The main aim of the thesis is to determine the value of Netflix, Inc. which is publicly traded on the NASDAQ stock exchange, applying selected valuation methods. The thesis consists of two parts: theoretical and practical. In the theoretical part critical literature review of the core of the business valuation and most commonly used valuation approaches is performed. While practical part of the thesis aims to calculate Netflix's value using selected valuation methods, namely DCF and EVA. In order to use these approaches, the author conducts company's analysis, including business and industry overview, analysis of core competitors, financial and risk analysis, analysis of corporate governance. Moreover, the author conducts short analysis of the COVID-19 influence on Netflix's future performance. After getting the company's value, the author of the thesis compares results from different valuation approaches and gives some recommendations. The result of the thesis is Netflix's value, which can be used by either management of the company or external users such as potential investors, debtors, public sector or potential employees.
Anotace v angličtině
The main aim of the thesis is to determine the value of Netflix, Inc. which is publicly traded on the NASDAQ stock exchange, applying selected valuation methods. The thesis consists of two parts: theoretical and practical. In the theoretical part critical literature review of the core of the business valuation and most commonly used valuation approaches is performed. While practical part of the thesis aims to calculate Netflix's value using selected valuation methods, namely DCF and EVA. In order to use these approaches, the author conducts company's analysis, including business and industry overview, analysis of core competitors, financial and risk analysis, analysis of corporate governance. Moreover, the author conducts short analysis of the COVID-19 influence on Netflix's future performance. After getting the company's value, the author of the thesis compares results from different valuation approaches and gives some recommendations. The result of the thesis is Netflix's value, which can be used by either management of the company or external users such as potential investors, debtors, public sector or potential employees.
Klíčová slova
DCF, EVA, valuation approach, company's value
Klíčová slova v angličtině
DCF, EVA, valuation approach, company's value
Rozsah průvodní práce
102 p., 17 p. illust. app.
Jazyk
AN
Anotace
The main aim of the thesis is to determine the value of Netflix, Inc. which is publicly traded on the NASDAQ stock exchange, applying selected valuation methods. The thesis consists of two parts: theoretical and practical. In the theoretical part critical literature review of the core of the business valuation and most commonly used valuation approaches is performed. While practical part of the thesis aims to calculate Netflix's value using selected valuation methods, namely DCF and EVA. In order to use these approaches, the author conducts company's analysis, including business and industry overview, analysis of core competitors, financial and risk analysis, analysis of corporate governance. Moreover, the author conducts short analysis of the COVID-19 influence on Netflix's future performance. After getting the company's value, the author of the thesis compares results from different valuation approaches and gives some recommendations. The result of the thesis is Netflix's value, which can be used by either management of the company or external users such as potential investors, debtors, public sector or potential employees.
Anotace v angličtině
The main aim of the thesis is to determine the value of Netflix, Inc. which is publicly traded on the NASDAQ stock exchange, applying selected valuation methods. The thesis consists of two parts: theoretical and practical. In the theoretical part critical literature review of the core of the business valuation and most commonly used valuation approaches is performed. While practical part of the thesis aims to calculate Netflix's value using selected valuation methods, namely DCF and EVA. In order to use these approaches, the author conducts company's analysis, including business and industry overview, analysis of core competitors, financial and risk analysis, analysis of corporate governance. Moreover, the author conducts short analysis of the COVID-19 influence on Netflix's future performance. After getting the company's value, the author of the thesis compares results from different valuation approaches and gives some recommendations. The result of the thesis is Netflix's value, which can be used by either management of the company or external users such as potential investors, debtors, public sector or potential employees.
Klíčová slova
DCF, EVA, valuation approach, company's value
Klíčová slova v angličtině
DCF, EVA, valuation approach, company's value
Zásady pro vypracování
Introduction
Define the objectives and the application methods used in the Master thesis.
I. Theoretical part
Gather theories and prepare a critical literature review focused on concepts and methods of corporate valuation.
II. Practical part
Describe selected company and conduct industry overview.
Conduct financial, strategic, fundamental and technical analysis of the company.
Determine the value of the company using selected valuation methods.
Formulate recommendations for potential investors.
Conclusion
Zásady pro vypracování
Introduction
Define the objectives and the application methods used in the Master thesis.
I. Theoretical part
Gather theories and prepare a critical literature review focused on concepts and methods of corporate valuation.
II. Practical part
Describe selected company and conduct industry overview.
Conduct financial, strategic, fundamental and technical analysis of the company.
Determine the value of the company using selected valuation methods.
Formulate recommendations for potential investors.
Conclusion
Seznam doporučené literatury
DAMODARAN, Aswath. Investment valuation: tools and techniques for determining the value of any asset. Third edition. Hoboken: Wiley, 2012, 874 s. ISBN 9781118011522.
PINTO, Jerald E., Elaine HENRY, Thomas R. ROBINSON, John D. STOWE a Stephen E. WILCOX. Equity asset valuation. Third edition. Hoboken: Wiley, 2015, 595 s. CFA institute investment series. ISBN 9781119104261.
PORTER, Michael E. Competitive strategy: techniques for analyzing industries and competitors. New York: Free Press, 2004, 396 s. ISBN 0743260880.
ROBINSON, Thomas R., Elaine HENRY, Wendy L. PIRIE a Michael A. BROIHAHN. International financial statements analysis. Third edition. Hoboken: Wiley, 2015, 1033 s. CFA Institute investment series. ISBN 9781118999479.
ROSS, Stephen A., Randolph WESTERFIELD a Bradford D. JORDAN. Fundamentals of corporate finance. Eleventh edition. New York: McGraw-Hill Education, 2016, 913 s. ISBN 9780077861704.
Seznam doporučené literatury
DAMODARAN, Aswath. Investment valuation: tools and techniques for determining the value of any asset. Third edition. Hoboken: Wiley, 2012, 874 s. ISBN 9781118011522.
PINTO, Jerald E., Elaine HENRY, Thomas R. ROBINSON, John D. STOWE a Stephen E. WILCOX. Equity asset valuation. Third edition. Hoboken: Wiley, 2015, 595 s. CFA institute investment series. ISBN 9781119104261.
PORTER, Michael E. Competitive strategy: techniques for analyzing industries and competitors. New York: Free Press, 2004, 396 s. ISBN 0743260880.
ROBINSON, Thomas R., Elaine HENRY, Wendy L. PIRIE a Michael A. BROIHAHN. International financial statements analysis. Third edition. Hoboken: Wiley, 2015, 1033 s. CFA Institute investment series. ISBN 9781118999479.
ROSS, Stephen A., Randolph WESTERFIELD a Bradford D. JORDAN. Fundamentals of corporate finance. Eleventh edition. New York: McGraw-Hill Education, 2016, 913 s. ISBN 9780077861704.
Přílohy volně vložené
1 CD ROM
Přílohy vázané v práci
ilustrace, grafy, tabulky
Převzato z knihovny
Ne
Plný text práce
Přílohy
Posudek(y) oponenta
Hodnocení vedoucího
Záznam průběhu obhajoby
Supervisor: Ing. Jana Vychytilová, Ph.D., 24 points.
Questions:
1. Which measures can be considered as likely subjective during the valuation process? Answered completely.
2. If you identified some in question 1, which concrete steps then you see as vital to be taken to reduce these potential subjectivity issues. Answered completely.
Reviewer: Ing. Přemysl Pálka, Ph.D., 25 points.
Questions:
1. Explain, why Netflixs Shareholders base presented in figure 23 does not make 100% in total? Answered completely.
2. Your estimation of future revenues is very optimistic. Try to compare the future growth coefficients with history and explain the reasons why you are so optimistic. Answered completely.
3. The growth rate for the calculation of terminal value you used equally to 3%. What if the prediction for long-term inflation is less than 3%? What does it mean? Do we have to compare these two rates? Answered completely.
Other questions:
prof. Pavelková (It is a 30 % growth of revenues for each year? Answered completely. Are there any barriers? Answered completely)
Dr. Kramná (What is the growth of revenues? Answered completely)
doc. Knápková (What do you think about different scenarios? Answered completely)
dr. Mikeska (What is the situation of competition inside this sector? Answered completely)