Ocenění společnosti Třinecké železárny, a. s.

Abstract

The aim of this thesis is the valuation of the copany Třinecké železárny, a. s.to 1 January 2009. This company was founded 170 years ago and belongs to the metallurgical companies with the longest production tradition in the Czech Republic. The value of the company can be determine with plenty of methods. For purposes of this study were chosen yield methods of valuation: discounted cash flow DCF – Equity, which will be applied in two phases, and the capitalized earnings method in its lump version as well as analytical. The work is divided into three basic parts. The first part is devoted to the theoretical principles of valuation as the defining value of the company, the reasons for valuation and description of separate methods. It also describes the process of valuation, including strategic and financial analysis and formulation of the long-term financial plan. The second part includes a brief introduction of the company, then the analysis of macro and micro-environment, and the financial analysis. An important part is creating the financial plan for the period 2009 – 2013, which constitutes an basic element by the valuation of the company with the yield methods. In the third part is practised the valuation of the company with the concrete yield methods and subsequent comparison of results.