Evaluation of a Photovoltaic Power Plant

The aim of this master's thesis is the evaluation of a company, of which the purpose of its existence is the development and running of a photovoltaic power plant. The estimated value refers to December 31st, 2011 and is determined for the purpose of potential sale of the company. The thesis consists of theoretical part, which includes determination of basic terms and concept of the evaluation process, and the practical application of theoretical knowledge on the specific company. A brief presentation of the company is followed by the strategic analysis, which identifies the most important opportunities and threats for the company in the future. Together with a review of previous company's financial results it represents the initial point for the preparation of a financial plan. The final part of the thesis includes the evaluation of the company in two versions. The first one is based on the assumption of termination company's activity after a specific period. The second one is based on the going-concern principle. The statement about the value of the company is supplemented by the valuation of the investment project