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External sources of financing business
KOHLOVÁ, Martina
The aim of this thesis is to introduce the basic terminology used in the financial management, to characterize the development of financing business field and the availability of various funding sources. To elaborate particularly the area of bank credit products and tools for their comparison. To analyze the current condition of funding sources and suggest prospective measures in the financing structure considering the requirements of corporate strategy in selected unnamed company. The thesis is divided into two parts, a theoretical and practical part. The theoretical part includes basic terms and relations between them. In the practical part there is an analysis of funding sources of the company from 2008 to 2010 and there is determined the most optimal funding source for the investment project, which is the purchase of recycling and sorting line.
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The capital structure and its optimization
NOVÁKOVÁ, Jana
In this bachelor thesis, I would like to present the capital structure and its optimization. This work has two major parts. The theoretical part deals with a description of following: the structure of capital construction, valuation of company assets and liabilities and ultimately the possible optimization of capital structure. This thesis evaluates statistical data about asses of the capital adequacy of Czech companies. The practical part is evaluated in terms of a particular company and its capital structure optimization.
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The Sugar factory Vrbátky plc valuation
Šibor, Lubomír ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The aim of this Master's thesis is to determine value of the company Sugar factory Vrbátky plc at 1st January 2011. This work contains only information from public sources, without access to insider information. Due to the thoroughness and range of analysis, the thesis is much more practically oriented. The first part is theoretical and it is only an introduction to appraisal basics and explanation of some important terms used in the thesis, has no ambition to cover and explain the whole appraisal methodology used in the practical part to the reader. The practical part contains financial and strategic analysis to investigate the risks associated with a company that will influence creation of value generators, financial plan and selection of appraisal methods. Executed analysis did not break the assumption of "going concern", that is why the primarily chosen valuation method was a yield method of discounted free cash flow to equity and secondarily chosen method market comparison approach.
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The company valuation
Kůlová, Irena ; Kislingerová, Eva (advisor) ; Kotáb, Jiří (referee)
The aim of this Master's thesis is to determine value of the company ELSO INDUSTRIAL, spol. s r.o. as of November 30, 2010 for the owners of the company. The theoretical part describes the methods, procedures and calculations related to valuation of companies. Introduction of the practical part is devoted to presentation of the company. Followed by the strategic analysis, that is crucial for the prognosis of sales of the evaluated company. In addition, financial analysis, which result is evaluation of financial health of the firm. On the basis of analysis results is determined the forecast value of the generators and financial plan. The valuation of the company based on the method of discounted free cash-flow to the equity (FCFE) is done in the final section of this thesis. The Book value method is used as a control method.
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Valuation of PALARIAN, s. r. o.
Pyrasová, Lenka ; Kislingerová, Eva (advisor) ; Salač, David (referee)
The object of this thesis is to estimate the value of Palarian, s. r. o. to the 1st of January 2010 for the purpose of determining the value of the company's equity as information for the current owner. There are made strategic and financial analysis, analysis and forecasting of value generators. The financial plan is scheduled for the period 2010 - 2013. The company is valued using the DCF APV method. After the evaluation there is performed a sensitivity analysis on value growth. The valuation of company is defined as the estimation interval of the value, which are pessimistic and optimistic options of the valuation. The thesis contains sensitive data, which are secret.
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Capital structure and its optimization
MÜLLEROVÁ, Miroslava
This bachelor thesis deals with the capital structure and its optimization. The thesis is divided into theoretical and practical parts. The theoretical part describes the property and construction of capital of firm, and their mutual relationship. It also considers with factors which influence capital structure. It also describes the valuation of the firm's liabilities and, finally, deals with the historical genesis of view of capital structure and cost of capital. Theoretical section includes influence of financial crisis on the cost of capital in Central Europe. The state of capital structure is analyzed using financial analysis in the practical part. The practical section also contains proposal for optimizing the capital structure.
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Setting costs for capital and their usage for calculation of economic value added.
BEČVÁŘOVÁ, Nikoleta
This thesis deals with company capital structure, that is characterized according to methods of horizontal and vertical analysis. Then it deals with prices of particular capital items, costs for capital and influeces on business performance, it means with the calculation of economic value added. Theoretical part describes capital structure items in general, prices of particular items of capital, costs for capital and particular methods for EVA calculation, it means both EVA entity and EVA equity. Practical part characterizes individual items of capital structure and application of chosen model, that is the second model for EVA calculation {--} EVA equity {--} on a concrete company. This calculation was processed through benchmarking on websides of Departement of industry and Trade. The model was applicated on a company, that deals with production of motor and joining vehicles, machines production, machineries production and means of transport repairs {--} ČZ, a.s.
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Cost of debt in market business valuation
Plíva, Jan ; Maříková, Pavla (advisor) ; Scholleová, Hana (referee)
The work deals with the role of cost of debt capital in the process of market valuation. Analyses used as a basis for determining the cost of debt, simple and advanced methods of cost of debt capital estimation, as well as the issue of determining the value of debt itself are explained. Further, the work briefly examines the impact of aspects that are not directly related to the credit quality of the firm on its cost of debt; by these aspects, legal conditions for interest payments tax deductibility and third-party guarantees are meant. The pivotal part of the work designs its own model for debt rating and a premium over the risk-free rate of return estimation, with the premium consisting of a premium for expected and unexpected loss of a potential creditor.
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Evaluation of a small company
Široká, Markéta ; Kislingerová, Eva (advisor) ; Zámečník, Petr (referee)
This thesis is focus on evaluation of the equity of the small company which is a producer of cosmetic. In theoretical part the procedure and methodic of evaluation are described. In the practical part the evaluated company is introduced and the strategic and financial analysis is made. Based on the result of the analysis the finical plan is drawn. As the bases method for evaluation I used the method of discounted free cash-flow to the equity (FCFE). Lastly I carried out a sensitivity analysis.
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Optimization of capital structure and shareholder's investment return
Kudela, Petr ; Marinič, Pavel (advisor) ; Genža, Jiří (referee)
Management of most of the companies pays substantially less attention to structure of raising capital, than to investing it. Sometimes managers forget that the value of the company can be increased not only through proper investments but also through choosing the right proportion of capital structure. There are many theories dealing with this issue. The best known, Miller-Modigliani theory considers as an optimal capital structure the one with the lowest weighted average cost of capital. This thesis is based on these theories and tries to apply them on Czech firm and its Brazilian daughter company.
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