Ocenění společnosti MONETA Money Bank, a.s

The subject of the diploma thesis is the valuation of Moneta Money Bank, a.s. and to prove a recent decline in the main factors affecting the profitability of medium-sized banks in the Czech Republic. The author analyzes the development of the total interest margin, the net fee and commission income on average assets and the development of administrative costs to the average assets of medium-sized banks. The analysis uses Box-Jenkins' time series methodology to help them predict the future development of these profitability factors. The resulting conclusions are used to construct prerequisites for valuation of Moneta Money Bank, a.s. using the FCFE method and market comparisons using the P/E and P/BV multiples. The author tries to prove the hypothesis of overvaluation of Monet's market price of CZK 82.80 at the date of valuation on December 31, 2016, compared to its intrinsic value of CZK 80.12, which was determined by a FCFE method reflecting the given potential of the company to generate a free cash flow for its shareholders.