Ocenění podniku vybranými metodami

Abstract

The aim of the thesis is to determine the market value of equity ArcelorMittal Technotron on 1st January 2011 using selected methods. Valuation has been made for owners’ purposes on the basis of a two-stage method discounted cash flow DCF - Equity and method of capitalization of earnings in lump and analytical variation. The thesis is divided into four parts. The first part is devoted to the description of methods for company valuation. First, definition of enterprise is given, and then what are the reasons for the valuation of the company and what company values can be distinguished. Further, the procedure for valuation is given and followed by a description of selected valuation methods, including the determination of free cash flow and costs of capital. The second part is focused on the description of ArcelorMittal Technotron, analysis and description of the sector in which the firm operates, is made. A part of this chapter is long-term financial plan proposal in three versions, including assessment by selected indicators of financial analysis. In the third chapter, the costs of equity and value of equity are determined by applying selected methods for all versions of financial plan. In the last part, resulting values of equity are evaluated and compared and finally sensitivity analysis is performed.