Stanovení hodnoty zemědělského družstva

Abstract

This thesis deals with the determination of the value of Beta Agricultural Cooperative. The first part describes the theoretical background of financial analysis and valuation of the company. Subsequently, the analysed enterprise and the activities it is engaged in are presented. In the practical part, the current situation in the agricultural sector is briefly described and an external PESTLE analysis is performed. Furthermore, a financial analysis is carried out, using ratios and bankruptcy models. Determination of the value of the cooperative under study was done using the book value of equity method, net profit capitalization method and also the weighted average net profit capitalization method. Finally, the SWOT analysis summarizes the strengths and weaknesses as well as opportunities and threats. It was found that the key factors affecting the company include unstable policy decisions as well as the rapid increase in input prices. The financial analysis also reveals that the enterprise has been reducing its indebtedness during the period under review and on the other hand all types of profitability have been increasing. The return on equity exceeded the interest rate on government bonds throughout the period. Very favourable values were achieved in the Taffler and Springate models, and also in the IN95 model. It is very positive that the resulting value of the company, as determined by the weighted average net profit capitalisation method, is well above the book value of equity, indicating good management and existing goodwill. The entire practical part is supplemented by a number of graphs and tables. Finally, a summary of the results is made and some possible measures are suggested. It was found that the analyzed Beta Agricultural Cooperative is a modern enterprise, which has good prerequisites for further development thanks to very favourable financial indicators.