Zhodnocení efektivnosti reálné investice v sektoru nemovitostí

Abstract

The Bachelor´s Thesis aims to assess the effectiveness of a real investment plan applying dynamic criteria that shall be divided into two operational stages. The first stage outlines several alternatives of indebtedness with a number of follow-up scenarios in the second stage. The Thesis consists of a practical and theoretical part. The theoretical part deals with investments, investment decision-making and investment plans financing sources. This section also defines real-estate investments and describes selected evaluation parameters of investments plans – static and dynamic criteria of investment projects evaluation, sensitivity analysis and break-even point analysis. The practical part divides the investment into two operational stages. The first stage, which lasts for the period of ten years, considers various options of indebtedness – unencumbered investment, partially, fully and optimally indebted investment – these provide the basis for calculations of the second operational stage of the investment which is time-undetermined. The second stage outlines three different investment follow-up scenarios – optimistic, expected and pessimistic. Each scenario comes with effectiveness evaluation using selected evaluation criteria –sensitivity analysis, net current value indicators and break-even point analysis. The Thesis conclusion summarizes and evaluates the observed result, which shows that whether a company chooses in the first operational stage, any option of indebtedness investments will always be profitable. For the second operational stage, no matter that occurs any of the scenarios outlined, investments will be profitable again, and should therefore be realized.