Ocenění podniku se zákaznickou sítí: Případová studie Netflix

The Master's thesis discusses in detail valuation methods other than the traditional DCF method. In particular, it deals with methods that are specific to companies whose main source of revenue is their customer base. These new approaches were described by professor Damodaran in his studies back in 2018, the most important one of them being a method called cash flow from user. The valuation of cash flow from user has a lot of advantages because it gives us the opportunity to value the business using a more accurate method, as we are able to influence and understand the input parameters more. As a result, we are able to better assess where our valuation was different compared to the actual results. On the other hand, when collecting a sufficient amount of data, we run into dificulties in the companies financial statements. They are not required to report to their shareholders metrics like ARPU, acquisition costs, and other similar parameters. Unfortunately, this means that the method cannot be used for a lot of companies.