A concessão de crédito a empresas que participam do mercado consiste na entrega de um ativo em determinado momento, com a promessa de pagamento deste bem ou direito em data futura. Tal situação se configura como um evento incerto, pois existe a possibilidade de que tal obrigação não seja honrada pela promitente compradora, originando desta forma, o risco de crédito. Cabe à parte concessora do ativo que origina o risco de crédito, verificar a capacidade de seu cliente em cumprir o compromisso futuro assumido, analisando as variáveis que sugerem o sucesso da operação de crédito. As empresas que se encontram em fase de implantação caracterizam-se não somente pela ausência de histórico das variáveis acima, como também pelo aumento considerável do risco de continuidade. Tal situação é comprovada por pesquisas realizadas em empresas com até cinco anos de atuação. A impossibilidade na mensuração da capacidade de crédito proporcionada por este cenário, ocasiona severa restrição creditícia às empresas novas, principalmente ao crédito de longo prazo, imprescindível nesta fase de investimentos. Entretanto, esta restrição não se verifica em empresas de franquia, cujo empreendedor tem o privilégio de iniciar seu negócio com linhas de crédito de investimentos já prontas no mercado com esta finalidade. Este estudo objetiva identificar quais as características presentes em empresas franqueadas que permitem a concessão de crédito segura na fase de implantação por parte das instituições financeiras e se tais características podem discriminar variáveis que são determinantes no sucesso da franqueada proponente ao crédito bancário. A aplicação de análise fatorial em banco de dados com empresas de franquia permitiu identificar com sucesso um grupo de sete principais variáveis principais, que serviram de base a um modelo de regressão logística e análise discriminante. O modelo de regressão logística mostrou-se bom para a melhora da probabilidade de acerto de empresas solventes ao passo que a análise discriminante não apresentou melhora nesses resultados. / The credit concession to companies that take part in the market consists in giving an active in a certain moment, with a promise to pay for this possession or right in a future date. Such situation is configured as an uncertain event, as there is the possibility that the obligation is not fulfilled by the promissory buyer, thus originating the credit risk. The concessor of the active that originates the credit risk is the one that should verify the clients capacity of fulfilling the future compromise, analyzing the variables that suggest the credit operations success. The companies that are still being implanted are characterized not only by the absence of the variables mentioned above, but also by the considerable continuity risk increase. This situation is proved by researches made in companies that have been active for up to five years. The impossibility in measuring the credit capacity provided by this scenery, brings out a severe credit restriction to new companies, especially to the long term credit, necessary in this investment phase. However, this restriction is not verified in franchising, as the enterpriser has the privilege of initiating his business with investment credit that are ready in the market for this purpose. This study aims identifying which characteristics present in franchised companies allow the safe credit concession in the implantation phase by the financial institutions and if these characteristics can discriminate variables that are decisive in the success of the proponent franchising to the bank credit. The factorial analysis application in database with franchised companies successfully allowed the identification a group of seven main variables that serves as a basis to a logistic regression model and discriminating analysis. The logistic regression model has shown itself good to improve the probability of success of solvent companies whereas the discriminating analysis did not show any improvement in these results.

A concessão de crédito a empresas que participam do mercado consiste na entrega de um ativo em determinado momento, com a promessa de pagamento deste bem ou direito em data futura. Tal situação se configura como um evento incerto, pois existe a possibilidade de que tal obrigação não seja honrada pela promitente compradora, originando desta forma, o risco de crédito. Cabe à parte concessora do ativo que origina o risco de crédito, verificar a capacidade de seu cliente em cumprir o compromisso futuro assumido, analisando as variáveis que sugerem o sucesso da operação de crédito. As empresas que se encontram em fase de implantação caracterizam-se não somente pela ausência de histórico das variáveis acima, como também pelo aumento considerável do risco de continuidade. Tal situação é comprovada por pesquisas realizadas em empresas com até cinco anos de atuação. A impossibilidade na mensuração da capacidade de crédito proporcionada por este cenário, ocasiona severa restrição creditícia às empresas novas, principalmente ao crédito de longo prazo, imprescindível nesta fase de investimentos. Entretanto, esta restrição não se verifica em empresas de franquia, cujo empreendedor tem o privilégio de iniciar seu negócio com linhas de crédito de investimentos já prontas no mercado com esta finalidade. Este estudo objetiva identificar quais as características presentes em empresas franqueadas que permitem a concessão de crédito segura na fase de implantação por parte das instituições financeiras e se tais características podem discriminar variáveis que são determinantes no sucesso da franqueada proponente ao crédito bancário. A aplicação de análise fatorial em banco de dados com empresas de franquia permitiu identificar com sucesso um grupo de sete principais variáveis principais, que serviram de base a um modelo de regressão logística e análise discriminante. O modelo de regressão logística mostrou-se bom para a melhora da probabilidade de acerto de empresas solventes ao passo que a análise discriminante não apresentou melhora nesses resultados. / The credit concession to companies that take part in the market consists in giving an active in a certain moment, with a promise to pay for this possession or right in a future date. Such situation is configured as an uncertain event, as there is the possibility that the obligation is not fulfilled by the promissory buyer, thus originating the credit risk. The concessor of the active that originates the credit risk is the one that should verify the clients capacity of fulfilling the future compromise, analyzing the variables that suggest the credit operations success. The companies that are still being implanted are characterized not only by the absence of the variables mentioned above, but also by the considerable continuity risk increase. This situation is proved by researches made in companies that have been active for up to five years. The impossibility in measuring the credit capacity provided by this scenery, brings out a severe credit restriction to new companies, especially to the long term credit, necessary in this investment phase. However, this restriction is not verified in franchising, as the enterpriser has the privilege of initiating his business with investment credit that are ready in the market for this purpose. This study aims identifying which characteristics present in franchised companies allow the safe credit concession in the implantation phase by the financial institutions and if these characteristics can discriminate variables that are decisive in the success of the proponent franchising to the bank credit. The factorial analysis application in database with franchised companies successfully allowed the identification a group of seven main variables that serves as a basis to a logistic regression model and discriminating analysis. The logistic regression model has shown itself good to improve the probability of success of solvent companies whereas the discriminating analysis did not show any improvement in these results.

The aim of this master´s thesis is to determine the value of building company for its owners. The company is seated in Prague and the evaluation is performed to 1. 1. 2016. The thesis is divided in two parts. First theoretical part describes the whole process and methodology of company evaluation. In the second part of the thesis all these processes and method are applied for evaluation of chosen building company. Practical part includes strategic analysis, financial analysis, analysis of value generators, financial plan and finally the evaluation of the building company.

The aim of this master's thesis named Evaluation of company Intersnack a.s. is to estimate market value of the firm as of 31. 12. 2013 for the management needs based on public available data. The thesis written as expert report is divided into several chapters. In the first part are elaborated strategic and financial analyzes. On the results from these two analyzes author should state that company fulfills going-concern principle. Next were prepared value drivers on which base was created financial plan for years 2014 - 2018. For the final evaluation were used yield methods, specifically discounted cash-flow to the firm and economic value added. The result of this master's thesis is estimation of market value of the company in the amount of 3,7 billion CZK.

Master's thesis focuses on evalution of Stallergenes SA. Theoretical part starts with clarifying the background of the company and sector it is situated in. It is followed by outlining the principles and methods of financial analysis. Theoretical part is ended by introduction of the enterprise evaluation methods. Practical part contains strategic analysis -- characteristics of the sector, competition analysis and prediction of future development. Next, the financial analysis is performed. The evaluation is done by using book value method, discounted cash flow method and method based on EVA model.

The goal of this master thesis is to perform an evaluation of the company BONERA s.r.o. and examine the future of the company on the date of evaluation of January 1st, 2012. An evaluation will be made to find a subjective value for the owner of the evaluated company. The theoretical part of the thesis describes, in a logical sequence, the process and methods which are necessary and needed to determine the value of the company. All theoretical parts are based on specialized literature written mainly by professionals who work for the University of Economics, Prague. The practical part of the thesis applies a theoretical basis for the evaluation of BONERA s.r.o. First it analyzes the current value, and then it forecasts the value, which is necessary for a company evaluation. The owner of the evaluated company provides all documentation for the evaluation.

Thesis focuses on evaluation of G.M. Corporation company Ltd. Theoretical part of thesis targets the tools determination which will be used for the company evaluation. Practical part contains the usage of strategical analysis and financial analysis used for company evaluation and consequently the company evaluation by means of substance method.

The manufacturing industry stands before the fourth industrial revolution, Industry 4.0, caused by fast-changing technology and implementation of digitalization. Manufacturing companies need to realize and adapt to these changes to maintain their competitive advantage. Many of the companies in the industry struggle to understand how to start their transformation and what benefits are connected to their workshops. To aid in this complex situation there are maturity models developed to assist companies in this transformation.Sandvik Coromant are one of the biggest companies within the metal cutting manufacturing industry and they want to aid their customers on the digitalization transformation journey by developing a maturity evaluation model. There is currently no model on the market aimed at the CNC manufacturing industry and earlier research have identified that existing models are ill-fitting towards small and medium enterprises. Therefore, this thesis aimed at investigating how the CNC manufacturing industry can benefit from digitalization and to develop a maturity model by answering the following research question, “How should a maturity model be structured in order to provide companies of all scales and in all segments within CNC manufacturing with information regarding how to move forward on their digitalization journey?”The maturity model was developed through an extensive literature search and an iterative process with focus on the users of the model. A total of 28 initial interviews were performed that lead up to six concept iterations assessed by 27 concept tests. The finalized maturity model evaluates a company through questions regarding the current and future target state within 4 dimensions, Data collection, Data analysis, Software and Employees & Competences. By answering these questions, the company is provided with a radar chart displaying their current and future state in relation to each other and to a benchmark company. They are further provided with stories from similar companies aimed at contributing with suggestions for how to move forward in their transformation. The model structure and questions are developed to suit companies of all scales and within all segments of the CNC manufacturing industry. / Tillverkningsindustrin står inför den fjärde industriella revolutionen, Industri 4.0, orsakad av snabb utveckling av teknik och implementering av digitalisering. Tillverkande företag måste skapa förståelse för och anpassa sig till dessa förändringar för att bibehålla sin konkurrenskraft. Många företag inom industrin har svårt att förstå hur de ska starta sin förändring och vilka fördelar som finns i anslutning till deras verkstäder. För att underlätta den komplicerade situationen finns idag mognadsmodeller utvecklade för att hjälpa företag i deras digitala förändringsarbete.Sandvik Coromant är ett av de största företagen inom metallbearbetnings industrin och de vill hjälpa sina kunder genom att utveckla en utvärderingsmodell för digital mognad. I dagsläget finns det ingen modell på marknaden riktad mot CNC-tillverkningsindustrin och tidigare forskning har identifierat de existerande modellernas dåliga anpassning mot små- och medelstora företag. Därav är syftet med detta arbeta att undersöka vilka fördelar CNC-tillverkningsindustrin kan se genom digitalisering samt att utveckla en mognadsmodell genom att svara på följande forskningsfråga, “Hur ska en mognadsmodell vara uppbyggd för att förse företag av alla storlekar och inom alla segment av CNC-tillverkningsindustrin med information kring hur de ska fortsätta framåt i sitt digitala förändringsarbete?”Den digitala mognadsmodellen utvecklades genom en grundlig litteraturstudie och en iterativ process med fokus på användaren av modellen. 28 inledande intervjuer hölls vilket ledde till sex konceptiterationer utvärderade genom 27 koncept test. Den slutgiltiga mognadsmodellen utvärderar ett företag genom frågor kring nuvarande situation samt framtida målbild inom 4 dimensioner, Datainsamling, Dataanalys, Mjukvaror och Anställda & kompetenser. Genom att besvara frågorna blir företaget försett med ett radardiagram vilket visar nuvarande och framtida situation i relation till varandra samt ett benchmark företag. De blir vidare försedda med historier från liknande företag med målet att föreslå sätt att ta sig framåt i deras förändringsarbete. Modellens struktur och frågor är skapade för att passa alla storlekar av företag inom alla segment av CNC-tillverkningsindustrin.

The aim of this paper is to determine the market value of company Rubena, a.s. as of April 30, 2011 based on publicly available information. The paper begins with the theoretical part which explains basic relations and different pricing models. Such information is then applied in the practical part which begins with the introduction of the company. The market appraisal is based on the theoretical recommendations. A crutial part is therefore the strategic analysis, which is followed by the analysis of financial health. The deduction of the paper features a statement about the company value.

The aim of this thesis is to determine the market value of DHL Express (Czech Republic) s.r.o. based on publicly available information as at 31.12.2011. The first section details the methodological framework for strategic and financial analysis, building a financial plan and determining the market value of a company. The beginning of the practical part contains the evaluated company information and declares the purpose of determining the market value of a company. The strategic analysis and evaluation of a company's financial health is an essential part of the evaluation process. In addition, the individual company value generators are prognosed on the basis of which the financial plan for the next period is built. On the assumption of company's continued existence, the discounted cash flow method DCF was selected.