Oceňování, 2022 (vol. 15), issue 1

Articles

Methodological approach to business valuation by market multiples

Štěpán Kohoutek, Pavla Maříková

Oceňování 2022, 15(1):3-16 | DOI: 10.18267/j.ocenovani.271  

Valuation by market multiples can be considered one of the most popular and widely used valuation methods of a company. This paper deals with the proposal of a methodological approach to the valuation of a company by market multiples. The main source of information for this paper was a literature search of best practice applications and research studies. The main focus was on the different parts of the valuation procedure from the selection of a peer group to the control premium. Thus, the output of this article is a summary of the most important factors that a valuator should consider when valuing a company using market multiples.

EBITDA - How to deal with?

Markéta Pláničková, Lucie Jahodová

Oceňování 2022, 15(1):17-33 | DOI: 10.18267/j.ocenovani.272  

This article looks at EBITDA as one of the key indicators in corporate finance and focuses on the differences in the methods of calculating EBITDA by different user groups. First, it is defined by financial theory and described from the perspective of Czech and especially international financial reporting standards (IFRS). Furthermore, the method of EBITDA calculation is shown from the point of view of banks and leasing companies, European and state funds, companies, investors, M&A advisors and experts. Subsequently, an empirical study is performed on Czech companies, which analyzes the impact of various methods of calculating this indicator on...

The Insurance Value of the Property and Its Usual Price in the Czech Republic

Lenka Přečková, Hana Janáčková

Oceňování 2022, 15(1):34-42 | DOI: 10.18267/j.ocenovani.273  

The aim of the article is to quantify the insurance values in the new price category of selected family houses from the perspective of selected insurance companies. The aim is also to determine their usual price, analyse differences in new prices as determinants for calculating the capital sum, and evaluate possible impacts on the policyholder / the insured party. The quantification is carried out as of February 21, 2022. The article presents definitions of important terms concerning valuation in the area of insurance. The article uses three model cases of existing family houses located in the Moravskoslezsky Region of the Czech Republic. There shall...

Comparison of purchase and appraisal prices of flats in the Czech Republic in 2019

Petr Sunega, Martin Lux, Petr Kubala

Oceňování 2022, 15(1):43-55 | DOI: 10.18267/j.ocenovani.274  

The importance of accuracy in appraisal prices is emphasized in both Czech and foreign literature. We have compared the purchase prices (price data of the State Administration of Land Surveying and Cadastre ) and appraisal prices (of Česká spořitelna, a.s.) of flats. The pairing of flats was done primarily on the basis of geographic location (using GPS coordinates), then by flat area, type of construction and date of the record / estimate. As a result, it was found that for 60% of the flats the appraisal prices were higher than the purchase prices. The discrepancy between the purchase and appraisal prices was mainly for flats in brick buildings and...