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Determining the value of company doing business in road transport
MÁROVÁ, Tereza
The goal of this thesis is to determine the value of a company doing business in the road transport industry. This thesis describes the methods used when evaluating a company´s worth, analyzes these methods as well as establishes requirements needed for performing an analysis associated with this issue. The suggested theories of a company´s evaluation that are applied to a specific company are included in the practical part. The practical part also describes the purpose of determining the value of a company and selects the methods for the final evaluation. Furthermore, this thesis contains a strategic analysis that estimates the market share for the period 2013 2015. In addition, financial analysis was performed in order to assess the company´s financial health. Based on the results generated from the strategic analysis, the values were calculated and the outcomes integrated into a financial plan. The financial plan became a basis for an evaluation by yield methods: DCF and EVA. The final evaluation was made using four different methods: DCFF, EVA, sum of the Assets Approach and liquidation method. The company´s market value is considered to be 9 904 thousand Kč, which was obtained from DCF method. Sum of the Assets Approach is 347 thousand Kč lower than the value generated from yield evaluation. Therefore, as can be concluded from the findings, it is recommended that the owners keep the company.
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Valuation of company Lesní společnost Broumov Holding, a. s.
Sichrovský, Chananel ; Štamfestová, Petra (advisor) ; Toušek, Jan (referee)
The aim of this master thesis is to estimate the value of the company Lesní společnost Broumov Holding, a. s. as of the valuation date 01/01/2016. The thesis consists of two main parts, theoretically-methodological and related practical part. For accomplishing the objective, the strategical and financial analysis were made, also the main generators of the value were identified and scheduled and the financial plan was composed. The valuation itself was realized by three different methods that were afterwards calculated together which resulted into final estimation of the company's value, that reaches 147 024 thousand Czech crowns. The thesis is usable as a full overview of the company's situation and may be also helpful to the owners as a base for price negotiations, in case of potential investor's interest in buying it.
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Valuation of the MSV Metal Studénka, a. s.
Honc, Adam ; Strouhal, Jiří (advisor) ; Smrčka, Luboš (referee)
The aim of this thesis is to determine the market value of joint-stock company MSV Metal Studénka for 31. 12. 2015. The thesis is divided into theoretical-methodological and practical part. The former contains the definitions of terms, techniques and methods which relate to not only the problems of company appreciation but also insolvency law focusing on corporate restructuring. In the practical part, the theoretical groundwork is applied. After the initial introduction of the company including a brief description of the course of insolvency proceeding, a strategic and financial analysis is conducted. After the evaluation of the company's financial health and future perspective, a division of assets into operationally necessary and unnecessary, analysis and value generator prognosis, financial plan formulation and the evaluation itself follow. For the final company appreciation, the discounted cash flow method in the variant of free cash flow to the firm (FCFF) is used.
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Determination of the company value
TALÍŘOVÁ, Klára
This diploma thesis was focused on determination of the company value in the chosen company. For this purpose was chosen two mostly used methods on the Czech market. First one was method of discounted cash flow and the second one was method of the economic added value. Main sources for all the calculation were annual reports and financial statements for the period of five last years from 2011 to 2015. These basis were used for developing a prediction for the following five year period till 2020.
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Landscape development and landscape values of a selected area in a specified relief type
Učňová, Klára ; Halamová, Jana (advisor) ; Lucie, Lucie (referee)
The submitted thesis deals with landscape analyzing and permanent landscape structures
evolution in chosen area with respect to land relief. Also with documentation and evaluation of
landscape values (such as medieval field patterns, scattered vegetation, viewpoints, relief, etc.)
and last but not least with suggestion of recommendations for future development, including
proposal of new development, specific for chosen area.
The theoretical part consists of summary of current status. Mainly the elements
characterizing landscape of the Czech Republic are defined here. The thesis also describes
history of Czech landscape since the Neolithic period and also evolution of medieval field
patterns. The landscape aesthetics and its influence to humans from emotional and content point
of view is mentioned in the theoretical part as well. In the next chapter there is an evaluation of
maps and description of possibilities of their usability for evaluation of landscape evolution.
The practical part is about project itself. At first the suitable area based on maps from 1 952
was chosen and their comparison with present state. By maps vectorization (both historical and
present one) supported by personal exploration, two map underlays were created. Based on
them, the statistical data for evaluation and comparison of land use categories evolution were
created. Also the analysis of appearance of given land use categories was performed.
Comparison of changes in evolution of balks is the part of the project as well.. One of this thesis
purposes was also evaluation of landscape directly on the spot. Based on this evaluation and
personal feelings from the area, design for better land usability was created. This design was
also economically considered.
In discussion at the end of the thesis was determined that epoch around year 1952 was a
breakthrough for landscape evolution. After this year, there was a huge decrease of ploughland
area. This decrease was replaced by permanent grassland and forests. In the end there is an
estimation about medieval field patterns important for landscape in chosen area and also
anywhere else.
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Evaluation of selected qualitative parameters of apples produced under different growing methods
Dresslerová, Ivona ; Kouřimská, Lenka (advisor) ; Jan, Jan (referee)
The most spread system of agricultural production is conventional system, which reaches the best profits by its excessive inputs into production such as fertilization, chemical spraying, heavy engineering. However the importance of ecological (BIO) and integrated (I.P.) production has been increasing among the consumers recently. Mainly because of environmental sustainability and protection of their own health. The aim of this study is to compare qualitative characteristics of 10 different apple cultivars (Melodie, Šampion, Gloster, Idared, Angold, Topaz, Goldstar, Ontario, Florina, and Rubín) with reference to the type of production system. The dry matter content, amount, concentration of carbohydrates, ascorbic acid, sensory evaluation and overall profile of volatile compounds were analysed in apples coming from both ecological and integrated agriculture.
The dry matter content of all apple cultivars was measured by using two different methods. At the same time drying in an infra-red scale and refract metrical measuring by a portable refractometer were carried out. Concentrations of different carbohydrates (sucrose, glucose and fructose) were analysed by HPLC method with RI detection. The content of ascorbic acid (AA) was determined by HPLC with UV/VIS detection. During the sensory evaluations a protocol for a trained sensory panel was created including profile, pair and pair preference test. With an aim of detection of volatile aromatic compounds´ profile there was a sorption prepared on SPME extraction with following analysis on GC-GC-MS.
In the concentration of C vitamin was the cultivar found statistically significant (p = 0,0004) and not in the supposed type of production. The final concentration of ascorbic acid was 13-130 mg/kg in BIO apples and 10-103 mg/kg in apples from integrated production. Overall 7 BIO cultivars had higher content of AA in comparison to I.P. The highest concentration of AA was in cultivar Ontario. In total 7 BIO cultivars from 10 had bigger content of AA in addition to integrated samples. The most present carbohydrate in apples is fructose in which was found a statistically significant difference between values of BIO and I.P. (p = 0,0272). The highest figure of fructose and also of sum of sugars was Angold BIO (422,3 g/kg). The highest presence of dry matter was found in cultivar Florina BIO (18,62 %). Refract metrical matter was in the range from 11 to 17 Brix.
There was a statistically significant importance proved between the figures of BIO and I.P between both dry matters. At the same time it was proved that there is present a dependence between them based on correlation coefficient (r = 0,9622). It was assumed that the overall sum would correlate with refract metrical dry matter, but this was not confirmed. There was also proved a statistical difference (p = 0,0002) between the BIO and I.P apple weights. In all cases of samples the weights of I.P apples was higher. In sensory analysis the cultivar Šampion BIO was evaluated the best from the overall intensity and pleasure of the taste.
Topaz I.P was evaluated as the sample with the most pleasant taste and Florina I.P with the highest taste intensity. By the analysis of pair preference test results it was confirmed that there is a statistically significant difference on the selected level of probability 99%. But preference in any of production systems was not confirmed. During the analysis of overall profile of volatile aromatic substances it was found out that the same cultivar of different production has the same composition, but different relative concentration of the present substances.
This problematics needs further and more detailed analysis, which would prove or disprove influence of the cultivar on all analysed aspects.
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The analyse of Charollais catlle breeding
Šebestová, Eva ; Toušová, Renata (advisor) ; Stupka, Roman (referee)
The aim was to create a literary recherche about breeding of meat breeds and add to it a small rating sample of selected indicators of meat production in the selected Charolais herd. The values were determined based on regular weighting coming out of a yield control (birth weight, weight at 120 and 210 days of age). The results were processed into charts and tables disaggregated by sex to be clear.
The theoretical part is dedicated to the analysis of a breeding of Charolais meat herd. It focuses on the description of housing in summer and winter, nutrition of cows throughout a year, mating and calving of cows, general organization in a herd.
The monitored herd of Charolais meat breed belongs to the agricultural company, which is located in Telč near Jihlava. The main business is crop and livestock production. Crop production is mainly focused on cereals, oilseed rape and maize silage. In livestock production dominates breeding of a Holstein breed and milk production. Meat herd is located in the village Rozsíčka, which lies near Telč.
At the time of observation were in the herd in total 37 pieces, including 29 cows and 8 heifers. In a calving season 37 calves were born alive and a weighing was done on a total of 35 pieces in all age categories. From this number were 17 heifers and 18 bullocks.
Based on detected data individual weights were compared and leveled within the herd by sex and then compared with averages of an evaluated yield control over the country.
The average birth weight for heifers was 37 kg, which coincides with the national average of 37.4 kg and the average birth weight for bullocks is exactly equal to the average in the country, namely 40 kg.
The average weight recorded by heifers at 120 days of age was 176 kg and 186 kg by bulls. Both values are above average compared to the whole republic. At 210 days of age heifers with the average weight of 267 kg and bulls with 282 kg are below average of the republic. Daily gain from birth to 210 days of age was by heifers 1.1 kg and 1.16 kg by bulls.
Furthermore, number of births were avaluated in each month. Heifers were born mostly in April from the whole period, a total of 10 pieces. By bulls a number of births is distributed evenly among all months compared to heifers. Overall, it can be determined that the greatest frequency of calving falls on the first third of summer feast, especially on April.
From the results is meat yield of the herd rated as above average. The main influence on the achieved values has a culling which is consistently performed for fertility, easiness of births, milkiness of mothers. Further, from a smaller herd point of view it is assured enough of quality food throughout a year.
From a reproduction point of view a very long period of time falls on a calving and that impairs an organization of a breeding.
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The valuation of betting shop
Křikava, Michal ; Jurečka, Jan (advisor) ; Nováková, Pavla (referee)
The aim of my thesis is to estimate objectivised value of the company FORTUNA sázková kancelář, a.s. on the date 31st December, 2010. The work is divided in 5 main parts. The first part begins with an overview of basic information about the company. After that strategic analysis and financial analysis have been done. Strategic analysis defines relevant market and gives the company forecast of the sales. Financial analysis verifies the financial health of companies valued and reveals their financial risks alternatively. In the third part generators of value have been analysed and predicted. On the basis of the generators of value the complete financial plan has been set up. Finally, the DCF valuation methods Entity and the market comparison have been implemented.
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The evaluation of company NOVARTIS Ltd.
Glovňová, Paulína ; Kislingerová, Eva (advisor) ; Smrčka, Luboš (referee)
The master's thesis deals with the determination of estimated market value of the pharmaceutical company Novartis Ltd. based on publicly available information for the needs of the owner and management. The estimated value of company refers to December 31, 2011. For this purpose, first, it is necessary to do a development analysis of macroeconomic indicators in the Czech market and analysis of pharmaceutical industry. In addition, the subsidiary company of Swiss group, but necessary also parent company as its the most "business partner" are presented. It is followed by financial analysis of the subsidiary branch Novartis Ltd., prognosis of value drivers, financial plan. In the final part of thesis, on the basic of the financial plan and assumption of company's continued existence, the value of company is determined, using discount methods with free cash flow to the equity.
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Valuation of construction company
Kroc, Vratislav ; Scholleová, Hana (advisor) ; Kostihová, Kristýna (referee)
The theme of this diploma thesis is a business valuation of a family company STAV-INVEST Roof Systems Ltd. according to standard procedures for the business valuation. At the beginning, there is a description of the business valuation in general and also of the specifics of business companies and of the Czech Republic itself. The next section is the description of all important aspects of the company -- from basic information, through the organizational structure, product and service portfolio, customer base, to the seasonality of sales. The next chapter talks about the analysis of the environment from the macro and microeconomic aspect and also the SWOT analysis. The company is valuated quantitatively with the financial indicators. Among standard tools which are used belong the horizontal and vertical analysis, ratio indicators, EVA and also internal measurement methodology of efficiency. Further, the financial plan, from which it derives its own business valuation. The most appropriate method of business valuation are than selected, applied and commented.
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