Oceňování, 2018 (vol. 11), issue 4

Articles

Fulfillment of fundamental and standard requirements for income-based business valuations

Martin Červený

Oceňování 2018, 11(4):3-13 | DOI: 10.18267/j.ocenovani.218  

The goal of the article is to examine how valuation reports published in the Czech commercial register meet the fundamental and the standard requirements for business valuation. The research is based on predetermined evaluation criteria, and it is performed on a sample of 184 valuation reports published in the commercial register during the year 2017. The fundamental requirements are defined by the basis of value and the value drivers. Without these, the valuation would have a very limited explanatory power. The standard requirements follow the principles defined by generally accepted valuation principles. The research showed that the fulfillment of...

Kralicek's Model and its Methodical Problems

Petr Marek, Eva Dufková, Radana Šmídová

Oceňování 2018, 11(4):14-22 | DOI: 10.18267/j.ocenovani.219  

Kralicek's Quicktest is one of the most popular creditworthy models in qualifying works. The article compares the original construction of this model with its description in 14 Czech textbooks in order to help users of financial analysis to apply it correctly, as Czech authors approach very differently to fill some input items, such as cash flows. At the same time, the article assesses the expansion of this model in the world and examines references in the scientific literature in databases of Web of Science and Scopus. Finally, the occurrence of Kralicek's model in qualifying works at the Faculty of Finance and Accounting at University of Economics,...

Reagent function and beta coefficient in the calculation of the discount rate - part (variable level of debt and different discount rates for the tax shield)

Miloš Mařík, Pavla Maříková

Oceňování 2018, 11(4):23-39 | DOI: 10.18267/j.ocenovani.220  

The second part of the article is aimed at presenting a complete set of functions for the calculation of the leveraged beta coefficient. While the previous first part of the article dealt with procedures appropriate at a stable level of debt, this second part of the article presents equations for the calculation of leveraged betas appropriate at a changing level of debt, for different assumptions regarding the discount rate for tax shields: a discount rate at the cost of debt, a discount rate at the level of unleveraged equity costs and, in particular, a design of a universal function enabling the valuer to choose any discount rate for tax shields....

Leasing in business valuation for marital dissolutions purposes - a case study

Barbora Rýdlová, Anna Staňková

Oceňování 2018, 11(4):40-50 | DOI: 10.18267/j.ocenovani.221  

Valuation for marital dissolution purposes is specific in several ways and therefore the professional practice is not unified in the methodology and approaches. One of the fields where you can encounter inhomogenity is inclusion of leased property in the business valuation of a company that is owned by one spouse when the company's valuation was based on the asset approach. The paper analyses the Czech practice of the courts in this field and applies the findings in a case study.

Analysis of Operating Assets for Income Valuation - Part I: The Company's Substance

Jaroslav Šantrůček, Michal Dohányos

Oceňování 2018, 11(4):51-66 | DOI: 10.18267/j.ocenovani.222  

This article is devoted to the issue of valuation of the company's technical base and its use for comprehensive income valuation. This article further describes in detail the quantification of the tangible assets from the point of view of the corresponding value base, with an emphasis on the company's income valuation. Part II of this article will be devoted to the valuation of intangible fixed assets and the significance of the "spread" indicator.