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CAPM and its application in the business valuation
Vavrouch, Martin ; Pošta, Vít (advisor) ; Kulbakov, Nikolay (referee)
The Bachelor thesis deals with the use of CAPM within the business valuation process. In the first, theoretical, part, the DCF model is explained, the CAPM is derived and the link between the DCF model, used for intrinsic value computation, and CAPM, used for discount rate calculation, is shown. The second, practical, part concerns itself with the application of the theoretical model CAPM in the real world and on the real company ČEZ a.s. In this part the basic methods of CAPM computation are shown as well as the main pitfalls of this calculation. At the end of the second part, the valuation of ČEZ using DCF and the discount rate obtained from the CAPM is performed.The main goal is to demonstrate to the reader how to calculate the discount rate using CAPM and to calculate the actual discount rate of ČEZ.
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Valuation of the company SYNER
Gergelyová, Jana ; Kislingerová, Eva (advisor) ; Vápeník, Martin (referee)
The subject of this thesis is to analyze the financial health of the company Syner, and determine the market value of the company based on publicly available information. The value of the company should provide important information for owners, whether access to the proposed takeover of foreign investors or reject the offer. The theoretical part of the thesis describes the processes and methodology of valuation, then in the practical part is introduction of company, financial and strategic analysis and valuation of the company itself.
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Analysis of company's capital structure and its optimalization
Pagáčová, Šárka ; Šmídová, Radana (advisor) ; Langmaier, Jiří (referee)
The diploma thesis "Analysis of company's capital structure and its optimization options" explores the choice of financial resources of the company. The aim is to summarize the main theories of capital structure optimization and present empirical studies on the factors that affect the choice of structure. Then practice the idea of optimizing the capital structure on chosen company. The practical part deals firstly with the recent development of the capital structure in the industry in which selected company operates. Followed by analysis of the cost of capital of the company itself. The analysis of the capital structure showed that companies in the Czech Republic in the NACE 28 during the years 2003 to 2012 increased the use of equity. Companies rarely finance their needs by long-term debt, more used is short-term debt. The cost of capital calculations of chosen company showed that the model of average cost of capital corresponds to the theory of MM II. Recommendations for the company's increase debt to achieve lower cost of capital.
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Valuation of the company VUIS - CESTY spol. s r.o.
Lipinská, Jana ; Svačina, Pavel (advisor) ; Menčlová, Barbora (referee)
The diploma thesis represents valuation of company which is focused on applied research, certification and testing of road construction material. The goal of the valuation is to estimate the market value of the company, using the methods of DCF Entity and Branch Multipliers. The paper includes strategic and financial analysis, asset allocation into operationally necessary and unnecessary, value generators and financial plan of company. Text is accompanied by clear tables.
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The valuation of the company ZEMASPOL Uherský Brod a.s.
Sychra, Tomáš ; Heřman, Jan (advisor) ; Smrčka, Luboš (referee)
The goal of this thesis is to provide the value of the company ZEMASPOL Uherský Brod a.s. company as per 1st January 2010. The thesis is divided into a theoretical and methodological part, which serve as the basis for last practical part. The practical part acquaints with valuated company. For the purpose of valuation the strategic analysis is performed and results in sales forecasting of the valuated company. After analyzing financial health of the company with help of the financial analysis there is financial plan compiled for time period of 2010 - 2014. Forecast value of the generators is the base of the financial plan. The result of the valuation with DCF entity method is to be found at the end of the thesis. For the comparison of the final company's value the second method of valuation is used -- book value. After valuation the sensitivity analysis the sensitivity on the company's value growth and the weighted average cost of capital are performed.
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Determination of the value Metrostav a.s.
Safronau, Pavel ; Heřman, Jan (advisor) ; Luzanová, Marianna (referee)
The aim of this diploma work is the determination of the value Metrostav a.s. to date 1. October 2009 by using discounted cash flows. The Value of this company it might serve the owners if they want to sell shares of unspecified buyer. Diploma work is divided to the next parts: strategic analysis, financial analysis,financial plan and the value determination of the company Metrostav. Based on the research of each of the above analysis I have concluded that the firm has a yield potential is attractive and the resulting value is greater than the balance total assets to the date of valuation.
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Financial analysis of the selected company
Klestilová, Pavla ; Průša, Přemysl (advisor) ; Dvořák, Karel (referee)
The theoretical part of the diploma thesis deals with the main aspects of financial analysis, especially with horizontal and vertical analysis of absolute values, financial ratios, new valuation models and bankruptcy prediction models. The following part concentrates on the company Crocodille ČR, spol. s r.o. using the theoretical approaches mentioned above. It focuses on trend analysis, the calculation of Weighted Average Cost of Capital and Economic Value Added as well as industry comparative analysis. The final recommendations regarding e.g. the sensitivity analysis of company indebtedness are included in the last chapter.
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Valuation of T-Mobile Czech Republic a.s.
Hurda, Jan ; Scholleová, Hana (advisor) ; Fantová, Eva (referee)
The main goal of this Diploma thesis is to determine the investment value of T-Mobile Czech Republic a.s. with the objective to sell the minor share to its major shareholder. This thesis is divided into a theoretically-methodological and analytical part. In the theoretically-methodological part basic conceptions and key factors, applied valuation procedure and methods are described. For the valuation a discounted free cash flow to the firm method in a two stage model was used. As the basis for the calculation of the company's future investment value a strategic and financial analysis was performed. Resulting from these two analyses, key value generators were forecast and subsequently served as the backbone for the creation of the financial plan. This financial plan was the main source for the discounted cash flow valuation method application.
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Ocenění společnosti Zentiva N.V.
Lehkoživová, Marcela ; Scholleová, Hana (advisor) ; Legát, Viktor (referee)
Diplomová práce se zabývá oceněním veřejně obchodované společnosti Zentiva N.V. V teoretické části je popsána problematika oceňování podniků, základní východiska a principy. V praktické části je společnost Zentiva oceněna metodou DCF Entity. Cílem práce je zjištění tržní ceny 1 kusu kmenové akcie Společnosti. A na základě tohoto ocenění stanovit, zda aktuální tržní cena akcie odpovídá skutečnému potenciálu Společnosti.
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