FIUNPOCP Business Valuation

School of Business Administration in Karvina
Winter 2026
Extent and Intensity
2/1/0. 5 credit(s). Type of Completion: zk (examination).
Teacher(s)
Ing. Veronika Fišerová, Ph.D. (lecturer)
Guaranteed by
Mgr. Lenka Přečková, Ph.D.
Department of Finance and Accounting – School of Business Administration in Karvina
Contact Person: Ing. Irena Szarowská, Ph.D., MPA
Timetable
Mon 8:05–9:40 A406
  • Timetable of Seminar Groups:
FIUNPOCP/01: Mon 9:45–10:30 A406, V. Fišerová
Prerequisites (in Czech)
FAKULTA(OPF) && TYP_STUDIA(N) && FORMA(P)
Course Enrolment Limitations
The course is only offered to the students of the study fields the course is directly associated with.

The capacity limit for the course is 36 student(s).
Current registration and enrolment status: enrolled: 18/36, only registered: 3/36
fields of study / plans the course is directly associated with
Course objectives
The aim of the course is to introduce students to the theoretical foundations, methodological approaches, and practical tools of business valuation. Emphasis is placed on understanding the factors influencing business value, the use of strategic and financial analysis in the valuation process, and the application of basic asset-based and income-based valuation methods. Students will learn the valuation process from the analysis of relevant information and the company’s financial position, through the identification of value drivers and preparation of a financial plan, to the valuation itself and the interpretation of its results. 
Learning outcomes
The student is able to define the concept of a business establishment and explain its relationship to the concept of an enterprise under the applicable legislation, as well as to explain the principles of business valuation and their incorporation into Czech and international valuation standards. The student distinguishes between different bases of value and understands the specific features of market value in the Czech environment. The student understands the importance of time and risk in business valuation, applies present value calculations, and distinguishes between the discount rate and the capitalization rate. The student is familiar with different types of investment risk and their impact on business value. The student is able to carry out a strategic analysis and understands its importance for the selection of an appropriate valuation method. The student can perform financial analysis, apply financial ratios, and calculate Economic Value Added (EVA). The student is able to distinguish between operating assets necessary for business operations and non-operating assets, identify value drivers, and prepare a financial plan for use in the valuation process. The student can apply asset-based valuation methods, including the calculation of liquidation value, market value, and book value, and assess their practical applicability. The student is proficient in income-based valuation methods, including the DCF entity approach, the Gordon Growth Model, and two-stage valuation, and is able to determine the growth rate and calculate the weighted average cost of capital (WACC).
Syllabus
  1. Valuation Terminology in the Czech Republic: Definition of the differences between the concepts of valuation and appraisal, and between price and value. Specific features of professional terminology used in the Czech valuation environment. Overview of valuation standards and their importance in current practice. The business valuation process – its individual stages, their interrelationships, and significance. The role and activities of expert valuers and appraisers in the Czech Republic. The importance and use of information sources in valuation activities.
  2. General Foundations of Business Valuation: Definition of a business establishment (obchodní závod) and its relationship to the former concept of an enterprise under applicable legislation. The principle of business valuation based on comparison. The importance of the Czech Property Valuation Act, European Valuation Standards, and International Valuation Standards in the Czech context. Classification of business value and an overview of individual bases of value. Specific features of determining market value in the Czech Republic. Reasons for business valuation and an overview of the main valuation approaches.
  3. Time and Risk Factors: The importance of the time value of money, calculations of the present value of cash flow streams, annuities, and perpetuities. Application of discounting in income-based valuation. Types of risk – business, financial, systematic, and unsystematic risk. The relationship between risk and the discount rate and the distinction between the discount rate and the capitalization rate.
  4. Strategic Analysis of a Business:The purpose and importance of strategic analysis in business valuation. The strategic analysis process and the characteristics of its individual steps. Use of the analysis results for selecting an appropriate valuation method. Practical application through case studies.
  5. Financial Analysis of a Business: The importance of financial analysis as part of the valuation process. Analysis of financial statements with a focus on valuation-specific aspects. Methods of financial analysis, financial ratios, and comprehensive approaches to assessing the financial health of a business. Economic Value Added (EVA) – its significance and calculation. Use of the analysis results for selecting an appropriate valuation method. Inclusion of a case study.
  6. Operating Assets, Value Drivers, and Financial Planning: The rationale for distinguishing between operating and non-operating assets in business valuation. Determination of operating invested capital and adjusted operating profit. The importance of value drivers in business valuation and explanation of their individual components. The importance of financial planning in business valuation, its content, the process of preparing a financial plan, and its use in specific valuation methods. Inclusion of a case study.
  7. Asset-Based Valuation: The principles and practical applicability of the asset-based (cost) approach. Definition of asset value. Calculation of liquidation value and its practical application. Asset-based methods under the going-concern assumption – their advantages, disadvantages, and application. Calculation of Market Value Added (MVA) and book value. Inclusion of a case study.
  8. Income-Based Valuation: Principles of the income approach and its application in valuation practice. Classification of income-based methods according to the type of income. The Discounted Cash Flow (DCF) method and its variants applicable in the Czech environment. Calculation of business value using the DCF entity approach, including the Gordon Growth Model and the two-stage model. Determination of the growth rate and calculation of the Weighted Average Cost of Capital (WACC). Inclusion of a case study.
Literature
    required literature
  • PŘEČKOVÁ, Lenka. Oceňování podniku: Distanční studijní text. Karviná: Slezská univerzita v Opavě, Obchodně podnikatelská fakulta v Karviné, 2023, 186 pp. info
  • MAŘÍK M. a kol. (2018). Metody oceňování podniku: Proces ocenění – základní metody a postupy (4. vyd.). Ekopress.,
    recommended literature
  • MAŘÍK, M. a kol. (2024). Metody oceňování podniku pro pokročilé (3. vyd). Ekopress.
Teaching methods
 Lectures, text-based work, case study teaching, group discussions and collaborative problem-solving, application of practical examples, analysis of expert valuation reports and appraisals, use of websites related to valuation activities, and summary self-assessment tests in the SU Information System. 
Assessment methods
Two mid-term tests (40% of the final grade), written examination (60% of the final grade).
Language of instruction
Czech
Teacher's information

Student Requirements: Mid-term tests
Assessment Methods: Two mid-term tests (40% of the final grade), written examination (60% of the final grade)

Further comments (probably available only in Czech)
The course can also be completed outside the examination period.
The course is also listed under the following terms Winter 2015, Winter 2016, Winter 2017, Winter 2018, Winter 2019, Winter 2020, Winter 2021, Winter 2022, Winter 2023, Winter 2024, Winter 2025.
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