Stanovení hodnoty podniku působícího ve zpracovatelském průmyslu

Abstract

The objective of this thesis is to determine the value of a company operating in the manufacturing industry, specifically a manufacturer of air handling units with heat recovery, as of the valuation date of December 31, 2023. Prior to the valuation itself, a comprehensive assessment of the company was conducted, including an analysis of the macroenvironment using PESTLE analysis, a vertical-horizontal analysis of financial statements for the period 2019–2023, and a DuPont decomposition of return on equity, including a comparison with the industry average. The company's financial health was verified using four synthetic models, namely the Altman model, the IN05 index, the Taffler model, and the index of creditworthiness, which confirmed the company's creditworthiness and the fulfillment of the going concern assumption in all years under review. Economic value added was determined according to the INFA build-up model of the Ministry of Industry and Trade of the Czech Republic. The valuation itself was performed using three methodologically distinct approaches: the book value of equity method, the capitalized extraordinary net income method, and the discounted cash flow method using the DCF Entity variant. The resulting estimated value of the company as of the valuation date ranges from approximately CZK 1.26 billion to CZK 1.42 billion, with the close alignment of the two income-oriented methods confirming the reliability of the valuation.