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

机译:现金流量折现法对并购目标公司的估值

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摘要

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.
机译:合并和收购是公司有机增长的惯用且受人尊敬的替代方法,它们是资本重新分配的重要渠道。公司合并的实际过程以更可能的形式执行,并且受到本地,区域,国家和全球性的许多因素的影响,这可能不会成功结束。这是一项在公司生命中很少发生的投资。该过程可以分为三个阶段:准备和计划;准备和计划。实施;和整合。第一阶段的关键因素是确立目标公司的价值,以此作为成功谈判的基础。实施阶段是分析阶段。在第三阶段,收购方业务管理收购业务中的需求变更。本文的目的是分析估值方法并概述适用于捷克并购市场情况的现金流量折现法的程序。尤其要考虑风险因素及其在估值方法中的反映。

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