The goal of this thesis is to evaluate quality of the income based business valuations prepared by Czech valuation experts. Selected topics of standard of value, financial plan quality, and discount rate are examined on the sample of 110 valuations mostly dated in 2015. The main emphasis is put on the methodology and approach used by Czech valuation experts and their comparison to the best practice of business valuations. The opinion regarding quality of business valuations is based on the fulfilment of a specific set of criteria. At some parts results are compared to the first master thesis on similar topic from 2011. In the conclusion, recommendations how to improve the quality of business valuation in the future are presented.

The aim of this master thesis is business valuation of Pivovar Nymburk, spol. s r.o. to the date 31. 12. 2012. The valuation is made to inform the owners of the enterprise value. This thesis is divided to two parts, theoretical and practical. The first theoretical part presents the key concepts and process of valuation, which is important for the practical part. In the practical part are strategic and financial analysis, analysis and prognosis of generator value, financial plan and mainly business valuation using discounted free cash flow in the variant FCFF. The value of the company is 101 405 000 CZK. Conclusion of the work includes an evaluation of the results.

The presented master thesis aims to estimate the equity value of the company PIVOVAR SVIJANY, a.s. as of 31.12.2011. The value is estimated using income approach, specifically the DCF entity method. The introduction section presents the motives for the valuation and the applied approach. The theoretical part addresses the basic concepts and approaches, which are fundamental for the selection of an appropriate valuation method and the value estimate itself. The practical section deals with strategic and financial analyses of the company, financial plan forecast and the business value estimate. In conclusion, the key findings of the individual sections are summarized. The results of the analyses confirm excellent financial standing of the company, which has been valued at CZK 2 739 663 thousand.

With the change in political and economic situations, increased urbanization and the growing population in China leads to extended housing needs, which results in various problems for the real estate market, such as the pronounced rise of housing price and unreasonable housing supply system. At present, the major issue that the government is facing with is how to improve the housing availability and provide space to the urban residents to solve the problem that many urban residents are unable to afford housing. In order to fully understand the housing market in Beijing city, this paper adopted quantitative methods of Housing Price to Income Ratio, Residual Income, and the Housing Affordability Index to examine the housing affordability of Beijing urban residents from 2004 to 2013, based upon the data collected from Beijing Statistic Yearbook mostly. The analysis revealed that there is a declining trend of housing affordability in Beijing and the gap between residential housing prices and urban households’ incomes and the difference between the poor and the rich is obvious.

Housing affordability is the relationship between households’ income and housing expenditure. The public are very concerned about the high price of residential housing in Beijing, which is considered go beyond the income of average citizens. In order to fully understand the China’s real estate market, the paper first analyses the land policy, housing reform and housing finance, etc. Then this paper examine to what the extent the high housing price had led to low levels of housing affordability from 2000 until 2009 among Beijing urban households. The ratio analysis has been conducted to measure housing affordability. Meanwhile, we compute the housing-induced poverty, find maximum affordable housing prices for all the income classes, and suggest the housing assistance that should be provided to urban households in Beijing. Approximately, only 20% Beijing urban residents have purchase affordability for a standardized new residential housing, no matter which approach is used, strong statistical evidences reveal that there is an incessant large gap between residential housing prices and urban residents’ incomes in Beijing.

This master's thesis dealing with appraisal of a firm Drubezarsky zavod Klatovy which is headquartered in Klatovy is composed of seven essential chapters such as company background, strategic analysis, financial analysis, value drivers, financial plan, valuation and valuation summary along with sensitivity analysis in order to provide a complete range of understanding. Individual key chapters are divided into subchapters. The company ranks among the biggest manufactures of a poultry meat in the Czech republic. The primary aim of this thesis is to detect and review key attributes, which are affecting or even are capable of having an influence on company market value as of 1st of January 2014. Market value were set according to International Valuation Standards (IVS). The business valuation is primarily determined by two methods. The first main method known as discounted cash flow analysis (DCF) in the form of adjusted present value approach (APV) is not at all employed in valuation practice, but it is deemed to be some kind of reference method of all DCF forms. Another one, I employ, is called German income approach (German: Ertragswertverfahren -- EWV). Across texts are used statistical methods in conjunction with statistical programme R that tell me help my specified goal.

<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 thesis deals with comparison of selected methods applicable in valuation of hotels. Methods are applied to the valuation of a particular hotel. The hotel is valued by the cost method, comparative methods, income methods and other methods used in the valuation of hotels. The results are compared, any differences are analyzed. Valuation of the hotel is based on financial analysis, strategic analysis, forecast of value drivers and financial plan.

The diploma thesis focuses on the main factors influencing the appraising of real estate. Factors are divided into 4 general groups: economic factors; political and administrative factors, social and demographic factors and physical factors. The influence of the analyzed factors is applied to the appraisal of two flat units; a flat unit located in Rychnov n. Kněžnou and a flat unit situated in Prague. Both units are appraised based on the administered price and by values determined through the cost approach method, the income approach method and the comparison approach method. The goal of the appraisal is a comparative analysis of factors that have an impact on the value of the two appraised flat units.