Ocenění podniku Technické služby Uničov s.r.o.

Abstract

The goal of this thesis is to evaluate company Technicke služby s.r.o. to the 01/01/2017. The importance of business valuation is growing every year with the increasing trend of globalization, market competition and with the increasing numbers of company fusions and acquisitions. This thesis is divided into five chapters. The first chapter is an introduction and the last chapter is a conclusion where the achieved results are summarized. The second chapter describes the theory of business valuation. This chapter shortly defines a company, approaches to its valuation and value categories. The theory of financial analysis, procedure of financial plan creation and the division of business assets into needed and not needed for running of the company are described afterwards. The process of costs of capital estimation is also described in this chapter together with the very methods of business valuation. In the third chapter the company Technicke služby s.r.o is described and the financial analysis is performed. The conclusion of this analysis is that the debts of this company are minimal and that the company is very liquid. From the complex models of financial level valuation it seems that the company is in a good financial situation and not endangered by bankruptcy in the near future. The financial ratios which were created especially for municipal company are also analyzed. The business assets of this company are categorized in the fourth chapter. Only the short term financial property is categorized. The chapter continues with the determination of costs of equity according to the CAPM and modular model. Then follows the valuation itself by means of capitalization of earnings method and three variants are proposed. The first variant works with the cost of equity according to the CAPM model, the second variant works with the cost of equity according to the modular model and in the third one the cost of equity are determined with the consideration of municipal company differences. After the comparison of the results the third variant fits the best and in this case the value of the company is 31 440 710 Kč. The second method of valuation is asset-based valuation. The result of this method is the price of building the same company by 01/01/2017. With this method the value of the company is 25 927 776 Kč. The difference between two methods, which are used is 5 512 934 Kč which could be the value of good relations with the company’s biggest customer – the Unicov town.