Ohodnocovanie akcií porovnávacou metodou

Jana Marková, Božena Hrvoľová

Ohodnocovanie akcií porovnávacou metodou

Číslo: 6/2016
Periodikum: Acta Oeconomica Pragensia
DOI: 10.18267/j.aop.544

Klíčová slova: valuation, intrinsic value, methods of valuation, comparative method, hodnocení, vnitřní hodnota, metody oceňování, srovnávací metoda

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Anotace: The comparative method is one of the methods of assessment of equity securities in theory

and practice. The practical application of the comparative method is arranged in MS Decree No.
492/2004 Coll. on the establishment of the universal value of property and in Act No. 431/2002
Coll. on accounting, as amended by later regulations. According to this method, internal
(general, real) value is derived from information on specific prices or values of shares of similar
companies. The comparative method can be applied without serious problems only provided
that the differences between the companies are small; otherwise, its use has been problematic.
To find a comparable public limited company on a mature capital market, where the number of
traded comparable companies is high, is not a problem. It is very difficult for a small market such
as Slovakia’s stock market. This paper discusses the application of comparative methods to the
non-standard Slovak capital market.