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Ekonomické aspekty procesu fúze obchodních společností
Zborovský, Miroslav
Diploma thesis named Economic aspects of merger of companies describes the fusion process, its actors and their motivations, critical points of mergers. It also proposes various tools and criteria to assess success or failure of a given merger. The thesis is divided into research of literary sources and practical implementation of acquired knowledge. The former chapter -- research of literary sources -- describes the different stages of merger process and goes on to explain in greater detail various aspects which may relate to fusion of companies. The latter chapter which concerns practical implentation in case studies, identifies critical points of the process of merger, and proposes criteria of evaluation, which can be used to judge the success of the process of merger. In-depth analysis including success evaluation is provided in a case study of two different companies operating in different branches of business.
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Analysis of acquisition of EXIM Holding by REWE Group
Zíma, Radek ; Smrčka, Luboš (advisor) ; Strouhal, Jiří (referee)
The aim of this thesis is to assess particular cross-border merger (acquisition) of EXIM Holding by REWE Group, analyze acquired company, evaluate benefits, synergies and disadvantages of this acquisition for both represented parties and determine main motives of this transaction. Methods used are based on financial analysis, managerial strategic analysis and analysis of available information and documentation regarding given transaction. Practical part focuses on applying methods described in theoretical part on structures of EXIM Holding. The conclusion is summary of relevant findings of thesis itself and evaluates benefits of analyzed transaction.
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Indicative Valuation of Mergers and Acquisitions – CK Fischer and NEV-DAMA
Hofmanová, Tereza ; Schönfeld, Jaroslav (advisor) ; Smrčka, Luboš (referee)
The main goal of this diploma thesis is to estimate the value of an entity NEV-DAMA, a.s. as of 30.6.2011; to describe the acquisition processes between CK Fisher, a.s. and NEV-DAMA, a.s. To achieve the former one, a discounted cash- flow method, namely DCF entity, was used. The valuation itself consists of a strategic and financial analysis. These constitute the cornerstone for value drivers analyses and financial plan. Lastly, both the market valuation using comparable enterprises was conducted and the outline of synergies from the above mentioned acquisition was compiled.
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Itemized valuation of the econonomic balance sheet
Jindra, Marek ; Mařík, Miloš (advisor) ; Marek, Petr (referee) ; Severa, Vladislav (referee)
The dissertation thesis deals with valuation of individual items in the economic balance sheet of a stand-alone company and subsequently as a part of acquisition. We define the economic balance sheet as a full set of assets, liabilities as well as synergies amongst the assets (stand-alone company view) and companies (transaction view), where the sum of their individual valuations has to equal to the overall value of the company. Hence we suggest that the management (and a valuer) should be able to decompose the company value into defined and controllable value components. Apart from identifying optimal methods for the individual valuation, the key for achieving this task is the internal (amongst the assets) as well as the overall consistency (vis-a-vis the overall company value). Compared to the overall-valuation approach, we demonstrate how the component approach can lead to more precise results, higher management discipline and accountability, and can serve as a tool for an a priori identification of overpayment as well as an instrument for controlling the value post transaction. We defined two primary types of synergies in terms of valuation approach - Enhancement, improving current income potential and Future opportunities, mainly focusing on new projects - and proposed appropriate valuation approaches given their specifics. Since a large proportion of valuations on individual level is based on the income approach, setting a clear and consistent approach to discount rates was a vital part of the work. We propose a primary and, if not available, second-best rate for each component of the economic balance sheet. Although the synergies are probably of the highest commercial interest, the liabilities with external source of risk and deferred taxes on the individual level are areas generally neglected both by academics and practitioners. While the first one will have only but crucial impact on companies with decommissioning and similar liabilities, the latter is present almost in any itemized valuation, and its incorrect or purely isolated application affects the overall result and breaks the link to the overall company value. We analyze both topics and offer consistent valuation methods, although further research is required to refine them. We discuss WARA as one of the key tools for ensuring consistency of itemized valuation of the economic balance sheet. Lacking any theoretical background and interest from academic researchers, we first analyze simple concepts of the tool as they are used in practice and point out observed conceptual errors, oversimplifications and accounting-only approach. Not only that we propose complex consistent rules for WARA construction but we extend the concept from the focus on conventionally defined net assets to the full economic balance sheet, which is the only way how to relate the itemized valuation to the overall company valuation. Finally, we presented a case study based on real-life example which demonstrated practical applicability of proposed partial solutions as well as the overall approach to achieving consistency with the total company or transaction valuation. Although the analysis of individual items of the economic balance will be inevitably based on subjective assumptions to an extent, we have shown that proposed complex and consistent approach adds value to the strategic and transaction considerations. Also the preciseness of the tools will increase with the number of transactions performed as the parameters get calibrated.
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Analysis of company development done by merger
Gondová, Lucia ; Scholleová, Hana (advisor) ; Heřman, Jan (referee)
A company development can be done by several ways. But a result should be always the same -- an increase of the value for owners. One of the possibilities is a merger of two or more companies. The main aim which should be achieved is attaining a synergy effect. The value of calculation is done by the difference between the price of companies efore the merger and after it. The final synergy is calculated after taking in account merger costs. Because of other development's possibilities it can help doing analysis to compare their effects. The conclusion brings a revision, whether the effect is achieved in particular example of merger.
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An Introduction to Teambuilding
LANG, Jakub
In the first part of my bachelor thesis I address the differences between a group and a team and the principles of teambuilding. This part consists mostly of team theories, defines the individual evolution stages, functions, different teambuilding approaches, aspects of team functioning and management and teamwork efficiency factors. The second parts main concern is the actual teambuilding realisation and defining activities suitable for teambuilding led by a team leader, likely for realisation with the use of an extern firm. Activities arranged by extern realisators are divided according to the type and specialisation of given programs. The conclusion of my thesis outlines various situations, for which teambuilding is not suitable.
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Mergers in car industry
Bieliková, Hana ; Chytilová, Helena (advisor) ; Koubek, Ivo (referee)
This bachelor thesis is focused on economic competition, especially on mergers. Along with liberalization of world markets and economic recession there is an increasing pressure to form mergers. This pressure is extremely strong in car industry, where mergers are formed more often. The main goal of this bachelor thesis is to describe trends of mergers in car industry. In theoretical part I deal with economic theories and terms which are associated with competition and mergers. In the second part I will analyze closely unsuccessful merger DaimlerChrysler, and planned merger Volkswagen and Porsche -- merger influenced also by economic depression. In the last part I focus on differences between the mergers and I come up with their consequences.
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Proposal for the organizational structure of Kartex a.s. after the merger project with Slim Rope s.r.o. Analysis of opportunities and risks of the merger and the potential economic effects from organizational changes
Mucha, Tomáš ; Jaklová, Martina L. (advisor) ; Gregořica, Rudolf (referee)
In my bachelor thesis I dealt with the ongoing merger of Kartex a.s. and Slim Rope s.r.o. (names are changed due to the wishes of management). In the theoretical part, I outlined the theoretical aspects related to the topic of mergers and acquisitions. In the practical part I will then be dealing with every posibility where synergy could be found, risks that can araise during the merger i.e., there are particular unconnected corporate cultures, and there must be working two, till now, competiting brands side by side, and also design a new corporate culture. The goal of my work was to capture the essence of the problems emerging in the process of "post merger integration (integration of business), because in these moments failures occure in 80% of all business combinations.
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Multibusiness enterprise valuation
Buus, Tomáš ; Mařík, Miloš (advisor) ; Daňhel, Jaroslav (referee) ; Majtán, Štefan (referee)
Oceňování koncernů má oproti oceňování samostatných podniků řadu specifik, mimo jiné možnosti transferů zisku, efekty propojení na náklady kapitálu, synergie, atd. Disertační práce řeší zejména dilema mezi dvěma vyhraněnými použitelnými postupy ocenění koncernu - po částech či v celku a shrnuje řadu poznatků v oblasti koncernů, diskontů za neobchodovatelnost, atd.
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