| Course Unit Code | 154-0322/04 |
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| Number of ECTS Credits Allocated | 6 ECTS credits |
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| Type of Course Unit * | Compulsory |
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| Level of Course Unit * | Second Cycle |
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| Year of Study * | First Year |
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| Semester when the Course Unit is delivered | Winter Semester |
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| Mode of Delivery | Face-to-face |
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| Language of Instruction | Czech |
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| Prerequisites and Co-Requisites | There are no prerequisites or co-requisites for this course unit |
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| Name of Lecturer(s) | Personal ID | Name |
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| ZME40 | prof. Dr. Ing. Zdeněk Zmeškal |
| DLU30 | prof. Dr. Ing. Dana Dluhošová |
| GUR022 | Ing. Petr Gurný, Ph.D. |
| KRE330 | doc. Ing. Aleš Kresta, Ph.D. |
| Summary |
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| The content of the course consists of theoretical basics of company valuation, valuation approaches and methods, mergers and acquisitions issues, including accounting and tax aspects. |
| Learning Outcomes of the Course Unit |
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| This course focuses on deepening of basic knowledge about firm valuation obtained within bachelor study. The aim of the course is to learn students to apply advanced valuation approaches and methods in order to analyze the firm value. |
| Course Contents |
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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).
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| Recommended or Required Reading |
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| Required Reading: |
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FABOZZI, F. J., MARKOWITZ, H. (2011). The Theory and Practice of Investment Management: Asset Allocation, Valuation, Portfolio Construction, and Strategies. New Jersey: J. Wiley.
HITCHNER, J. R. (2011). Financial Valuation: Applications and Models. 3rd ed. New Jersey: J. Wiley.
KOLLER, T., GOEDHART, M., WESSELS, D. (2010). Valuation: Measuring and Managing the Value of Companies. 5th ed. New Jersey: Wiley.
MCMILLAN, M. G. et al. (2011). Investments: Principles of Portfolio and Equity Analysis. 1st ed. New York: Wiley. |
DLUHOŠOVÁ, Dana a kol. Finanční řízení a rozhodování podniku.Analýza, investování,oceňování,riziko,flexibilita,interakce. Jesenice: EKOPRESS, 2021. 257 s. ISBN 978-80-87865-71-2.
DLUHOŠOVÁ, Dana a kol. 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 a kol. 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. |
| Recommended Reading: |
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DAMODARAN, Aswath. Damodaran on Valuation. Security Analysis for Investment and Corporate Finance. USA: John Wiley & Sons, Inc., 1994. 417 s. ISBN 0-471-01450-8.
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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, 11-12, 2004, roč. 54. ISSN 0015-1920.
HITCHNER, James R. Financial Valuation, Applications and Models. 3rd ed. New Jersey: John Wiley & Sons, 2011. 1320 p. ISBN 978-0-470-50687-5.
KRABEC, Tomáš. Oceňování podniku a standardy hodnoty. Praha: Grada, 2009. 264 s. ISBN 978-247-2865-0.
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| Planned learning activities and teaching methods |
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| Lectures, Tutorials |
| Assesment methods and criteria |
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| Task Title | Task Type | Maximum Number of Points
(Act. for Subtasks) | Minimum Number of Points for Task Passing |
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| Credit and Examination | Credit and Examination | 100 (100) | 51 |
| Credit | Credit | 25 (25) | 13 |
| Písemný zápočet | Project | 25 | 13 |
| Examination | Examination | 75 (75) | 38 |
| Ústní zkouška | Oral examination | 75 | 38 |