The purpose of the diploma thesis was to assess the applicability of Market Approach in business valuation of the Czech entities. The first part comprises basic description of Valuation methods, the core of the thesis describes the guideline publicly traded companies method - multiples, comparable companies etc. -, guideline transaction method and industry multiples method. The application part consists of two valuations using guideline publicly traded companies method - the valuation of Komercni banka and of Trinecke zelezarny.

Ph.D. thesis deals with testing precise use market approach to the valuation of software companies. Contains justification for the need of dealing with less traditional valuation methods, theoretical approaches for the use of market multipliers and existing knowledge to regression analysis is used to explain the multipliers. The analytical part is assembled its own regression equation to determine the multiplier in the years 2004-2010, the usability was tested in comparison with the use of a multiplier based on the median level of comparable sample of firms. There was also objective to determine the preferred type multiplier for software companies, which can be used e.g. when using scoring methods to adjust the multiplier. Complementing the thesis was to compare the quality of its own regression equations and equations published by Professor Damodaran. In most years through its own regression equations managed to establish a more precise multiplier than was achieved by using the mean value of a comparable sample of firms. We were also able, in most years to find suitable regression equation than the equation published by Professor Damodaran. Type multiplier P/E appeared to be significantly better to explain the regression equation in comparison with the other types of multiplier.

The essential definitions and terminology used in real property evaluation including explanation of used methods in administrative and market approach are explained in theoretic part of thesis. The analytical part deals with administrative and market evaluation of a specific real property in the region Praha - východ. In conclusion the calculated values are compared and assessed. The author also points out the main differences between administrative and market system of real property evaluation.

The aim of the diploma thesis is to estimate the market value of the Czech wine production company Znovín Znojmo, a.s. as at 1. 1. 2011. The thesis comprises financial analysis, strategic analysis, value generators analysis and forecast, financial plan and the final valuation based on discounted cash flow method (DCF), supported by market approach method (industry multiples method). The final part of the thesis includes a discussion about the results of the used methods.

<p>Background: Today, an increased need to value patents is expressed in several different situations. For example, banks more frequently accept patents as collateral for loans and patents are being exchanged more often between companies. It is argued that a hindrance for the recognition of the value of patents, and other assets lacking physical form, is that the current methods of valuation are not developed for this type of assets. </p><p>Purpose: Our objective is to investigate the practical relevance of four theoretical valuation approaches in the context of patent valuation and to point out crucial factors affecting the choice of valuation approach. </p><p>Procedure: Interviews were conducted with professionals working in the field of corporate finance and with an expert in the field of patents and intellectual property rights. </p><p>Results: The respondents are not of the same opinion whether relevant approaches for patent valuation exist at all. Among the respondents who find it possible to value patents, the income approach is the dominating approach. The theoretical correctness of this approach, derived from the definition of value, is stressed as the primary argument for the use of it. Methods such as Decision Tree Analysis, within the income approach, and Relief from Royalty, a hybrid of the market- and income approach, are used as complements.</p>

Background: Today, an increased need to value patents is expressed in several different situations. For example, banks more frequently accept patents as collateral for loans and patents are being exchanged more often between companies. It is argued that a hindrance for the recognition of the value of patents, and other assets lacking physical form, is that the current methods of valuation are not developed for this type of assets. Purpose: Our objective is to investigate the practical relevance of four theoretical valuation approaches in the context of patent valuation and to point out crucial factors affecting the choice of valuation approach. Procedure: Interviews were conducted with professionals working in the field of corporate finance and with an expert in the field of patents and intellectual property rights. Results: The respondents are not of the same opinion whether relevant approaches for patent valuation exist at all. Among the respondents who find it possible to value patents, the income approach is the dominating approach. The theoretical correctness of this approach, derived from the definition of value, is stressed as the primary argument for the use of it. Methods such as Decision Tree Analysis, within the income approach, and Relief from Royalty, a hybrid of the market- and income approach, are used as complements.

The aim of the diploma thesis is to estimate the market value of a Czech software and consulting company as of 1. 1. 2011. The thesis comprises financial analysis, strategic analysis, value generators analysis and forecast, financial plan and the final valuation based on discounted cash flow method (DCF), supported by market approach method (industry multiples).

Company valuation is entering a new era; with increasing demands, more awareness and internal resistance. As the companies who request the valuation, together with third parties, begin to show more interest in the value statements - the analyst must be able to validate his course of action with reliable reasoning based on substantiated data. In this thesis, two approaches to the Comparable Company Valuation method will be evaluated and analyzed with the use of a Case Study. Initially, the two approaches will be applied on a Target Company, Company X, which will result in two value estimations. In order to draw conclusions of how to derive a correct valuation and what approach that is to be preferred in the given scenario, similar valuations were performed on six additional companies, in the same manner as the Case Study, and compared with their respective real market value. The valuation is based on financial data and all companies used in the study are listed on Nasdaq Stockholm Stock Exchange. Findings – First and foremost, results showed that a Comparable Company Valuation is very dependent on its composed peer group. Results from the study indicated increasingly favorable outcomes, when the peer group was similar to the Target Company. The prime conclusions are that, with a perfectly composed peer group, in a mature industry, one of the approaches was to be preferred. However, in an immature industry, where the requirements of the companies used in the composed peer group have to be broadened, the latter approach indicated favorable outcome. Originality - This study is one of the first to compare two different approaches to the Comparable Company Valuation method and analyze in what scenarios one approach is to be preferred to the other. / Företagsvärdering går mot en ny era; med ökade krav, högre medvetenhet och internt motstånd hos värderingsfirmorna. Företag som begär en värdering samt tredjeparter visar allt mer intresse och förståelse för hur värderingen har gått till - vilket leder till att analytikern måste redogöra för sitt tillvägagångssätt med korrekta resonemang baserade på pålitlig data. I denna uppsats analyserar och utvärderar vi två olika approacher till Comparable Company Valuation med hjälp av en fallstudie. Inledningsvis kommer de två approacherna utföras på Målföretaget, Företag X, vilket leder till två olika värderingar. Vidare, för att kunna dra slutsatser kring vilken approach som bör användas vid vilket tillfälle, gjordes liknande värderingar på ytterligare sex företag, på samma sätt som fallstudien, dessa värderingar jämfördes med marknadsvärdet för respektive företag. Samtliga värderingar baseras på finansiell data och alla företag som är med i studien är listade på Nasdaq Stockholm Stock Exchange. Resultat – Först och främst visade resultaten att Comparable Company Valuation är väldigt beroende av hur sammansättningen av jämförelseföretag har gått till. Resultat indikerade vidare att värderingen gav bättre, det vill säga mer precist, resultat – om jämförelseföretagen var lika Målföretaget. De viktigaste slutsatserna som drogs var att, när en värdering görs med en perfekt grupp jämförelseföretag, i en mogen industri, var den ena approachen att föredra. Vidare, på en nyare marknad, där kraven för jämförelseföretagen måste sänkas – gav den andra approachen en mer precis värdering. Originalitet – Denna studie är en av de första som jämför två olika approacher till Comparable Company Valuation samt analyserar när vilken av dessa bör användas för att få en så bra värdering som möjligt.

本研究旨在分析台灣上市公司外匯避險和資本結構策略的運用。本文利用資本市場法，作為外匯曝險衡量模型，並利用預期和非預期的匯率變動探討對企業價值的影響是否有顯著差異，本文以2007~2009年期間的月頻率資料，篩選摩根台灣指數基金(MSCI Taiwan Index Fund-March 09, 2010)成分股共108家台灣上市公司為樣本對象，並進一步利用所量化出的外匯曝險，應用至公司資本結構上，採平衡追蹤資料(balanced panel data)進行分析，探討外匯曝險與其他影響因子對公司資本結構的關係。 　　而研究結果發現，在外匯曝險衡量方面，在2007~2009年間，不論是預期或非預期外匯變動下，負值的外匯曝險係數家數明顯超越正值的外匯曝險係數家數，此研究結果也符合了台灣為一個出口導向的經濟體，當台幣相對貶值時，使得出口較具競爭力，企業的營收增加。此外，從顯著的企業樣本來看，金融證券業占大多數，顯示出匯率變動對金融證券業的影響尤其嚴重。 　　在資本結構上，本研究以營運風險、公司成立年數、抵押資產價值、自由現金流量、外匯風險、成長率、稅盾效果、獲利性和公司規模共九個因子作為影響資本結構的變數，在Panel data固定效果模型中，除了成長性和公司規模兩變數在1%顯著水準之下呈現正相關，其餘變數為顯著負相關。且該模型對公司資本結構的解釋能力相當高，Panel data固定效果模型調整後的R2為78.96%。 　　最後，本研究將產業別列入考量變數之一，結果發現，電子業與非電子業在資本結構決定因素上有顯著差異，且顯示電子業公司的負債比率較低，符合現實情況下，電子業公司在有資金需求時，大多不選擇舉債而較常採取權益融資的方式。而電子業受到外匯曝險對資本結構的影響力並不顯著，表示外匯曝險對公司負債比率並不會因為產業別而有不同的影響力。 / This study examines the foreign exchange rate exposure and capital structure strategy for the Taiwan’s Corporations. The research sample is MSCI Taiwan Index Fund, and the sample period is 2007 to 2009. To see how foreign exchange rate exposure affects the value of corporations, this study uses Capital Market Approach to be the model. Moreover, this study uses balanced panel data to see how exchange rate exposure and other variables affect the strategy of capital structure. 　　According to the result, the numbers of negative significant samples are greater than the numbers of positive significant samples no matter when measured in expected exchange rate exposure or in unexpected exchange rate exposure. This result can exactly explain that Taiwan is an export-dominated economy. When Taiwan dollar depreciates, which means corporations in Taiwan could improve export competitiveness, thus increasing profits. Moreover, this study found that exchange rate exposure has a greater impact especially on the finance and security industry. 　　In the capital structure part, this study selects nine variables to see how they affect the capital structure, including business risk, age, collateral value of assets, free cash flows, foreign exchange risks , growth, non-debt tax shields, profitability and size. In panel data fixed effect model, growth and size are found to be positive significant in 99% confidence level; other variables are found to be negative significant. Furthermore, the coefficient of determination, R2 of this panel data fix effect regression model is 78.96%, which means the regression line has a high explanatory power to explain the capital structure.

This master thesis is concerned with the estimation of the market value of equity of Plzeňský Prazdroj, a.s. as at 30 September 2016. The market approach has been selected as the primary valuation approach with the largest impact on the value estimation; specifically the guideline public company method and the comparable transactions method are employed. The income approach based on the DCF Entity method verifies the value conclusion derived from the market approach. The going concern premise is supported by thorough analyses concerning the relevant market; market position of the valued company in relation to its competitors; and its financial health. The thesis concludes a clearly defined and justifiable range of value.