DLUHOŠOVÁ, Dana et al. Finanční řízení a rozhodování podniku. 3. vyd. Praha: Ekopress, 2010. 225 s. ISBN 978-80-86929-68-2.
KOLLER, T., M. GOEDHART a D. WESSELS. Valuation: Measuring and Managing the Value of Companies. 6th ed. New York: McKinsey, 2015. 848 s. ISBN 978-1118873700.
MAŘÍK, Miloš et al. Metody oceňování podniku: proces ocenění – základní metody a postupy. 4. vyd. Praha: Ekopress, 2018. 551 s. ISBN 978-80-87865-38-5.
MAŘÍK, Miloš a kol. Metody oceňování podniku pro pokročilé. Praha: Ekopress, 2018. 548 s. ISBN 978-80-87865-42-2.
Valuation and aquisitions
| Type of study | Follow-up Master |
|---|---|
| Language of instruction | Czech |
| Code | 154-0422/01 |
| Abbreviation | OA |
| Course title | Valuation and aquisitions |
| Credits | 5 |
| Coordinating department | Department of Finance |
| Course coordinator | prof. Dr. Ing. Dana Dluhošová |
Subject syllabus
1. Explanation of Basic Concepts (Subject of Valuation, Standards of Value), Approaches to the Valuation, Overview of Valuation Methods.
2. Valuation Process and Description of Its Individual Parts.
3. Projecting Revenues Growth (Analysis of the External and Internal Potential, Factors, Sales Forecasting).
4. Financial Analysis for Valuation Purposes (Basic Indicators, Interpretation, Bankruptcy Models, Pyramidal Decomposition, Analysis of Deviation).
5. Cost of Capital in the Valuation Process (Possibilities of the Cost of Capital Estimation). Valuation of the Company under the Risk Conditions (Risk Adjusted Cost of Capital Method, Method of Certainty Equivalent).
6. Financial Plan Creation (Definition, Description of Financial Plan Process, Key Factors).
7. Assets-based Approach for Company Valuation.
8. Discounted Cash Flow (DCF) Approach (Basic Description of DCF Methods, One-stage and Two-stage Method).
9. Discounted Cash Flow (DCF) Approach (Derivation and Significance of Key Value Driver Formula, Basic Relationships within Key Value Driver Formula). Sensitivity Analysis within DCF Methods.
10. Capitalized Earnings Valuation Methods.
11. EVA Method for Valuation (Estimation of the EVA Indicator, Importance and Use of EVA, EVA within Company Valuation, Sensitivity Analysis).
12. Market Approach and Combined Methods for Valuation.
13. Valuation of the Companies with a Limited Perspective.
14. Mergers and Acquisitions - M&A (Definitions, Types of Mergers, Takeover Defence Tactics, Synergy Effect, Sources of Value Growth within M&A).
2. Valuation Process and Description of Its Individual Parts.
3. Projecting Revenues Growth (Analysis of the External and Internal Potential, Factors, Sales Forecasting).
4. Financial Analysis for Valuation Purposes (Basic Indicators, Interpretation, Bankruptcy Models, Pyramidal Decomposition, Analysis of Deviation).
5. Cost of Capital in the Valuation Process (Possibilities of the Cost of Capital Estimation). Valuation of the Company under the Risk Conditions (Risk Adjusted Cost of Capital Method, Method of Certainty Equivalent).
6. Financial Plan Creation (Definition, Description of Financial Plan Process, Key Factors).
7. Assets-based Approach for Company Valuation.
8. Discounted Cash Flow (DCF) Approach (Basic Description of DCF Methods, One-stage and Two-stage Method).
9. Discounted Cash Flow (DCF) Approach (Derivation and Significance of Key Value Driver Formula, Basic Relationships within Key Value Driver Formula). Sensitivity Analysis within DCF Methods.
10. Capitalized Earnings Valuation Methods.
11. EVA Method for Valuation (Estimation of the EVA Indicator, Importance and Use of EVA, EVA within Company Valuation, Sensitivity Analysis).
12. Market Approach and Combined Methods for Valuation.
13. Valuation of the Companies with a Limited Perspective.
14. Mergers and Acquisitions - M&A (Definitions, Types of Mergers, Takeover Defence Tactics, Synergy Effect, Sources of Value Growth within M&A).
Literature
Advised literature
DLUHOŠOVÁ, Dana. Přístupy k analýze finanční výkonnosti firem a odvětví na bázi metody EVA – Economic Value Added. Finance a úvěr – Czech Journal of Economics and Finance. 2004, roč. 54, s. 11-12. ISSN 0015-1920 .
HITCHNER, James R. Financial Valuation, Applications and Models. 3rd ed. New Jersey: Wiley, 2011. 1320 s. ISBN 978-0-470-50687-5.
HITCHNER, James R. Financial Valuation, Applications and Models. 3rd ed. New Jersey: Wiley, 2011. 1320 s. ISBN 978-0-470-50687-5.