Oceňování, 2020 (vol. 13), issue 1-2

Valuation of financial institutions in the light of International valuation standards

Milan Hrdý

Oceňování 2020, 13(1):3-14 | DOI: 10.18267/j.ocenovani.243  

The aim of the paper is therefore to assess whether the proposed Czech Valuation Standards for Financial Institutions (CVSFI) are in line with the basic principles and procedures of the International Valuation Standards (IVS), which would increase their relevance, seriousness and explanatory power. For the purposes of fulfilling the goal of this paper, the methodology of IVS and ČOSFI analysis and their comparison with the subsequent synthesis of the acquired knowledge into the relevant conclusions will be used. This target was met and a brief analysis and subsequent comparison of the findings revealed that CVSFI fully complies with the concept and...

Is it possible to assess the truth of expert opinions focused on business valuation?

Miloš Mařík, Pavla Maříková

Oceňování 2020, 13(1):15-32 | DOI: 10.18267/j.ocenovani.244  

The article responds to the inclusion of the criterion of truthfulness as a requirement for expert opinions in the new legal regulations governing expert activity. The aim of the article is therefore to discuss the extent to which the truth of expert opinions aimed at valuing the company can be assessed. The first part of the text discusses the possibilities of assessing the truth in the individual steps of valuing the company. The article shows that the veracity of this type of expert opinion can be assessed only to a very limited extent, because the valuation is largely based on estimates and forecasts. It is almost impossible to assess the veracity...

Strategic analysis as an important part of the company's valuation structure

Miloš Mařík, Pavla Maříková

Oceňování 2020, 13(1):33-52 | DOI: 10.18267/j.ocenovani.245  

Strategic analysis is a key starting point for company valuation, but expert practice with this part of valuation still does not work adequately. The article therefore justifies the need and purpose of strategic analysis. It further shows that frequent ways to justify the absence of a strategic analysis are to use the flat-rate income method or to take over a financial plan from the valued company. In the third part, the text discusses the main procedures that should be used in a well-designed strategic analysis. Significant space is devoted to the use of professional analyzes and forecasts prepared by specialized institutions, which should gradually...

Specifics of valuation in the drug development sector

Jakub Mašek, Radana Šmídová

Oceňování 2020, 13(1):53-64 | DOI: 10.18267/j.ocenovani.246  

The aim of this article is to analyse specific aspects of valuation in drug development sector. The article is reacting to recent development around SARS-CoV-2 pandemic and aims to provide valuable information to professionals from investment community interested in opportunities in pharma and biotech sector. Consequently article involves deep analysis of the industry, its dynamics and industry specifics that are determining for company valuation.

The Equity Risk Premium Puzzle

Petr Musílek

Oceňování 2020, 13(1):65-79 | DOI: 10.18267/j.ocenovani.247  

This paper discusses the issue of the equity risk premium puzzle, launched by the article by Marik a Marikova (2019a, 2019b). The introductory part of the article focuses on the essential conclusions from the above article. Furthermore, the paper pays attention to deepening the interpretation of the CAPM model. The following part of the paper discusses the limitation of the approach, which is based on the implied risk premium. The final part of the paper analyzes the alternative methods of determining the equity risk premium.

Courts, information after date of valuation and expert opinion

Lukáš Křístek

Oceňování 2020, 13(1):80-85 | DOI: 10.18267/j.ocenovani.248  

The paper uses practical examples to show how courts handle and consider information after date of valuation in their decision-making. Courts use such information to review and evaluate expert opinion. Courts also believe that experts should not take such information into consideration.

Notes on the article "Křístek, L.: Courts, information after date of valuation and expert opinion"

Miloš Mařík

Oceňování 2020, 13(1):86-89 | DOI: 10.18267/j.ocenovani.249