Odhad nákladů vlastního kapitálu jako východiska pro stanovení hodnoty podniku

Abstract

The determination of the total value of a business is the key to financial growth over a long-term period. This article focuses on assessing the cost of equity, which is used to calculate the weighted average cost of capital. The weighted average cost of capital (WACC) expresses the relative costs of equity and the costs of debt capital of a business. Particular attention should be paid to the determination of the cost of equity, as it is a difficult and complex task. Two simulations subsequent to this were executed with real entry data and mapped how the selection of specific input data, such as the risk-free interest rate and the maximal cost of equity, affect the overall calculations of the cost of equity. The main focus was on how the results were affected by the low risk-free interest rate in the Czech Republic.

Keywords

• Build-up method
• CAPM
• WACC
• Cost of equity