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The Impact of an Announcement of a New Car Model on the Price of Stocks of Automobile Companies
Micenko, Ján ; Krištoufek, Ladislav (advisor) ; Benčík, Daniel (referee)
This work studies the impact of an introduction of a new car model on the stocks of the introducing company and its rivals and also the impact of an earnings announcement on the stocks of the introducing company. I use two different approaches to explore these effects, one focusing on the stock returns through the CAPM and the other focusing on the volatility of stocks using GARCH model. I found that the new model introduction has a significant positive effect on the returns of stocks of the announcing company but I found no definite effect on the returns of stocks of the competition. Moreover, I found that the new model introduction has no effect on the volatility of stocks of the announcing company and similarly I found no definite effect on the volatility of stocks of the competition. Furthermore, I found that the earnings announcement has no definite effect on the stock returns of the announcing company but that it has a significant positive effect on the volatility.
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Comparison of Investment Options of Eden Jinolice Resort
Adámek, Vojtěch ; Sieber, Patrik (advisor) ; Kuchár, Róbert (referee)
This thesis deals with the issue of investment decision. The goal of thesis is to evaluate for the company owners optimal investment variant of predetermined investment opportunities. Thesis is divided into theoretical-methodological part, which summarizes all the methods and procedures and practical part. The practical part consists mainly of net present value calculations, which chosen input data will be afterwards analyzed by sensitivity test. Application of these apparatuses will reveal the best investment opportunity, respectively their combination
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The Discaunt Rate for the Determination of the Market Value of an Enterprise
Prodělal, František ; Mařík, Miloš (referee) ; Marková, Leonora (referee) ; Korytárová, Jana (advisor)
The work is focussed on the determination of capital structure in its market values, determination of the cost of non-own capital, and determination of the cost of equity, primarily by using the CAPM method. In terms of the CAPM procedure the work deals with the main parameters required by the method, such as risk-free yield rate, risk market premium, and beta coefficient. Furthermore, attention is given to modifications resulting from the inaccuracies of the CAPM method to make the method correspond as much as possible with the actual yield and risk of shares historically achieved at the capital market, and likewise to modifications needed when applying the CAPM method to the valuation of Czech businesses. The recommended procedure of determining the market discount rate for the valuation of an enterprise is applied on an example. Data obtained from the capital market of the Czech Republic are used to calculate the risk premium of the Czech capital market and beta coefficient of selected ten shares out of the Czech capital market, giving an assessment of the possibility of using the data obtained from the Czech capital market for the valuation of businesses incorporated in the Czech Republic.
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Value Estimating of Company
Leitner, Dominik ; Toman, Michal (referee) ; Režňáková, Mária (advisor)
The subject of this diploma thesis is valuation of the production company XY, s.r.o. by using income- based valuation methods. In the first part of this thesis is a strategic analysis, financial analysis and SWOT analysis. In conclusion are used income- based methods and determine the value of the company at 31.12.2011.
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Financial analysis of company Wellen, a.s.
Tsaturjanová, Nare ; Štamfestová, Petra (advisor) ; Špička, Jindřich (referee)
The aim of this bachelor thesis is to analyse and evaluate financial health of Wellen, a.s. company using the methods of financial analysis. This financial analysis is performed from an external user point of view based on financial statements of the company within years 2008 and 2012. This bachelor thesis is divided into theoretical part and practical part. Theoretical part includes explanations of basic concept and description of chosen methods of financial analysis in terms of their use and application. Practical part is focused on introduction of the chosen company, also on the application of chosen methods applied to real situation in the company, and on interpretation of achieved results. The used methodical apparatus are absolute and ratio indicators, Du Pont analysis, estimation of the costs of equity, economic value added and some models of financial crisis prediction. In the final part of this bachelor thesis are summarized the results of all used methods and is reviewed the evolution of financial situation of Wellen company during the reporting period together with recommendations for improvements.
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Ranking vybrané skupiny pojišťoven
Tesařík, Martin ; Neumaierová, Inka (advisor) ; Sosík, Petr (referee)
This thesis deals with the performance evaluation of a selected group of insurance companies. The text is divided into several parts and begins with the explanation of theoretical frameworks for both insurance and the ranking process. This knowledge is then applied to the object of analysis. Mainly the financial performance of insurers was assessed, by means of the so-called spread indicator. Hence, part of the analysis is also a cost of equity calculation with the help of the Capital Asset Pricing Model. The outcome of this work is the ranking of analyzed insurance companies by their financial performance in 2007-2009. The contribution of the work can be seen not only in forming the ranking, but in demonstration of a practical application of the chosen methodology as well as in description of its advantages and disadvantages.
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Business plan of following development of Golf Hrádek, s.r.o.
Makovský, Petr ; Veber, Jaromír (advisor) ; Stránský, Jiří (referee)
The aim of diploma thesis is to evaluate the position of a small company offering services in a golf courses market. Following aims are to show reference both in short run investments and strategic investments. The main tools used in the document are the Porter's five forces, the SWOT analysis, and the analysis of criterions matrix. The output of the diploma statement is that the small company is strongly fixed in the market of golf services. The short term strategic recomendation is to focus on the needs of the target market customers as well as to increase the quality of the services and the golf environment. The main long term strategic recomendation is to rebuilt the old devastated building near by chateau Hrádek u Nechanic into a hotel and restaurant belonging to the golf course. This reconstruction needs to be funded with EU grants at least by 27% of the total cost, therefore by 30.922.000,- CZK.
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