Ekonomické posouzení investiční aktivity podniku - developerská výstavba bytových domů
Title Alternative:Economic assessment of the investment activities of the company - construction of residential buildings
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Předmětem bakalářské práce je posouzení investice, nákupu stavebního pozemku pro výstavbu tří bytových domů v Liberci. Hodnocení investice je založeno na základním oceňovacím modelu. Vzhledem k tomu že základní oceňovací model nezobrazuje ani jiným způsobem neřeší likviditu společnosti, která by případnou investici realizovala, je doplněn o finanční ukazatele podniku, marketingovou analýzu a benchmarking. Princip posouzení investice je založen na čisté současné hodnotě budoucího peněžního toku. Výpočet je silně závislý na správně odhadnuté diskontní sazbě, která je stanovena jako průměrné vážené náklady na kapitál, kde výše nákladů cizího kapitálu je odvozena od výnosu alternativní investice dosažitelné na místním realitním trhu a výše nákladů vlastního kapitálu je odvozena od CAPM modelu s beta koeficientem.
The subject of the thesis is the assessment of the investment, the purchase of land for the construction of three residential buildings in Liberec. Investment evaluation is based on a fundamental valuation model. Since fundamental valuation model does not reckon the liquidity or otherwise does not solve the liquidity of the company that would eventually realize investment, this fundamental valuation model is completed with financial indicators of the company, marketing analysis and benchmarking. Principle assessment of the investment is based on the net present value of future cash flow. The calculation is heavily dependent on the discount rate that must be estimated correctly. The discount rate is determined as the weighted average cost of capital, where liabilities are derived from the return of alternative investment achievable on the local real estate market and the costs of equity are derived from CAPM model with beta coefficient.
The subject of the thesis is the assessment of the investment, the purchase of land for the construction of three residential buildings in Liberec. Investment evaluation is based on a fundamental valuation model. Since fundamental valuation model does not reckon the liquidity or otherwise does not solve the liquidity of the company that would eventually realize investment, this fundamental valuation model is completed with financial indicators of the company, marketing analysis and benchmarking. Principle assessment of the investment is based on the net present value of future cash flow. The calculation is heavily dependent on the discount rate that must be estimated correctly. The discount rate is determined as the weighted average cost of capital, where liabilities are derived from the return of alternative investment achievable on the local real estate market and the costs of equity are derived from CAPM model with beta coefficient.