Předmět Oceňování a akvizice (VaA)

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Materiál	Typ	Datum	Počet stažení

Cíl

This course focuses on deepening of basic knowledge about firm valuation obtained within bachelor study of Finance.The aim of the course is to learn students to apply advanced valuation approaches and methods in order to analyzethe firm value as well as to asses mergers and acquisitions, including accounting and legal aspects.

Osnova

1. Introduction to the Valuation. Purposes of a Valuation. Standards of Value. Premises of Value. Effective Day.Basic Approaches to Value.2. Valuation Process. Sales Forecasting (Projecting Revenues Growth). Analysis of the External Potential. RelevantMarket. Analysis of the Internal Potential. SWOT Analysis.3. Financial Analysis for Valuation Purposes. Nonoperating Assets. Financial Plan. Component and Goals of a FinancialPlan.4. Cost of Capital. Characteristic and Estimating. Basic concepts. Build-Up Summation Model. Capital Asset PricingModel. Arbitrage Pricing Theory. MM I., MM II., MM III.5. Income Approaches. Basic Concepts. DCF Methods. FCF Estimation. DCF Equity, DCF Entity, Adjusted Present Value.6. Multiphase DCF Methods (2-phases Method). Determination of a Continuing (Terminal) Value. Sensitivity Analysis.7. Economic Value Added (EVA) Concept. EVA Methods within Valuation. Differencies between DCF Methods and EVA Methods.Sensitivity Analysis.8. Capitalization of Earnings Method. Simple and Analytic Version. Company Valuation in Risk Terms.9. Asset Approach. Book Value Method. Adjusted Book Value Method. Substantial Value Method. Liquidation Value Method.10. Market Approach. Advantages and Disadvantages. Basic Implementation. Computation of Multiples.11. Mergers and Acquisitions (M&A). Introduction. Types of Acquisitions. Takeover Defences. Synergistic effect.Sources of Value Growth.12. Valuation of Companies with a Limited Perspective. The Possibility of a Real Options Utilization within CompanyValuation.

Literatura

ARZAC, E. R.: Valuation for mergers, buyouts and restructuring. J. Wiley, 2003. DAMODARAN, A.: Investment valuation:and Techniques for Determining the Value of Any Asset. John Wiley & Sons, Inc.,2012. HITCHNER, J.H. Financial Valuation: Applications and Models. 3rd Ed. Wiley, 2011. KOLLER, T., GOETHARD, M., WESSELS, D.: Valuation: Measuring and Managing the Value of Companies. 5th Ed. Wiley.2010.MEITNER, M. The Market Approach to Comparable Company Valuation. Physica-Verlag, 2006.PRATT, S.P., NICULITA, A.V.: Valuing a Business: The Analysis and Appraisal of Closely Held Companies. 5th Ed.McGraw-Hill, 2007.PRATT, S.P:, GRABOWSKI, R.J.: Cost of Capital: Applications and Examples. 4th Ed. Wiley, 2010.RAWLEY, T.; GUP, B.E.: The Valuation Handbook: Valuation Techniques from Today's Top Practitioners. Wiley, 2009.

Požadavky

Žádné

Garant

prof. Dr. Ing. Zdeněk Zmeškal

Vyučující

doc. Ing. Miroslav Čulík, Ph.D.Ing. Petr Gurný, Ph.D.Ing. Aleš Kresta, Ph.D.