Stanovení rizikové prémie diskontní sazby v podmínkách těžebního podniku.

Abstract

The doctoral thesis “Estimating the risk premium of the discount rate in terms of a mining company“ deals with the issues of estimating the value of the discount rate of a mining company considering its current risk profile from the perspective of the investor and the shareholder. The risk profile of the company is defined as the risk premium of the discount rate which is fixed together with the discount rate in the thesis. The theoretical part of the thesis searches for common bases of economic disciplines of the project and the investment managements, the risk management and the business valuation, which provided appropriate bases for the application of procedures to solve the topic of the thesis. In the practical part the risk premium of the discount rate is estimated with the aid of the “Capital Asset Pricing Model” CAPM and consequently with the help of the “Modified Comprehensive Build-Up Method” MKSM in terms of business of the mining group New World Resources which also owns the domestic coal company OKD, a.s. The practical part is divided into two parts. The first part deals with the estimating the value of the cost of equity re by means of the CAMP assuming that the company issues publicly traded shares on the capital market without any option. Applying the CAMP, problems, which originated in the current situation of an excessive volatility of share prices, which limits the CAMP application using market data, are also solved. The second part of the practical part deals with the issues of the cost of equity and the discount rate in case that the company does not issue publicly traded shares on the capital market. The solution is the application of Build-up methods. Specifically the MKSM was proposed and applied. The conclusion is focused on the comparison of the value of the cost of equity using the CAMP and MKSM methods and estimating the risk premium of the discount rate and the actual discount rate for the mining group NWR by means of the “Weighted Average Cost of Capital” WACC.