Ocenění výrobního podniku za rizika

Abstract

The aim of this diploma thesis is an evaluation of equity of company Sklárny Moravia, a.s. under risk on the date of January 1st of 2016. Evaluation is made with equity version of two-stage discounted cash flow method. The theoretical part describes methods of valuation of companies and procedures to be arranged before the particular valuation such as determination of free cash flow, the cost of capital and using methods for the simulation of random variables. In the application part of the thesis the evaluation of company is being characterized and its current economic situation is described using the financial analysis. Subsequently, are estimated the input parameters and company is evaluated in two variants of predicting sales. Following this there is a sensitivity analysis performed which examines how the resulting probability distribution of the company equity’s values will differ if predicting sales and the cost of capital are changing. The comparision of results is worked out at the end of the application part.