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Appraisal of company Třinecké železárny, a.s.
Matyásko, Michal ; Scholleová, Hana (advisor) ; Hřebík, Tomáš (referee)
In my graduation theses I deal with determining value of Třinecké železárny, a.s. by means of method DCF with use of FCFF and method EVA. This thesis contains strategic (analysis of a business environment and SWOT analysis) and financial analysis which presenting the base for creating the financial plan. Afterwards we can use this instrument for calculating cash flow and economic value added which are essential to valuating process.
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Company analysis and valuation
Škorvan, Martin ; Kislingerová, Eva (advisor) ; Scholleová, Hana (referee)
The diploma thesis focuses on the analysis of a business group. The aim of the paper is to assess the ability of ČEZ a.s. company to increase shareholders value and the ability to sustain the growth in the future. The paper includes strategic analysis, financial performance analysis and valuation of ČEZ a.s. company, which is the parent company of ČEZ business group. The strategic analysis includes PEST analysis, industry analysis, SWOT analysis and market analysis. The financial analysis includes horizontal and vertical analysis of consolidated financial statements, ratio analysis, and calculation of value indicators based on economic value added. ČEZ a.s. company was valuated using free cash flow to the firm method, economic value added method and using market multiplies. Value of the company is estimated as of 1/1/2008. The value estimated is 769 bn Kč.
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Valuation of the Vodafone Czech Republic a.s.
Fejfarová, Petra ; Heřman, Jan (advisor) ; Zeman, Karel (referee)
This thesis is concerned with valuation of a firm. The Theoretic part contains a brief description of the valuation methods most commonly used at the present time and a procedure of valuation. The main part of the thesis focuses on application of yield pricing methods. The object of this thesis is to find out a value of Vodafone Czech Republic a.s. company by using Price-Earnings and Discounted Cash Flow methods. Macro and micro analysis together with financial analysis and financial plan create a good base for valuation. Finally, the work compares results derived from these methods and it assesses its suitability.
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Guarantee Valuation
Hora, Ondřej ; Marek, Petr (advisor) ; Brabenec, Tomáš (referee)
Thesis on topic "Guarantee Valuation" aims to describe methods of valuing a guarantee. In first part of the document the guarantees, guarantee transaction structure and factors affecting the value of guarantees are defined. The second part describes four methods of guarantee valuation. In the last practical part, selected methods are used to estimate the value of a hypothetic guarantee. Emphasis is also put on the related topics as tax impacts of guarantees and special situations. Rating methodologies are used to estimate the risk of the borrower.
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Business valuation - DUPI obchodní spol. s r. o.
Trpáková, Olga ; Jurečka, Jan (advisor) ; Svobodný, František (referee)
The aim of the diploma paper is to find out the objectified value of the DUPI company (to the date of the valuation). I tried to specify the future of the company by the means of financial analysis, strategic analysis, analysis and realistic prognoze of generators leading into complex financial plan. The presumption of limited lifetime supported the choice of amortization value as the main value method. After preliminary estimation of maximum presence period on the market and generating of net incomes it was possible to estimate the liquidation of the company in 2009 when amortization and objectified values represents 13, 370, 000 CZK. The content and resumes will only be used for internal use of the company and the present owners to realize the final steps.
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Business Valuation
Kvak, Michal ; Mařík, Miloš (advisor) ; Hejduková, Markéta (referee)
This diploma thesis is focused on practical use of know how acquired by studying Business Valuationon at VSE Praha. The thesis is based on procedures adopted mainly from book of prof. Mařík. The purpose of work was to valuate core business of the company Ferona a.s. as the sum of values of individual campanies of the group by DCF method and market comparison approach.
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Financial Derivatives Valuation
Bažant, Petr ; Málek, Jiří (advisor) ; Witzany, Jiří (referee)
Financial derivatives have been constituting one of the most dynamic fields in the mathematical finance. The main task is represented by the valuation or pricing of these instruments. This theses deals with standard models and their limits, tries to explore advanced methods of continuous martingale measures and on their bases proposes numerical methods applicable to derivatives valuation. Some procedures leading to elimination of certain simplifying assumptions are presented as well.
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Principy a nástrahy terminální hodnoty v DCF
Dvořák, Antonín ; Kislingerová, Eva (advisor) ; Hnilica, Jiří (referee)
The thesis deals with the topic of terminal value assessment in DCF models. Examining ten different techniques, the parameters behind, and the possible perils, its aim is to formulate the best practice for terminal value estimation. Afterwards, eleven of real business valuations are analyzed with the previously formulated best practice serving as a benchmark. Where possible, the impact of departures from the best practice on the estimated business value is quantified. The analysis confirms the hypothesis that practical terminal value assessments often diverge substantially from the best practice, which has a material impact on the resulting business value estimate.
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