Finanční due diligence v M&A: komparace buy-side a sell-side přístupu

This master’s thesis focuses on the process of financial due diligence within mergers and acquisitions (M&A). The primary objective is to compare the distinct methodological approaches of advisors representing the buy-side and the sell-side. The theoretical framework defines transaction mechanisms, including the Cash-free, Debt-free concept and key indicators such as adjusted profitability, net debt, and working capital. The practical section then applies these principles through a case study of a medium-sized engineering company. Using accounting data for the reference year 2025, the thesis demonstrates the identification and quantification of specific normalization and pro-forma adjustments that reflect actual transaction risks identified by consultants. The analysis culminates in the construction of bridge analyses, which visualize the resulting valuation gap based on sell-side versus buy-side analysis. Ultimately, the work practically proves that the final transaction value of a business is not a static accounting figure, but rather the outcome of differing argumentative strategies employed by both parties.