Ověření odhadu hodnoty vybrané společnosti pomocí metod diskontovaných cash-flow a ekonomické přidané hodnoty

Abstract

The aim of this thesis is to verify the estimation of the value of the company using discounted cash flow (DCF) and economic value added (EVA) methods on an entity basis. Using a one-step method with infinite and finite firm life and a two-step method, it is mathematically proven that both methods must lead to the same result under the same assumptions (explicit and implicit). The thesis is divided into a theoretical and a practical part. The theoretical part of the thesis is focused on the analysis of professional literature sources that deal with the nature and purpose of estimating the value of a company, categories of value, the procedure for valuing a company, the valuation methodology and the determination of the cost of capital. The practical part of the thesis is first devoted to the strategic and financial analysis of the company. Then, the verification of the value estimate of the selected company is carried out, in which the financial plan is drawn up, the cost of capital is determined, and then the verification of the company's value estimate on the one-step method with finite and infinite life and the two-step method. In the practical part, the evaluation of the calculated values of the company for the one-phase and two-phase methods is carried out and a sensitivity analysis is performed for the WACC and IR parameter.