Ocenění společnosti Hanácká kyselka, s. r. o.

Abstract

The aim of this thesis was to award Hanácká kyselka, s. r. o. for the purposes of owners to date, 1. 1. 2009 using selected methods. Valuation was carried out by methods yield DCF - Equity and capitalized profits method in flat and the analytical standard version. The thesis is divided into three parts. The first part was given to the methodology of business valuation, which was set out basic theoretical basis for valuation, including the procedures to be performed before the actual award. Included are also possible methods of determining cost of capital and describes various methods used to determine the value of the company. The second part was focused on the characteristics of Hanácká kyselka, s. r. o. and was conducted sector and financial analysis, based on the financial statements of the company from 2004 - 2008. Subsequently, long-term financial plan for the years 2009 to 2013 was proposed and estimated costs of capital market CAPM model and INFA model, which is based on accounting data. Equity valuation was carried out by two-phase DCF - Equity and capitalized profits method. There are obvious differences in the results according to the method employed. DCF - Equity based on an estimate of future free cash flows, while the standard method for capitalized profits is based on analysis of past results and their prediction into the future and the analytical method based on capitalized profits forecasts of future operating results. Calculated values of equity were always lower regardless of the method applied than the book value of equity taken from the company's balance sheet. The result is that the accounting equity value is overvalued.