Oceňování, 2019 (vol. 12), issue 3
Articles
Guarantee Valuation in Expert Practice
Jaroslav Brada
Oceňování 2019, 12(3):3-17 | DOI: 10.18267/j.ocenovani.232 
The scope and scale of the risks of losses by the credit provider and by the credit guarantee provider are identical in their economic nature. The article uses this identical nature of the credit risk and guarantee risks to provide methodological guidance to identify (quantify) the potential market price (value) of third-party liability guarantees using information on credit interest rates provided on the market by banking and non-bank institutions, as well as, where appropriate, information on venture capital fund required rate of return.
Market value of a business and discount rate focusing on the capital market risk premium - part 2
Miloą Mařík, Pavla Maříková
Oceňování 2019, 12(3):18-33 | DOI: 10.18267/j.ocenovani.233
In the first part of the article models for ex-ante market risk premium estimation based on dividends and free cash flow were analyzed. The aim of this second part is to introduce and analyze models based on residual profits, evaluate various models and submit recommendations for the Czech Republic's conditions. The use of the residual profit model is also illustrated by a model example and empirical data obtained by these models are presented. The article concludes that models based on residual profits are more suitable for practical use in Central European conditions than models based on dividends, FCFE or earnings. Residual profits require input...
The costs of debt in the short period - methods of estimation
Lucie Rudolfová
Oceňování 2019, 12(3):34-54 | DOI: 10.18267/j.ocenovani.234
The article examines methods that can be potentially used for the estimation of the cost of debt of Czech companies in the short term (1st period of the two-phase evaluation). The overview and basic description of these methods is the first part of this article. The available methods are compared according to the factors which they reflect and according to the difficulty of the estimate. The second part consists of the application of the chosen methods on two real entities. This section is followed by the recommendations regarding the appropriate method that can be used for the estimate of costs of debt including the scheme showing possible decision...
The prognosis of sales of private dental practices
Radana ©mídová
Oceňování 2019, 12(3):55-62 | DOI: 10.18267/j.ocenovani.235
A medical practice is characterized by a series of dissimilarities compared to other kinds of business. The value is primarily created by unidentifiable intangible assets, the goodwill is determined by the practitioner, the value of material assets represents a small part on total value. The article focuses on the prognosis of sales of private dental practices.