Oceňování, 2025 (vol. 18), issue 2
Articles
Goodwill in invested capital within income valuation of a business
Václav Adam, Miloš Mařík, Pavla Maříková
Oceňování 2025, 18(2):3-22 | DOI: 10.18267/j.ocenovani.301 
The aim of the article is to analyze the basic variants of dealing with accounting goodwill in invested capital and their impact on the income valuation of the company. On the real case of Pivovary Staropramen, s.r.o., the article demonstrates three ways to work with goodwill – keep it in the invested capital in net value, report it at the original gross value, or completely remove goodwill from the invested capital. The article points out the risk of an erroneous conclusion regarding the going concern assumption of the valued company if the high value of accounting goodwill in the invested capital causes a decrease in profitability below the...
Working capital as a generator of corporate value – relationship to marketability and size of a firm
David Halfar, Miloš Mařík, Pavla Maříková
Oceňování 2025, 18(2):23-42 | DOI: 10.18267/j.ocenovani.302
As part of the business valuation, the valuer should, among other things, analyze and forecast working capital and its components. For these purposes, it is advisable, namely for the market valuation, to take into account the values achieved by companies from the same industry. The aim of the article is to find out whether the amount of this value generator differs not only by industry, but also by marketability and size of enterprises. Within two countries and three sectors, the turnover times of inventories, receivables and payables and the working capital intensity of sales were examined. The main finding of the analysis is the fact that tradability...
Green Bonds – does green financing bring economic benefits? An introductory analysis on selected European data
Petr Jablonský, František Poborský
Oceňování 2025, 18(2):43-54 | DOI: 10.18267/j.ocenovani.303
This article analyzes the economic benefits of green bonds issued by European issuers by examining their yields compared to conventional bonds, taking into account ESG factors. The analysis is based on comparing the adjusted z-spread in individual groups of bonds with a Baa1 rating. Our results show that green bonds can provide a price advantage for longer maturities, which indicates longer-term economic effects of ESG factors. We also find that the environmental score has an impact on the size of z-spreads (directly proportional), especially for shorter maturities.
Typology of Municipal Enterprises Based on the Case of the Shareholding Portfolio of the City of Prague
Jakub Mašek, Radana Šmídová
Oceňování 2025, 18(2):55-76 | DOI: 10.18267/j.ocenovani.304
The article defines a typology of municipally owned enterprises using the City of Prague’s shareholding portfolio as a case study. The authors draw on four semi-structured interviews with key stakeholders (civil servants, political representatives, and company management), as well as internal documents and relevant legislation. The main outcome of the study is the classification of municipal companies into three categories: (i) public-service providers, (ii) profit-oriented enterprises, and (iii) asset-management companies.