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The Discaunt Rate for the Determination of the Market Value of an Enterprise
Prodělal, František ; Mařík, Miloš (referee) ; Marková, Leonora (referee) ; Korytárová, Jana (advisor)
The work is focussed on the determination of capital structure in its market values, determination of the cost of non-own capital, and determination of the cost of equity, primarily by using the CAPM method. In terms of the CAPM procedure the work deals with the main parameters required by the method, such as risk-free yield rate, risk market premium, and beta coefficient. Furthermore, attention is given to modifications resulting from the inaccuracies of the CAPM method to make the method correspond as much as possible with the actual yield and risk of shares historically achieved at the capital market, and likewise to modifications needed when applying the CAPM method to the valuation of Czech businesses. The recommended procedure of determining the market discount rate for the valuation of an enterprise is applied on an example. Data obtained from the capital market of the Czech Republic are used to calculate the risk premium of the Czech capital market and beta coefficient of selected ten shares out of the Czech capital market, giving an assessment of the possibility of using the data obtained from the Czech capital market for the valuation of businesses incorporated in the Czech Republic.
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The development of risk free rate in economic context
Diviš, Petr ; Bič, Josef (advisor) ; Šaroch, Stanislav (referee)
This diploma thesis handles with risk free rate development in economic context. The aim of this diploma thesis is based particularly on the analysis of development risk free rate on chosen real estate markets. Other words spoken, the diploma thesis tries to discover connection between real estate markets through their yields and longterm risk free rate development. For better explicitness I have chosen four real estate markets: residential, office, retail and logistics market.
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The Discaunt Rate for the Determination of the Market Value of an Enterprise
Prodělal, František ; Mařík, Miloš (referee) ; Marková, Leonora (referee) ; Korytárová, Jana (advisor)
The work is focussed on the determination of capital structure in its market values, determination of the cost of non-own capital, and determination of the cost of equity, primarily by using the CAPM method. In terms of the CAPM procedure the work deals with the main parameters required by the method, such as risk-free yield rate, risk market premium, and beta coefficient. Furthermore, attention is given to modifications resulting from the inaccuracies of the CAPM method to make the method correspond as much as possible with the actual yield and risk of shares historically achieved at the capital market, and likewise to modifications needed when applying the CAPM method to the valuation of Czech businesses. The recommended procedure of determining the market discount rate for the valuation of an enterprise is applied on an example. Data obtained from the capital market of the Czech Republic are used to calculate the risk premium of the Czech capital market and beta coefficient of selected ten shares out of the Czech capital market, giving an assessment of the possibility of using the data obtained from the Czech capital market for the valuation of businesses incorporated in the Czech Republic.
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Variants of determining the risk free rate in the business valuation
Havrdová, Petra ; Rýdlová, Barbora (advisor) ; Dvořák, Michal (referee)
Thesis Variants of determining the risk free rate in the business valuation is dedicated to the issue of estimating risk free rate for the calculation of the discount rate. The objective of this work is to demonstrate the influence of methods to estimate the risk free rate to business valuation based on the example of a selected company valuation. The first part is dedicated to the cost of equity, cost of debt and weighted average cost of capital. Next chapter focuses on the definition of risk-free interest rate and rating as an indicator of credit risk. The thesis also deals with theoretical methods for estimating the risk-free interest rate and their practical application. Values calculated on the basis of theoretical approaches are then applied in the calculation of the discount rate to calculate the present value of the cash flows of company.
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