Ocenění vybrané potravinářské společnosti za rizika

Abstract

The aim of the diploma thesis is to determinate the market value of the company OLMA a.s. under risk on 1st January 2016. A two-stage DCF-Entity method is applied. The calculation is performed under the risk; the purpose of the valuation is the potential future company sale. The diploma thesis is divided into five chapters. The first part is an introduction and last part is conclusion. The second chapter focuses on defining of the basic concepts and assumptions, which are related to determining company value. The fundamental part is especially the definition of the various valuation methods that can be applied to determine company value. Free cash flow and costs of capital calculation are described and models for random variables simulation are presented. The third chapter is focuses on OLMA a.s. description. Particularly, the company's history and data related to the production and sales activities are stated here. In the fourth the valuation of the company under risk by applying a two-stage discounted cash flow method is performed. On the basis of the pyramid decomposition of selected indicators and analysis of deviations the random variable is estimated that is forecasted. Simulation of random variable is the starting point for the determination of the free cash flow. Valuation of the company is performed after determination of the total cost of capital. At the end, sensitivity analysis is employed.