Ocenění společnosti v odvětví stavebnictví

Abstract

Title: Valuation of the company in building sector Author: Bc. Jana Odstrčilová

Business Valuation is an important part of the financial management company. The value of the company is an important factor in long-term strategic decisions of company management. For correct valuation is appropriate to use a combination of different methods of valuation. The objective of thesis was to valuate company POZIMOS a. s. by selected yield methods. Valuation was made on the 1st of January 2009. The reason for this valuation was to find out the company's market value for the owner the company. The thesis is divided into 3 main chapters. The first part of the thesis contains a theoretical solution of the fundamental process and valuation methods. In the second section was introduced company POZIMOS, a. s., its history and current profile. There was an analysis absolute indicators of the Balance Sheet, the Profit and Loss Statement and Cash Flow Statement. To evaluation the economic and financial situation was carried out financial analysis of the company. The calculation was focused on ratios of profitability, activity, debt and liquidity. At the same time financial situation was evaluated by predictive models. In the last part of the thesis, the actual valuation of equity was done by selected yield methods. As the first was proposed long-term financial plan for the years 2009 to 2013. Next costs of equity and free cash flow for owners were calculated. The costs of equity were set by market model CAPM and by model INFA. The valuation was calculated by the DCF-method and capitalized profits. In the case of sale POZIMOS, a.s. selling price would be between 17 114 thousand CZK (is the book value of equity) and amount of 78 770 thousand CZK (calculated by the analytical method of capitalized profits).