Ocenění podniku cyklického odvětví

Abstract

The aim of my graduation thesis is the valuation of cyclical sector company. Thesis focuses on the steel sector, whose progress depends on the business cycle. It was chosen one specific company for valuation – Evraz Vítkovice Steel, a.s., which belongs into the biggest steel producers in the Czech Republic.

Methodical part consists of free cash flow determination and consistent characteristic of methods, which are needed for company valuations. It means income, asset, market and income-asset valuation methods. There are also mentioned active and passive methods of risk valuation.

Practical part of thesis is divided into two chapters. The first chapter includes definition of cyclical sector, analysis of the steel industry, and also the company profile. Description of the steel sector is concentrated on the world steel industry, on the biggest steel producers and on the steel industry in the Czech Republic. This chapter also includes strategic and financial analysis.

Valuation of Evraz Vítkovice Steel, a.s. is carried out in the second chapter of the practical part. This part includes prognosis of the company value generators, financial plan and resultant company valuation by income methods, it means discounted cash flow methods of DCF – Entity, DCF – Equity, EVA and capitalization method.