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1

KOEFICIENT SPEŇAŽITEĽNOSTI MAJETKU PODNIKU A JEHO STANOVENIE

100%

Kardoš P.

Ekonomický časopis (Journal of Economics)

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2005

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vol. 53

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issue 3

296-307

EN

The article deals with the problems of determining of the marketability coefficient in the bankruptcy management. The bankruptcy management needs the special expert evidence. In the expert evidence is used special coefficient which decreases or increases the final value of estimated company. We can call it marketability coefficient. Expertise's agencies don't have a technique how to determinate this coefficient. We can name seven key factors , which have a big influence on the marketability coefficient: line organization, company's position in sector, versatility of property, enterprising space, risk and average profitability, company's size and optimal output and also other impacts. All these factors were specified and quantified in the article, the way how to measure every factor was designed and the procedure how to create the marketability coefficient was explained.

2

COMPANY VALUATION. HOW TO DEAL WITH A RANGE OF VALUES? (Wycena przedsiebiorstwa. Jak traktowac zakres wartosci?)

100%

Patena W.

Finansowy Kwartalnik Internetowy e-Finanse

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2011

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vol. 7

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issue 3

75-84

EN

Company valuation is not done after having generated a few values being a result of applying different valuation methods. In many cases institutions ordering the valuation request a value which can be an equivalent of a market, transactional value. Often the one method (and the valuation resulting from the method) can be indicated, since the valuer claims that it gives the most precise value of the company. However, it is safer to consider the range of values and then try to determine the final value which is the result of a combination of several methods. However, the question is how to consistently deal with a range of values. One of the solutions are so-called mixed methods of company valuation. They are criticized in this paper as they are too subjective. Instead we suggest considering a portfolio approach - PATEV (Portfolio Approach to Equity Valuation). In addition to having to choose a method of defining one value, the value is subject to further corrections: liquidity and control discounts.

3

VALUATION OF EMCINSMED PLC. – HOW DOES A COST OF CAPITAL THAT TRACKS CAPITAL STRUCTURE INFLUENCES THE VALUE OF A COMPANY? (Zastosowanie technik iteracyjnych w wycenie przedsiebiorstwa – wycena EMCINSMED S.A.)

88%

Patena W.

Finansowy Kwartalnik Internetowy e-Finanse

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2010

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vol. Special Issue

15-27

EN

DCF is the most respected method of company valuation. However, it does have a flaw related to the fact that the weights (share of debt and equity in total financing) that are used are based on book values. The problem may be overcome by using a technique based on iterations. In a real-life case, when one has to deal with numerous parameters and time periods, a numerical solution seems to be the only feasible approach. It is a chain of formulae that becomes so integrated that the information between cash flows and cost of capital moves freely. Loops run along columns (from V to WACC, and from E to k) and lines (from one year to another). The cost of capital 'tracks' the capital structure and changes accordingly. The valuation is recursive, going backwards in time. In general, the recursive method of company evaluation overcomes a fundamental problem that is often ignored by many other methods: the fact that the cost of capital depends on the financial structure. Here in the paper, the valuation of Emcinsmed plc. company is done in order to present the i-DCF valuation method. The company is highly leveraged, hence it serves as a good example.

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2 Finansowy Kwartalnik Internetowy e-Finanse

1 Ekonomický časopis (Journal of Economics)

2 Patena W.

1 Kardoš P.

1 2011

1 2010

1 2005

KOEFICIENT SPEŇAŽITEĽNOSTI MAJETKU PODNIKU A JEHO STANOVENIE

COMPANY VALUATION. HOW TO DEAL WITH A RANGE OF VALUES? (Wycena przedsiebiorstwa. Jak traktowac zakres wartosci?)

VALUATION OF EMCINSMED PLC. – HOW DOES A COST OF CAPITAL THAT TRACKS CAPITAL STRUCTURE INFLUENCES THE VALUE OF A COMPANY? (Zastosowanie technik iteracyjnych w wycenie przedsiebiorstwa – wycena EMCINSMED S.A.)