Modelování hodnoty firmy pomocí dvoufázové metody DCF s parametrickým vyjádřením peněžních toků

Abstract

This diploma thesis is divided into two main parts. The theoretical part focuses on DCF methodology and the key value driver formula, which is described in detail, including its relation to value drivers. Selected functions used in order to model growth or return on invested capital in the first stage of valuation are presented at the end of the theoretical part. The practical part contains the derivation of the formulas of selected elementary functions. Furthermore, it introduces a model with functional development of the growth of Free Cash Flow. Selected functions are utilised for the modelling of the growth of the FCF in the first stage. Other models use the parametric estimation of the FCF. These models are distinguished by different initial conditions and derived formulas of chosen functions are also applied for modelling the growth and return on invested capital. All models are applied on an illustrative example and in the framework of the sensitivity analysis, the individual variants of each model are compared.