Valuation of Companies in Emerging Markets

Název práce: The valuation of companies in emerging markets
Autor(ka) práce: Budinsky, Karl
Typ práce: Diploma thesis
Vedoucí práce: Krabec, Tomáš
Oponenti práce: Hnilica, Jiří
Jazyk práce: English
Abstrakt:
In this thesis the distinctive features and challenges of the company valuation in emerging markets are presented. The valuation approach considered as superior in comparison to other methodologies, the triangulating method, is applied to a company from the emerging market of Brazil, the aircraft manufacturer Embraer. The triangulation valuation approach comprises one primary method, the scenario discounted cash flow valuation, and two secondary approaches, the valuation based on multiples and the valuation with a country-risk built into the cost of capital. At the beginning, the valuation methods prevalent in developed markets are presented. Afterwards, for the emerging markets, the applicability of these approaches from the developed world is assessed. In addition, potentially useful modifications are identified. In advance of the detailed valuation of Embraer, the Brazilian macroeconomic situation and its main financial market, the Bolsa de Valores, Mercadorias & Futuros de Sao Paulo (BOVESPA), will be analyzed.
Klíčová slova: Embraer; Brazil; Emerging markets; Company valuation
Název práce: Valuation of Companies in Emerging Markets
Autor(ka) práce: Budinsky, Karl
Typ práce: Diplomová práce
Vedoucí práce: Krabec, Tomáš
Oponenti práce: Hnilica, Jiří
Jazyk práce: English
Abstrakt:
In this thesis the distinctive features and challenges of the company valuation in emerging markets are presented. The valuation approach considered as superior in comparison to other methodologies, the triangulating method, is applied to a company from the emerging market of Brazil, the aircraft manufacturer Embraer. The triangulation valuation approach comprises one primary method, the scenario discounted cash flow valuation, and two secondary approaches, the valuation based on multiples and the valuation with a country-risk built into the cost of capital. At the beginning, the valuation methods prevalent in developed markets are presented. Afterwards, for the emerging markets, the applicability of these approaches from the developed world is assessed. In addition, potentially useful modifications are identified. In advance of the detailed valuation of Embraer, the Brazilian macroeconomic situation and its main financial market, the Bolsa de Valores, Mercadorias & Futuros de Sao Paulo (BOVESPA), will be analyzed.
Klíčová slova: Embraer; Brazil; Company valuation; Emerging markets

Informace o studiu

Studijní program / obor: Ekonomika a management/International Management
Typ studijního programu: Magisterský studijní program
Přidělovaná hodnost: Ing.
Instituce přidělující hodnost: Vysoká škola ekonomická v Praze
Fakulta: Fakulta financí a účetnictví
Katedra: Katedra financí a oceňování podniku

Informace o odevzdání a obhajobě

Datum zadání práce: 18. 1. 2011
Datum podání práce: 5. 5. 2011
Datum obhajoby: 20. 9. 2011
Identifikátor v systému InSIS: https://insis.vse.cz/zp/29883/podrobnosti

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