The Effects of a Change in the Environment on Business Valuation Using the Income Capitalization Approach
DOI:
https://doi.org/10.12775/EQUIL.2012.014Keywords:
strategic analysis, business valuation, sales forecast processAbstract
Determining the company value in the conditions of unstable development is a very difficult, almost sophisticated activity. The experience of authors confirms high sensitivity of the resulting company value in relation to critical input parameters, which are known as value drivers. One of these drivers, in case of determining the company value using the income capitalization approach, is the expected sales. In practice, some authors, but mainly experts, limit sales forecast to extrapolation of the identified trend of the past development, while neglecting the importance of the strategic analysis. The aim of the strategic analysis is to identify all factors which may influence future company objectives, i.e. also future sales. This article provides a possible approach to the correction of sales forecast based on the information gained from the strategic analysis.
Downloads
References
Damodaran, A. (2006) Damodaran on Valuation: Security Analysis for Investment and Corporate Finance. John Willey & Sons, New York.
Damodaran, A. (2002) Investment valuation: tools and techniques for determining the value of any asset. 2nd Edition. New York: John Willey & Sons. 992 pp. ISBN 0-471-41490-5
Copeland, T.; Koller, T.; Murrin, J. (1991), Stanovení hodnoty firem., VICTORIA PUBLISHING, Praha.
Hindls, R., et all (2006) Statistika pro ekonomy , PROFESSIONAL PUBLISHING, Praha.
Keřkovský, M., Vykypěl, O. (2006) Strategické řízení: teorie pro praxi, C.H.Beck, Praha.
Kislingerová, E. (2001), Oceňování podniku, C.H.Beck, Praha.
Koontz, H.; Weihrich, H. (1993), Management, VICTORIA PUBLISHING, Praha.
Little, I.M.D. (1962) Higgledy Piggledy Growth, Institute of Statistics, Oxford.
Makridakis, S. Taleb, N. (2009) Living in a world of low levels of predictability. International Journal of Forecasting, vol. 25, no. 4, pp. 840-844 ISSN 0169-2070
Mařík, M. (2007) Metody oceňování podniku: Proces ocenění základní metody a postupy, Ekopress, Praha.
Mařík, M. (2011) Metody oceňování podniku pro pokročilé: Hlubší pohled na vybrané problémy, Ekopress, Praha.
Ministerstvo financí České republiky (2009) Makroekonomická predikce České republiky, <http://www.mfcr.cz/cps/rde/xchg/mfcr/xsl/makro_pre.html> (19.10.2009)
Porter, M. E. (1994) Konkurenční výhoda, VICTORIA PUBLISHING, Praha.
Sedláčková, H., Buchta, K. (2006) Strategická analýza, C.H.Beck, Praha.
Synek, M. (2002) Podniková ekonomika, C.H.Beck, Praha.