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The diploma thesis deals with methods used to determine the market value of an enterprise and with the application of these methods to a particular company. The theoretical part deals with the definition of basic concepts and practices in the field of business valuation. Part of the practical part is the compilation of financial and strategic analysis of the chosen company. This company is described at the beginning of the practical part of the work including its history and specific characteristics. According to the financial health of the company, the condition of going concern was met. Part of the practical part of the work is to prepare a financial plan for 2019-2021 and valuation of the selected company using two types of yield methods to date 01. 01. 2019.

Článek se zabývá otázkou, jak se z ekonomického hlediska vypořádat se situací, kdy jsou v jedné věci znalci z oboru ekonomika vypracovány znalecké posudky dospívající ke značně odlišným závěrům ohledně hodnoty oceňovaného podniku při aplikaci výnosových metod ocenění. v článku je nejprve identifikován jako hlavní důvod odlišnosti závěrů metodicky korektně provedených výnosových ocenění různé hodnoty vstupních parametrů ve formě jejich bodových odhadů. Problémem je, že často nelze určit, je-li zvolená hodnota určena správně či chybně. Navrhované řešení spočívá v rekonciliaci výsledků výnosových ocenění prostřednictvím metody numerické simulace, kdy se se vstupními parametry pracuje jako se stochastickými veličinami. Postup simulace a konstrukce rekonciliačního valuačního modelu je dále podrobně charakterizován, rozebrán je význam bazického valuačního scénáře, konstrukce intervalů spolehlivosti vstupních parametrů výnosového ocenění a volba vhodného pravděpodobnostního rozdělení těchto parametrů. Závěr článku se zaměřuje na interpretaci získaných výsledků a shrnuje hlavní přidanou hodnotu simulační analýzy v rámci rekonciliace. The article deals with the question of how to reconcile expert opinion leading to very different conclusions about the value of the same business enterprise when applying the income based valuation methods. The article identifies the different values of the input parameters in the form of their descrete value estimates as the main reason for the differences in the conclusions of the methodically correctly applied income based valuation. The problem is that it is often not possible to determine if the selected value is determined correctly or incorrectly. The proposed solution in the reconciliation of the results of the income based valuation was found by using the numerical simulation method, which works with input parameters as stochastic variables. The procedure of simulation and construction of the reconciliation valuation model is further characterized, dealing with the significance of the basic valuation scenario, the construction of confidence intervals of the input valuation parameters and the choice of an appropriate probability distribution of these parameters. The end of the article presents the interpretation of the obtained results and summarizes the main added value of the simulation analysis within reconciliation.

An aim of this diploma thesis is to determine the value of CRV Czech Republic, Ltd. The document will serve to help to improve management's awareness of a management of the enterprise they lead. The thesis is divided into two parts, namely theoretical and practical. The theoretical part explains a valuation process, including a definition of valuation methods. The practical part then presents results of parts of evaluations conducted by a strategic analysis and a financial analysis. Next follows the analysis and prognosis of the value generators and a compilation of a financial plan. Finally, the valuation is done using discounted cash flow methods, an economic added value and capitalized net returns. The valuation method also uses an equity method. At the end, synthesis of results is made and the final value of the company is stated to 31 August 2016.

Thesis deals with the valuation of the chosen company. Strictly speaking thesis topic is business valuation of the company MELITES, spol. s r.o. This company is a local producer of frozen bakery products. The goal of the thesis is to estimate a market value of one hundred percent share in this company. The thesis is composed of only a practical part, which is divided into nine chapters.

The aim of this thesis is to calculate the theoretical value of one share of Norwegian Air Shuttle the 31st of December 2016. Supportive information will be collected through a strategic- and financial analysis.

Purpose of this masters thesis is a valuation of ČEPRO, a.s., which provides mainly transportation, warehousing and sale of crude oil products. DCF Equity was used as a main income valuation method and as a supporting method was chosen the comparable approach using multiples. The thesis comprises also financial analysis, strategic analysis, analysis of value drivers and financial plan.

The aim of this thesis is to find a value of the company Znovín Znojmo, a.s. as till January 1st 2015. It is a demonstration of the expert´s report which is divided into eight parts. The thesis can therefore be regarded rather as practical. Each single chapter provides its theoretical explanation. The first chapter describes the basic information about the report. In the second part, the valued company is to be introduced. Afterwards the financial analysis is made and the financial health is determined. I also quantify the biggest competitors of the company. As follows, the strategic analysis that deals with the wine industry in general but also with the internal potential of the valued company. Thereafter I continue with making value drivers and the financial plan for the next five years. The principal is the last chapter where the company is valued by the discounted cash flow method. As the additionally technique was chosen the method of capitalized earning.

The aim of the diploma thesis is determination of the investment value of the company Blažek Praha, a.s. at December 31st 2014 for the purpose of settlement of a partner Ing. Jan Vácha, which has through the company BLAŽEK HOLDING, a.s. a 10 % share in company. The thesis is written in the form of expert opinion and is focused practically. The first part of the thesis deals with introduction of the company in terms of its operations, history and ownership. The next part of the thesis describes financial analysis, which aims to determine financial health of the company. In the strategic analysis is describes the current development of the market, its prediction and competitive position. The next part continues with analysis and forecast of value drivers and a financial plan. On that basis it is decided about the infinite duration of the company and continues with valuation. At the end of the thesis is set the investment value of the company and 10 % share of Mr. Jan Vácha.

The goal of the thesis Business valuation of PETROF, spol. s r.o. is to determine the market value of the company as at 1st January 2016. The thesis is divided among six parts. In the first part the company is introduced. Next parts are concerned by financial and strategic analysis of the company to assess over financial health and internal and external potential. Following part is analysis of value drivers which are crucial for creating of the financial plan. The final part is the valuation of the company by using of the DCF Entity method. Determined value is compared and evaluated by the comparison of EV/EBITDA multiple.

The aim of this thesis is to work out the project of determining the value of the company Suchánek & Walraven, s.r.o. to date of 31.12.2015 in case of potential sale of 100% share of the company to potential taker. The first, theoretical, part of the thesis deals with description of basic terms od determining the value of the company as well as single steps of determining the value of the company including used methods of calculation are described detaily. The practical part deals with particular application of knowledge taken from theoretical part into practise. In the beggining there is a short introduction of the company followed by strategic and financial analyses by which external and internal potential as well as the perspective of the company into the future is evaluated. Potential developement is seen through indicators of value and complex financial plan. Financial plan is followed by final evaluation of the company using DCF entity method which is the most principle method of the whole thesis. Another methods are used as well in the thesis.

The aim of this thesis is to estimate the investment value of Linea Nivnice, a.s. by the date 1st January 2016. This thesis serves as a source of information and may serve as a basis for decision making of company's owners and potential investors. After stating a brief information about company, a financial analysis for last 5 years before valuation date is created. After that follows a strategic analysis, which concludes into company's sales prognosis. After that comes analysis and prognosis of value drivers, which are used to create financial plan. The last chapter consists of valuation using two methods, which are DCF Entity and market comparison. Thefinal investment value is estimated according to the result of DCF Entity method.

The aim of this thesis is to estimate the investment value of Pivovar Holba a.s. by the valuation date of 1.1. 2015. After an introduction of the company a financial and strategic analysis is conducted. These are followed by the valuation of value drivers and their prognosis, which serves as a basis for a financial plan. Afterwards, the company is valuated based on the knowledge from previous chapters using three methods out of which the greatest emphasis is put on DCF entity. Conclusions of this thesis may serve as a basis for the owner's or potential investors's future decisions.

This diploma thesis is structured as an expert opinion and deals with business valuation of EKOSPOL a.s. Firstly, financial and strategic analysis are carried out in order to assess the company´s financial health and perspective. Financial plan is created right after using findings provided by value drivers analysis. Finally, income DCF APV valuation method as well as comparable transactions method are both used to assess the final investment value of EKOSPOL a.s.

This thesis is focused on analysis of expert opinions on the business valuation. Its goal is to identify the most serious mistakes in expert opinions and how to prevent them. The analysis is processed using preselected criteria. Totally twenty-two expert opinions are analyzed. The conclusion is a quantitative summary of the results of analysis of expertise, as well as pointing out the most common shortcomings and proposals for their elimination.

The thesis aims to determine the equity value of the company PEBAL s. r. o. as of January 1st 2016. It is not separated into theoretical and practical part, because it is considered as fake appraisal of an expert. That is the reason why the whole thesis is practical with occasional theoretical background explanations. In the first part there is basic information provided about the appraised company along with its characteristics. Then financial analysis is carried out which will provide an overall picture of financial health of the company along with determination of competitors. Followed by strategical analysis which deals with the market as whole and predicts its future development as well as development of sales of the valued company. The next part consists of analysing and predicting value drivers and the overall financial plan. Result of the last part is the valuation itself applying discounted cash flow (DCF) method using discounts rate calculated earlier in the chapter. The final chapter also contains market valuation using method of comparable companies along with Monte Carlo simulation, that provides probability distribution of the value of the company.

The thesis aims to determine the value of the company Mlékárna Hlinsko, a.s. at December 31st 2014 at the nett value. The theoretical part deals with the definition of basic concepts and practices in the field of business valuation. In the practical part follows the introduction of the company in terms of its operations, history and ownership. The strategic analysis describes the current development of the market, its prediction and competitive position. This part continues with financial analysis, which aims to determine financial health of the company. On that basis, it is decided about the infinite duration of the company. There has been chosen yield valuation method. It continues with analysis and forecast of value drivers and a financial plan. It is followed by valuation itself.

The main objective of this thesis is to determine the market value of the compa-ny's equity DEKTRADE, Plc. to the valuation date 1st January 2016. The sec-ondary objective is to predict the growth of the market. These predictions should help the company's management. Thesis will be typically divided into theoretical part that aims to introduce readers to the issues of valuation and introduce methods that will be used in subsequent practical part. The practical part begins with a strategic analysis to be followed by a financial analysis. Following the distribution of assets to the operationally necessary and unnecessary forecast of value and a financial plan. The actual awards will be made using the method DCF entity. Results will be compared with the book value of equity.

The thesis focuses on business valuation. In the first part the methodology of valuation is described and then it is applicated to find out the market value of the company Hollandia Karlovy Vary a.s., which produces yogurts and yogurt products.

Diploma thesis "Business valuation of ZON spol. s r. o." is formed as an expert opinion and its goal is to find a market value for hypothetic sale on the date 31. 12. 2014. Thesis is divided into five parts. The first part is devoted to the description of company. In next parts financial and strategic analyses follow. In the next part value drivers are analysed and planned, which result in completing financial plan of business for years from 2015 to 2020. In the last part ZON spol. s r. o. is valued by DCF APV method using parametric formula for the second phase.

The aim of this master thesis is to give a valuation of F. X. MEILLER Slaný, s.r.o., which specialises in the car industry. Valuation is provided by the method of discounted free cash flow. The thesis is divided into two parts. The first part is focused on theoretical information. Based on the theoretical part, a practical part follows. Firstly, the valuated company is described. Followed by a strategic analysis, financial analysis and value drivers. According to these analysis and facts, a financial plan is created for the next few years and a final business valuation of the company too.

The aim of this thesis is to estimate the market value of the company CZC.cz, s.r.o. as of 31. 12. 2014. The thesis is divided into six parts. Introductory chapters describe the valuation process and basic information about the company. Following the strategic and financial analysis of the company, that answer the question of whether the company meets the going concern assumption. Based on the analysis of the company is selected discounted cash flow method to the owners using the parametric formula. Method of sectoral multipliers and appreciation of the historical cost are selected as a control method of valuation. The conclusion summarizes the results of the thesis and defines the market value of the company CZC.cz, s. r. o..

The subject of the thesis is the market value of the company KRPA PAPER, a.s. as of December 31st, 2014. The aim of the thesis is an aplication of teoretical knowledge in a particular example. The purpose is to determine the net market value of the company. The thesis is divided into chapters which represent the typical phases of the valuation of a company. At the beginning of each chapter there is a brief description of its purpose in a business valuation. In the introduction part the basic aspects of the valuation are described. The financial and strategic analysis, the value drivers, the financial plan and the valuation chapters follow. For the valuation itself the DCF Entity method is used. The discount on the entity level is applied.

The aim of this thesis is to determine the objectified value of company Mlékárna Hlinsko, a.s. for its owners. The Master`s thesis is divided into theoretical and practical part. The theoretical part describes necessary theoretical basis on which is the practical part based. The practical part includes basic information of the company that is being evaluated, analysis of the dairy market, financial analysis, value generators analysis, financial plan, and finally the valuation itself. The research is based on real data that are publicly available. As a valuation method was chosen method based on discounted cash flow (Free Cash Flow to the Firm). Value as at 31 12. 2014 was calculated at 995,755 thousand CZK. At the end the calculated objectified value is compared with book value of equity.

The thesis "Business valuation of Pardubický pivovar a.s." is divided into six parts. The first part is devoted to the description of the business. In the next parts follow strategic and financial analysis. In the fourth part are analysed and forecasted value drivers resulting in building a financial plan of the business. The valuation is made consequently by DCF entity method using parametric formula for terminal value. Last part is devoted to the theoretical concept of determining beta by bottom-up approach with a simple example.

The aim of this thesis is valuation of the brewery Krakonoš spol. s r.o. to the 31st December 2014. The thesis consists of four parts. First part is devoted to the theoretical introduction to the business valuation and performance of the Krakonoš spol. s r.o. Next parts focuse on financial, strategic analysis, financial plan, including generators of value, and business valuation of the Krakonoš spol. s r.o. As the main valuation method was used DCF Equity, like one of the yield methods

The aim of this thesis is to evaluate the company Tank ONO Ltd. independent buyer for the date 31. 12. 2014. The work consists of a theoretical part, which provides the theoretical bases to the process of valuation and the practical part. The practical part shows the practical application of theoretical knowledge to a specific company and is made up of strategic and financial analysis, followed by generators of values and financial plan. In conclusion, the valuation of the company itself, for which it has been used as the main method DCF Equity and additionally capitalized earnings method.

The goal of the diploma thesis is to create a business valuation based on investment value of GZ Digital Media, a.s. The date of business valuation is on 1 st January 2015 for purpose of hypothetical sale of the majority shareholder´s share. At first, diploma thesis introduces the company itself. After that, the strategic and financial analyses follows. On these analyses is determined whether the assumption of going concern is fulfilled or not. The company is valuated with the DCF entity and industry multiples methods. After that the value of majority shareholder´s share is determined.

This diploma thesis, entitled as evaluation of König-Porzellan Limited company, Sokolov, Czech Republic, aims to determine the objectified value of the König-Porzellan, Limited company to the date of December 31, 2015. This research is proceed especially for the needs of management and owners of the company. The work is divided into four main parts. The first part consists of the introduction, setting out the objectives and main preconditions for the creation of the work, as well as theoretical and methodological part which presents the methodology for individual instruments involved in the work. This is followed by a practical part, which contains the presentation of the award-winning company, defining the company's position in the market through strategic analysis. The economy aspect of the company will be represented by financial analysis. After compilation of the financial plan for the period 2015 - 2020 to approach to the actual evaluation of the company using the yield discounted cash flow method variant FCFF. The total value of the company to date of December 31, 2015 is 105 177 CZK. This value is further analyzed by Monte Carlo simulations.

The aim of the thesis is to develop an estimate of the value of the company GOLDBECK Prefabeton Ltd. for owners. The work consists of two parts, theoretical and practical. The theoretical part describes the basic starting points of business valuation, methods and procedures. The practical part is devoted to the valuation of the company, preceded by the strategic analysis, financial analysis, analysis and forecast of the generator values and compilation of a financial plan. Business valuation was performed by using the method of discounted cash flow and method of economic value added. Conclusion of the thesis is a statement about the value of the company to 31. 3. 2015.

The aim of this thesis is to determine the market value of Crystalex CZ, s. r. o. to 1. 1. 2015. At the beginning of the work assessed company is introduced. Then follows financial analysis, where is analyzed financial health of the company and the premise of going concern. Thesis continuous with the strategic analysis and the prediction of companys sales. Then value generators are predicted and subsequently financial plan created. In a final chapter the market value is calculated by DCF Enity method in three scenarios.

The target of Zero Waste "Valuation and business planning" for a potential investor is to explore and evaluate the identified market opportunity. Business plan concerns the foundation of food and consumer goods retail business which is aimed towards reducing consumers negative impact on the environment, supporting local jobs and sustainable farming. The thesis is based on theoretical knowledge from the publications listed in the resources which were confronted with the reality in interviews with the owners of comparable businesses. Resulting from the business planning a calculation of present value of the proposed model enterprise has been made. Value calculated using discounted cash flows had shown that cannot be unequivocally recommended to establish the company. Pessimistic scenario shows a negative net present value and realistic option shows a positive net present value. However it is necessary to understand the thesis as a model business plan for valuation of such businesses. As for example with a different form of funding or reduction of initial investment, the company may change to a version that would be recommendable to implement.

The aim of this thesis is to evaluate enterprise ESTCOM CZ oxide ceramics Inc. for the purpose of sale to the general candidates on the market. The goal is to find the market value on December 31, 2014. The first part is theoretical and it summarizes the currently valid theoretical knowledge of recognized experts. T he second part is the practical part. It consists of financial and strategic analysis, followed by a chapter of value drivers and a financial plan. The financial plan was drawn up for the years 2015 2019. At the end of the thesis is company valued using discounted cash flow method discounted cash flow method and the capitalized earnings method.

This thesis aims to evaluate the company XY s.r.o. to the date of 31 December 2014 and to assess its financial health and perspectives. The theoretical part is devoted to a brief description of pledge of business share from the perspective of the bank with its advantages and risks. The practical part or the actual valuation is divided into classic chapters. The introduction presents the valuated company with a consistent description of their products. Another chapter is devoted to strategic analysis, which evaluates future outlook of the company. In the financial analysis, the individual balance sheet items are decribed and their development in time is monitored. Individual valuation is performed using the capitalized earnings method and is additionally supported by the incomplete substantial method and market multipliers.

The main aim of the thesis is to determine market value of the equity of Měšťanský pivovar v Poličce, a.s. to the date of 1. 1. 2015. There is a secondary goal to determine whether a small industrial brewery is capable to compete with large brewing groups. In the first part, the theoretical and methodological sections explain the basic concepts and procedures that are used in the practical part. The practical part itself is then devoted to the strategic and financial analysis, forecast of value drivers and financial plan. The actual valuation is performed using the method of income, assets and market value. The conclusion corresponds to the objectives set out in the introduction and discusses the relevance and usefulness of the results in practice.

Diploma thesis evaluate company HOPI POPI, a.s., to the date of 1. 3. 2015. Purpose of the valuation is to determine the company enterprise value to meet the needs of an external investor and for the better information of the leaders of the company about its performance on the market. The final enterprise value in this thesis is defined by using income approach with discounted cash flow "entity" method. Diploma thesis is divided into two major parts which is theoretical-methodologic part and analythical part. The theoretical part describes the basic concepts, principles and approaches of valuation which will be used for the final enterprise value and selection of the valuation method. The analytical part addresses the execution of strategic and financial analysis, analysis and prediction of generators of value, prognosis of financial plan and determining the final enterprise value with DCF "entity" income approach. Final enterprise value has been stated at 69 047 426 CZK. Conclusion of the thesis summarizes results, fulfillment of set goals and usability for practise.

This Master's thesis aims to valuate Czech company SOME Jindřichův Hradec, s.r.o. with valuation date set as 31th December 2014. For this purpose is performed strategic analysis for each of company's divisions separately. Conclusion of this analysis contains two variant forecasts of company's turnover and SWOT analysis. Following financial analysis contains both vertical and horizontal analysis of financial statements, financial ratio analysis and analysis using solvency models. Based on findings, there was not sufficient evidence for implicit acceptance of going concern principle and therefore improvement plan is prepared. Following this plan presents another variation of the valuation. In the end, the valuation of the company is performed using EVA method.

The aim of this thesis is to estimate the value of company Rodinný pivovar BERNARD a.s. for owners using the income approach at the date of 31st December 2013. The thesis is divided into two parts - theoretical and practical part. The theoretical part describes the methods and procedures of valuation. The practical part consists of the company profile, strategic analysis, financial analysis, financial plan and the final valuation of the company. Analysis of the previous development of the company is conducted for the period 2009 - 2013. The financial plan was drawn up for the period 2014 - 2018. Company was valued using discounted cash flow method in the variant of free cash flow to the firm. At the end of the thesis there was carried out valuation by the book value method for purposes of comparison with the valuation made by discounted cash flow method.

The topic of this Master's Thesis is Valuation of the Solar Power Plant. The subject of the valuation is the equity of STAMP Energy, Ltd., the owner and operator of the power plant, and the loan provided by the company owners to the company. The primary valuation method used was DCF model, specifically its FCFE variation. As an addition to this method there were two other complementary approaches used: Asset-based approach and Market approach. The pivotal part of the Thesis represents the financial plan, built on the strategic and financial analyses and the review of the company's future potential. On 31st December 2014 the company's equity was valued at 75.000.000 CZK and the owners' loan at 30.000.000 CZK.

The master thesis is devoted to the market value estimation of the company Alza.cz, a.s. by 1.1.2014. The company is valuated with help of discounted cash flow to equity approach (DCF equity) and branch multipliers method. Thesis consists of financial and strategic analysis, operational asset allocation, value drivers determination, financial plan creation and business valuation.In conclusion the estimated business value is calculated.

The aim of the thesis is the valuation of Madeta, a. s. Company on 31.4.2016 for owners and company creditors. The theses is divided in two parts: theoretical and practical. In the theoretical part is devoted to definitions relating to business valuation. The practical part is focused on strategic analysis that determines the company´s position on the market. Folowing finance analyses that expresses the financial health. Based on these knowledges is set the financial plan and provided valuation by Discounted Cash flow method.

The aim of the thesis is to determine the market value of MEAS CZ, s.r.o. to 31. 12. 2013. The thesis is devided into five parts. The first part contains characteristics of the company and the related strategic analysis which results in forecast of sales. Another part deals with financial analysis, which is to assess the financial health of the company. The fourth part begins with an analysis and prognosis value generators on the basis of the financial plan is built. The valuation is made by DCF Entity method, as an alternative method is chosen method of market comparison.

Thesis Variants of determining the risk free rate in the business valuation is dedicated to the issue of estimating risk free rate for the calculation of the discount rate. The objective of this work is to demonstrate the influence of methods to estimate the risk free rate to business valuation based on the example of a selected company valuation. The first part is dedicated to the cost of equity, cost of debt and weighted average cost of capital. Next chapter focuses on the definition of risk-free interest rate and rating as an indicator of credit risk. The thesis also deals with theoretical methods for estimating the risk-free interest rate and their practical application. Values calculated on the basis of theoretical approaches are then applied in the calculation of the discount rate to calculate the present value of the cash flows of company.

The aim of this master thesis is business valuation of Pivovar Nymburk, spol. s r.o. to the date 31. 12. 2012. The valuation is made to inform the owners of the enterprise value. This thesis is divided to two parts, theoretical and practical. The first theoretical part presents the key concepts and process of valuation, which is important for the practical part. In the practical part are strategic and financial analysis, analysis and prognosis of generator value, financial plan and mainly business valuation using discounted free cash flow in the variant FCFF. The value of the company is 101 405 000 CZK. Conclusion of the work includes an evaluation of the results.

The aim of the thesis is to determine the value of the company Kofola a.s. as of May 1st, 2014 using only public data. The valuation is created for ordinary buyer who has the opportunity to diversify his portfolio, which means that the goal of the valuation is to find out the net market value of the company. The theoretical part is devoted to the basics of business valuation, terms, methodology and recommended practice which is focused on DCF entity approach. The practical part introduces the company, the strategic and financial analysis are processed here and result in confirmation of going concern principle, then financial plan based on value drivers is prepared and finally by DCF entity approach net market value of the company is calculated.

The aim of this diploma thesis is to estimate the market value of the company Racio Ltd. as of the date 07/01/2014. Market value represents the amount of money, which is an average market customer willing to pay. The thesis is divided into two parts. The first, theoretical part deals with the definition of related basic terms, describes the process of business valuation including used formulas and methods. The second part is practical; business valuation theoretical framework is applied to specific company -- Racio, s.r.o. Starting point of business valuation process is strategic analysis; the outcome is prediction of company sales forecast. The following financial analysis evaluates the financial health of the company. On those two analyses, generators values (which enable drawing up of financial plan) are designed. The final section focuses directly on valuation of the company Racio Ltd. using DCF APV method.

The aim of the thesis is to determinate the value of the company Czech airlines to 1.1.2012. In the beginning there is characteristic of the company and its history. In strategic analysis there is a valuation of long term prospects of the company and in the end there is an output of forecasting sales. Another chapter is focused on financial health of the company and prediction of the value generators and the financial plan. As the main method for the valuation of the company was used the method DCF entity. As the additional method was used the market comparison.

The aim of this thesis is to estimate the value of Hollandia Karlovy Vary, a.s. to the date 31st December 2013. The thesis is divided into theoretical and practical part. The theoretical part describes the approaches and methods that lead to the valuation of the company. The practical part includes a description of the valued company, financial and strategic analysis including analysis of internal and external potential, financial plan and the final valuation of the company. For valuation are used these methods: discounted free cash flows to the firm and market comparison based on industry multipliers. In thesis there is also used a method of book value for final comparison.

This master's thesis dealing with appraisal of a firm Drubezarsky zavod Klatovy which is headquartered in Klatovy is composed of seven essential chapters such as company background, strategic analysis, financial analysis, value drivers, financial plan, valuation and valuation summary along with sensitivity analysis in order to provide a complete range of understanding. Individual key chapters are divided into subchapters. The company ranks among the biggest manufactures of a poultry meat in the Czech republic. The primary aim of this thesis is to detect and review key attributes, which are affecting or even are capable of having an influence on company market value as of 1st of January 2014. Market value were set according to International Valuation Standards (IVS). The business valuation is primarily determined by two methods. The first main method known as discounted cash flow analysis (DCF) in the form of adjusted present value approach (APV) is not at all employed in valuation practice, but it is deemed to be some kind of reference method of all DCF forms. Another one, I employ, is called German income approach (German: Ertragswertverfahren -- EWV). Across texts are used statistical methods in conjunction with statistical programme R that tell me help my specified goal.

The aim of this thesis is to identify and according to selected criteria to evaluate the forecast sources for selected individual industries. The first section summarizes current situation in area of forecast sources for development of individual sectors. The second part presents outline of procedure for forecast sources identification and research. Then follows selection of individual industries that will be analyzed. Part of the second section is introduction of the evaluation criteria as well as methodology for the final assessment. Third part of the thesis is focused on practical work consisting of identification and searching for the sources for individual industries, their detailed evaluation based on established criteria and final assessment of individual sources for each sector. Third part is followed by summary and description of the findings and recommendations.