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Moderní přístupy k DCF modelu v komparaci s přístupy klasickými / Modern attitudes to DCF model in comparison with classical attitudes

Diploma thesis covers the topic about different attitudes to DCF valuation. The first part is an introduction into CAPM theory and a multifactor French-Fama model. This part also indicates different views on financial assets and analyzes an issue of setting discount rates, especially the risk-free rate and equity risk premium. The second part of this paper applies the theory into valuation of Microsoft, GAP and Telefónica O2. There are elaborated forecasts of the financial statements and free cash flows (FCFCE, FCFU), the discount rate composition and analyses of the factors HML and SMB. At the end, there are performed various valuations, which results are discussed together with a development of real market prices.

Identiferoai:union.ndltd.org:nusl.cz/oai:invenio.nusl.cz:197410
Date January 2012
CreatorsKlečka, Ondřej
ContributorsVeselá, Jitka, Vacek, Vladislav
PublisherVysoká škola ekonomická v Praze
Source SetsCzech ETDs
LanguageCzech
Detected LanguageEnglish
Typeinfo:eu-repo/semantics/masterThesis
Rightsinfo:eu-repo/semantics/restrictedAccess

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