Identifikace hodnoty ve fůzích a akvizicích

The thesis is aiming to analyze the method of value creation in mergers and acquisitions. The introductory chapter includes a general classification and framework for terms like value; synergies; and basic valuation models. The following chapter introduces valuation models which are more oriented towards shareholder value, generally speaking, frameworks introduced by Value Based Management: Economic Value Added, Economic Profit or Cash Value Added. Economic Value Added is described through three adjusted EVA models in the next chapter: (1) The impact of MVA on the negotiation position of parties in M&A, (2) EVA Style of Investing model, which is applied as a screening tool for value creators, (3) EVA Momentum model. In the closing chapter all three models are applied and conclusions and recommendations are drawn. The three models enable us for example to identify industries worth investing in or to understand how specific companies create value and how to set up an optimal price negotiation strategy.