154-0422/01 – Valuation and aquisitions (OA)

Gurantor departmentDepartment of FinanceCredits5
Subject guarantorprof. Dr. Ing. Dana DluhošováSubject version guarantorprof. Dr. Ing. Dana Dluhošová
Study levelundergraduate or graduateRequirementChoice-compulsory type B
Study languageCzech
Year of introduction2019/2020Year of cancellation
Intended for the facultiesEKFIntended for study typesFollow-up Master
Instruction secured by
LoginNameTuitorTeacher giving lectures
DLU30 prof. Dr. Ing. Dana Dluhošová
GUR022 Ing. Petr Gurný, Ph.D.
KRE330 doc. Ing. Aleš Kresta, Ph.D.
Extent of instruction for forms of study
Form of studyWay of compl.Extent
Part-time Credit and Examination 6+6

Subject aims expressed by acquired skills and competences

This course focuses on deepening of basic knowledge about firm valuation obtained within bachelor study. The aim of the course is to learn students to apply advanced valuation approaches and methods in order to analyze the firm value.

Teaching methods



The content of the course consists of theoretical basics of company valuation, valuation approaches and methods, mergers and acquisitions issues, including accounting and tax aspects.

Compulsory literature:

DLUHOŠOVÁ, Dana et al. Finanční řízení a rozhodování podniku. 3. vyd. Praha: Ekopress, 2010. 225 s. ISBN 978-80-86929-68-2. KOLLER, T., M. GOEDHART a D. WESSELS. Valuation: Measuring and Managing the Value of Companies. 6th ed. New York: McKinsey, 2015. 848 s. ISBN 978-1118873700. MAŘÍK, Miloš et al. Metody oceňování podniku: proces ocenění – základní metody a postupy. 4. vyd. Praha: Ekopress, 2018. 551 s. ISBN 978-80-87865-38-5. MAŘÍK, Miloš a kol. Metody oceňování podniku pro pokročilé. Praha: Ekopress, 2018. 548 s. ISBN 978-80-87865-42-2.

Recommended literature:

DLUHOŠOVÁ, Dana. Přístupy k analýze finanční výkonnosti firem a odvětví na bázi metody EVA – Economic Value Added. Finance a úvěr – Czech Journal of Economics and Finance. 2004, roč. 54, s. 11-12. ISSN 0015-1920. HITCHNER, James R. Financial Valuation, Applications and Models. 3rd ed. New Jersey: Wiley, 2011. 1320 s. ISBN 978-0-470-50687-5.

Way of continuous check of knowledge in the course of semester

písemný zápočet nebo aktivní účast na CFA Institute Research Challenge a ústní zkouška v rámci které student obhajuje samostatně zpracovaný projekt na ocenění vybraného subjektu


Other requirements

There are no other requirements on student.


Subject has no prerequisities.


Subject has no co-requisities.

Subject syllabus:

1. Explanation of Basic Concepts (Subject of Valuation, Standards of Value), Approaches to the Valuation, Overview of Valuation Methods. 2. Valuation Process and Description of Its Individual Parts. 3. Projecting Revenues Growth (Analysis of the External and Internal Potential, Factors, Sales Forecasting). 4. Financial Analysis for Valuation Purposes (Basic Indicators, Interpretation, Bankruptcy Models, Pyramidal Decomposition, Analysis of Deviation). 5. Cost of Capital in the Valuation Process (Possibilities of the Cost of Capital Estimation). Valuation of the Company under the Risk Conditions (Risk Adjusted Cost of Capital Method, Method of Certainty Equivalent). 6. Financial Plan Creation (Definition, Description of Financial Plan Process, Key Factors). 7. Assets-based Approach for Company Valuation. 8. Discounted Cash Flow (DCF) Approach (Basic Description of DCF Methods, One-stage and Two-stage Method). 9. Discounted Cash Flow (DCF) Approach (Derivation and Significance of Key Value Driver Formula, Basic Relationships within Key Value Driver Formula). Sensitivity Analysis within DCF Methods. 10. Capitalized Earnings Valuation Methods. 11. EVA Method for Valuation (Estimation of the EVA Indicator, Importance and Use of EVA, EVA within Company Valuation, Sensitivity Analysis). 12. Market Approach and Combined Methods for Valuation. 13. Valuation of the Companies with a Limited Perspective. 14. Mergers and Acquisitions - M&A (Definitions, Types of Mergers, Takeover Defence Tactics, Synergy Effect, Sources of Value Growth within M&A).

Conditions for subject completion

Part-time form (validity from: 2019/2020 Winter semester)
Task nameType of taskMax. number of points
(act. for subtasks)
Min. number of pointsMax. počet pokusů
Credit and Examination Credit and Examination 100 (100) 51
        Credit Credit 25 (25) 13
                Písemný zápočet Project 25  13 2
        Examination Examination 75 (75) 38 3
                Ústní zkouška Oral examination 75  38 3
Mandatory attendence participation:

Show history

Conditions for subject completion and attendance at the exercises within ISP:

Show history

Occurrence in study plans

Academic yearProgrammeBranch/spec.Spec.ZaměřeníFormStudy language Tut. centreYearWSType of duty
2021/2022 (N0413A050014) Economics and Management (S02) Management K Czech Ostrava 2 Choice-compulsory type B study plan
2020/2021 (N0413A050014) Economics and Management (S02) Management K Czech Ostrava 2 Choice-compulsory type B study plan
2019/2020 (N0413A050014) Economics and Management (S02) Management K Czech Ostrava 2 Choice-compulsory type B study plan

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner

Assessment of instruction

Předmět neobsahuje žádné hodnocení.