Posouzení vlivu reorganizace na ocenění společnosti MSV Metal Studénka, a.s.

Abstract

The aim of this thesis is to assess the impact of reorganization on the valuation of MSV Metal Studénka, a.s. The valuation before and after the reorganization is performed as of January 1, 2012, to ensure adequate comparability. The paper is divided into five chapters. The first, introductory chapter is followed by a chapter which deals with the valuation methodology applied, as well as business valuation in general and its respective procedures. The third chapter contains a brief description of MSV Metal Studénka, a.s., including the principal information about the company, its history and market position. In the fourth chapter, the impact of the company’s reorganization on its valuation is assessed, complete with a statistical analysis, financial analysis as well as a SWOT analysis. In the chapter, the company’s assets are divided into operationally essential and non-essential. In addition, value drivers are identified, a financial plan is developed and the business valuation is conducted. The valuation of the enterprise before its reorganization is conducted using the substance method whereas after its reorganization, the discounted cash flow (DCF), the economic value added (EVA), the income capitalization method and the combined method are used, and finally the overall impact of the reorganization is assessed. The fifth chapter provides the summary of the research. The company’s financial statements and tables containing relevant calculations are attached as appendices.