Oceňování, 2018 (vol. 11), issue 1

Articles

The proposal for evaluation criteria for business valuation reports: income-based methods of valuation

Martin Červený

Oceňování 2018, 11(1):3-17 | DOI: 10.18267/j.ocenovani.205  

The article proposes a set of evaluation criteria for business valuation reports, focused mostly on income oriented approaches to valuation. The potential of its application can be anticipated primarily in a cross-sectional analysis of the quality of submitted and published business valuation reports in the Czech Republic. Alternatively, these criteria can be utilized when performing valuation revisions, or by public institutions for various supervision purposes. The proposed set of criteria is dealing not just with an assessment of the technical aspects of the valuation, but it also monitors the fulfillment of general principles expert witnesses'...

Confidence Level of Income Valuation of Banks on the Basis of Regression Analysis

Milan Hrdý

Oceňování 2018, 11(1):18-32 | DOI: 10.18267/j.ocenovani.206  

The aim of this paper is to analyze the accuracy of the estimation of the plan of net interest incomes and fees incomes of the bank calculated only by the estimation of the basis of the regression analysis with the dependent variable such as for example GDP, PRIBOR, the changes of the exchange rates etc. for the first and second year of the financial plan of the valuating commercial bank. This accuracy is stated as the percentage deviation from the real value stated in accounting statements of the valuing bank. The question is what accuracy can be acceptable. The valuation practice considered as the relatively good estimation the deviation of 10 %...

EV / EBITDA Multiple: adjusted EBITDA - Symmetrical Balance Sheet Treatment

Lukáš Hruboň

Oceňování 2018, 11(1):33-53 | DOI: 10.18267/j.ocenovani.207  

This article presents a concept of the assets and liabilities allocation between the corporate finance aggregates: Net working capital and Net debt, respectively. A correct quantification and application of both aggregates is a prerequisite for a valid corporate valuation. The author argues that, namely from the market multiple based valuations perspective, all assets and liabilities having their double entry as revenues (income) and costs affecting adjusted EBITDA shall be treated as Net working capital. All other items not related to adjusted EBITDA including assets and liabilities related to investment activity, financing / dividend pay-outs shall...

Regression model and prediction of real estate market development

Darina Tauberová

Oceňování 2018, 11(1):54-78 | DOI: 10.18267/j.ocenovani.208  

The article deals with finding a suitable approach for prediction of real estate prices. A delayed multiple linear regression model appears to be appropriate. This model has been created and has been validated. The model is also suitable for use in routine practice by experts and appraisers, thanks to the simplicity of the calculation without ownership of any computing program. An expert or an appraiser, thanks to the created model, is able to predict the development of the real estate market. The result is bound to the accuracy of the input data. The backward regression in the selection of significant quantities has highlighted the relevance or inconsistency...