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Valuation of Raiffeisenbank, a.s.
Horáková, Klára ; Hrdý, Milan (advisor) ; Kuchyňa, Pavel (referee)
The aim of this thesis is valuation of selected commercial bank. The first part of thesis is focused on specifics of commercial banks in comparison with non-financial companies. The second part analyses methods of valuation of commercial banks. Third part deals with valuation of Raiffeisenbank a. s. It consists of financial and strategic analysis, financial plan and finally the valuation of the bank.
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The valuation of Komerční banka, a.s.
Procházková, Marcela ; Hrdý, Milan (advisor) ; Ducháčková, Eva (referee)
The aim of this thesis is the valuation of Komerční banka, a.s. The specifics of the valuation of banks are described in the first part of this thesis. The second part is devoted to a description of the valuation methods. Komerční banka, a.s. is valued in the third practical part. The first is a brief description of Komerční banka a.s., followed by financial and strategic analysis. The financial plan is compiled on the basis of the analyses. In the final part the valuation by selected methods is done and the final value is determined.
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Valuation of ČSOB, a.s.
Menzlová, Petra ; Hrdý, Milan (advisor) ; Ducháčková, Eva (referee)
This master thesis is about commercial bank valuation. The goal of the thesis is to explain the specifics of bank business and commonly used valuation methods. Selected method is then applied on a chosen bank. For this purpose, ČSOB a.s. was chosen.
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Analysis of methods for valuing of banks
Juráš, Dalibor ; Mařík, Miloš (advisor) ; Hrdý, Milan (referee)
The diploma thesis deals with the bank valuation and this theme is viewed on in terms of standard as well as brand new approach. In its first part, the thesis focuses on understanding of the difference between the valuation of non-financial companies and banks in particular. The following section describes the above mentioned basic method which is represented by the dividend discount model and it also analyzes some partial problems associated with it. The core of this thesis represents the Sonntag model,that solves the evaluation by closing of counter-positions arising from the individual business cases -- namely taking of deposits and lending. Another part of this thesis is devoted to the issue of the discount rate, respectively the discounted value. Here I concentrate on the evaluation of applicability of the CAPM model in domestic conditions and compare it with the certainty equivalent concept based on the Black-Scholes theory of option valuation. Finally, the thesis presents a practical example -- i.e. valuation of Banco Popolare ČR (nowadays Equa Bank), application and comparison of the both mentioned models and formulation of the final recommendations for appraisers
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Valuation of the company Komerční banka a.s.
Pospíšilová, Jana ; Rýdlová, Barbora (advisor) ; Svačina, Pavel (referee)
The main goal of the thesis is to find market value for the company Komerční banka, a.s. on the date 31st December 2010. At the beginning of the work is described the specifics of banking institutions. The valuation consists of financial analysis, strategic analysis and creating the financial scheme. For the final valuation there is used the method called DCF Equity that discounts all the cash flows that flow to the company's owners. As an additional method was used Bond Pricing Model, market capitalization and market comparison.
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Fundamental analysis of Komercni banka, a.s.
Havránek, Michal ; Musílek, Petr (advisor) ; Kuklik, Robert G. (referee)
My diploma thesis deals with fundamental analysis of a significant bank in Czech Republic. Fundamental analysis is focused on factors that influence the value of particular stock. The main target of fundamental analysis is to find intrinsic value which reflects the actual state and perspectives of a company. The main goal of this paper was to come with the complex valuation approach to banks and apply this approach to Komercni banka, a.s. The next goal was to deal with the specifics of the bank valuation and with the valuation during the financial crisis. I used following methods for valuation. The most recommended one is the value estimation by income approach - Discounted Cashflow Valuation, Dividend Discount Models. For usage of this method is necessary to make financial and strategic analysis of the company. The next method I used is the application of market multiples, such as Price-to-Earnings or Market-to-Book Value ratios. The last method in this paper is based on financial statements. The book value of equity is more reliable for financial institutions than for nonfinancial companies. Diploma thesis gives the complex view of the bank valuation and includes all important steps leading to high-quality valuation.
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