The main target of this thesis is to determine the value of the company Povltavské mlékárny, a.s. The thesis is divided into two parts, theoretical and practical. There is described the basic steps of the valuation process and some methods in the theoretical part. In the practical part there are used these methods to determine the value of the company. For the valuation a discounted free cash flow to the equity method in two stage model was used.

The aim of this Master's thesis is to process a business plan for dental clinic Easydent s.r.o., which decided to expand and set up a new dental practice in the city centre. The theoretical part presents the business plan in general terms, with a particular focus on the definition, the reasons for its formulation and the form and structure of this document. Moreover, this part also includes the criteria of the investment decision-making and static as well as dynamic methods of the investment evaluation. Afterwards, the specifics of doing business in healthcare are presented with special emphasis on dental medicine and the differences from other businesses. The practical part presents the business plan for setting up the new dental practise especially with focus on economic aspects of the project as well as on general feasibility. To conclude, I found that the investment according to the net present value is profitable and I recommend setting up a new dental practice in the city centre.

The primary task of the diploma thesis is the valuation of the company Family brewery Bernard corp. The corporation belongs among the biggest Czech manufacturers of beer. The goal of the valuation is to independently determine market value of the company on 1.1.2015. Taking into account the specifics of the market and the company itself it is used discounted cash flow method DCF Equity. This main method is supported by the alternate method of market comparison. The diploma thesis comprises of financial and strategical analysis, value drivers, financial plan and final valuation.

Master thesis is about entrepreneurship. The theoretical part provides basic theoretical concepts related to entrepreneurship and entrepreneurs. This section describes the entrepreneurial skills, entrepreneurial personality traits and three alternative structures of the business plan. Practical work has a real benefit for the author, because it is the business plan for the authors real business idea. A substantial part of this part consists of marketing research, which is used to verify authors hypothesis and define the size of the market. The aim is to assess the feasibility of a specific business plan.

This thesis investigates the anomalous underperformance of distressed stocks in the US computer and electronics industry. It shows that such anomaly can be explained by a parallel analysis of risk based rational pricing and profitability (earnings) levels to returns relationship propositions. For the 1990 to 2006 period, distressed stocks have on average underperformed their non-distressed counterparts. However, once the conditional relationship with profitability is taken into account, the distress risk is rewarded by a continuous positive return hence priced appropriately. In the computer and electronics industry growth stocks (low B/M) outperform on average value stocks (high B/M). The size factor has not been confirmed to be significant in explaining stock returns for this specific industry over the 1990 to 2006 period. The study also reveals that B/M and size factors do not proxy for distress risk. The B/M factor follows an inverted u-shape along the distress risk deciles axis. As result, stocks in low and high distress portfolios share similarly low B/M values. Cash flow based bankruptcy predictors estimated on a quarterly basis from a Cox proportional hazard model, that are used as proxy for a continuous distress risk factor in asset pricing tests, are able to predict bankruptcies at higher accuracy rates than the Z-Score as alternative measure.

Goal of the Master's Thesis is to determine Market Value of the company Complete Internet Services, s.r.o. on 1^st January 2013. Valuation will serve to current owners as the basis of information about market possibilities, that they have. Thesis is divided into two parts - theoretical one, where is a description of used methods, and Practical one. Practical part at first describes the company by using methods of strategical and financial analyses. Based on acquired information financial plan is created, as well as the future generated cash flows. Then, the value of the company is detemined by Discounted Cash Flow Model. In the end quantitative risk analysis Monte Carlo Simulation is used to quantified risks of the valuation.

The diploma thesis represents valuation of company which is focused on applied research, certification and testing of road construction material. The goal of the valuation is to estimate the market value of the company, using the methods of DCF Entity and Branch Multipliers. The paper includes strategic and financial analysis, asset allocation into operationally necessary and unnecessary, value generators and financial plan of company. Text is accompanied by clear tables.

The goal of this master thesis is to perform an evaluation of the company BONERA s.r.o. and examine the future of the company on the date of evaluation of January 1st, 2012. An evaluation will be made to find a subjective value for the owner of the evaluated company. The theoretical part of the thesis describes, in a logical sequence, the process and methods which are necessary and needed to determine the value of the company. All theoretical parts are based on specialized literature written mainly by professionals who work for the University of Economics, Prague. The practical part of the thesis applies a theoretical basis for the evaluation of BONERA s.r.o. First it analyzes the current value, and then it forecasts the value, which is necessary for a company evaluation. The owner of the evaluated company provides all documentation for the evaluation.

The main objective of this diploma thesis is to simulate the regular decision-making process that a credit analyst goes through when assigning a credit limit for an operating and investment (acquisition) loan for a selected company. The introductory chapter is focused on credit risk category definition and description of main credit risk quantification and mitigation approaches both on individual as well as portfolio basis. The second, practically oriented part includes both financial and strategic analysis of selected business entity, as well as free cash flow prediction followed up by business plan development, all of these carried out in the form of basic analytical tools necessary for credit limit assignments to both short term operating and long term investment (acquisition) loans. In the final part, the selected company is being evaluated using DCF Entity business valuation framework as well as being subject to comparable companies and transactions general valuation approach. Finally, the credit limits for an operating and investment (acquisition) loans are being determined based on the analytical tools drafted within the previous chapters of this thesis.

The study examined the momentum in the fundamentals of companies over time, and whether the information content in the momentum of the fundamentals improved the understanding of the long-standing price momentum and earnings momentum anomalies on the Johannesburg Stock Exchange (JSE). Fundamental momentum is defined as the difference between the change of a fundamental variable over consecutive time periods. The study included all industrial companies that were listed on the JSE between the period January 1990 and December 2013. The purpose of the study was to investigate whether price momentum or earnings momentum was subsumed by fundamental momentum. Price momentum and earnings momentum are long-standing anomalies that have been widely researched, yet no definitive explanation has been provided in the literature. The objective of the study was to improve the understanding of price momentum and earnings momentum through the analysis of fundamental momentum. The study also provided insight into the persistence of fundamental momentum of earnings. The study tested the profitability of the price momentum, earnings momentum and the fundamental momentum of earnings trading strategies. The research hypotheses were formulated and tested using equal-weighted sort analysis. The sustainability of fundamental momentum of earnings was also analysed. The size and value risk factors were taken into account to ensure that the results were not influenced by such risk factors. The Fama and French three-factor model was employed to test whether the results captured one of these risk effects. The fourth research question investigated whether the fundamental momentum of an underlying component of earnings increased the persistence of the fundamental momentum of future earnings. Earnings were shown to be mean reverting over time, and therefore, the expectation was that positive or negative fundamental momentum of earnings was not sustainable over a prolonged period of time. However, by decomposing earnings into the accrual and cash flow components, and their respective sub-components, the study undertook regression analysis to see whether a specific component of earnings could improve the sustainability of fundamental momentum. The final research question tested whether price momentum and/or earnings momentum was subsumed by fundamental momentum. Two-way analysis was conducted to test whether the strategies captured similar effects. Sort analysis was used by first constructing equal-weighted portfolios based on either price momentum or earnings momentum. Each portfolio was then further subdivided based on the fundamental momentum of earnings. The profitability of the resultant portfolios was then compared with the initial portfolio. The results confirmed that the price momentum and earnings momentum anomalies were present on the JSE for the sample selected for the study. The fundamental momentum of earnings trading strategy was also shown to be a profitable trading strategy for the extreme quintile portfolios. Using the Fama-MacBeth regression methodology, size and value effects were not found to impact the results across all three momentum strategies. A behavioural overreaction or underreaction hypothesis was argued to explain the profitability of the fundamental momentum of earnings strategy. The market was shown to anticipate the earnings surprise that resulted in earnings momentum up to 12 months prior to portfolio formation. Similarly, the market anticipated fundamental momentum of earnings 12 months prior to the earnings announcement. The fundamental momentum of future earnings was shown to be more sustainable when the fundamental momentum of the cash flow component of prior earnings was higher than the fundamental momentum of the accrual component of prior earnings. This result did not give insight into the nominal size effect of the underlying earnings components, rather, it only gave insight into the rates of change of the earnings components. The final result of the study showed that price momentum and fundamental momentum captured different effects. However, the earnings momentum and fundamental momentum results were not as clear cut. Both strategies used a variant of earnings to construct the quintile portfolios and thus it was very plausible that they captured a similar effect. The study contributed to the current literature in a number of ways. A new trading strategy based on the fundamental momentum of earnings was tested. Fundamental momentum of earnings as a trading strategy has yet to be defined; as a result, it has not been researched prior to this study. Given the results, it may be seen as a derivative of earnings momentum. Understanding the sustainability of fundamental momentum of future earnings was also researched. The final contribution of the study was the two-way analysis of price momentum and fundamental momentum, and earnings momentum and fundamental momentum. / Thesis (PhD)--University of Pretoria, 2016. / tm2016 / Financial Management / PhD / Unrestricted