Oceňování, 2019 (vol. 12), issue 2
Articles
The Methodology of the Prognosis of the Bank's Incomes on the Basis of the Regression Analysis for the Purposes of Valuation
Milan Hrdý, Anežka Skokanová
Oceňování 2019, 12(2):3-13 | DOI: 10.18267/j.ocenovani.228 
The aim of this paper is to analyze the accuracy of the prognosis of the bank's interest incomes and bank's incomes from fees and commissions on the basis of the different shapes of the regression's functions. This approach is used if there are not internal banking information and it is necessary to prepare the financial plan for the income valuation purposes. The data source is four diploma thesis concerning the problems of bank valuation of the students of the Faculty of Finance and Accounting of the University of Economics in Prague uder the guidance of the co-author of this paper. Two regression functions were preprared in each thesis, the first...
Market value of a business and discount rate focusing on the capital market risk premium - part 1
Miloš Mařík, Pavla Maříková
Oceňování 2019, 12(2):14-28 | DOI: 10.18267/j.ocenovani.229
The objective of the article is to seek an answer to the question of how to estimate the cost of equity and, in particular, the risk premium of the capital market for income methods within estimation of the market value of a business. In current valuation practice, the use of historical capital market premiums predominates significantly. However, this procedure is neither theoretically consistent with the CAPM model nor fully consistent with the market value concept. The issue of how to use market data and market expectations for the future has long been addressed by some Western authors. In doing so, they concluded that the most appropriate would...
Estimating Present Value of Expected Expenditures in the Context of the Valuation of Negative Risk Cash Flows Using the RADR and Certainty Equivalent Methods
Vojtěch Menzl
Oceňování 2019, 12(2):29-48 | DOI: 10.18267/j.ocenovani.230
The presented paper aims to point at the broader context of valuation using the methods of risk-adjusted discount rates (RADR) and certainty equivalents (CE), respectively, when dealing with negative risk cash flows. The article discusses different concepts of risk and uncertainty, presents an overview of the research (literature) on risk adjustment and discounting methods applicable on future uncertain cash flows published over the past 50+ years, and also addresses how the methods of certainty equivalents and risk-adjusted discount rates interlink and relate to the concept of utility function. The article concludes with a call for caution and critical...
Real estate yield from rental and value relationship
Daniel Veselý, Tomáš Podškubka
Oceňování 2019, 12(2):49-57 | DOI: 10.18267/j.ocenovani.231
This article deals with the evaluation and application of real estate rate of return - the so-called yield. The principle is that yields can be distinguished at several levels and it is therefore important to look more closely at the input data. It states what are the categories of yield according to the professional public, their methods of calculation and what factors can affect the rate of yield. It is also pointed out that reported yields often lack more detailed information on how they are calculated and what exactly reflects as a result. It is also stated how the rate of yields within each type of real estate has evolved over the last years....