The Huanneng Power International, Ltd. Company Valuation under Risk

Fei Han

Diplomová práce

Anotace:

The main goal of the diploma thesis is to estimate equity value of a company which is called Huaneng company, the company belongs to power industry in China. In chapter 1, the main goal and structure of our thesis will be introduced. In chapter 2, the core method (DCF method) for company’s valuation will be description. then the way how make prediction for FCFE will be introduced. Moreover, some important financial models and statistics test will be explained in more detail. In summarize, all method which we will used in chapter 4 will be described in this chapter. In chapter 3, the basic information of Huaneng company will be introduced, it including overview for Huaneng company, history description for Huaneng company, at last, power industry analysis in Chinese market will be description, which including the characteristic of power industry in China and main competitors in market for Huaneng company. Chapter 4 is application part. which is the most important part in our thesis, in chapter, the method which we description in Chapter 2 will be used, the whole process for calculation will be showed in this part. Finally, the valuation for Huaneng company will be made. Chapter 5, the procedures of the valuating will be made and we will make some comments for finally valuation result.

Abstract:

The main goal of the diploma thesis is to estimate equity value of a company which is called Huaneng company, the company belongs to power industry in China. In chapter 1, the main goal and structure of our thesis will be introduced. In chapter 2, the core method (DCF method) for company’s valuation will be description. then the way how make prediction for FCFE will be introduced. Moreover, some important financial models and statistics test will be explained in more detail. In summarize, all method which we will used in chapter 4 will be described in this chapter. In chapter 3, the basic information of Huaneng company will be introduced, it including overview for Huaneng company, history description for Huaneng company, at last, power industry analysis in Chinese market will be description, which including the characteristic of power industry in China and main competitors in market for Huaneng company. Chapter 4 is application part. which is the most important part in our thesis, in chapter, the method which we description in Chapter 2 will be used, the whole process for calculation will be showed in this part. Finally, the valuation for Huaneng company will be made. Chapter 5, the procedures of the valuating will be made and we will make some comments for finally valuation result.

Klíčová slova

Valuation under risk, Discounted cash flow, cost of equity, probability distribution

Keywords

Valuation under risk, Discounted cash flow, cost of equity, probability distribution

Jazyk práce: angličtina

Datum vytvoření / odevzdání či podání práce: 22. 4. 2016

Obhajoba závěrečné práce

• Obhajoba proběhla 23. 5. 2016
• Vedoucí: Miroslav Čulík
• Oponent: Aleš Kresta

VŠB - Technická univerzita Ostrava

Ekonomická fakulta

Magisterský studijní program / obor:
Hospodářská politika a správa / Finance