The subject of this thesis is to analyze the financial health of the company Syner, and determine the market value of the company based on publicly available information. The value of the company should provide important information for owners, whether access to the proposed takeover of foreign investors or reject the offer. The theoretical part of the thesis describes the processes and methodology of valuation, then in the practical part is introduction of company, financial and strategic analysis and valuation of the company itself.

The aim of this thesis is to determine the value of Nutrend D.S., a.s. referring to 31st December 2015. The thesis is divided into theoretical and practical part. The first part consists of methodology and theoretical basis, that are used in the practical part afterwards. Before the valuation itself, strategic and financial analysis are included, which are followed by financial plan for the next years. For the purposes of valuation, the discounted cash flow method based on free cash flow to the firm was applied. For comparison, the book value of company was used as minor method.

The main goal of this Master's Thesis is to determine the value of Poděbradka, a.s. as at 31 March 2015. Free cash flow to the firm model has been used for the valuation purposes. The work includes strategic and financial analyses which are used as a basis for financial plan. Consequently, discount rate is calculated and used further in the thesis. The main valuation method is supported by minor methods that are based on market comparison. Comparative analysis based on comparable traded companies and comparable transactions was performed. The thesis also include sensitivity analysis that explores influence of key factors on the enterprise value.

The discounted cash flow model and relative valuation models are ever-increasingly prevalent in today’s investment-heavy environment. In other words, theoretically inferior models are used in practice. It is this paradox that has lead us to compare the discounted cash flow model (DCFM), discounted dividend model (DDM), residual income-based model (RIVM) and the abnormal earnings growth model (AEGM) and their relative accuracy to observed stockprices. Adding to previous research, we investigate their performance in relation to the OMX30 index. What is more, we test how the performance of each model is affected by an extension of the forecast horizon. The study finds that AEGM outperforms the other models, both before and after extending the horizon. Our analysis was conducted by looking at accuracy, spread and the inherent speculative nature of each model. Taking all this into account, RIVM outperforms the other models. In this sense, one can question the rationale behind investor’s decision to primarily use the discounted cash flow model in equity valuation.

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.

對於企業評價通常需要採取四個重要的步驟。首先是了解公司的實質營運狀況，包括對於公司的產業、競爭地位與公司策略。這些產業的資訊會結合公司的財部報表去推斷未來的公司營運。其次是根據過去的來估公司盈收能力以及財務狀況。第三，因為在台灣缺乏夠多的相似公司來做比較所以本研究採取自由現金流量折線模式來做股東權益的評價。如果對於公司能夠有深入的了解可以幫助評價的品質。最後是根據產業分析以及企業評價作出經營或是投資的決定，以增加個案公司未來的價值。 在本論文中提出一企業評價架構，而個案公司以此一架構來驗證其正確性。共有六個關鍵的區塊來實踐此一架構，其中包含了產業分析、會計報表分析、財務分析、競爭策略分析、預測未來營運以及企業評價等。值得注意的事，這六個區塊彼此相互影響。 本研究的企業評價最主要的應用為選擇股票，股票分析師在市場中，希望根據本身公司股價或是其他相似公司的股價，找出被正確、高估或是低估的股票。企業評價的工具更可以用來評估公司的重大營運決定，例如購併、收購、部門撤資、部門分割、管理買下以及槓桿買下。此外一個關心股東權益價值最大化的公司也可以利用此一評價工具評估其他的策略替代方案。 / For business valuation, there are four necessary steps to undertake. These steps include that the underlying business of the firm must be understood comprehensively first. This involves evaluating industry prospects, competitive position, and corporate strategies. The information is used together with financial statement analysis to forecast performance. Next, company earning power will be estimated based on historical performance and adopted strategy within the competitive environment including forecasts of sales, earnings, and financial position. Third, in this study the DCF model is chosen to evaluate the equity value due to lack of similar companies available in Taiwan. An in-depth understanding of the business and an ability to forecast the performance of a company help determine the quality of valuation efforts. Finally, based on the analysis of industry and business valuation, some investment or business decisions can be undertaken to improve the future values of the case company. The architecture of implement the business valuation is proposed in this study. The case company is employed to verify the validity of this architecture. There are six major function block to construct this architecture, including industry analysis, accounting analysis, financial analysis, competitive strategy analysis, forecasting prospective performance and business valuation. It is noted that these function blocks influence one anther. Industry analysis is the beginning of valuation in this architecture. Stock selection is the primary application of the business valuation presented in this study. Equity analysts attempt to identify securities as fairly valued, overvalued, or undervalued in the market, relative to either their own market price or the prices of comparable securities. Valuation tools can be used to assess the impact of corporate events such as mergers, acquisitions, divestitures, spin-offs, MBOs, or LBOs. In addition, the company concerned with maximizing shareholder value must evaluate the impact of alternative strategies on share value.

The aim of diploma thesis is to determine the value of the company Budějovický Budvar, n.p. In the theoretical part is specified theoretical principle of valuation, which is applied in the practical part of the thesis. The diploma thesis includes financial and strategic analysis, which is used for creating financial plan for future period. The main method of the valuation is DCF Equity. The main method is supported by minor methods (book value and Value/EBITDA).

企業評價對於投資決策有重大的影響，不論是發行上市、或是機構投資人選擇投資標的、乃至於併購或是清算，企業評價都是一切的基礎。再加上近來各界對於節能產業的重視，發光二極體封裝產業正如日中天的高度成長，如何能夠正確地衡量此產業的企業價值，實是機構投資人或是一般大眾關心的課題。此外，實務界長久以來詬病證管會所採用的承銷價格公式，乃是結合不同評價模式的方式來評斷發行股票公司之正確股票價值，但實證結果往往發現此公式會造成股價被低估的現象。 本研究以台灣地區共六家發光二極體封裝產業上市櫃公司為例，以其民國八十七年至九十四年的財務數據和資料，以五年為一階段，利用七種不同的評價模式：三階段成長現金流量折現法、三階段成長本益比法、三階段成長股價淨值比法、三階段股價銷售額比法、市場比較本益比法、市場比較股價淨值比法以及市場比較股價銷售額比法，預期九十二年初至九十五年初之理論實際股價，並與實際的市價作一比較，利用THEIL所提出的THEIL’S U值來比較不同評價模型與實際市價差距的績效，以選出最適合發光二極體封裝產業之企業評價模式。 本研究更進一步探討長久以來被實務界所詬病的綜合評價模式（結合不同的評價模式），試著經過第一階段實證結果的篩選，利用簡單權重結合本產業最佳和次佳的企業評價模式，以得到一個評價績效更勝於最佳評價模式的綜合評價法。 實證結果顯示，發光二極體最佳評價模型乃為市場比較股價銷售額比法(THEIL’S U=0.3515)，而三階段成長現金流量折現法，則適用於產業較穩定的情況下。突破性的發現則為，利用THEIL’S U值來比較評價績效而選出的最佳和次佳模型，在分別給予簡單權重（ex：50％：50％、60％：40％等）的情況下所得到的綜合評價法，其THEIL’S U值（<0.3515）比當初單一最佳評價法--市場比較股價銷售額比法(0.3515)還要來得低，顯示綜合評價法的有效性的確存在，並值得各界參考。此外，亦發現給予最佳評價法較大權重時，更可以進一步提昇綜合評價法之績效。此結果反駁了實務界長久以來對於綜合評價法的不信任，也給予證管會一個修正承銷價格公式的方向。跨類型的評價法結合並不是不可行，但是需要第一階段各個評價法的評價績效驗證，讓較佳的評價模式彼此結合以產生資訊互補的效果。