Ekonomické hodnocení efektivnosti reálné investice

Abstract

The objective of this diploma thesis is economic valuation of the real investment efficiency. In the theoretical part of the diploma thesis, the methodology of an investment decision, the analysis of sensitivity in order to determine risk factors and a post-audit of an investment project are described. Secondly, the theoretical part is focused on outlining the characteristics of a company, its investment and its valuation using the dynamic criteria. Finally, a comparison of different variants of financing an investment is discussed and a recommendation as to which of these variants should be selected is given. Further, a post-investment audit is included, quantifying the absolute and relative deviations and considering the impact of individual indicators on the resultant current net value of the investment. On the basis of valuation of individual variants of financing it appears more effective to use financial leasing in order to finance the investment. In fact, this is the method used by the company itself. The results of a single-factor analysis of sensitivity imply that the current net value of the project shows the highest sensitivity to revenues and costs. By applying a post-audit it was ascertained that the deviation of the current net value reached negative values, therefore the real net present value (NPV) is lower than the planned NPV. The real NPV of the project did not reach positive values, therefore the invested capital will not be returned to the company, if the future does not hold a prospect of a more positive development.