This master’s thesis contains performance evaluation of Profidebt company using financial analysis indicators from years 2006-2012, further SWOT analysis is performed together with statistical analysis of economic ratios with next term’s prognosis. In the first part, theoretical basis is explained and it is applied on the company in the second part of thesis. In the end, quantified results from the analysis are evaluated and proposals are devised.

[pt] O custo de capital de uma empresa representa as expectativas mínimas de remuneração das diversas fontes de financiamento tomadas e para as empresas brasileiras esse custo é consideravelmente mais elevado que em mercados mais consolidados, como é o caso dos Estados Unidos. Este fato decorre das diversas dificuldades estruturais enfrentadas pelos gestores e pelas próprias características do incipiente mercado de capitais brasileiro. Com o intuito de analisar a criação, ou eventual destruição de valor das empresas brasileiras listadas, este estudo realiza uma análise comparativa entre os valores de mercado calculados por metodologia padrão com os preços apresentados no mercado acionário multiplicados pelas respectivas quantidades de ações, valor último este considerado por diversos autores como defasado. Utilizando dados do Sistema Economática, uma base de dados brasileira que apresenta informações contábeis e operacionais de todas as empresas listadas no país, os cálculos foram realizados e a análise da criação ou destruição de valor das empresas foi verificada para o período compreendido entre 2008 e 2015, sendo por último comparado com os valores apresentados no mercado acionário. / [en] The cost of capital of a company representes the minimum expectations of remuneration of the diverse sources of financing taken and for Brazilian companies this cost is considerably higher than in more consolidated markets, as is the case of United States. The fact stems from the various structural difficulties faced by the managers and by characteristics of the incipient Brazilian capital market. In order to analyze the creation or eventual destruction of value of listed Brazilian companies, this study performs a comparative analysis between the market values calculated by standard methodology with the prices presented in the stock market multiplied by the respective quantity of shares, considered by several authors as outdated. Using data from Economática, a Brazilian database that presents accounting and operational information of all the companies listed in the country, the calculations were performed and the analysis of the creation or destruction of companies value was verified for the period between 2008 and 2015, being compared with the values presented in the stock market.

Cette thèse de doctorat s’intéresse fondamentalement au traitement de la question suivante : quelle forme d’association entre les données comptables et les valeurs de marché subsiste dans le contexte de forte volatilité et de haut risque propre aux marchés émergents ? Pour atteindre ce but, deux modèles ont été utilisés dans ce travail : le modèle d’évaluation par les résultats résiduels (ou residual income model R.I.M) et celui de l’évaluation par la croissance anormale des résultats (ou abnormal earnings growth A.E.G).Dans cette étude, un modèle de type R.I.M. est développé avec des hypothèses particulières concernant la capacité de l’entreprise à créer de la valeur et ses implications ont été testées empiriquement sur un échantillon comprenant des entreprises provenant d’Amérique du Nord, d’autres pays développés et d’un ensemble de pays émergents sur la période2000-2007. Les résultats obtenus soulignent que le degré d’association entre les valeurs comptables et les valeurs de marché dépend du stade de croissance et des modes de financement utilisés par les firmes. Si les indicateurs comptables de croissance et d’endettement apportent une information complémentaire significative dans les pays développés, leur contribution est très modeste dans le cas des pays émergents.Le développement d’un modèle d’évaluation de type AEG (initialement proposé par Ohlson & Juettner-Nauroth), incluant une modélisation de l’évolution des rentes attendues compatible avec des conditions de concurrence pure et parfaite nous permet de proposer une relation testable entre la valeur de marché d’une action, le résultat net par action attendu dans un an,son taux de croissance à court terme et un ensemble de variables comptables composant un indicateur synthétique de croissance de l’entreprise. Nos résultats montrent (1) que l’accroissement attendu du bénéfice par action est associé significativement au cours boursier (surtout pour les pays développés), (2) mais que, comme le suggère notre modèle, la persistance de ses effets est limitée (surtout pour les pays émergents), (3) que lorsque la dynamique de la croissance est plus complexe, l’inclusion d’une variable synthétique apporte un terme correctif significatif (4) et enfin que le coût du capital implicite est sensiblement plus élevé pour les pays émergents que pour les pays développés / This dissertation on emerging markets is driven by one fundamental question, i.e., is there any association between accounting data and market values in high risk and volatile emerging markets. To this end, two models, residual incomevaluation (R.I.M) and abnormal earnings growth (A.E.G), have been explored in this work.In the first study, a model of type Residual Income Valuation is developed and its implications are empirically tested on sample consisting of American companies, developed countries apart from USA and emerging countries over the period2000-2007. The results show that in most of countries studied, the association between the book value and market value ofequity significantly depends on the stage of growth and the method of financing characterizing the company.The development of a valuation model of type Abnormal Earnings Growth Model ( by Ohlson & Juettner-Nauroth),including modeling of evolution of expected relationship between market value of a share, expected earnings per share in ayear, its rate of growth in short-term and a set of accounting variable composing a synthetic indicator of growth of company,is studied in the second research work of this dissertation. Our results show that (1) expected increase in earnings per shareare significantly associated with stock prices ( especially for developed countries), (2) but, as suggested by our model, the persistence of its effects is limited ( especially for emerging countries), (3) when the dynamics of growth are more complex,inclusion of a synthetic variable can make a significant correction term (4) and finally the implied cost of capital issignificantly higher for emerging countries than for developed countries

The aim of this thesis is to determine the value of the company Technicky skusobny ustav based in Piešťany. The first part of the work deals with the theoretical basis for the evaluation of the company, there are described the reasons why to evaluate companies, and further process to apply for the valuation. The following is a description of selected parts of the strategic and financial analysis, financial plan and evaluation methods. Furthermore, there will be presented the chosen company and subsequently evaluated according to methods in the theoretical part. For determining the value of the company there were used discounted free cash flow method and economic value added method. In the conclusion specific evaluation methods are applied and statement stated about the value of the company dated to 31.12.2015.

The master's thesis focuses on retail company Koruna, s. r. o. valuation by using income-based methods of discounted cash flows of an entity and economic value added. The thesis is divided into two main parts. The first part defines the theoretical basis of the thesis and the second part deals with the practical application of knowledge to the specific company. The practical part contains strategic and financial analysis and application of income-based methods which leads to the determination of the company's value to the 1. 1. 2016.

This thesis deals with the evaluation of the financial situation of the business entity ALVIK, družstvo in the years 2016-2018. By using selected methods of financial analysis and strategic analysis, the current state of the business entity is evaluated. Based on the results of these analyses, a recommendation supporting the further development of the company is proposed.

Master´s thesis deals with the determination of the value of the company Českomoravský cement, a.s. The theoretical part defines concepts and definitions that are subsequently used in the analytical part of the thesis. There is also strategic analysis, financial analysis, financial plan, discount rate estimation and subsequent value of the company as an analytical part.

The diploma thesis is focused on the issue of the capital structure of a selected company and the possibilities of affecting it from company’s perspective. The basic concepts related to the capital structure, the issue of optimizing the capital structure, the factors that affect the capital structure and the financial performance of the company are explained. Furthermore, the work deals with a proposal of ways or sources, by which the company could optimize its capital structure in order to streamline its business.

This thesis contains business valuation of company CHEMOSVIT ENVIRONCHEM, a.s. based on income approach. The first part discusses theoretical concepts and methods of valuation. The second part includes strategic, financial and SWOT analysis, financial plan and income based discounted cash flow valuation. In conclusion, the valuation statement as at 31.4.2011 is reported.

The diploma thesis occupies with the evaluation of financial health of the company Východočeská plynárenská, a. s. by traditional and less famous methods of financial analysis. It presents suggestions to improvement the company´s financial situation on the basis of financial analysis´s results. Contains a recommendation to use the concept of economic value added as complex tool for evaluation of financial situation.