The aim of this thesis is to estimate the investment value of the company Klatovské rybářství a. s. for the needs of its owner to the date 1.1.2015. The thesis is divided into four parts. Introductory chapter describes basic information about the company. Following strategic analysis specifics relevant market, occupies with microenvironment, makroenvironment and SWOT analysis. The strategic and financial analysis of the company answer the question of whether the company meets the going concern. Based on the analysis of the company is selected liquidation value. Accounting value was selected as a control method of valuation.

The objective of this diploma thesis is the evaluation of a small construction company according to two different methods and consequent assessment of the values obtained by using these methods. The evaluation was requested by the shareholders of the company to assess current situation of the company and to research and sum up potential future opprotunities. The results of this thesis should serve as a basis for company's strategic decision making. First part of the thesis focuses on methodologic aspects of evaluation. The second part is devoted to the application of defined methods and processes on the real construction company. The enterprise was evaluated by discounted cash flows method and by liquidation value method. In conclusion of this thesis, both methods are compared and possible mesasures are proposed to the shareholders.

The subject of this diploma thesis is the appraisal of the MS KART s.r.o., as of 1. 1. 2011 for the internal purposes of the ordering party, which is the appraised company. MS KART s.r.o. operates as a producer within the carting industry. The thesis is based on four main parts. Financial analysis is aimed at examining the company's financial health. Strategic analysis defines and evaluates the relevant market in which the company operates and it also quantifies the potential of the company to succeed. Executing both analyses provides the answer about whether the company fulfills the going concern requirement or not. The third portion assesses the main figures which determine the value of the company. Based upon these assessments a financial plan is constructed. In the final part, the company is appraised by using two methods - the amortization value method and the liquidation value method. Their results represent the final interval of the appraisal of the company. The appraisal is calculated in terms of equity appraisal.

This diploma thesis is focused on the process of liquidation of the business corporations without a legal successor in accordance with Czech legislation. The liquidation is defined in law, accounting and tax perspective. The practical part of the thesis shows process of liquidation on the example of fictitious company but also on the company from the practice. On the other companies the hypothesis is verified: "Business corporations which are more than 50 % owned by the state publish financial statements."

The thesis deals with the valuation of income-poor enterprise KM-System s. r. o. as at 31.12.2011. The financial and strategic analysis are followed by the main part, which deals with suitability for rehabilitation of the company. The work includes the valuation at a liquidation and a book value.

The aim of the master thesis is to assess market value of equity of SAZKA a.s. company as at January 1, 2015. There are used three various methods for the valuation because each of them stresses different aspects of valuation theory. There is used DCF equity method, comparable company analysis and liquidation value method. The thesis is divided into six parts. The first two parts summarize general information about valuation concept and company SAZKA a.s. Then follows a strategic analysis, a financial analysis, a prognosis of main economic measures and a financial plan. In the last chapter is carried out the valuation of equity of SAZKA a.s. company.

The work is focused on the valuation of production agency PETARDA PRODUCTION a. s. The main aim of this thesis is to find the objectivized value priced company.There are three valuation methods. The company is valued using DCF equity, liquidation value and book value.

The object of the thesis is to determine the market value of the firm for the purpose of the future sale. At first, the strategic analysis is performed, which assesses business and competitive environment of the company, and on which basis the future sales are estimated. The financial analysis examines financial health and stability of the company. The obtained information from both analysis are a starting point for the preparation of the financial plan. In the final part of this thesis the resulting valuation of the company is the calculated together with reasons on which the calculations are based.

The goal of this thesis is to determine the value of a company doing business in the road transport industry. This thesis describes the methods used when evaluating a company´s worth, analyzes these methods as well as establishes requirements needed for performing an analysis associated with this issue. The suggested theories of a company´s evaluation that are applied to a specific company are included in the practical part. The practical part also describes the purpose of determining the value of a company and selects the methods for the final evaluation. Furthermore, this thesis contains a strategic analysis that estimates the market share for the period 2013 2015. In addition, financial analysis was performed in order to assess the company´s financial health. Based on the results generated from the strategic analysis, the values were calculated and the outcomes integrated into a financial plan. The financial plan became a basis for an evaluation by yield methods: DCF and EVA. The final evaluation was made using four different methods: DCFF, EVA, sum of the Assets Approach and liquidation method. The company´s market value is considered to be 9 904 thousand Kč, which was obtained from DCF method. Sum of the Assets Approach is 347 thousand Kč lower than the value generated from yield evaluation. Therefore, as can be concluded from the findings, it is recommended that the owners keep the company.

Cette thèse traite des phénomènes liés aux mathématiques financières et économiques. Elle est composée de deux sujets de recherche indépendants. La première partie est consacrée à deux contributions au problème de Merton. Pour commencer, nous étudions le problème de l’investissement optimal et de la consommation de Merton dans le cas de marchés discrets dans un horizon infini. Nous supposons qu’il y a des frictions sur les marchés en raison de la perte due aux échanges financières. Ces frictions sont modélisées par des fonctions de pénalités non linéaires où les modèles classiques de coût de transactions étudiés par Magill et Constantinides [31] et les marchés illiquides étudiés par Cetin, Jarrow et Protter dans [6] sont inclus dans cette formulation. Dans ce contexte, la région de solvabilité est définie en tenant compte de cette fonction de pénalité et chaque investisseur doit maximiser son utilité, dérivée de la consommation. Nous donnons la programmation dynamique du modèle et nous prouvons l’existence et l’unicité de la fonction valeur. Des stratégies optimales d’investissement et de consommation sont également construites. Ensuite, nous étendons le modèle de Merton à un problème à plusieurs investisseurs. Notre approche consiste à construire un modèle d’équilibre général déterministe dynamique. Nous prouvons ensuite l’existence d’un équilibre du problème qui est un ensemble de contrôles composés de processus de consommation et de portefeuille, ainsi que les processus de prix qui en découlent afin que la politique de consommation de chaque investisseur maximise son profil. Les résultats obtenus dans cette partie étendent principalement les résultats récemment obtenus par Chebbi et Soner [10] ainsi qu’aux d’autres résultats obtenus dans ce cadre dans la littérature. Dans la deuxième partie, nous traitons le problème de l’existence d’un équilibre d’une économie de production avec des ensembles d’allocations réalisables non-bornés où les consommateurs peuvent avoir des préférences non-transitives non-complètes. Nous introduisons une propriété asymptotique sur les préférences pour les consommations réalisables afin de prouver l’existence d’un équilibre. Nous montrons que cette condition est vraie lorsque l’ensemble des allocations réalisables est compact ou aussi lorsque les préférences sont représentées par des fonctions d’utilité dans le cas où l’ensemble des niveaux d’utilité rationnels individuels réalisables est compact. Cette hypothèse généralise la condition de CPP de Allouch [1] et couvre l’exemple de Page et al. [40] lorsque les niveaux d’utilité disponibles définis ne sont pas compacts. Nous étendons donc les résultats existants dans la littérature avec des ensembles réalisables non bornés de deux façons en ajoutant la production et en prenant en compte des préférences générales. / This PhD dissertation studies two independent research topics dealing with phenomena issues from financial and economic mathematics.This thesis is organized in two parts. The first part is devoted to two contributions tothe Merton problem. First, we investigate the problem of optimal investment and consumption of Merton in the case of discrete markets in an infinite horizon. We suppose that there is frictions in the markets due to loss in trading. These frictions are modeled through nonlinear penalty functions and the classical transaction cost studied by Magill and Constantinides in [31] and illiquidity models studied by Cetin, Jarrow and Protter in [6] are included in this formulation. In this context, the solvency region is defined taking into account this penalty function and every investigator have to maximize his utility, that is derived from consumption, in this region. We give the dynamic programming ofthe model and we prove the existence and uniqueness of the value function. Optimalinvestment and consumption strategies are constructed as well. We second extend the Merton model to a multi-investors problem. Our approach is to construct a dynamic deterministic general equilibrium model. We then provide the existence of equilibrium of the problem which is a set of controls that is composed of consumption and portfolio processes, as well as the resulting price processes so that each investor’s consumption policy maximizes his lifetime expected. The results obtained in this part extends mainly the results recently obtained by Chebbi and Soner [10] and other corresponding results in the litterature.The second part of this thesis deals with the problem of the existence of an equilibrium of a production economy with unbounded attainable allocations sets where the consumers may have non-complete non-transitive preferences. We introduce an asymptotic property on preferences for the attainable consumptions in order to prove the existence of an equilibrium. We show that this condition holds true if the set of attainable allocations is compact or, when preferences are representable by utility functions, if the set of attainable individually rational utility levels is compact. This assumption generalizes the CPP condition of Allouch [1] and covers the example of Page et al. [40] when the attainable utility levels set is not compact. So we extend the previous existence results with unbounded attainable sets in two ways by adding a production sector and considering general preferences.