|
|
The valuation of company О2 Czech Republic a.s
Spálenský, Vít ; Kislingerová, Eva (advisor) ; Smrčka, Luboš (referee)
The aim of the diploma thesis is to determine the market value of the company O2 Czech Republic a. s. in time when was company acquired by PPF group (31.12.2013). The aim is evaluate deal in relation to expect rentability of this investment, in relation to shares market price and in relation to other similar transactions on communication market. Thesis include the valuation itself as well as the financial and strategic analysis. On this base is create financial plan on years 2014 - 2018. The actual valuation is performed using methods DCF Equity method, market valuation, and by comparable transactions method. In conclusion are evaluate deal conditions and impact on company business in the future.
|
|
|
Empirical analysis of patterns of acquired companies
Kachlík, Brian ; Rýdlová, Barbora (advisor) ; Beran, Marek (referee)
Announcements of acquisitions of publicly traded companies are usually accompanied by their share price booming by tens of percent. The underlying reason is that the acquirer of the company gains a controlling stake, due to which he can help the company pivot in the desired direction or benefit from synergy effects. A minority investor, by definition, is not capable of doing this, thus he is willing to pay a lower price for the shares than the acquirer of the controlling stake. The thesis analyzes whether a minority shareholder can profit from the acquisition premium by purchasing shares of companies which he believes will be later acquired. The paper consists of two parts - theoretical and analytic. The theoretical part discusses the significance of the acquisition premium and its value, with regard to the type of investor and his motivations for the acquisition. The theoretical part yields into the analytic part, where acquisition waves are tested. It also includes an analysis of individual acquisitions and their underlying reasons, which are grouped into categories in order to find patterns of aquired companies.
|
|
|
Accounting and tax aspects of capital transactions with company in comparison with CZ GAAP and IFRS
PATÁKOVÁ, Aneta
The topic of this thesis titled " Accounting and tax aspects of capital transactions with company in comparison with CZ GAAP and IFRS" was the definition of ownership transactions with the company and description of some differences between both legislation. The accounting and taxation aspects were first analyzed in terms of theory (regu-lations, definition, history of the business combination and their development from the past to the present, present situation of volume of M&A transactions and method of accounting solutions of these transaction) and subsequently in the form of practical application to particular accounting data of two companies named XYZ a KLM. The practical part mostly deals with merger of companies KLM and XYZ. Both of them were limited liability compa-nies with financial problems. The first part of practical part of this thesis was to analyse the transformation project and progress chart. Then the closing balance sheets and income statements (Czech legislations) of XYZ and KLM were compared with balance sheets and statements according to IFRS. The opening balance sheet of the successor of this transaction (XYZ) was compiled by the purchase method with quantifying valuation difference on acquired assets. Mergers and acquisitions are the most frequent business combinations. Sectors of the economy with the highest number of these transactions are the sectors of industrials & chemicals in the world and the sector of Real estate in Czech Republic. The last chapter is focused on the differences and form IFRS and Czech legislation.
|
|
|
Mergers in the Czech Republic from a legal, accounting and tax point of view
Haluza, Jan ; Černohlávková, Eva (advisor) ; Marková, Michaela (referee)
This thesis deals with legal, accounting and tax aspects of mergers in the legal environment of the Czech republic, particularly in relation to the amendment to Act. No. 125/2008 Coll., on Transformations of Trading Companies and Cooperatives, and to other related legislation. Furthermore, the paper identifies the main differences in accounting solutions when performed according to Czech accounting standards and IAS/IFRS, defines the basic features and characteristics of mergers and acquisitions and outlines their current importance in the international context. The above is demonstrated on the case of a merger of two capital-related companies in the telecommunications industry. Using quantitative and qualitative methods, the present work also evaluates the success of the selected transaction.
|
|
|
Business combinations (comparation IFRS ans CAS)
Bazyuk, Ulyana ; Vomáčková, Hana (advisor) ; Rajnochová, Lenka (referee)
The thesis is focused on the process and progress of business combinations under both IFRS and in accordance with Czech legislation. The first part describes the history of the business combination, their origin, development, and gradual changes from the past to the present. The following part focuses on the process and the types of transactions with companies under Czech legislation. The last chapter is focused on the differences and form IFRS and Czech legislation.
|
|
|
Analysis of the impact of acquisition on the company SECURITAS ČR s.r.o.
Bryntsev, Maksim ; Špička, Jindřich (advisor) ; Krause, Josef (referee)
The aim of this thesis is to evaluate the impact of acquisition on the company SECURITAS CR, s.r.o. using methods of financial analysis. Indicators should reflect reality and should be helpful in evaluating representation of the firm on market. To achieve the objective are used horizontal and vertical analysis of assets and liabilities, profit and loss account, financial ratios analysis, analysis of economic value added, DuPont analysis of return on equity and return on assets; evaluation of overall business performance by creditworthy and bankruptcy models. A necessary condition for solving the key problem is to identify reasons that led to decide on the acquisition of companies. At the end of the work I will compare results obtained at the output and get an overview of the overall performance of the company during the period.
|
|
|
Merges and acquisitions
Sadílková, Ivana ; Dvořáček, Jiří (advisor) ; Myšičková, Jana (referee)
This Master's thesis focuses on the development of companies especially using the mergers and acquisitions. In the theoretical part, basic concepts and correct theoretical procedures of this type of companies' development are introduced. The main idea of the analytical part was inspired by the company EDUA Group, Ltd, which acquired another two companies. The goal of both acquisitions was to ensure to the company's profitability. The aim of this part of the thesis is to analyze the current profitability of company now and find the problems in the acquisition process. The evaluation of both processes is based on financial analysis and also the analysis of non-financial factors. The results of undertaken non-financial analyses show areas where more attention is to be paid in order to avoid the complications during possible future acquisitions. The main parts which affected the procedures are attitude towards employees, the market position of the acquiring company, financial situation and the timing. The result of the financial analysis shows that the primary task of acquisition was fulfilled as it helped the company to get from the loss to the profit.
|
|
| |
|
|
Pre-acquisition analysis
Odstrčilová, Lena ; Míková, Marie (advisor) ; Roubíčková, Jaroslava (referee)
The thesis focuses on entrance of a strategic investor into the foreign market through a mergers or acquisitions. The main aim of the paper is to show the process of pre-acquisition analysis. First, a brief description of a mergers and acquisitions problematic will be provided as well as the acquisition process itself. Within the pre-acquisition analysis there are discussed different factors which play an important role in evaluating of the target market as well as in the selection of an acquisition candidate. Next, the thesis provides an evaluation of the target company, particulary a description of various tools and methods used in evaluating the financial aspects of a company. The goal of the practical part is to assess the target market selected by the investor, to illustrate the procedure for collecting a suitable candidate and then the accomplishment of a financial analysis of the company.
|
|
|
New Trends of Strategy Conceptions in Germany Iron Foundries
Kupec, Olga ; Lang, Helmut (advisor) ; Marek, Petr (referee) ; Synek, Miloslav (referee)
Doctoral dissertation work that results from the new management theory has explored in both theory and practice new directions in approach to the strategy in German iron-foundries. It has explained the reasons that lead to structural changes, made the foundation for decision process, described the problems that occur when put in practice and suggested their resolution. Further on, it was explored and critically evaluated which competitive advantages these strategy directions contributed to and consequently discussed the superior aim of strategy. It has resulted from the empirical research that the German iron-foundries have been strongly influenced especially by new information technologies and car industry and its strategies. The most significant trend of iron-foundries is the focus on the key branch of activity. Cooperation and innovative strategy represent the complementary strategy to the primary strategy and enable to merge the comprehensive requirements of customers with the needed specialization and hereby retain their competitiveness. The research respecting the global economic crisis in the car industry shows that German iron-foundries have to re-evaluate their actual strategies and convert the growth to stability and long lasting development.
|
guest ::
