The goal of this diploma thesis is determination of the value of the company Fatra a.s. to the date 30. 4. 2015. First, the strategic analysis was performed, after that financial analysis and SWOT analysis were done. On the base of the previous parts, generators of the value were described. The generators were used to create the financial plan for the period 2014 - 2018. Valuation methods calculated in the thesis are DCF in FCFF form, DCF in EVA form and method of comparable companies. At the end of the thesis, there is a discussion about the most appropriate valuation method for this particular case.

The purpose of this diploma thesis is to clarify partial techniques of real estate income approach valuation. The object of this thesis is to create a complex overview of valuation techniques and methods used in income approach valuation. First, basic methodologies from field of market economy, valuation, financial mathematics and statistics, will be defined. In next section of this thesis, the income approach valuation methods and techniques will be defined as well as contribution of financial modelling to this approach. Following, several properties will be generalized in terms of cash flow inflows and outflows and exact techniques will be applied accordingly.

The aim of this masters thesis is to propound a complex treatise about the Gross Domestic Product of the Czech Republic between the years 2010 and 2015, with focus on growth dynamics, effect of GDP components according to the expenditure approach and the income approach, international comparison and relation to other economic measures. The thesis aspires to present and interpret the analysed data and put them into socio-economic context. Data for the analysis were retrieved from the National Accounts System, the methodology then emanates from the macroeconomic theory and statistical tools. While years after the financial crisis were characterized by a mild growth, years 2012 and 2013 were a recessional period after which came a sharp growth. Determinants of this development were mainly the situation on the world markets, expansionary monetary policy and anticipations of future development. From the items constituting GDP in the expenditure approach the gross capital formation had the main influence, in the income approach it was the net operating surplus. The economic development of the Czech Republic was relatively closely correlated with the development of the European Union during the analysed period. A significant negative correlation between the value of GDP and unemployment rate also existed, as well as a less significant negative correlation between the value of GDP and inflation rate, however the latter relation was not consistent.

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.

This thesis is focused on the valuation of buildings of the company AREAL SLATINA, a.s. Based on the theoretical background we defined advantages and disadvantages of valuation approaches. The purpose of the thesis is to propose an optimal valuation method while taking into account the specifics of the market and intentions of the Company.

收益資本化率是不動產估價收益法中最為關鍵的因素，不動產淨收益透過收益資本化率轉換為價值，其步驟看似簡易，卻深藏「失之毫釐，差之千里」的陷井。在國內，商用不動產廣泛運用收益法來估計不動產價值，但收益資本化率之研究卻相當缺乏，相關文獻僅限於國外，因此，本研究以台北市商用不動產為主要研究對象，除了探討收益資本化率之影響因素與實務界在決定過程上的缺失外，並提出較具有解釋力的計算與預測方法。 本研究蒐集自1992年至2008年止台北市商用辦公室之租金與房價資料，利用特徵價格模型將轉換後的租金與房以直接資本化法計算收益資本化率，與問卷結果中可得之影響因素資料進行相關分析、多變量自我迴歸分析，找出關鍵之影響因素，並利用指數平滑法、Box-Jenkins、灰色與VAR模型等時間預測方法來進行收益資本化率之預測。 本研究實證結果顯示，以特徵價格模型計算台北市商用辦公室之收益資本化率，其模型解釋力相當高，並獲致區位上的差異結果。此外，影響因素分為四個面向包含：社會經濟條件、其他投資工具、市場條件、建築物條件等四項，影響因素中除了收益資本化率自身前期為一個重要指標，社會經濟條件之經濟成長率、建築物條件之台電用電不足底度戶數與市場條件之電力(企業)總用電量(十億度)為重要領先指標，其他投資工具之股價指數與社會經濟條件之失業率為同步對收益資本化率有影響性，代表市場條件之不動產景氣領先綜合指標受到收益資本化率之影響而為落後指標，而收益資本化率本身並具有平均數復歸的現象。在未來趨勢的預測方面，單一時間數列適合長期資料之預測模型Box-J進行預測之解釋力（adjR-square）較高，各模型之預測結果平均來說，以Box-J與VAR-I為最有可能之預測值，而最樂觀為VAR-II之預測值，最悲觀為灰色之預測值。 透過國內不動產估價實例進行驗證，本研究結果可以準確進行事後驗證與事前預測，對於提升不動產估價師與投資者收益資本化率的估計與解釋能力上應有所助益。 / Capitalization rate is the most crucial factor in the income approach real estate appraisal method. When this appraisal method is applied, real estate net income is converted into value via capitalization rate. The conversion process is simple and straight forward, but there seems a trap of misuse in real practice. Domestically, income approach real estate appraisal method has been put to use extensively to estimate commercial real estate value. However, research in capitalization rate is in shortage considerably. Related literature merely re-stricted in overseas resource, Hence, our study focus on Taipei office as the main subject to investigate the influential factors of capitalization rate and its shortcoming of real practice, in additional, we propose more concrete explana-tory calculation and estimation methods. Our study collects information on Taipei City office rental and transaction price between 1992 and 2008. Using Hedonic Price Model, the converted rents and transaction price are applied by direct Capitalization Approach to calculate capitalization rate. Thereafter, we compared with the influential factors derived from the survey through correlation analysis, and Vector Autoregression Model (VAR) to find the pivotal influence factors. Meanwhile, we use Exponential Smoothing(ES)、Box-Jenkins、Grey Forecasting Model and VAR time-series estimate method to conduct capitalization rate prediction. The result of this study provides actual proof that to use Hedonic Price Model to calculate office capitalization rate of Taipei, the results are rather ac-curate and indicate a geographical difference. In terms of influential determi-nates, the capitalization rate in itself is an important indicator in the beginning. The Economical Growth Rate and the household under electricity base degree utility of Taiwan Power Company are also significant leading indicators. Stock Price Index, Unemployment Rate and the capitalization rate affect among them. Real Estate Cycle Leading Indicators are affected by capitalization rate and hence a lagged index. Capitalization itself exhibits mean return phenomenon. The future trend prediction of capitalization rate, Box-J and VAR-I give the most likely estimates; VAR-II gives the most optimistic value, whilst Grey Forecasting Model gives the most pessimistic estimation. Through Case study of domestic real estate appraisal to conduct experi-mental verification indicates that the result of our study can accurately carry out aftermath verification and prior estimation. As such, hopefully our empiri-cal study might be able to benefit real estate appraiser and investor to enhance their ability to determine the capitalization rate.

Diploma thesis evaluate company HOPI POPI, a.s., to the date of 1. 3. 2015. Purpose of the valuation is to determine the company enterprise value to meet the needs of an external investor and for the better information of the leaders of the company about its performance on the market. The final enterprise value in this thesis is defined by using income approach with discounted cash flow "entity" method. Diploma thesis is divided into two major parts which is theoretical-methodologic part and analythical part. The theoretical part describes the basic concepts, principles and approaches of valuation which will be used for the final enterprise value and selection of the valuation method. The analytical part addresses the execution of strategic and financial analysis, analysis and prediction of generators of value, prognosis of financial plan and determining the final enterprise value with DCF "entity" income approach. Final enterprise value has been stated at 69 047 426 CZK. Conclusion of the thesis summarizes results, fulfillment of set goals and usability for practise.

Considering the insufficient current state of theory in the field of the insurance companies' valuation, the aim of this dissertation thesis was firstly to comprehensively analyze issues of commercial insurance companies' valuation and secondly to develop an appropriate body of knowledge that could contribute to the development of a practical methodology to be used in valuation practice. This dissertation thesis is divided into three consecutive parts. The first part assessed the accounting issues of commercial insurance companies with an impact on financial analysis and planning and on further procedure of insurance companies' valuation. In this section, the structure of financial statements of insurance companies was described and specific items of financial statements were discussed, especially concerning financial investments and technical reserves. The book keeping methods, reporting and testing while abiding to the Czech accounting regulations were analyzed. As well as, different accounting procedures required by IFRS or US GAAP were pointed out. Moreover, specific ratios convenient for a financial analysis of insurance companies were recorded. For an overall rating of the financial health, the value creation test was suggested in an equity form. Subsequently, the value drivers of insurance company were identified and recommendations for the complex processes of financial planning were given. Such a complex financial planning process should include a strategic analysis applicable for the purposes of a premium growth rate forecast. The second part includes the various methods of valuation, such as income approach, asset approach and relative valuation. Application of conventional valuation techniques was assessed and necessary modifications of classical methodology were suggested with respect to the specifics of the insurance market. Special attention has been paid to the fair value reporting of certain balance sheet items, as well as the creation of hidden reserves, respectively hidden debt. Modifications of valuation formulas were stated and/or suggested per each introduced method. The scope of this part also included methods of Embedded Value and Appraisal Value, which are used in practice for reporting purposes in the fields of life insurance, and their applicability in the field of business valuation was then assessed. The third part contains an extensive empirical study that focuses on one of the methods of the valuation multiples estimation, for the purposes of life insurance companies, namely so-called sector regressions. Analysis and testing were performed on historical data of traded life insurance companies from Europe, the USA and Canada for the period of 2000 to 2011. Only profitable companies were taken into account in each given year. Data were drawn from S&P Capital IQ database. Multiples MV/E, MV/BV, MV/Prem and D/MV, which were identified as utilizable (dependent variables) in the theoretical part of this thesis, were tested together with 13 financial indicators of life insurance companies (independent variables). Extreme observations of the tested multiples, as well as the indicators, were removed. The major outcome of this empirical study is firstly an identification of key financial indicators which have a major impact on valuation multiples of life insurance companies, and secondly, computation of time consistent regression formulas. Such formulas make for a relatively simple tool for the estimation of valuation multiples (and subsequently market value) of non-traded life insurance companies based on key financial indicators.

This diploma thesis deals with issue of commercial real estate valuation Two real estate will be valued, namely the production and storage hall and the administrative building, which are located in a different locations. Both estates will be valued using the income approach. The income and costs information will be based on the conducted market analysis, while also being compared to the real data. The thesis itself will be divided into four parts. The first part of diploma thesis will focus on the theoretical basis. In the second part, the problems will be formulated and goals of the thesis (in the form of hypotheses) set. Next, both real estate will be described in detail and valued in a different situations that could occur. The valuation process is clearly shown in a valid process model. And finally, these results will be evaluated.

This thesis deals with residential real estate market in the Great Britain and its development. The thesis describes all evalution methods used in the Great Britain, it also describes the current state of the property market, expert work and in the end are described in detail the methods used for the valuation of the house. In thesis attachment is an exemplar of the evalution report for a house in the Great Britain according to the standards and the methodologies used by the evaluation experts in the United Kingdom.