Ocenění podniku vybranými výnosovými metodami

Abstract

The aim of this diploma thesis is to determine company Skanska’s equity market value, Inc. as at 1st January 2012 through selected yield methods.. Hence the valuation is undertaken from the owners point of view, DCF – Equity and EVA methods were selected for determining company’s value. DCF Equity as well as EVA are used in their two phases version, while the 1st phase is 4 years (from 2012 to 2015) and the second phase is from 2016 to infinity This diploma thesis is divided into five chapters, while the first one is an introduction and the last one is a conclusion. In the second chapter will be described default theoretical findings about evaluation, this theoretical part is used later as a basis for company valuation. It is about determination of basic concepts, evaluating process, which includes mostly collection of input data, strategic, financial and SWOT analysis and financial plan. Furthermore particular company valuation methods are described in this chapter as well as different attitude to cost of capital and free cash flow determination. Third chapter is focused on description of valuated company – Skanska, Inc. Company profile, production activity and economic situation are described in this part. Part of this chapter is also characteristic of construction branch, in which has Skanska, Inc. its activities and also identification of main competitors. Thereafter SWOT analysis is undertaken on the basis of these details. Fourth chapter is focused on the process of company valuation using the selected methods and their intercomparison. Long term 3 scenario financial plan for years 2012 – 2016 is an integral part of this work.