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National Repository of Grey Literature 2 records found  Search took 0.00 seconds. 
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.
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Estimate of multipliers in business valuation by market approach method.
 Kachlík, Brian ; Rýdlová, Barbora (advisor) ; Marek, Petr (referee)
My thesis "Estimate of multipliers in business valuation by market approach method" discusses the factors affecting market valuation of businesses. The focus is on comparable companies' method as it is the most exercised in mergers & acquisitions and therefore I believe the thesis will be beneficial for real life application. The study has two parts -- the first, theoretical one followed by the second, analytical one, in which conclusions from the theoretical part are tested. I analyzed four factors -- company size, financial risk, operational risk and expected earnings' growth. On the basis of executed analyses I concluded that real life circumstances do not always reflect theoretical models, despite their correctness undoubted by both academicians and market players. My thesis successfully accomplished its goal to find out which factors theoretically influence the adjustment of multipliers and whether these factors really do have an impact in real life valuation.
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