This master’s thesis contains performance evaluation of Profidebt company using financial analysis indicators from years 2006-2012, further SWOT analysis is performed together with statistical analysis of economic ratios with next term’s prognosis. In the first part, theoretical basis is explained and it is applied on the company in the second part of thesis. In the end, quantified results from the analysis are evaluated and proposals are devised.

The aim of this thesis is the valuation of company Jan Becher - Karlovarská Becherovka, a. s. at the date of 31st December 2014. The thesis is divided into two main parts. In the theoretical part the approach to the valuation of the company is defined. In the practical part, the above defined approach was used for strategic and financial analysis of the company, followed by the compilation of complex financial plan and definition of discount rate. What follows is the final valuation of the company which was accomplished through discounted cash flow method in the entity approach. At the end of the thesis the determined value through discounted cash flow model was compared to the accounting value of the company.

This diploma thesis deals with the company valuation. It contains theoretical background of valuation and description of the most important current methods and attitudes towards determination of market, liquidation and book company value. Subsequently, the theoretical methods are applied on the data of company EUROliftCZ s.r.o. Therefore financial, SWOT and strategic analysis is implemented and future development is forecasted. In concluding part different levels of company value are proposed. The outcome of the thesis is to be used by owners of the company.

Debido al crecimiento económico generado en los últimos años, así como el desarrollo del sector retail en el Perú, han brindado la oportunidad de aprendizaje de las mejores prácticas del canal moderno (cadenas de tiendas), incrementando su participación de mercado de consumo masivo llevando al shopper y/o consumidores a buscar mejores estándares de atención. Esto ha sido una oportunidad para empresas de capital peruano que se encuentran en crecimiento y que tienen la capacidad de poder atender a este nuevo consumidor, siendo el objetivo de la presente investigación determinar la relación que existe entre la estructura de capital y la generación de valor de una empresa retail de consumo masivo. El estudio es de tipo descriptivo y se utilizó una empresa peruana con una composición de venta elevada en el formato tradicional ( empresas independientes), y con indicadores de rentabilidad por debajo del mercado determinando que destruían el valor de la compañía, por tanto, se buscó desarrollar la estructura de capital más eficiente que permita cambiar los indicadores y poder generar valor en la compañía para lo cual se desarrolló un modelo financiero que tiene como pilar el indicador EVA (Valor Económico Agregado ). / Due to the economic growth in recent years, as well as the development of the retail sector in Peru, they have provided the chance to learn the best practices of the modern channel (chain stores), increasing their consumption market taking the shopper and/or consumers to seek better standards of serice. This has been an opportunity for growing peruvian companies that are able to serve this new consumer, being the objective of this research to determine the relationship between the capital structure and the generation of value. of a mass consumption retail company. The study is descriptive and we took as model a Peruvian company with a high sales composition in the traditional format (independent companies), and with indicators of profitability below the market, destroying the value of the company, therefore, we tried to develop the most efficient capital structure that allows to change the indicators and generate value in the company, for which a financial model was developed with the EVA (Economic Added Value) indicator as a pillar. / Trabajo de investigación

Trenden inom världsekonomin har på senare år indikerat på en mognad där tillväxten ligger på låga tal historisk. Detta har tvingat centralbanker runt omkring jorden att drastiskt ta till åtgärder för att stimulera tillväxten. Reporäntan har använts som det mest centrala instrumentet för detta ändamål. Sverige är ett levande exempel på detta, där de har sänkt räntan lägre än den fruktade nollnivån och har i dagsläget en ränta på -0,5 %. Effekterna av reporänteförändringar på aktievärdering har studerats brett och den ackumulerade åsikten bland forskare är att räntan påverkar aktiemarknaden direkt. De historiska studierna som har utförts fokuserar på hur marknaden som helhet påverkas där de individuella företagseffekterna hamnar i skymundan. Därför har denna studie fokuserat på att undersöka dessa branschrelaterade effekter av en ränteförändring på individuella företag inom de valda branscherna. Detta område har undersökts med hjälp av en eventstudie.  Resultaten från studien visar på homogena effekter för mindre bolag där dessa får en större påverkan vid förändringar än stora bolag. Detta visar sig även mellan de olika branscherna. De observerade branscherna är sällanköpsvaror och dagligvaror, de branschspecifika effekterna som studien visar är att dagligvaror påverkas signifikant mer än sällanköpsvaror. Vidare visar resultatet att företagsstorlek har en större påverkan än branschtillhörighet, där small-cap bolag inom sällanköpsvaror har större påverkan än large-cap bolag inom dagligvaror. En negativ förändring går även att hänvisa till mer homogena rörelser för branscherna samt de olika storlekarna. Vidare gav positiva nyheter en mer heterogen rörelse där de mindre bolagen ej korrelerade med dem större. / In recent years, the trend in the world economy has indicated a maturity in growth which is low in historical terms. This has forced central banks around the world to drastically act to stimulate growth. The prime rate has then been used as the most central instrument for this purpose. Sweden is a living example of this as they have lowered interest rates below the dreaded zero level and currently have an interest rate of -0.5 %. The effects of prime rate changes on stock valuation have been studied widely, and the accumulated opinion among researchers is that interest rates directly affect the stock market. The historical studies that have been carried out focus on how the market as a whole is affected where individual effects on businesses end up in the dark. Therefore, this study has focused on investigating these industry-related effects of an interest rate change on individual companies in the chosen industries. The results from the study show homogenous effects for smaller companies, where the impact is greater on them in addition to larger companies. This is also apparent between the different industries. This area of concerns has been studied with an event study. The observed industries are consumer discretionary and commodities, the industry-specific effects shown by the study are that commodities are significantly more affected than consumer discretionarys’. Furthermore, the results show that company size is a greater indicator than industry due to the greater effect on small companies within consumer discretionary than on larger companies in the commodities sector. A negative change can also be referred to more homogeneous movements for the industries as well as the different business sizes. In addition, positive news gave a more heterogeneous move where the smaller companies did not correlate with the larger ones.

This master thesis deals with the estimation of the value of enterprise Prefa Brno a.s. via income based methods. Specifically via methods DCF and EVA in variant entity. The theoretical part is mainly focused on theoretical foundations and procedures used for valuation of company The practical part uses theoretical patterns and is targeted on the analysed enterprise. It consists of strategic analysis, financial analysis, SWOT analysis and also procedure of valuation of the firm by using income based method.

The thesis focuses on setting the financial value of company Agados Ltd. Two valuation methods, to be specific the methods DCF and EVA entity, have been used to value the company. The theoretical part deals with the issues of valuation and related areas. Subsequently, the company and the application of theoretical knowledge on Agados Ltd. are described. This work also contains strategic and financial analysis, individual steps for application of the income valuation method such as the proposal of a financial plan and capital expenses. The outcome of this thesis is the final valuation, for the needs of commercial establismet Agados Ltd., which is based on the income valuation method.

This master´s thesis deals with the estimation of the value of company COMINFO, a.s. to the date 1.10.2016 using income based methods. Specifically using the method discounted cash flow in variant entity and economic value added in variant entity. In the theoretical part are described the basic theoretical starting points concerning the valuation of company. The practical part includes strategic analysis, financial analysis, analysis and prognosis of value drivers, financial plan and also the determination of the value of the company.

This master’s thesis deals with financial analysis of company Tenza, a.s. The results of financial analysis of this company are compared with results of competitive companies using modern and classical methods. It includes theoretical part which is necessary to complete the analysis, graphical and verbal interpretation of the results. At the conclusion of this thesis the observed companies are compared and possible steps to improve problematic points of solved problems are proposed.

Die vorliegende kumulative Dissertationsschrift beschäftigt sich mit finanzwissenschaftlichen Fragestellungen im Bereich der Unternehmensbewertung. Dabei wurden aktuelle Themen diskutiert, die in Theorie oder Praxis ungelöste Probleme darstellen. Hervorzuheben ist an dieser Stelle, dass sich die ersten drei Artikel mit dem Werteinfluss der Zinsschanke auf den Wert von fremdfinanzierungsbedingten Steuerersparnissen (Tax Shield) beschäftigen. Die drei darauf folgenden Artikel beschäftigen sich schwerpunktmäßig mit der konsistenten Modellierung von Finanzierungspolitiken und dem Werteinfluss der Insolvenzmöglichkeit von Unternehmen. Der siebte und achte Artikel haben die Kapitalstruktur und weitere wichtige Parameter für die Unternehmensbewertung zum Thema.:1. Thematische Einordnung und Forschungsbeitrag … 1 2. Die Bewertung der Zinsschranke … 14 3. Zinsschranke, Unternehmensbewertung und APV-Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.) … 59 4. Der Einfluss der Zinsschranke auf den Unternehmenswert … 84 5. Tax Shield, Insolvenz und Zinsschranke … 109 6. Tax Shield, Insolvenzwahrscheinlichkeit und Zinsschranke - eine empirische Analyse … 169 7. The Impact of Credit Rating and Frequent Refinancing on Firm Value … 211 8. Zur Überprüfung von Kapitalstrukturtheorien in einer von Krisen geprägten Zeit … 258 9. Die Kapitalmarktdaten von www.finexpert.info und der Fachverlag Gruppe … 300