Course detail

Rating and Valuation

FP-FropPAcad. year: 2023/2024

The course focuses on the following topics:
• Rating and its legal treatment, trends in development
• Methods for determining the value of an enterprise
• Strategic analysis for the purpose of assessment of the value of the enterprise
• Identification of value generators
• Practical application of the revenue method for valuing enterprises

Language of instruction

Czech

Number of ECTS credits

6

Mode of study

Not applicable.

Guarantor

prof. Ing. Mária Režňáková, CSc.

Department

Institute of Finances (ÚF)

Entry knowledge

A knowledge of methods of financial planning, models for determining the cost of capital.

Rules for evaluation and completion of the course

Students will be evaluated in exercises based on presentations of partial results of a case study focused on determining the value of a business. The presentations can earn 40 points, a minimum of 20 points is required to receive credit.

The exam is written and students may score 60 points on the exam. The content includes both theoretical questions and examples. To pass the exam, the student must score a minimum of 40 points. The maximum length of the exam is 80 minutes.

The final grade is the sum of the points from the practical and the written exam according to the ECTS rules.


Control of results of independent work on assigned tasks.

Aims

The main objective of the course is:
- to present students the importance of rating and its use, types of rating, the process of creating investment rating;
- to familiarize students with approaches to determining the value of a business;
- to lead students to learn the income methods of determining the value of a business.

 

Knowledge: Students can describe the procedures of determining the value of an enterprise as well as current problems associated with the use of ratings. They know the conditions for the use of methods for determining the value of an enterprise as well as their limits.
Skills: On the basis of strategic analyses students can quantify value generators and determine a preliminary valuation of a business. They can recommend an appropriate method for determining the business value and in a simplified manner determine the value of a business. They are able to discuss the conditions for the applicability of the valuation determined.
Abilities: Students are able to apply methods leading to determining the business value and also identify the factors that increase the value of an enterprise as well as those that threaten it. They are able to model the impacts of strategic decisions on the- business value.

Study aids

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

DAMODARAN, A. Damodaran on valuation: security analysis for investment and corporate finance. 2 Ed. Hoboken: John Wiley & Sons. 2006. ISBN 0-471-75121-9 (EN)
DAMODARAN, A. Investment valuation: tools and techniques for determining the value of any asset. 2 Ed. New York: John Wiley & Sons. 2002. ISBN 0471414883 (EN)
JUREČKA, J. Oceňování ochranné známky jako součásti nehmotného majetku. 2. přepr. vyd. Praha: VŠE a IOM, 2007. ISBN 978-80-245-1303-4 (CS)
MAŘÍK, M. a kol. Metody oceňování podniku pro pokročilé: hlubší pohled na vybrané problémy. Praha: Ekopress, 2011. 548 s. ISBN 978-80-86929-80-4 (CS)
MAŘÍK, M. a kol. Metody oceňování podniku:proces ocenění,základní metody a postupy.2011, 494 s.. Praha: Ekopress, ISBN 978-8086929-67-5. (CS)
MAŘÍK, M. a MAŘÍKOVÁ, P. Moderní metody hodnocení výkonnosti a oceňování podniku. 2. přepr. a rozš. vyd., Praha: Ekopress. 492 s. ISBN 978-80-86929-32-3. (CS)
MAŘÍKOVÁ, P. a MAŘÍK, M. Diskontní míra pro výnosové oceňování podniku. 1. vyd. Praha: VŠE a IOM, 2007. ISBN 978-80-245-1242-6 (CS)
McKINSEY & COMPANY, KOLLER, T., GOEDHART, M., WESSELS, D. (2005) Measuring and Managing th Value of Companies. 4th Editon (University Edition). New Jersey: Wiley. 742 p. ISBN 978-0-471-70221-4. (EN)
ŠANTRŮČEK, J. Pohledávky, jejich cese a hodnota. 2. aktualizované vyd. Praha: Oeconomia, 2005. ISBN 80-245-0873-7 (CS)
VINŠ, P. a LIŠKA, V. Rating. Praha: C.H.Beck, 2005. ISBN 80-7179-807-X. (CS)

Recommended reading

MAŘÍK, M. a kol. Metody oceňování podniku:proces ocenění,základní metody a postupy.2011, 494 s.. Praha: Ekopress, ISBN 978-8086929-67-5. (CS)
ŠANTRŮČEK, J. Pohledávky, jejich cese a hodnota. 2. aktualizované vyd. Praha: Oeconomia, 2005. ISBN 80-245-0873-7 (CS)

Elearning

eLearning: currently opened course

Classification of course in study plans

  • Programme MGR-UFRP Master's 2 year of study, summer semester, compulsory

Type of course unit

 

Lecture

20 hod., optionally

Teacher / Lecturer

prof. Ing. Mária Režňáková, CSc.

Syllabus

1. Models of determining the solvency of a company. Methods of determining the value of a company.

2. Methodological approach to determining the rating and value of a company.

3. Strategic analysis for determining the value of a company.

4. Financial plan for determining the value of a company.

5. Discount rate for determining the value of a company.

6. Investment and business rating. Rating companies.

Exercise

20 hod., compulsory

Teacher / Lecturer

doc. Ing. Michal Karas, Ph.D.
prof. Ing. Mária Režňáková, CSc.

Syllabus

1. Úvod do předmětu: podmínky zápočtu. Výběr podniku pro ocenění. Účel ocenění a postup ocenění.

2. Strategická analýza pro účely ocenění podniku. Provozně nutný a nadbytečný majetek. Provozně nutný kapitál. Korigovaný PVH.

3. Určení generátorů hodnoty, předběžné ocenění. Finanční plán podniku pro určení hodnoty podniku.

4. Prezentace strategické analýzy z hlediska určení hodnoty podniku a úprav výkazů podniku.

5. Prezentace finančního plánu podniku a stanovení diskontní sazby.

6. Prezentace ocenění podniku a jeho diskuse.

7. Další metody ocenění podniku: EVA, KČV

8. Další metody ocenění podniku: Tržní multiplikátory

9. Beaverova analýza profilu. (cvičení na PC)

10. Bankrotní modely a jejich přesnost (cvičení na PC)

Elearning

eLearning: currently opened course