Finanční analýza TRIGEMA a.s

This bachelor's thesis focuses on a comprehensive assessment of the attractiveness of the bond programmes issued by the developer group TRIGEMA a.s. The main objective is to evaluate these corporate bonds as an investment opportunity from the perspective of a retail investor, while also assessing the issuer's overall indebtedness and debt repayment capacity. To fulfil this objective, the thesis is logically structured into four interconnected parts. The first part introduces the analysed company, mapping its history, ownership structure and complex holding arrangement, and provides a detailed overview of the relevant real estate development market in Prague. It also presents the selected competitor for benchmarking purposes, FINEP Holding S.E. The second part contains a financial analysis covering the period 2019-2024. Using ratio indicators of profitability, activity, liquidity and indebtedness, it compares TRIGEMA's capital-intensive approach with FINEP's conservative business model. The financial health of both companies is subsequently synthesised using the Kralicek Quick Test scoring model. The third part focuses on the analysis of the issued bonds. It outlines the structure of special purpose vehicles and guarantors, describes the transition towards green bonds within an ESG framework, and identifies the key risks associated with these instruments, including protective covenants. The fourth part integrates the preceding findings and evaluates the bonds directly from an investor's perspective. It places them in a market context by comparing their yield and risk profile with safer alternatives, specifically term bank deposits and 5-year Czech government bonds serving as a benchmark, as well as with riskier instruments such as bonds issued by sector competitors and open-ended real estate funds.