Oceňování, 2021 (vol. 14), issue 1
Articles
A short review of literature on basics of relation between lack of marketability and security prices
Tomáš Buus
Oceňování 2021, 14(1):3-24 | DOI: 10.18267/j.ocenovani.256 
A number of studies and textbooks in the field of corporate valuation and corporate finance consider or prove the liquidity of shares in corporations as an important factor in value, resp. stock prices. Despite the urgency of this problem, only scarce information is available in the Czech literature on company valuation about the principles of applying the discount for lack of marketability (DLOM) and its size. This article provides an overview of the literature describing the basic relationship between liquidity (more precisely, public marketability) and the share price. A critical look at the results of empirical studies and theoretical models of...
Income Valuation of the Business Entities in Connection with SARS-CoV-2
Milan Hrdý
Oceňování 2021, 14(1):25-33 | DOI: 10.18267/j.ocenovani.257
The aim of this paper was to assess the extent to which the formation of an emergency caused by SARS-CoV-2 in 2020 and in 2021 influences the income valuation. Impacts on income valuation may be neutral, negative or positive, depending on how the industry has been affected by SARS-CoV-2. In the event of a negative impact, there is a decrease in revenues compared to the planned values within the income valuation, and thus also a decrease in the value of the valued business entity. The intensity of this negative impact will be based on the entity's ability to cope with the effects of the crisis, or the relevant internal potential of the entity being...
The impact of IFRS 16 on EV/EBITDA and business valuation
Pavel Huňáček, Ondřej Jíša
Oceňování 2021, 14(1):34-46 | DOI: 10.18267/j.ocenovani.258
This article deals with an analysis of an impact of accounting standard IFRS 16 leases on EV/EBITDA multiple. The analysis was done on a sample of companies from industry groups "Air transport" and "Retail (Grocery and Food)", which are used by professor Damodaran in calculation of data provided by him. Initially a research of companies included in these groups has been carried out. Then subsequently an impact of IFRS 16 application, based on financial data from financial statements of selected companies, on Enterprise value and its components was assessed. Impacts on EBITDA were also assessed. To conclude the analysis, a total impact on EV/EBITDA...
Regulated asset base and its impact on the profit of energy commodity distributors
Jakub Mašek, Radana Šmídová
Oceňování 2021, 14(1):47-64 | DOI: 10.18267/j.ocenovani.259
The article addresses the topic of profit calculation of companies involved in the energy distribution sector. These companies naturally have a monopoly position and therefore the price of their distribution services (including level of profit) is set by the central regulatory authority. Mainly to prevent the existence of market inefficiencies. The article then describes the mechanism of profit calculation using regulatory asset base and application of weight average cost of capital that shall ensure appropriate profit level guaranteeing a return on investments to distribution infrastructure. The last part composes of the financial analysis of selected...