Ocenění společnosti Letiště Ostrava, a. s.

Abstract

The aim of the thesis is to determine the equity of Ostrava Airport, as 1.1.2010, using a two-stage DCF method and the Equity-method earnings capitalized version in flat and analytical. Awards such as the possible future sale of the company is performed based on subjective valuation. The work is divided into five parts. The first chapter consists of introduction. Subsequently, second chapter is devoted to the valuation methodology. In individual subchapters this group are approximated basic concepts and procedures for valuation of equity society. The chapter also deals with the theoretical basis for financial analysis, structural analysis and build long-term financial plan. Attention will also be paid explanation of each method awards, including the determination of free cash flows and modem to calculate the cost of capital. In the third chapter will be primarily introduced by airport Ostrava. In this part of the work will be applied to the data analysis selected, namely structural and financial analysis. Financial analysis includes horizontal and vertical analysis and analysis ratios, especially in the areas of financial stability, debt, profitability, liquidity and activity. At the end of the chapter is designed long-term financial plan for the term 2010 to 2014. When proposing a financial plan, statements of the Company for the years 2006 to 2009th are used. The fourth part deals with the actual valuation of the equity of the company. To calculate value of the equity method is used the DCF method and the Equity-capitalized clean profits in the flat and variant analysis. The result of the subsequent chapters and comparison evaluation results of selected methods for calculating the equity value, including process sensitivity analysis. Conclusion the thesis is included in the final fifth chapter which includes a summary and overall evaluation of the selected company.