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Investment project evaluation: Construction of the biogas power plant Smržice
Kalista, Michal ; Kotáb, Jiří (advisor) ; Ropický, Jan (referee)
The investor has to decide whether he realizes the investment in the biogas power plant Smržice with a certain installed capacity If implemented, the investor is entitled to the government-guaranteed purchase price of electricity fixed for 15 years. It is necessary to predict profits and cash flows of each period which are further used for dynamic investment evaluation methods for the purpose of investment decision making. The application of the net present value shows whether the investment project is acceptable or not. The sensitivity analysis is used to compare changes in inputs with its impact on the net present value. The biogas power plant Smržice is typical example of biogas power plants built in Czech Republic in 2011-12 due to the government economic support, so finally these conclusions are generalised for the whole branch of electricity production from biogas.
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Modern attitudes to DCF model in comparison with classical attitudes
Klečka, Ondřej ; Veselá, Jitka (advisor) ; Vacek, Vladislav (referee)
Diploma thesis covers the topic about different attitudes to DCF valuation. The first part is an introduction into CAPM theory and a multifactor French-Fama model. This part also indicates different views on financial assets and analyzes an issue of setting discount rates, especially the risk-free rate and equity risk premium. The second part of this paper applies the theory into valuation of Microsoft, GAP and Telefónica O2. There are elaborated forecasts of the financial statements and free cash flows (FCFCE, FCFU), the discount rate composition and analyses of the factors HML and SMB. At the end, there are performed various valuations, which results are discussed together with a development of real market prices.
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Vztah mezi rizikovou prémií a ratingovým hodnocením
Závojko, Tomáš
This bachelor thesis deals with the determination of risk premium in foreign direct investment. If investors decide to invest, they need to know how much risk they take. To be a profitable investment, its value should correspond to the premium that investors expect for risk-taking. Through the adjusted net present value of an investment that includes discount rate can be detected risk premium. This work is deals with two methods of calculating the discount rate. In the first method we can determine the risk premium of the real interest rate, in the second method is contained the risk premium in model CAPM. Both approaches use the sovereign rating, whereby I can obtain general results for each rating group. In conclusion I deal with the relation between the risk premium and rating, where I find, if with declining sovereign rating is growing the risk premium and what type of growth it is. Should also be compared these two methods of calculating the discount rate and it will be found, how sovereign rating reflects the risk incurred of investing in the context of foreign direct investment.
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Analysis of monetary strategy CNB from 1989 to the present
Jindová, Petra ; Zeman, Karel (advisor) ; Jílek, Josef (referee)
The target of this bachelor thesis is to analyze monetary strategy of Czech national bank since 1989 to the present, deal with decisions of central bank in monetary policy in important periods. This theme is selected with regard on current financial situation in European Union and independence of Czech national bank in deciding about monetary policy. In theoretical part of this thesis will be described how monetary instruments works and what functions and targets have monetary policy of Czech national bank. In practical part will be analyzed progress of central bank from its beginning to the present. The main focus will be placed on break-even periods for our banking sector. The result of this analysis will evaluation of success Czech national bank's monetary targets since 1989 and comparison of positives and negatives with entry to European Monetary Union.
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Financial evaluation of the investment project „Reconstruction of the fishpond Velký Březský“
Bláhová, Jana ; Sieber, Martina (advisor) ; Čámská, Dagmar (referee)
This thesis deals with the evaluation of effectiveness of the investment project "Reconstruction of the fishpond Velký Březský". The implementation of the investment project brings non-financial effects primarily and financial effects only secondarily. The thesis is divided into two parts. The theoretical part deals with basic knowledge of financial evaluation using static and dynamic methods, discount rate determination, cost -- benefit analysis and sensitivity analysis. In the practical part, theoretical knowledge is applied to the investment project "Reconstruction of the fishpond Velký Březský". The aim of this thesis is financial and non-financial evaluation of the project and the decision, whether it is acceptable for an investor or not.
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Financial evaluating of industrial investment
Konieczny, Janusz ; Sieber, Martina (advisor) ; Vávrová, Hana (referee)
The main goal of my thesis is to evaluate industrial investment in the field of metallurgical basic industry. It is extrafurnace desulfurization of pig iron as a interface in the three-chain : production of pig iron - desulfurization - steel manufacture. There is a capital project in the metallurgical concern Třinecké železárny, a.s. in Třinec, in the year of 2008, financed from internal resources. Investment effect is calculated only from the cash-flows, investment acquisition is expressed simplifiedly by the reduction of operating costs. There are positive findings, which are based on calculation of investment criterions. The investment of desulfurization is very modern and effective and has a very low economic return.
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Hodnocení investičního projektu
Kumsta, Zdeněk ; Sieber, Patrik (advisor) ; Hnilica, Jiří (referee)
Cílem DP je na základě investičních alternativ v podobě vytypovaných nemovitostí stanovit finanční plány, zhodnotit finanční udržitelnost a pomocí standardních kriterií hodnocení investičního projektu určit optimání variantu. Hodnocení je provedeno na bázi silně objektivizované hodnoty, jedná se o projekt podnikatelského inkubátoru.
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