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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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Picking stocks with the value investing strategy
Slánský, Filip ; Pošta, Vít (advisor) ; Makovský, Petr (referee)
The Bachelor thesis focuses on the whole process of picking stocks. In the first, theoretical, part, the importance of investing both in personal and corporate life is mentioned. It also describes the screening process of a stock market inluding the list of all used screening criterias, and the DCF pricing model, as one of the most used valuing methods out there. All the parts of DCF model (cost of capital, cashflow, growth, valuation) are explained there. In the second, practical, part, we use the screening proces to pick one company from NYSE (New York Stock Exchange). The company is National Oilwell Varco, Inc., and the DCF model is used to execute valuation of the company with all necessary calculations. In closing of the second part, the investment decision is carried out applying the concept of margin of safety, and final thoughts depict the possible flaws in the valuation, acquired insights and future recommendation.
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Valuation of Insurance Company
Kapinosová, Martina ; Scholleová, Hana (advisor) ; Pilná, Markéta (referee)
The topic of the thesis is valuation of insurance companies. The thesis is separated into two parts, theoretical and practical. The theoretical part of the thesis describes characteristics of the insurance sector and its specific aspects that play significant role in the operation of insurance companies as well as economical and financial analysis necessary for valuations. Financial ratios used in financial analysis of insurance companies, their interpretation and methods used for valuation are also presented in this part. The practical part of the thesis then describes two methods of valuation, their application and comparison.
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