N_OCP_1 Business valuation

Institute of Technology and Business in České Budějovice
summer 2026
Extent and Intensity
2/2/0. 5 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Veronika Šanderová, MSc., PhD. (seminar tutor)
Ing. Jan Vokoun (seminar tutor)
Guaranteed by
Ing. Veronika Šanderová, MSc., PhD.
Department of Corporate Finance and Economics – 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
N_OCP_1/P01: Wed 13:05–14:35 B4, V. Šanderová
N_OCP_1/S01: Thu 9:40–11:10 D216, J. Vokoun
Prerequisites (in Czech)
NZ_USO Úvodní soustředění || N_USO Initial training camp
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
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) Normal classroom equipment required. Required literature is available in the library physically or electronically.
Literature
    required literature
  • MAŘÍK, Miloš a KOL. Metody oceňování podniku - proces ocenění a základní metody a postupy 5. vydání. Praha: EKOPRESS, 2024, 551 s. ISBN 978-80-87865-94-1.
  • Zákon č. 254/2019 Sb. Zákon o znalcích, znaleckých kancelářích a znaleckých ústavech v platném znění.
  • Zákon č. 151/1997 Sb. Zákon o oceňování majetku a o změně některých zákonů (zákon o oceňování majetku) v platném znění
  • MAŘÍK, Miloš a KOL. Metody oceňování podniku pro pokročilé – hlubší pohled na vybrané problémy. 3. vydání. Praha: EKOPRESS, 2023, 574 s. ISBN 978-80-87065-89-7.
    recommended literature
  • ZIMA, P., 2016. Oceňování podniků v právní praxi. Praha: C. H. Beck. ISBN 978-80-7400-623-4.
  • HÁLEK, V., 2009. Oceňování majetku v praxi. Bratislava: DonauMedia. ISBN 978-80-89364-29-9.
  • ALLEN, Richard A.; Stewart C. BREALEY and Franklin MYERS. Principles of corporate finance. 11. ed., global ed. New York: NY: McGraw-Hill Education, 2014, 889 pp. ISBN 978-0-07-715156-0. info
  • KISLINGEROVÁ, Eva. Manažerské finance. In Beckova edice ekonomie. 2., přeprac. a rozš. vyd. Praha: C.H. Beck, 2007, 745 s. Beckova edice ekonomie. ISBN 978-80-7179-903-0. info
Forms of Teaching
Lecture
Seminar
Tutorial
Consultation
Teaching Block - tutorial
Teaching Methods
Frontal Teaching
Group Teaching - Cooperation
Brainstorming
Critical Thinking
Individual Work– Individual or Individualized Activity
Student Workload
ActivitiesNumber of Hours of Study Workload
Daily StudyCombined Study
Continous test4464
Preparation for final exam3248
Final exam22
Attendance on Lectures26 
Attendance on Seminars/Exercises/Tutorial/Excursion2616
Total:130130
Assessment Methods and Assesment Rate
Exam – oral 50 %
the mock expert opinion 50 %
Exam conditions
For successful completion of the course it is necessary to achieve the sum of a minimum of 70% in the interim and final assessments under the conditions set out below.
Overall course classification, i.e. points for the mock expert opinion (50 - 0) + points from the oral examination (50 - 0): A 100 - 90, B 89.99 - 84, C 83.99 - 77, D 76.99 - 73, E 72.99 - 70, FX 69.99 - 30, F 29.99 - 0.
A full-time student is required to meet the mandatory 70% attendance in contact classes, i.e. everything except lectures. If attendance is not met, the student will automatically be graded "-"
Language of instruction
Czech
Further comments (probably available only in Czech)
The course is taught annually.
Teacher's information
Attendance at classes in all forms is dealt with in a separate internal standard of the VŠTE (Record of Student Attendance at the VŠTE). For full-time students, 70% attendance is mandatory at contact classes, i.e. everything except lectures. Students with an Individual Study Plan (ISP) are obliged to contact the teacher no later than in the first week of the semester or immediately after its approval with a request to arrange the teaching system and the end of the course, in case the student fails to do so, his/her ISP will not be taken into account. If they have any questions, they may contact the garant via email at veronika.sanderova@mail.vstecb.cz. o In the course NZ_OCP_1 - Business Valuation I, the student will create a mock valuation report (hereinafter referred to as "CZP 1"). CZP 1 will meet the requirements for a ZP according to Act No. 254/2020 Coll., and Decree No. 503/2020 Coll.

The CZP 1 will include at least the following subject areas:

• Brief identification of the selected undertaking

• Strategic analysis of the enterprise (min. 3 analyses)

• Strategic analysis of the sector (min. 3 analyses)

• Financial analysis of the company (min. 3 years back)

• Methods of comprehensive business evaluation (min. 3 methods)

• Analysis of value generators

• Basic financial plan (min. 3 years)

• Determination of cost of equity (min. 1 method)

• Revenue valuation of the business (min. 1 method)

  • Enrolment Statistics (recent)
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