Oceňování, 2023 (vol. 16), issue 1-2
Articles
Estimation of the implied cost of equity
Radovan Fišer
Oceňování 2023, 16(1-2):3-26 | DOI: 10.18267/j.ocenovani.287 
The article describes accounting and cash-based models for estimating the implied cost of equity, specifically the Residual Income Model and the Abnormal Earnings Growth Model, and the Dividend Model and the Free Cash Flow to Equity Model. These models are derived and their practical use is described in examples.
A More Detailed Analysis of Branch Standards in Terms of Debt Distribution and Target Capital Structure
Milan Hrdý
Oceňování 2023, 16(1-2):27-39 | DOI: 10.18267/j.ocenovani.288
The aim of this paper was to examine how the average debt, and thus the branch standard, is actually created. A simple hypothesis was expressed that a more significant cluster of enterprises with a certain narrower range of debt, preferably close to the average debt and branch standard, would be found only in some fields, certainly not in all. The hypothesis has not been confirmed. Not in any of the fields of Iron Production, Shoe Production, Machine Production, Motor Vehicles, Beverages Production, Electrical Equipment, Air Transport, Pharmacy, it was not possible to identify a significant group of enterprises that would be around the average debt...
M&A transactions: Mechanisms of bridging the valuation gap
Lukáš Hruboň
Oceňování 2023, 16(1-2):40-57 | DOI: 10.18267/j.ocenovani.289
Against a background of increasing economic uncertainty, parties to an M&A transaction may arrive at very different valuations of an acquisition target. This article describes basic methods attempting to bridge the valuation gap as follows: (i) deferring part of the purchase price of the M&A transaction following future developments, (ii) phased acquisitions. In an illustrative example, the author shows the theoretically plausible application of the earn-out mechanism, which takes into consideration future financial performance of the target company.
Obvyklá cena jako základní kategorie hledané hodnoty podle zákona o oceňování majetku
Karel Mošna
Oceňování 2023, 16(1-2):58-74 | DOI: 10.18267/j.ocenovani.290
The aim of this article is to draw attention to the most fundamental interpretive problems related to the definition of the usual price as a category of sought value in the Property Valuation Act, and to try to contribute to the reflection of all interested parties, i.e. both the customers themselves and the customers, which are often also public administration authorities, and especially the authors of this legal regulation, over the meaningfulness and justification of some of its provisions. This could ultimately contribute to speeding up the revision of not only the Property Valuation Act, but also related legislation. In this way, valuation in the Czech...