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Fundamental analysis of a share of Pegas Nonwovens
Pečonka, David ; Veselá, Jitka (advisor) ; Derner, Tomáš (referee)
The topic of my bachelor thesis is the fundamental analysis of a share of Pegas Nonwovens company. It consists of three parts: the first (global) part examines how major macroeconomic variables (interest rate, inflation, money supply, GDP) influence share prices. The second chapter describes characteristic factors of nonwovens industry which may also affect analyzed share. It's for example cyclicality of the business cycle or competitive environment. At the third, lowest level the corporate fundamentals are introduced. Using various models, I calculate the intrinsic value and in comparison with the market price I determine the valuation of shares. The aim should be the formulation of investment recommendation to buy or sell Pegas shares.
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The specifics in terms of valuation commodity, cyclical and financial firms
Harazím, Jan ; Veselá, Jitka (advisor) ; Fičura, Milan (referee)
The aim of the diploma thesis is to compare valuation methods and models for individual companies operating in different sectors. Part of the thesis deals with the defining particular specifics of financial institutions, commodity companies and cyclical companies, followed by the application of the valuation methods and models, including the determination of the intrinsic value of the company. At the end of the thesis there is a final discussion about the findings and results.
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Profit Potential of International Stock Markets with Risks Consideration
Nejedlý, David ; Taušer, Josef (advisor) ; Čajka, Radek (referee)
This diploma thesis is engaging in investing on international stock markets and the main objective was to analyze the profit potential with consideration of possible risks. At first I have characterized international stock market and the theory of effective markets. In the second chapter I was focusing on methods that are used for stock valuations. The third chapter is comparing particular investment strategies that proved to be profitable in a long term. The secondary objective of my diploma thesis was recognition of investment risks, thus the fourth chapter is engaging in market and exchange rate risks. The fifth chapter is focusing on the hedging of exchange rate risk. I was applying obtained theoretical knowledge on a case study about BP company. All the results of the analysis were included in the final investment recommendation. The thoughts of the investment recommendation were then generalized into common investment principles.
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Fundamental analysis and its application on stock market
ZABLOUDIL, Jakub
A fundamental analysis is a method of securities price analysis by involving all of substantial influences. The aim of this work was to process fundamental analysis of selected stock, to compare its intrinsic value with the market price and to determine investment recommendation for potential investors. The company of which stocks are analyzed is ČEZ. The first part describes the most important theoretical knowledge which is necessary for a successful implementation. Practical part is divided into two sections. The first one is focused on calculation of three input quantities which are required for making next procedure. The input quantities are required rate of return, dividend growth rate and cash flow growth rate. The second part deals with a calculation of the intrinsic value of the selected stock. It was decided to apply four methods which are used for intrinsic value determination. The methods are single-stage dividend discount model with expected infinite holding period, cash flow model Free Cash Flow to Equity, Price/Sales historical model and Price/Dividends historical model. The outcome of all the selected models was the same. That is a fact that calculated intrinsic values are higher compared to the market price. It means that the stock is undervalued on the security market and there is market price growth anticipated. That results into a definite recommendation to potential investors to buy the analyzed stocks.
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Performance of Value Investing Stragegy Pursued by Selected European Funds
Hanzo, Ján ; Veselá, Jitka (advisor) ; Stádník, Bohumil (referee)
This diploma thesis covers value investing process defined by adherents of Graham and Dodd. Theoretical aspects of this principle are explained with special focus devoted to determination of intrinsic value using three step process utilizing information from value of assets, earnings power value and value of growth. We pay attention to strategic considerations that should facilitate an analyst to more reliable conclusions. Using European markets data, analytical part of this work examines return of mechanically compiled value and growth portfolios and presence of value premium. We than analyze return of existing value portfolios.
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Fundamental analysis of stock Erste Bank
Mikulková, Markéta ; Veselá, Jitka (advisor)
The bachelor thesis is focused on Fundamental analysis of stock Erste Bank. In the first chapter I analyze the impact of macroeconomic indicators to stock prices and I try to forecast their values in the future. The second chapter is devoted to analysis of the banking sector, first in the European Union, then Czech stock market. The third chapter is concentrated on the calculation of intrinsic value of stocks Erste Bank from which I conclude the best investment recommendation.
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Fundamental and Technical Analysis of Komerční banka, a.s.
Pospišová, Zuzana ; Veselá, Jitka (advisor) ; Kubík, Jan (referee)
Diploma thesis focuses on fundamental and technical analysis of the stock Komerční banka, a.s. The aim of the work is to applicate techniques of both analyses and prepare investvment recommendations according to acquired results. This work also provides theoretical background of particular analyses and applied methods. The first chapter contains global fundamental analysis supplemented by analysis of relations between main factors and index PX using correlation coefficient. Another two chapters deal with sector analysis and calculation of intrinsic value of the stock. The last chapter is devoted to technical analysis using chart's methods and methods based on technical indicators.
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Valuation of Iveco Czech Republic, a.s. company
Lenz, Jan ; Scholleová, Hana (advisor) ; Kotáb, Jiří (referee)
The thesis estimates the intrinsic value of share of the company Iveco Czech Republic, a.s. from the position of potential investor. The valuation is done through the DCF FCFE model. Prior to the financial plan and the valuation itself, the theses provides financial and strategic analysis of the company.
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Fundamental analysis of Komercni banka, a.s.
Havránek, Michal ; Musílek, Petr (advisor) ; Kuklik, Robert G. (referee)
My diploma thesis deals with fundamental analysis of a significant bank in Czech Republic. Fundamental analysis is focused on factors that influence the value of particular stock. The main target of fundamental analysis is to find intrinsic value which reflects the actual state and perspectives of a company. The main goal of this paper was to come with the complex valuation approach to banks and apply this approach to Komercni banka, a.s. The next goal was to deal with the specifics of the bank valuation and with the valuation during the financial crisis. I used following methods for valuation. The most recommended one is the value estimation by income approach - Discounted Cashflow Valuation, Dividend Discount Models. For usage of this method is necessary to make financial and strategic analysis of the company. The next method I used is the application of market multiples, such as Price-to-Earnings or Market-to-Book Value ratios. The last method in this paper is based on financial statements. The book value of equity is more reliable for financial institutions than for nonfinancial companies. Diploma thesis gives the complex view of the bank valuation and includes all important steps leading to high-quality valuation.
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Fundamental analysis of RWE AG title
Nemšáková, Alena ; Musílek, Petr (advisor) ; Witzany, Jiří (referee)
The goal of the diploma thesis: "Fundamental analysis of RWE AG title" is to determine an intrinsic value of the RWE AG share using detail analysis. The first -- theoretical -- part deals with financial environment where the title is being traded and quoted. This part characterised german indices, mainly index DAX 30, because its component is also RWE AG share. The electronic system Xetra is described here as well. Fundamental analysis itself - including global, sector and enterprise analysis - is the subject of the second section. At the end of this work, the intrinsic value is evaluated and subsequently the forecast is outlined.
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