Zhodnocení a srovnání finanční výkonnosti vybraného podniku a relevantního odvětví

Abstract

The aim of the diploma thesis is evaluation and comparison of financial performance of the selected company and relevant sector. Prediction of financial performance is derived from the estimated mean-reversion stochastic processes of partial financial indicators using Monte Carlo simulation in term of two years. The work is divided, plus an introduction and conclusion, into three main chapters. The second chapter presents the theoretical part of the work, it consists of two main parts and it is the basis for the third and the fourth, practical chapters. The first part of the theoretical chapter is devoted to the characterization of economic value added, determination the cost of equity, to the issue of decomposition of synthetic indicators and characterization of cash flow return on investment. In the second part of theoretical chapter the method of prediction of economic value added and cash flow return on investment are described and there is also explained the procedure of simulation of partial financial indicators using stochastic processes. Furthermore a methodology of aplication the Monte Carlo simulation technique is presented here for generating random experiments, including Cholesky algorithm. In the third, practical chapter, the company is introduced and there is analysed the financial performance of the company using EVA and CFROI. There are costs of equity calculated using the modular method and the economic value added is quantified based on narrowed range of values. There is also made a pyramid decomposition of economic value addend and cash flow return on investment using functional method and comparation of the company and the industry in which it operates. The fourth, also practical chapter is focused on the verification of the possibility of prediction of EVA and CFROI, which is derived from from the estimated stochastic processes of partial financial indicators using Monte Carlo simulation in term of two years.