VŠTE:NZ_OCP_1 Business valuation

NZ_OCP_1 Business valuation

Institute of Technology and Business in České Budějovice
winter 2021

Extent and Intensity

2/2/0. 5 credit(s). Type of Completion: zk (examination).

Teacher(s)

prof. Ing. Marek Vochozka, MBA, Ph.D., dr. h.c. (lecturer)
Ing. Tomáš Krulický, MBA, PhD. (seminar tutor)

Guaranteed by

prof. Ing. Marek Vochozka, MBA, Ph.D., dr. h.c.
School of Expertness and Valuation – Rector – Institute of Technology and Business in České Budějovice
Supplier department: School of Expertness and Valuation – Rector – Institute of Technology and Business in České Budějovice

Timetable of Seminar Groups

NZ_OCP_1/NZ1: Sat 16. 10. 9:40–11:10 D615, 11:25–12:55 D615, Sat 30. 10. 8:00–9:30 B5, 9:40–11:10 B5, Sat 27. 11. 8:00–9:30 A2, 9:40–11:10 A2, Sat 11. 12. 8:00–9:30 A2, 9:40–11:10 A2, M. Vochozka

Course Enrolment Limitations

The course is also offered to the students of the fields other than those the course is directly associated with.

fields of study / plans the course is directly associated with

Expertness (programme VŠTE, N_ZN) (2)

Course objectives supported by learning outcomes

The aim of the course is to provide students with knowledge about valuation methods company and its assets.

Learning outcomes

Upon successful completion of the course, the student:
Actively masters the basic concepts of business valuation.
He correctly chooses the valuation method for valuing the company.
Compiles the financial plan of the selected company.
It sets the discount rate for the valuation of the company.

Syllabus

Lectures:
1. Basic concepts of business valuation, main reasons leading to valuation
2. Methods of company valuation and their legal aspects
3. Preparation of input data for business valuation - summary (strategic analysis, financial analysis, asset analysis, etc.)
4. Value generators
5. Risk-free rate of return, cost of equity, discount rate (CAMP, modular method)
6. Valuation based on revenue analysis
7. Valuation of a company using the discounted cash flow (DCF) method - free cash flows
8. Valuation of a company by the method of discounted cash flows (DCF) - EVA Entity, Eva Equity
9. Valuation of a company by the method of discounted cash flows (DCF) - MVA, TSV…
10. Valuation by the method of capitalized net income
11. Valuation by the method of combined (corrected) yield methods
12. Valuation of synergetic effects in mergers
13. Sectoral specifics in the valuation of companies (companies with limited lifetime)
Seminars:
1. Introduction to business valuation, work with information sources
2. Selected methods of strategic and financial analysis of the company
3. Creating a financial plan
4. Determination of value generators and initial valuation
5. Calculation of risk-free rate of return, cost of equity and discount rate
6. Valuation based on revenue analysis
7. Valuation of a company using the discounted cash flow (DCF) method - free cash flows
8. Valuation of a company by the method of discounted cash flows (DCF) - EVA Entity, Eva Equity
9. Valuation of a company by the method of discounted cash flows (DCF) - MVA, TSV…
10. Valuation by the method of capitalized net income
11. Valuation by the method of combined (corrected) yield methods
12. Valuation of synergetic effects in mergers. Valuation of selected synergies
13. Sector specifics in the valuation of companies (companies with a limited life)

Literature

required literature

MAŘÍK, M. a kol., 2018. Metody oceňování podniku – proces ocenění, základní metody a postupy. Praha: Ekopress. ISBN 978-80-87865-38-5.
MAŘÍK, M. a kol., 2011. Metody oceňování podniku pro pokročilé: hlubší pohled na vybrané problémy. Praha: Ekopress. ISBN 978-80-86929-80-4.
KISLINGEROVÁ, E., 2001. Oceňování podniku. Praha: C. H. Beck. ISBN 978-80-71795-29-2
BREALEY, R. A., S. C. MYERS a F. ALLEN, 2014. Teorie a praxe firemních financí. Brno: BizBooks. ISBN 978-80-265- 0028-5.

recommended literature

HÁLEK, V., 2009. Oceňování majetku v praxi. Bratislava: DonauMedia. ISBN 978-80-89364-29-9.
KRABEC, T., 2015. Oceňování a prodej privátní zubní a lékařské praxe. Praha: Grada. ISBN 978-80-247-4866-5.
ZIMA, P., 2016. Oceňování podniků v právní praxi. Praha: C. H. Beck. ISBN 978-80-7400-623-4.
KRABEC, T., 2009. Oceňování podniku a standardy hodnoty. Praha: Grada. ISBN 978-80-247-2865-0.

Forms of Teaching

Lecture
Seminar

Teaching Methods

Frontal Teaching
Group Teaching - Cooperation
Brainstorming
Critical Thinking
Individual Work– Individual or Individualized Activity

Student Workload

Activities	Number of Hours of Study Workload
Activities	Daily Study	Combined Study
Cvičný znalecký posudek (in Czech)	33	33
Preparation for Seminars, Exercises, Tutorial	11	31
Příprava na ústní zkoušku (in Czech)	32	48
Ústní zkouška (in Czech)	2	2
Attendance on Lectures	26
Attendance on Seminars/Exercises/Tutorial/Excursion	26	16
Total:	130	130

Assessment Methods and Assesment Rate

Exam – oral 50 %
cvičný znalecký posudek (in Czech) 50 %

Language of instruction

Czech

Further comments (probably available only in Czech)

The course is taught annually.

The course is also listed under the following terms winter 2022, SUMMER 2023, summer 2024.

Enrolment Statistics (winter 2021, recent)
Permalink: https://is.vstecb.cz/course/vste/winter2021/NZ_OCP_1

VŠTE:NZ_OCP_1 Business valuation - Course Information

NZ_OCP_1 Business valuation

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