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Discount Rate Estimation Practices of Czech Valuation Experts in Minority Shareholder Squeeze-Outs
Bobysud, Jakub ; Novák, Jiří (advisor) ; Čech, František (referee)
This thesis examines the environment of expert appraisals in the Czech Republic and studies the conflict of interests arising from a setting when a valuation expert is contracted to provide valuation for the purpose of a minority shareholder squeeze-out. This underlying conflict of incentives stems from the fact the expert is paid by the majority shareholder and also from possible efforts relationship building (resulting in securing future engagements) from the expert's side with the majority shareholder that would arise from discretionary adjustments to discount rate calculations and decreased squeeze-out price. This opportunistic behavior is deterred by reputational and legal consequences upon discovery of such practices which can be facilitated by institutional barriers such as a requirement for an approval of the squeeze-out by the Czech National Bank. The previous quantitative research into fields of expert appraisals, methodologies used by valuation experts, and minority squeeze-outs is limited in both Czech and international setting. We rely on previous research into litigation and reputational risks and based on its findings introduce checks for structural differences in behavior of expert groups in discount rate estimation practices. We combine data provided by a valuation team of one of...
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Valuation of CZC.cz s.r.o.
Beryn, Aliaksandr ; Sieber, Patrik (advisor) ; Špička, Jindřich (referee)
The goal of this Masters Thesis is to estimate the value of CZC.cz s.r.o. as of 31.12.2016. The goal of estimating the firm value is to evaluate its current financial health based on historical data, which are primarily gathered from the firm annual reports and other official sources. The next step after evaluating the firm current health is to model future financial results based on expert predictions to find out what economic value will the firm bring to its owners, or what is the price for investor to pay for gaining control over the firm. The Thesis contains of two parts: theoretical part and practical part. Theoretical part explains terms, methods and instruments used in evaluation process. Practical part consits the results of analysis and comments, and the result of estimating the firm value based on Discounted Free Cash Flow method. The Thesis ends with conclusion, which summarizes the results of analysis and valuation.
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Valuation of the company BONAVITA, spol. s.r.o.
Miksová, Šárka ; Strouhal, Jiří (advisor) ; Boukal, Petr (referee)
The main goal of this diploma thesis is a valuation of the company BONAVITA, spol. s.r.o. referring to 31st December 2014. Valuation process is based on publicly available data such as company´s annual reports. The diploma thesis consists of two main parts. The first is the theoretical part providing explanation and description of basic terminology, methods and approaches used in this particular valuation process. The practical part begins with a company introduction, followed by strategic and financial analysis in order to analyse the environment and financial health of the company. After that the value drivers are planned and on this basis the financial plan, which consists of a balance sheet and income statement, is formulated for the period from 2015 until 2019. The financial plan is a key element for valuation of the company using the DCF entity method which is compared to the book value of company´s net assets.
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Ocenění společnosti United Energy právní nástupce, a.s.
Miklošková, Jana
The doctoral thesis deals with the valuation of the company United Energy právní nástupce, a.s. for the purpose of its potential sale. The process of valuation includes an analysis of the internal and external environment, which provides a framework for the revenue potential of the company valued, gives information on validity of the resulting valuation and also defines conditions in order to draw the financial plan. Major part of the thesis consists in discovering the risks and taking these into consideration when calculating the value of the company.
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