The aim of the thesis is to determine the intrinsic value of the shares of Pegas Nonwovens SA,which is traded in the SPAD on the Prague Stock Exchange. The work begins by analyzing the causes of fluctuations in share prices and trying to capture the causes of these price fluctuations. The relationship between stock index and stock Pegas in long term helps to detect beta coefficient, which is used o calculate the cost of equity. In determining the intrinsic value of shares it is proceeded in five steps. First, it is characterized the macro and micro enviroment, in which the company operates. Subsequently, from the financial statements I tried to assess main trends through analysis of standard ratios and on the basis of that I defined the so-called "value drivers". All these collected data gave me presumption for most likely prognosis of development, i.e. business plan, which is quantified via pro forma financial statements. The fourth step was to calculate free cash flow to shareholders (FCFE) and in the final step it was discounted to find out the present value of equity/one share.
| Identifer | oai:union.ndltd.org:nusl.cz/oai:invenio.nusl.cz:71877 |
| Date | January 2011 |
| Creators | Kurfürst, Marek |
| Contributors | Kislingerová, Eva, Smrčka, Luboš |
| Publisher | Vysoká škola ekonomická v Praze |
| Source Sets | Czech ETDs |
| Language | Czech |
| Detected Language | English |
| Type | info:eu-repo/semantics/masterThesis |
| Rights | info:eu-repo/semantics/restrictedAccess |
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