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Itemized valuation of the econonomic balance sheet
Jindra, Marek ; Mařík, Miloš (advisor) ; Marek, Petr (referee) ; Severa, Vladislav (referee)
The dissertation thesis deals with valuation of individual items in the economic balance sheet of a stand-alone company and subsequently as a part of acquisition. We define the economic balance sheet as a full set of assets, liabilities as well as synergies amongst the assets (stand-alone company view) and companies (transaction view), where the sum of their individual valuations has to equal to the overall value of the company. Hence we suggest that the management (and a valuer) should be able to decompose the company value into defined and controllable value components. Apart from identifying optimal methods for the individual valuation, the key for achieving this task is the internal (amongst the assets) as well as the overall consistency (vis-a-vis the overall company value). Compared to the overall-valuation approach, we demonstrate how the component approach can lead to more precise results, higher management discipline and accountability, and can serve as a tool for an a priori identification of overpayment as well as an instrument for controlling the value post transaction. We defined two primary types of synergies in terms of valuation approach - Enhancement, improving current income potential and Future opportunities, mainly focusing on new projects - and proposed appropriate valuation approaches given their specifics. Since a large proportion of valuations on individual level is based on the income approach, setting a clear and consistent approach to discount rates was a vital part of the work. We propose a primary and, if not available, second-best rate for each component of the economic balance sheet. Although the synergies are probably of the highest commercial interest, the liabilities with external source of risk and deferred taxes on the individual level are areas generally neglected both by academics and practitioners. While the first one will have only but crucial impact on companies with decommissioning and similar liabilities, the latter is present almost in any itemized valuation, and its incorrect or purely isolated application affects the overall result and breaks the link to the overall company value. We analyze both topics and offer consistent valuation methods, although further research is required to refine them. We discuss WARA as one of the key tools for ensuring consistency of itemized valuation of the economic balance sheet. Lacking any theoretical background and interest from academic researchers, we first analyze simple concepts of the tool as they are used in practice and point out observed conceptual errors, oversimplifications and accounting-only approach. Not only that we propose complex consistent rules for WARA construction but we extend the concept from the focus on conventionally defined net assets to the full economic balance sheet, which is the only way how to relate the itemized valuation to the overall company valuation. Finally, we presented a case study based on real-life example which demonstrated practical applicability of proposed partial solutions as well as the overall approach to achieving consistency with the total company or transaction valuation. Although the analysis of individual items of the economic balance will be inevitably based on subjective assumptions to an extent, we have shown that proposed complex and consistent approach adds value to the strategic and transaction considerations. Also the preciseness of the tools will increase with the number of transactions performed as the parameters get calibrated.
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Private Company Appreciation
Horová, Denisa ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
The master thesis deals with the appreciation of medical practice premises. Methods which are used, described and analyzed in the thesis, represent the standard expert methods for business valuation. These are supplemented by specific procedures used for determining the value of medical practices in particular. The work also describes the health care system of the Czech Republic, the methods and sources of payment for medical treatments, value generators in medical practices and basic procedures for identifying approximate value of medical practice, eventually of its goodwill. On practical example of medical practice there are described and applied also the scientific yield methods, which can derive the value of this type of business quite accurately. In the conclusion there are also discussed some currently used but not entirely accurate valuation processes.
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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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The valuation of the company Iveco Czech Republic, a.s.
Kroulík, Václav ; Scholleová, Hana (advisor) ; Heřman, Jan (referee)
The diploma thesis deals with a determination of the market value of company Iveco Czech Republic, a.s. to date of 1st May, 2011 for the purpose of the purchase by an unknown investor. The theoretical part contains whole methodological apparatus which is subsequently applied in the practical part. The strategic analysis was divided into macro and micro analysis of the environment of the company. PEST analysis, Porter five forces analysis and SWOT analysis were used during the processing of the strategic analysis. The financial analysis rates the financial health of the company. The final part of thesis is focused on the prognosis of revenues, the compilation of the financial plan and valuation of the company. The valuation of the company was done by the book value method and the two-step DCF FCFF model. The market value of the company Iveco Czech Republic, a.s. and the recommendation for the investor are mentioned at the end of the thesis.
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Estimate of dicount rates for purposes of evaluation
Hackl, Zbyněk ; Brada, Jaroslav (advisor) ; Šedivý, Jan (referee)
The Diploma Thesis deals with the problems of an estimate of the discount rate and the single parameters used especially in the two basic methods for its determination: the surcharge (premium) method and the CAPM model. In the first part there are presented the effects which influence the discount rate and thus also the method of its estimate. The second part of the thesis describes the surcharge (premium) method which includes an estimate of the riskfree rate, the risk premiums and the liquidity premium. The third part of the work is devoted to the CAPM model, and it is divided into two chapters. Firstly, the CAPM model is derived in chapter 3. Then, in chapter 4, there are presented the possibilities of estimate of its single parameters and premiums which are most frequently added to the basic CAPM model.
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Valuation of energetic company
Hradecký, Jindřich ; Marek, Petr (advisor) ; Brabenec, Tomáš (referee)
The main objective of this diploma thesis is a business valuation of company Pražská energetika, a.s. The aim of this assignment is to indicate the market value as of 1/1/2009. The appraisal is carried out by means of income method DCF in Equity version. In addition, there is a comparison with direct evaluation, where the data are taken directly from the capital market. The thesis is divided into eight chapters, which deal subsequently with basic characteristics, methods of how the strategic and financial analysis has been carried out, value drivers prediction, as well as separation of non-operating assets and calculation of discount rate including the final evaluation. The methods used are mostly similar to methods stated in publications by Miloš Mařík. The results of this appraisal could be useful for small investors, who consider buying or selling stocks of this company.
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Valuation of Insurance Company
Kapinosová, Martina ; Scholleová, Hana (advisor) ; Pilná, Markéta (referee)
The topic of the thesis is valuation of insurance companies. The thesis is separated into two parts, theoretical and practical. The theoretical part of the thesis describes characteristics of the insurance sector and its specific aspects that play significant role in the operation of insurance companies as well as economical and financial analysis necessary for valuations. Financial ratios used in financial analysis of insurance companies, their interpretation and methods used for valuation are also presented in this part. The practical part of the thesis then describes two methods of valuation, their application and comparison.
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Evaluation of investment project
Mlejnková, Kristýna ; Scholleová, Hana (advisor) ; Doláková, Helena (referee)
The aim of the diploma paper is valuation of economic effectiveness of the investment project in the sphere of optical production. The theoretical part introduces into the problems of investments and supplies a brief overview of standard evaluating methods. The practical part contains the description of the planned investment project, estimation of cash flow and determination of discount rate. After that, there is an application of the methods of effectiveness evaluation and sensitivity analysis for input parameters.
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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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