteinová, Michaela ; Dvořáková, Zuzana (advisor) ; Kleibl, Jiří (referee)
The Master Thesis deals with an evaluation of employee involvement in social responsible activities of CEZ Group, primarily in its employee volunteering program. The aim of this thesis is besides the evaluation itself, also a comparison of employee volunteering programs with its competitors RWE and E.ON and a proposal for possible improvements of existing approaches. The theoretical part gives definitions of basic terms such as Corporate Social Responsibility, corporate philanthropy and volunteering and possibilities of employee involvement in corporate social responsible activities. The analytical part describes social pillar of Corporate Social Responsibility in ČEZ Group and involvement of its employees into these activities, focusing on corporate philanthropy and volunteering. The description of similar activities within CSR run by the competitors follows. Based on results of (questionnaire) research the evaluation of employee volunteering programs in these companies is processed and some possibilities for improvement of present CSR processes in ČEZ Group are outlined.
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