Valuation of the target company in the process of the mergers
and acquisitions using discounted cash flow method

J 2014

Valuation of the target company in the process of the mergers and acquisitions using discounted cash flow method

SEDLÁČEK, Jaroslav a Petr VALOUCH

Základní údaje

Originální název

Valuation of the target company in the process of the mergers and acquisitions using discounted cash flow method

Autoři

SEDLÁČEK, Jaroslav (203 Česká republika, garant, domácí) a Petr VALOUCH (203 Česká republika, domácí)

Vydání

WSEAS TRANSACTIONS on BUSINESS and ECONOMICS, 2014, 1109-9526

Další údaje

Jazyk

angličtina

Typ výsledku

Článek v odborném periodiku

Obor

50600 5.6 Political science

Stát vydavatele

Česká republika

Utajení

není předmětem státního či obchodního tajemství

Odkazy

URL

Kód RIV

RIV/00216224:14560/14:00079103

Organizační jednotka

Ekonomicko-správní fakulta

Klíčová slova anglicky

Discounted cash flow method; Due diligence; Implementation; Integration; Mergers and acquisitions; Methods of valuation; Planning; Target firm

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 9. 4. 2015 11:22, Mgr. et Mgr. Nikol Zachovalová Barochová

Anotace

V originále

Mergers and acquisitions are a used and respected alternative to a company’s organic growth and they are a significant channel of capital redistribution. The actual process of company combinations is performed in more possible forms and it is affected by a number of factors of local, regional, national and global character, which may not lead to a successful end. It is an investment that does not occur in a company’s life very often. The process can be divided into three stages: preparation and plan; implementation; and integration. The key factor of the first stage is the establishment of the value of the target company as a basis for successful negotiations. The implementation stage is a stage of analyses. At the third stage the acquiring business manages the demanded changes in the acquired business. The aims of this paper are to analyse valuation methods and outline the procedure for using the discounted cash flow method adapted to the conditions of the Czech M&A market. Especially risk factors and their reflection in the valuation method are considered.

Návaznosti

GA403/11/0447, interní kód MU

Název: Analýza daňových a účetních postupů při fúzích (The analysis of tax and accounting procedures in mergers)

Investor: Grantová agentura ČR, Analýza daňových a účetních postupů při fúzích (The analysis of tax and accounting procedures in mergers)

Citovat

SEDLÁČEK, Jaroslav a Petr VALOUCH. Valuation of the target company in the process of the mergers and acquisitions using discounted cash flow method. WSEAS TRANSACTIONS on BUSINESS and ECONOMICS. 2014, roč. 11, č. 2014, s. 747-756. ISSN 1109-9526.

@article{1226504,
   author = {Sedláček, Jaroslav and Valouch, Petr},
   article_number = {2014},
   keywords = {Discounted cash flow method; Due diligence; Implementation; Integration; Mergers and acquisitions; Methods of valuation; Planning; Target firm},
   language = {eng},
   issn = {1109-9526},
   journal = {WSEAS TRANSACTIONS on BUSINESS and ECONOMICS},
   title = {Valuation of the target company in the process of the mergers and acquisitions using discounted cash flow method},
   url = {http://www.wseas.org/multimedia/journals/economics/2014/z045707-078.pdf},
   volume = {11},
   year = {2014}
}

TY  - JOUR
ID  - 1226504
AU  - Sedláček, Jaroslav - Valouch, Petr
PY  - 2014
TI  - Valuation of the target company in the process of the mergers and acquisitions using discounted cash flow method
JF  - WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
VL  - 11
IS  - 2014
SP  - 747-756
EP  - 747-756
SN  - 11099526
KW  - Discounted cash flow method
KW  - Due diligence
KW  - Implementation
KW  - Integration
KW  - Mergers and acquisitions
KW  - Methods of valuation
KW  - Planning
KW  - Target firm
UR  - http://www.wseas.org/multimedia/journals/economics/2014/z045707-078.pdf
L2  - http://www.wseas.org/multimedia/journals/economics/2014/z045707-078.pdf
N2  - Mergers and acquisitions are a used and respected alternative to a company’s organic growth and they are a significant channel of capital redistribution. The actual process of company combinations is performed in more possible forms and it is affected by a number of factors of local, regional, national and global character, which may not lead to a successful end. It is an investment that does not occur in a company’s life very often. The process can be divided into three stages: preparation and plan; implementation; and integration. The key factor of the first stage is the establishment of the value of the target company as a basis for successful negotiations. The implementation stage is a stage of analyses. At the third stage the acquiring business manages the demanded changes in the acquired business. The aims of this paper are to analyse valuation methods and outline the procedure for using the discounted cash flow method adapted to the conditions of the Czech M&A market. Especially risk factors and their reflection in the valuation method are considered.
ER  -

SEDLÁČEK, Jaroslav a Petr VALOUCH. Valuation of the target company in the process of the mergers and acquisitions using discounted cash flow method. \textit{WSEAS TRANSACTIONS on BUSINESS and ECONOMICS}. 2014, roč.~11, č.~2014, s.~747-756. ISSN~1109-9526.

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