Zhodnocení ekonomických činností v České republice dle odhadu a analýzy hodnotových multiplikátorů

Abstract

The aim of this diploma thesis is to estimate and analyze selected value multiplier of individual branches in the Czech Republic using the parametric model (key value driver formula) for estimating the value of assets. In the methodological and theoretical part, the asset valuation process, including the market value estimation methodology, is described in detail using a parametric formula based on discounted cash flows. Further, there are described the various branches of the Czech Republic including input parameters.In the application-verification part, value multipliers are estimated for individual branches of the Czech Republic based on the financial plans developed. For a deeper analysis of estimated multipliers by the methods for the influences quantification, the designed pyramidal decomposition is applied. Subsequently, the general sensitivity relations of the selected variables (return on invested capital, ∆ROC, value ΔV and relative value (value multiplier) ΔV / EBIT (1-tr)) are derived and applied to change the operating cost factor, sales and rate of growth of EBIT. Finally, it is solved under what conditions a given factor (T) has a greater influence on the chosen quantity than the factor (g). The result of this diploma thesis is therefore estimated value multipliers for individual branches of the Czech Republic, which can be widely used in practice when estimating company values according to comparative methods. Furthermore, it was determined by the methods for the influences quantification that, for example, in the Czech industry, the positive impact of the value multiplier of Sections B, C and E had the time aspect of revenue. The greatest negative impact on the development of the value multiplier, Sections B and E, had the performance aspect of revenue. It has also been shown and analytically derived that the selected factors (T) and (g) act differently (with different sensitivity in comparison) for different levels of relative change. These relationships can help with strategic management and a better understanding of value creation under given conditions.