Analýza kapitálové struktury ve vodárenském sektoru na příkladu Vodovody a kanalizace Pardubice, a.s

This bachelor's thesis deals with the analysis and proposal for changes in the capital structure of a water utility company in the Czech Republic. The aim of the thesis is to evaluate the current financing method of Vodovody a kanalizace Pardubice, a. s., compare it with a sample of comparable companies, and propose a more efficient capital structure. The theoretical part defines individual sources of financing, factors influencing capital structure and its optimization, methods for determining the cost of capital, and basic financial ratios. Attention is paid to the specifics of the water utility sector, operating models, and the regulatory framework. The practical part employs industry benchmarking, the Capital Asset Pricing Model (CAPM), and sensitivity analysis. The model scenario of taking out a loan shows a decrease in the weighted average cost of capital while maintaining sufficient financial stability. The thesis concludes that the analyzed company would benefit from a higher engagement of debt financing.