This thesis deals with the valuation of the company McDonald's Co. Ltd. Estimated value of the company relates to December, 31, 2011. The valuation process is handled strategic and financial analysis of the company, the analysis of macroeconomic and microeconomic environment. The company is financially healthy, with the prospect of further successful development without significant change in strategic focus. Therefore, the method chosen to measure the yield, which in the given situation best reflects the company's value as the sum of future benefits for the owner. The process itself valuation method is applied to yield discounted cash flow DCF variation in free cash flow to firm (FCFF), for which it is necessary to have an estimate of projected future development, where they were converted to qualified assumptions and quantified items used by their own estimate of the financial plan consulted with the company's management. The value of McDonald's Co. Ltd. for any external investor was set at 31 of December 2011th.

The diploma thesis is concerning the problematic of business valuation of Nestlé Česko. The estimated value of the company refers to 31. 12. 2012. Within business valuation, diploma thesis comprises several analyses such as SWOT analysis, PEST analysis, Porter five forces analysis and financial analysis. The yield method of discounted free cash flow to the firm (FCFF) was applied to the business valuation. The comparison of company Nestlé Česko with its closest competitor in terms of basic financial indicator is also a part of business valuation. The financial plan and discount rate are set up in order to determine value of Nestlé Česko.

This diploma thesis is focused on practical use of know how acquired by studying Business Valuationon at VSE Praha. The thesis is based on procedures adopted mainly from book of prof. Mařík. The purpose of work was to valuate core business of the company Ferona a.s. as the sum of values of individual campanies of the group by DCF method and market comparison approach.

This thesis deals with the valuation of the Czech football clubs. The aim of this thesis is to define the value of selected Czech football clubs. For this purpose, we selected two Czech football clubs. It is a professional club Bohemians 1905 Praha and an amateur club FC Melnik. Company valuation is based on data from publicly available sources. The theoretical part deals with the concepts of valuation, valuation approaches, the functioning of football in the Czech Republic and the specifics of doing business in this branch. The practical part applies the selected methods to individual clubs and sets the value of clubs. In the process of valuation the clubs are presented and their analysis is worked out. CVM and asset metod are applied for the valuation itself.

This Master thesis deals with the valuation of the company Linet spol. s.r.o. to the date December 8, 2012. As a valuation method was used the earnings valuation method based on discounted free cash flow to the company. Except of value of the company, there is determined internal value of private equity. Financial analysis of the company and strategic analysis are applied in the process of valuation. Process of valuation is based on financial plan and another input variables such as avarage cost of capital. Delivery of the statement of the company value is followed by valuation. A single-factor sensitivity analysis has been carried out too. It focuses on individual factors that affect the final value of the company.

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.

Made available in DSpace on 2016-04-25T18:40:30Z (GMT). No. of bitstreams: 1 Amaury de Souza Amaral.pdf: 4071869 bytes, checksum: d9dc83b1b016fbb7b489442f44ce1071 (MD5) Previous issue date: 2008-05-26 / In this work, one presents different enterprise valuation models and approaches, like the discounted free cash flow, the EVA model and all the way up to more recent option pricing theory of applied equity capital valuation. This last theory (options pricing theory) is believed to be the best theory that better qualifies the value of an enterprise. It is based on the premises that the enterprise value can be based on the debt market value and the equity capital where the accumulated amounts can be negotiated. This project presents models developed by Arzac (2005) about enterprise valuation in continuous -time formulation, regarding the revenue as an underlying asset of the option theory, where a hedged portfolio is built (with the same logic as the Black-Scholes model). The revenue presents stochastic behavior, represented by a brownian motion, providing reasonable representation of the revenues behavior. Furthermore, the best moment to enter in a firm is evaluated, establishing the revenue value that makes safe realize an investment. After that, the enterprise value is determined in that case that the possibility to enter and exit the firm is considered when the revenue is not satisfactory. The possibility of re-entering the firm is also possible. At last, is presented the enterprise valuation with expansion possibility through new investments. Thus, a new approach to valuation of companies in uncertainty conditions is proposed, based on risk minimization theory of Bouchaud & Potters (2003), in that the revenue trajectory will directly influence the enterprise entry options. The study, that uses Arzac's mathematical approach (continuous-time formulation, building of riskless portfolio, etc.), proposes a less intuitive risk measurement based on recent past behavior, transforming the random process of the revenue (risk asset) in a process based on future tendencies of revenue in a probabilistic way and trajectory dependents / Este trabalho apresenta as diversas formas de avaliação de empresas em diferentes abordagens, dentre elas os modelos baseados em fluxos de caixa livre descontados, modelos baseados no EVA até chegar a teorias mais recentes como a teoria de precificação de opções aplicadas à avaliação de patrimônio líquido. Acredita-se ser esta última teoria a que mais se aproxima e melhor quantifica o valor de uma entidade. Parte-se da premissa de que o valor da empresa pode ser obtido pelo valor de mercado da dívida e do patrimônio líquido que acumuladamente podem ser negociados. O trabalho também apresenta modelos desenvolvidos por Arzac (2005), que versam sobre avaliação de empreendimentos com formulação em tempo contínuo, em que a receita é tratada como o ativo subjacente da teoria das opções que possibilita a construção de uma carteira replicante (com a mesma lógica do modelo de Black-Scholes). A receita apresenta um comportamento aleatório representado por um movimento browniano, que fornece uma representação razoável do comportamento da receita. Além disso, é avaliado o melhor momento de entrada em um negócio, estabelecendo-se qual o valor da receita a partir da qual é seguro a realização do investimento. Em seguida, é determinado o valor da entidade considerando-se a possibilidade de entrar em um neg´ocio e sair dele, caso o desempenho da receita não seja satisfatório, incluindo-se ainda a possibilidade de re-entrada. E finalmente a avaliação de empresas com possibilidade de expansão através de novos investimentos. Dessa forma, é proposta uma nova abordagem de avaliação de empreendimentos em condições de incerteza, inspirada nas teorias de minimização de risco propostas por Bouchaud e Potters (2003), em que as avalções das trajetórias das receitas irão influenciar diretamente as opções de entrada em um empreendimento. O estudo, que utiliza a abordagem matemática de Arzac (formulação em tempo contínuo, construção de carteiras replicantes, etc.), propõe uma medida de risco menos intuitiva baseada no comportamento do passado recente, transformando o processo aleatório do valor da receita da empresa (ativo de risco) em um processo que se baseie em tendências futuras de valores desta receita de forma probabilística e dependentes de uma trajetória