Levereged Buyout: finanční páka jako nástroj optimalizace výnosů v private equity

This diploma thesis analyzes the private equity segment, with a particular emphasis on Leveraged Buyout (LBO) transactions. The objective of the thesis is to examine the specifics of the private equity market and focus on the methodologies leading to value maximization. The theoretical section evaluates the mechanism of financial leverage and, within the context of the current private markets, identifies three primary factors influencing valuation: financial engineering, operational engineering, and multiple expansion. In the practical section, these theoretical assumptions are verified through a case study analyzing the acquisition of Delta Topco (Formula One Group) and the respective impact of financial and operational engineering. Utilizing a Value Creation Bridge and a sensitivity analysis, the research confirms the primary role of operational changes (accounting for 47.01 % of the total value created) reflected in OIBDA growth, which independently secured return of 12.8 %. The resulting superior returns for investors (IRR of 20.57% and a MOIC of 5.36x), alongside the maximization of Enterprise Value (EV), demonstrate a transformation in the role of financial engineering, while it no longer represents the primary generator of value, it remains a critical tool for capital structure optimization and achieving peak market valuation.