The main research goal is to identify specifics of energy utilities generating electricity and heat from a valuation perspective. To fulfill this goal, the electricity and district heating sector, their characteristic, economic aspects and related regulation have been described. Having weighted possible valuation approaches, the author has decided to opt for both the DCF method and the method using market multiples. The former has been extended by Monte Carlo simulation. The financial and strategic analysis, analysis of key value drivers, financial plan and valuation itself has been thoroughly done. There have been 7 values of equity derived according to a method used and assumptions considered. The variability of outcomes indicates the need for a correct consideration of relevant factors while compiling valuation. These factors are as follows: costs of inputs and their impacts on the entity's operation, price of electricity and heat, life cycle, technological parameters and ecological regulation.
| Identifer | oai:union.ndltd.org:nusl.cz/oai:invenio.nusl.cz:149797 |
| Date | January 2012 |
| Creators | Tezner, Karel |
| Contributors | Heřman, Jan, Bílek, Milan |
| 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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