Přístupy k propočtu EVA

This diploma thesis focuses on the Economic Value Added (EVA) metric, the methodological challenges associated with it in the Czech Republic, and an analysis of its sensitivity to selected WACC parameters. The theoretical section defines the concept of EVA, its historical development and practical implementation in business, as well as the methodology for calculating the individual input variables (NOPAT, NOA and WACC). In the practical section, the aforementioned methodology is applied to three comparable Czech dairy companies, with an emphasis on conducting an interval sensitivity analysis using selected WACC parameters. The results demonstrated high sensitivity and wide ranges of EVA values depending on the choice of input variables, with the unlevered beta and risk-free rate having the most significant impact. The main finding of this thesis is that both the choice of method for determining the cost of equity (the CAPM model versus the build-up method) and the financing structure have the greatest influence on the resulting EVA figure; as such, EVA becomes more of a supplementary tool for strategic planning, capital allocation and internal communication than a measure of absolute performance. It should not be used as an isolated criterion for performance evaluation, but rather supplemented by other financial indicators.