Zhodnocení potenciálního synergického efektu dvou leteckých společností s ohledem na dopad koronavirové krize

Abstract

Observed synergy effect occurs in the case of acquisition or merger of two companies. It can most often be reflected in higher sales, lower costs or lower costs of capital. In this work, the synergy effects resulting from higher sales and cost savings in the case of the merger of two airlines, which were severely affected by the coronavirus pandemic in 2020, were monitored. It is thus monitored whether a possible merger would help these companies to cope with the situation. The aim of the diploma thesis was to determine the possible values of synergy effects after the merger of two airlines for risks and to determine the impact of changes in fixed costs and sales on the synergy effect and the value of equity. The DCF-Equity method was used to value the company, which determines the total value of the company's equity. A regression model was used to estimate future sales. The random variable in the Monte Carlo simulation was determined according to the Geometric Brownian motion. Data from two airlines, Omega Air Lines and Random Airlines, were calculated. The following results were achieved in the practical part of this work. A one percent change in sales resulted in an average of more than two percent change in the average value of equity. For a one percent change in fixed costs, the average value of equity will increase by 6%.