Posouzení vlivu metod stanovení nákladů na kapitál při ocenění podniku

Abstract

The thesis deals with the methods of determining the cost of capital, which plays an important role in the valuation of a company. Thus, this thesis aims to assess the impact of these cost of capital methods in business valuation. The selected methods are the capital asset pricing market model (CAPM), the three-factor Fama-French model, and the modular model based on accounting data. The impact of these models on the total value of the valued enterprise will be assessed on a specific valuation in Czech conditions. The selected entity for valuation is Philip Morris ČR a.s., which is valued using the discounted cash flow (DCF Entity) income method as of 31.12.2020. The results found showed that the influence of the methods used plays a significant role in the valuation process.