Problematika konstrukce diskontních faktorů pro potřeby fundamentální analýzy

The aim of this thesis is to describe methods for estimating discount factors for income-based valuation techniques and business fundamental analysis purposes. The initial chapters are devoted to terminological introduction and presentation of the basic valuation techniques with specific focus on the concept of net present value. Following part of the paper provides an introduction to the cost of capital issue and deals with capital structure impact on the estimated level of discount factors. Subsequently, the particular chapters describe in detail different methods for estimating risk-free rate, cost of debt and cost of equity, especially on a market basis. The paper is supplemented by financial databases outputs and thus provides a comprehensive overview of theoretical concepts and practical techniques used in discount factors estimation.