Analýza znaleckých posudků pro squeeze-out se zaměřením na diskontní míru

The determination of the discount rate represents a key point in business valuation, particularly in valuations for squeeze-out purposes, where it has a direct impact on the amount of monetary compensation for minority shareholders. The thesis examines, through comparative analysis, 144 expert reports prepared for squeeze-out cases from the period 2015–2024, comparing them with the results of studies from 2005–2006 and 2013–2015. The analysis primarily monitors methodological shifts in expert practice and identifies developments in the values of input parameters. It focuses on the procedure for calculating the discount rate for income-based valuation, the calculation of the discount rate for liquidation value, as well as the basis of value and valuation methods most commonly used in Czech practice. The results confirm, among other things, the impact of a Constitutional Court ruling on the categories of value used, a positive shift in the transparency of input sources for the discount rate, but also a negative trend concerning the distinction between differentiating costs of capital in individual years of the financial plan. The paper concludes by formulating proposals for improving expert practice in the Czech Republic and, above all, providing a basis for academic discussion.