Oceňování, 2021 (vol. 14), issue 2
Articles
Analysis and evaluation of the approach to the cost of capital and capital structure in the Czech expert opinions on the business valuation - Part 1
Pavla Maříková, Milan Dlabaja
Oceňování 2021, 14(2):3-27 | DOI: 10.18267/j.ocenovani.260 
The aim of the article is to map the situation of Czech expert practice on a sample of published expert opinions, namely the methods used to determine the capital structure for a discount rate, the projection of indebtedness into the cost of equity and methods used for estimating of the cost of equity and their main components. The analysis included 105 expert opinions with the income valuation of the company, of which 81 included the valuation of the indebted company.The main findings of the analysis: the positive fact is that 54% of expert opinions use a tuned capital structure through iterations for each year, but 19% of opinions work with the...
Estimation of capital structure for the purposes of market valuation of a company in the conditions of the Czech Republic - Part 1
Pavla Maříková, Andrej Tóth
Oceňování 2021, 14(2):28-58 | DOI: 10.18267/j.ocenovani.261
The aim of the article is based on data from the Amadeus database to find out to what extent it is appropriate to take over the average indebtedness of companies on foreign capital markets for the valuation of companies operating in the Czech Republic, which are in most cases non-traded companies. The first part of the article focused on three sectors: paper production, chemical production and electricity production. The capital structure of companies in the Czech Republic, Poland, Germany, France and the United Kingdom was examined.The analysis shows that taking on the indebtedness of companies operating in foreign markets is not suitable for...
Literature overview of three directions of research to assess the future success of an IT start-up at the early-stage phase
Michal Novák
Oceňování 2021, 14(2):59-80 | DOI: 10.18267/j.ocenovani.262
This article systematically organized the fragmented literature into a comprehensive overview and provides compact information on qualitative criteria aimed at the future success of an IT start-up at an early stage phase. The capital infusion in the form of substantial VC investment is a gauge of success. The qualitative criteria may be considered by valuers or analysts when drawing up a financial plan (investment model). Three directions of research on start-up valuation emerged from the literature overview. Current valuation practice has sophisticated methods of public equity valuation, which mature companies are, while private equity valuation is...