Odhad výše násobitelů při ocenění podniku pomocí metody tržního porovnání

My thesis "Estimate of multipliers in business valuation by market approach method" discusses the factors affecting market valuation of businesses. The focus is on comparable companies' method as it is the most exercised in mergers & acquisitions and therefore I believe the thesis will be beneficial for real life application. The study has two parts -- the first, theoretical one followed by the second, analytical one, in which conclusions from the theoretical part are tested. I analyzed four factors -- company size, financial risk, operational risk and expected earnings' growth. On the basis of executed analyses I concluded that real life circumstances do not always reflect theoretical models, despite their correctness undoubted by both academicians and market players. My thesis successfully accomplished its goal to find out which factors theoretically influence the adjustment of multipliers and whether these factors really do have an impact in real life valuation.