The principal aim of the thesis is to describe the functioning of commodity markets, especially on the example of oil, to analyze the specifics of selected commodity companies, to determine the influence of these characteristics on the valuation of these selected commodities and to identify the possibility of usage of the methods for valuation of other commodity companies.

The aim of this thesis is to estimate the market value of czech soft drink producing company Poděbradka, a.s. to the date of 31rd December 2013. The thesis is divided to two logical units -- theoretical and practical. The teoretical unit describes principles, theories and generally recognized ways of corporate valuation in the Czech Republic and in the world. Practical unit continues and expands the theory in its application. Due to the extent of the thesis, just two main yield methods of valuation will be used -- method of discounted cash flow, which is used mainly in Anglo-American valuation praxis and method of capitalized netto earnings, which is mainly used in German-speaking countries. Master thesis ends with terminal valuation statement, which defines the market value of the valuated company.

The aim of this Master's Thesis is to determine the value of cheese factory Orrero to December 1, 2013 for yet unknown buyer. The first part of the thesis deals with a theoretical basis for company valuation, there are stated reasons for evaluating the company and there is described a valuation procedure, followed by a description of strategic and financial analysis, financial plan and valuation methods. In practical, core part of the thesis I have presented Orrero enterprise and then I have worked out its valuation in accordance with the theoretical part of the work. As a valuation method there was chosen free cash flow to the firm.

The aim of this thesis is to use gained knowledge for the valuation of the chosen company. The specific company is Kaufland ČR v.o.s. The result of the financial and strategic analysis is to determine the specifics of the retail market. The basic method for valuation is method DCF entity, the secondary are method of comparable companies and the accounting method.

This diploma thesis deals with the valuation of MODELÁRNA LIAZ spol. s r.o. The main business of the company is focused on development, production and construction of components, tools and products for automotive, energy and aerospace industries. The main goal is to estimate the market value of this company with using DCF Entity method. As a supportive method was used method of sector multipliers. The diploma thesis also includes financial and strategic analysis, analysis and forecast of the main value drivers and financial plan for the future.

The aim of the thesis is the valuation of Madeta, a. s. Company on 31.4.2016 for owners and company creditors. The theses is divided in two parts: theoretical and practical. In the theoretical part is devoted to definitions relating to business valuation. The practical part is focused on strategic analysis that determines the company´s position on the market. Folowing finance analyses that expresses the financial health. Based on these knowledges is set the financial plan and provided valuation by Discounted Cash flow method.

This thesis focuses on the valuation of the Fortuna Entertainment Group NV, which is leader in sports betting market in central Europe. Analyzing, describing and predicting methods are used for determination the adequate corporate value. The master´s thesis defines theoretical framework, which is a starting point for finding the value of the company. The basic used methods include PESTLE analysis describing factors, which affects Fortuna externally, Porter´s five forces analysis characterizing internal factors, financial analysis capturing financial condition and financial plan created as support for the valuation. For the valuation purposes author assumes functioning of the group based on going concern principle, therefore the yield methods, specifically DCF entity, are used. Using the identified assumptions and methods in this thesis the value of the group at 31th December 2014 is established. The calculated value of the Fortuna exceeds market value resulting from market capitalization. This fact is presumably caused by different level of information used for each of these methods.

Accounting information is an integral part of the information set used by investors. However, accrual based accounting earnings are susceptible to earnings management. Investors are concerned about earnings management since earnings management can distort reported earnings and they may make decisions that they otherwise would not have made. The purpose of this thesis is to examine the impact of earnings management on the informativeness of reported earnings about firm value and analysts' forecasts. Chapter 2 develops an earnings management model and examines the impact of earnings management on income smoothing and the earnings response coefficient. Chapter 3 critically reviews the existing discretionary accrual models and discusses the measurements of earnings management and income smoothing, which are used in the subsequent empirical chapters. Chapter 4 empirically examines the impact of earnings management on the earnings response coefficient after controlling either for the smoothness of pre-managed earnings or for the smoothness of reported earnings. Firms are further decomposed into income smoothing and variance-increasing earnings management firms and the same analyses are repeated. Chapter 5 examines the impact of smoothness of reported earnings and earnings management on the equilibrium demand for analysts' services and the properties of analysts' forecasts. This thesis contributes to our understanding of the impact of earnings management on firm value and analysts' forecasts by providing empirical evidence consistent with the hypothesis that the financial market and analysts are aware of the nature of a firm's discretionary accrual policy, and use their beliefs about the firm's discretionary accrual policy in assessing firm value and deciding whether to follow the firm. / Business, Sauder School of / Graduate

In praktyk word daar talle probleme met die rekeningkundige verantwoording van ontasbare bates ervaar. Hierdie probleme kan in vier hoof kategorieë verdeel word naamlik die identifikasie, erkenning, tydsgaping en meting van ontasbare bates (sien hoofstuk 2). Van al hierdie probleme is die metingsprobleem die grootste, m.a.w behoort ontasbare bates teen koste of teen billike waarde gemeet en in die state ingesluit te word? Daar is talle argumente teen die gebruik van beide en díe word in detail in hoofstuk 2 uiteengesit. Dit is die skrywer se mening dat billike waarde ‘n baie beter maatstaf vir sodaninge bates is, omdat koste gebaseerde maatstawwe nie altyd relevant is nie. Die grootste kritiek teen die gebruik van billike waarde -maatstawwe is egter dat dit onbetroubaar, ingewikkeld, duur en wisselvallig kan wees. Daar is ook vrese dat die openbaarmaking daarvan nadelig vir maatskappye se kompeterende voordeel kan wees.Die probleem wat rekeningkundiges in die gesig staar is dus eerstens om die kwalitatiewe eienskappe van relevantheid en betroubaarheid teen mekaar op te weeg. Indien hulle tot die gevolgtrekking kom dat relevantheid in hierdie geval belangriker is as betroubaarheid moet die kwessies van koste, ingewikkeldheid en wisselvalligheid steeds aangespreek word. Hierdie studie bestudeer benaderings en metodes om ontasbare bates teen hulle billike waarde te meet, ten einde te bepaal of sodanige metodes wel die kritiek daarteen kan oorkom, m.a.w. kan sodanige billike waarde -metodes wel ‘n betroubare, koste-effektiewe, verstaanbare en stabiele aanwysing van waarde verskaf? / Prof. D Coetsee

The aim of this paper is to find a market value of Falco - Profistav s.r.o as of 1st January 2010. The outcome of the paper should serve as a supportive material for to the company owners for decisions about future of the company. Financial analysis, Strategic analysis, Analysis and prognosis of value generators and Valuation are integral parts of the paper. As a result of analyses, infinite life of company can not be reasonably expected. Therefore, for valuation, liquidation value and amortization value methods were selected.