Valuation Journal
Valuation Journal
University of Economics, Prague

About the Journal

Ocenovani (Valuation Journal)

OceňováníThe quarterly published journal Valuation was founded in 2008 as a peer-reviewed scientific journal of the University of Economics – Institute of asset valuation. It is published quartelly in cooperation of the Institute of asset valuation and the Faculty of finance and accounting. Its main mission is to present the latest findings and research results in the field of business valuation and valuation of assets to the educators and researchers, students and professionals. The aim of this journal is to help to improve the theory of valuation and at the same time convey new findings to the valuation and expert practice.


The Valuation journal consists of the following sections:

  1. Articles (main part): The section Articles is the main part of the journal and accepts submissions, which fulfil all formal requirements for academic work.
  2. Discussion: The section Discussion accepts contributions discussing or amending findings stated in an article in the journal’s main part.
  3. Information: The section Information accepts information about academic conferences and seminars taking place, about dissertations, eventually another information from the field of valuation.
  4. Publications: The section Publications accepts information and reviews of publications.


University of Economics in Prague
Faculty of Finance and Accounting
Institute of Asset Valuation – The Expert Institute
Publishing house Oeconomica
W. Churchill square 4
130 67 Praha 3

Editorial Board

prof. Ing. Milos Marik, CSc. (Chairman, University of Economics in Prague)
prof. Petr Marek, CSc. (University of Economics in Prague)
prof. Ing. Petr Musilek, Ph.D. (University of Economics in Prague)
prof. Ing. Eva Kislingerová, CSc. (City of Prague, deputy mayor for finance)
doc. Ing. Kamil Kolarcik, CSc. (Technical University of Ostrava)
doc. Ing. Martin Zraly, CSc. (Czech Technical University in Prague)
Ing. Leos Klimt (director of consulting company Equita Consulting Ltd.)

Chief editor:
Ing. Radana Smidova, Ph.D.

Zorka Kocourkova


ISSN 1803-0785 ISSN 1803-0785
Registration of the Ministry of Culture: MK ČR E 18051

At the 242th Council for Research and Development, held on April 10, 2009 included in the positive list of reviewed non-impacted periodicals published in the Czech Republic



Eva Dufková – Nikola Foffová – Milan Hrdý – Petr Marek:
Comparison of European Firms Indebtedness

Jaroslav Šantrůček – Michal Dohányos:
Analysis of operating assets for the discounted cash flow model valuation – Part II.: Complex business valuation of the company


Lukáš Křístek:
Information after valuation date and when it can be used

Miloš Mařík – Jaroslav Šantrůček – Jiří Hlaváč:
Opinion on the proposals of Vladimír Kulil marked as “Income methods for business valuation – modern approaches“

Vlastimil Trávník:
Practical application of the NOPAT perpetual annuity method for business valuation