|
|
Financial analysis of the company 100MEGA Distribution s.r.o.
Pros, Aleš ; Hanzal, Martin (advisor) ; Novák, Michal (referee)
The bachelor thesis is focused on the financial analysis of the company 100MEGA Distribution s.r.o. between the years 2010 and 2015. In the opening part of the thesis the methods of financial analysis are discussed, which will then be applied to the company and its selected competitors. The thesis consists of horizontal and vertical analysis, ratio analysis, bankruptcy and credibility models, economic value added and SWOT analysis. Afterwards the data is evaluated and at the end there is their overall summary.
|
|
|
Implied volatility and higher risk neutral moments: predictive ability
Hanzal, Martin ; Černý, Michal (advisor) ; Málek, Jiří (referee)
Implied volatility obtained from market option prices is widely regarded as an efficient predictor of future realised volatility. Implied volatility can be thought of as market's expectation of future realised volatility. We distinguish between volatility-changing events with respect to expectations - scheduled events (such as information releases) and unscheduled events. We propose a method of testing the information content of option-implied risk-neutral moments prior to volatility-changing events. Using the method introduced by Bakshi, Kapadia & Madan (2003) we extract implied volatility, skewness and kurtosis from S&P 500 options market prices and apply the proposed method in four case studies. Two are concerned with scheduled events - United Kingdom European Union membership referendum, 2016 and United States presidential election, 2016, two are concerned with unscheduled events - flash crash of August 24, 2015 and flash crash of October 15, 2014. Implied volatility indicates a rise in future realised volatility prior to both scheduled events. We find a significant rise in implied kurtosis during the last three days prior to the presidential election of 2016. Prior to unscheduled events, we find no evidence of implied moments indicating a rise in future realised volatility.
|
|
|
Valuation of the company Bankovní akademie - Gymnázium a Střední odborná škola, a.s.
Šťastný, Vojtěch ; Maříková, Pavla (advisor) ; Hanzal, Martin (referee)
The aim of the master thesis named Valuation of the company Bankovní akademie - Gymnázium a Střední odborná škola, a.s. is to estimate market value of the company as at the date of August 31, 2015. The common valuation methods are used in the process of determination of the value. At first, the company is being shortly introduced, which is followed by a strategic and a financial analysis in order to examine the companys financial soundness and assess the perspective of the companys future. The conclusions of the analysis are used for value drivers prognosis and financial plan elaboration, which is followed by valuation of the company. Taking into account the good prospects of the company I choose the DCF equity method to determine its value. The comparable transactions method is used as a supplemental valuation method.
|
|
|
Financial analysis of AŽD Praha s.r.o.
Akhundov, Kanan ; Hanzal, Martin (advisor) ; Jiránek, Petr (referee)
The aim of this bachelor thesis is to carry out the financial analysis of the company named AŽD Praha s.r.o. The analysis is conducted for the financial years 2009/2010 - 2013/2014 from the perspective of an external analyst. To accomplish the goal, the methods of horizontal and vertical analysis, ratio analysis, evaluation of financial health with the use of bankruptcy and credibility models and eventually SWOT analysis were applied. The work is divided into three parts. The methodological part defines the theoretical basis of financial analysis. The second part is dedicated to the introduction of AŽD Praha, the definition of the class of branch and the competitors. The financial analysis in comparison to the rival companies is performed in the practical part.
|
|
|
The valuation of ČSOB, a.s.
Filip, Michal ; Hrdý, Milan (advisor) ; Hanzal, Martin (referee)
The aim of this thesis is to evaluate Československá obchodní banka, a.s. The thesis consists of two main parts. The first part is theoretical and introduces the specifications of banks and the description of evaluation methods. The second part is practical and presents the evaluation itself. In the practical part, the subject of the evaluation is described and the financial and strategic analyses are performed. Based on the financial and strategic analysis, the financial plan is created. At the end of the practical part, the evaluation of Československá obchodní banka, a.s. is presented.
|
|
|
Business Valuation of GZ Media, a.s. on Global Market
Červenková, Anna ; Rýdlová, Barbora (advisor) ; Hanzal, Martin (referee)
The aim of the thesis is to determine the market value of the company GZ Media, a.s. to 1.1.2015. The first part provides the basic information about the company. This chapter is than followed by financial analysis which is assessing the overall financial health of the company for the years 2010 to 2014. Strategic analysis focuses on the market and competitive position of the company and provides the forecast of the sales. The next chapter analyzes and forecasts the value generators and defines the main indicators later used for financial plan. The value of the company is calculated based on the DCF Equity method.
|
|
|
Business valuation of Pardubický pivovar a.s.
Dvořák, Jan ; Maříková, Pavla (advisor) ; Hanzal, Martin (referee)
The thesis "Business valuation of Pardubický pivovar a.s." is divided into six parts. The first part is devoted to the description of the business. In the next parts follow strategic and financial analysis. In the fourth part are analysed and forecasted value drivers resulting in building a financial plan of the business. The valuation is made consequently by DCF entity method using parametric formula for terminal value. Last part is devoted to the theoretical concept of determining beta by bottom-up approach with a simple example.
|
|
|
Valuation of the company KOVOVÝROBA HOFFMANN, s.r.o. using DCF Entity method and DCF APV method, focusing on the comparison of both methods
Směták, Martin ; Maříková, Pavla (advisor) ; Hanzal, Martin (referee)
The master thesis aims to compare the DCF Entity method and the DCF APV method. In the practical part of the thesis, both of these methods are applied to evaluate the company KOVOVÝROBA HOFFMANN, s.r.o. When applied correctly and using the same input data, DCF Entity as well as DCF APV results are supposed to equal. However, both methods dispose of its pros and cons. Despite its imperfections, the DCF Entity method is commonly used in practise, whereas the DCF APV method lacks of interest. This thesis, however, points out that the DCF APV could be not merely an equal alternative to the DCF Entity method, but could also avoid some of its imperfections or give extra information compared to the DCF Entity method. As a consequence, we can expect increasing importance of the DCF APV method.
|
|
|
Valuation of company PODA a.s.
Přeček, Ondřej ; Maříková, Pavla (advisor) ; Hanzal, Martin (referee)
The aim of this thesis is to estimate market value of company PODA a.s. as at 31. 12. 2014. In the process of valuation I apply common valuation methods consisting of financial and strategic analysis, prognosis of value drivers and financial plan. Taking into account the good prospects of the company I choose the DCF APV method to determine its value. The comparable transactions method is used as a supplemental valuation method.
|
|
|
Valuation of the company Lidl Czech Republic
Chodl, Filip ; Rýdlová, Barbora (advisor) ; Hanzal, Martin (referee)
The main goal of the thesis is the valuation of the company Lidl Czech Republic which is one of the major discount supermarket chain in the Czech Republic. The purpose of the valuation is to independently determine market value of the company at 1. 1. 2015. According to specifics of this market it is used discounted cash flow method, DCF Entity, which is complemented by the alternative method of market comparison. The parts of the thesis are financial and strategic analysis, value drivers and financial plan.
|
guest ::
RSS feed.