Fair value in squeeze-out of large mining companies

Ac a Mon anis ica Slo aca, Volume 26 (2021), 4; DOI: 10.46544/AMS. 26i4.10 Fai alue in squeeze-ou o la ge mining companies Voj ěch BARTOŠ 1 , Ma ek VOCHOZKA 2* and Jana JANÍKOVÁ 3 Au ho s’ a ilia ions and add esses: 1 Ins i u e o Finances, Facul y o Business and Managemen , B no Uni e si y o Technology, Kolejní 2906/4, 61200 B no, Czech Republic e-mail: [email p o ec ed] 2 Ins i u e o Technology and Business in České Budějo ice, Resea ch depa men o economics and na u al esou ces managemen , Ok užní 517/10, 37001 České Budějo ice, Czech Republic e-mail: [email p o ec ed]s ecb.cz 3 Paneu ópska ysoká škola n. o., Facul y o Economics and En ep eneu ship, Tomášiko a 20, 821 02 B a isla a, Slo ak Republic e-mail: [email p o ec ed]s ecb.cz *Co espondence: Ma ek Vochozka, Ins i u e o Ins i u e o Technology and Business in České Budějo ice, Resea ch depa men o economics and na u al esou ces managemen , Ok užní 517/10, 37001 České Budějo ice, Czech Republic el.: +420725007337 e-mail: [email p o ec ed]s ecb.cz Funding in o ma ion: B no Uni e si y o Technology, Facul y o Business and Managemen , FP-S-20-6466 How o ci e his a icle: Ba os, V., Vochozka, M. and Janíko á, J. (2021), Fai alue in squeeze-ou o la ge mining companies, Ac a Mon anis ica Slo aca, Volume 26 (4), 712-731. DOI: h ps://doi.o g/10.46544/AMS. 26i4.10 Abs ac The objec i e o he pape was o e alua e and p opose a me hod o he alua ion o he pu chase o mino i y in e es in he squeeze-ou o la ge mining companies in he Czech Republic. The esea ch was conduc ed on a case o a speci ic company. An analysis o he ele an indus y, po en ial, and inancial analysis we e pe o med. Based on hese analyses, he me hod o DCF Equi y (Discoun ed Cash Flow) was selec ed as a sui able me hod ha can bes cap u e and conside he speci ics o he company assessed since, wi hin his me hod, cash lows a e discoun ed o he owne s. The esul ing ai alue o he ansac ion e lec s he s ock ma ke alue o de e mine adequa e cash se lemen in squeeze-ou . I su icien ly compensa es he damage caused o he mino i y sha eholde while accep ing he p ice by he majo i y sha eholde , who is willing o pay up o he amoun co esponding o he bene i s he ansac ion b ings o hem. In acco dance wi h he IVS, he selec ed me hod is sui able o squeeze-ou ansac ions, whe e legisla o s ha e he in o ma ion on he alues o he majo i y sha eholde ´s bene i and knows he alue he mino i y sha eholde is willing o accep in squeeze-ou . Keywo ds Squeeze-ou , ai alue, ma ke alue, mining companies, s ocks, sha eholde , DCF Equi y © 2021 by he au ho s. Submi ed o possible open access publica ion unde he e ms and condi ions o he C ea i e Commons A ibu ion (CC BY) license (h p://c ea i ecommons.o g/licenses/by/4.0/). Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 713 In oduc ion Mino i y squeeze-ou enables majo i y sha eholde s o eeze ou majo i y sha eholde s o adequa e compensa ion and hus ob ain ull con ol o e he a ge company. C oci e al. (2017) no e ha posi i e de elopmen o s ock p ice inc ease he p obabili y o squeeze-ou , while ope a ing pe o mance seems o ha e he opposi e e ec , wi h s ock p ice esponding posi i ely o he announcemen on squeeze-ou . Squeeze-ou ansac ions a e con o e sial because majo i y sha eholde s may exp op ia e he sha es o mino i y sha eholde s a inadequa e p ices (Chen e al., 2017). Acco ding o B oe e and Ch is mann (2021), in squeeze-ou , a ee- iding dilemma a ises be ween majo i y and mino i y sha eholde s. Ma quez and Zilmaz (2012) belie e ha he ee- iding dilemma is pa ially educed i mino i y sha eholde s ha e he same in o ma ion abou he alue o sha es as majo i y sha eholde s. Acco ding o Rapp (2020), de e mining an adequa e compensa ion in he case o mino i y sha eholde s´ squeeze-ou in acco dance wi h he join -s ock company ac is a majo p oblem. Gu h ie and Hobbs (2021) a gue ha a law ha weakens he posi ion o a majo i y sha eholde in a hos ile akeo e also o ces majo i y sha eholde s o a iendly akeo e . Legisla ion o indi idual s a es does no p o ide a p ecise me hod o de e mining he alue o sha es held by a mino i y sha eholde . Acco ding o Kolohoida e al. (2021), uni o m egula ion o bids a he le el o s a es is main ained hanks o he Gene al Co po a ion Law o Delawa e, which is o en a p o o ype o he co po a e law o o he s a es. O he main sou ces o he egula ion o bids a he le el o s a es a e cou p eceden s and Ame ican Law Ins i u e Res a emen o Law. The issue is also add essed by O i (2019), who analyses ma ke ules and p inciples o equal oppo uni ies o p e en ine icien ans e s in squeeze- ou ansac ions. Acco ding o C oci e al. (2017), pos -deal li iga ions a e equen ; almos all squeeze-ou s a e con es ed by mino i y sha eholde s. The au ho s claim ha addi ional cash compensa ion is highe in alua ion; e idence sugges s ha pos -deal li iga ion by con es ing he cash compensa ion o e ed wi hin squeeze-ou b ings high p o i o mino i y sha eholde s. Ra ionali y in he alua ion o mino i y sha eholde s´ s ock is achie ed i he es ima ed alua ion con ains all a ailable in o ma ion ega dless o he alua ion me hod used. Because alue s ock alue is impo an o each g oup o sha eholde s (Saas amoinen and Sa olainen, 2019; Slabá, 2016; Šuleř e al., 2020). Acco ding o Kolohoida e al. (2021), mino i y sha eholde s a e en i led o equi e he de e mina ion o he eal alue o sha es hey a e holding and subsequen buyou o he s ocks a such alue (app aisal igh ). In many s a es, he p ice o pu chased s ocks is de e mined as hei ma ke alue. As Kolohoida e al. (2021) claim, in some s a es, he cou assesses no only he alue o sha es bu also he income hey may b ing. Ballwiese (2020) sees he s anda d pu pose o de e mining he compensa ion in judicial de e mina ion o a bi a ion alue based on he subjec i e ma ginal p ice o majo i y and mino i y sha eholde . The ele an ma ginal p ices shall be de e mined acco ding o an in es men - heo e ical alua ion app oach using he es ima es o he u u e success a es, whe e unce ain y- e ealing app oaches shall be used ins ead o unce ain y- hicking app oaches. Ballwiese (2020) a gues ha he p ice o majo i y sha eholde s needs o be highe han he ma ginal p ice o mino i y sha eholde s, and he cou mus choose a alue om his ange. I his does no happen, o example, due o he ongoing con lic si ua ion, he s anda dised ma ginal p ice o he mino i y sha eholde would be ele an . B oe e and Ch is mann (2021) analyse wo s anda d emedies o sha eholde s, “a oidance” and judicial “P ice ai ness e iew”, showing ha wha es o es he ee- iding dilemma is s a egic gambling o buye s o lowe p ices and sho comings in p oposal and implemen a ion o squeeze-ou laws a he han sha eholde li iga ion. The objec i e o he pape is o e alua e and p opose a me hod o pu chasing he sha e o mino i y sha eholde s in squeeze-ou on a speci ic case. The esea ch ques ions a e o mula ed as ollows: The in en ion o he legisla o in a squeeze-ou ansac ion is o ind an accep able ai alue bo h o a majo i y and mino i y sha eholde . RQ1: Does he implemen ed squeeze-ou co espond wi h he in en ion o he legisla o ? Fai alue ansac ions can be iden i ied by inding a sui able alua ion me hod. RQ2: Wha is he ai alue o he ansac ion? Li e a u e Re iew Wi hin he neoclassical concep , Folle (2020) compa es he in es men - heo e ical app oach used o de e mine he ma ginal p ice and he inancial- heo e ical app oach used o de e mine he hypo he ically objec i e balanced ma ke s ock p ice. Acco ding o Ballwiese (2020), unc ional business alua ion is based on an in es men - heo e ical basis. In con as , Folle (2020) ecommends ha mino i y sha eholde s ely on expe s who deal wi h he inancial- heo e ical business alua ion. The In e na ional Valua ion S anda ds Council (IVSC) is an in e na ional o ganisa ion dealing wi h he c ea ion and publishing o s anda ds – The In e na ional Valua ion S anda ds (IVS) in he ield o business alua ion. The cu en in e p e a ion o he de ini ion o ma ke alue acco ding o IVS is i idly discussed by Walacik e al. (2020). By means o dep ecia ed ep oduc ion cos s, A cu i e al. (2020) imp o ed he analysis o p ope y alua ion in acco dance wi h IVS using IT echnologies. In he con ex o IVS, Lo enz e al. (2018) sea ch o al e na i e app oaches and p esen imp o emen s ha can be Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 714 achie ed by hei implemen a ion. Acco ding o Mařík (2018), in he a ea o business alua ion, Ge man IDW S anda d No. 1 (G undsä ze zu Du ch üh ung on Un e nehmensbewe ungen) is close o he condi ions o he Czech Republic (CR). The sui abili y o he IDW S anda d No. 1 o alua ing capi al asse s is con i med by B eue (2007). Manachynska e al. (2021) in oduce an ac ua ial mul idimensional alua ion model, i.e. assessmen o he balance shee s o ne asse s as pa o he cos app oach in he case o ag icul u al companies. Noso e al. (2022) de e mine he ma ke alue o land based on he alue o su ounding land (cadas al alua ion) and coe icien equal o he a e o e u n on in es ed capi al. Zhichkin e al. (2020) compa e he me hod o cadas al alua ion and de e mine he p ice based on o he indica o s wi h he majo i y esul o mu ual ag eemen . P onko e al. (2021) es ablish he basic di e ences be ween he a eas o applica ion o indica o s o company ma ke alue and ma ke capi alisa ion while ou lining he cu en p oblems o he Uk ainian economy, which limi a wide applica ion o ma ke capi alisa ion in business alua ion. Acco ding o he au ho s, he economic basis o company capi alisa ion, as well as capi alisa ion o any o he asse , is he cu en alue o u u e income gene a ed by his asse . Belykh (2021) ies o ind a comp omise be ween he cu en alue and de elopmen using mul idimensional analysis (me hod o inancial a ios, s a is ical me hod, balance, sys ema ic and logical hinking, and isual p esen a ion). The au ho concludes ha he inc ease o he a io o ma ke alue o sales depends mainly on he p o i abili y a io o asse s; howe e , he in luence o he ac o is no he same o a ious segmen s o he u ili y diag am. Acco ding o he au ho , mul idimensional analysis can be used as an al e na i e me hod o business alua ion. Macdia mid e al. (2018) choose a me hod o ma ke app oach wi h he use o business alue as a alue me ic in de e mining he alue o companies in he mining indus y. They iden i y 8 alue d i e s (p oduc ion; commodi y p ice; e enues; ea nings be o e in e es , ax, dep ecia ion and amo isa ion - EBITDA; EBITDA ma gin; gea ing a io; ne deb o EBITDA a io; a e u n on capi al employed - ROCE). Acco ding o he au ho s, sales, commodi y p ice and EBITDA mul iple a e he p ima y alue d i e s o mining companies, despi e he di e en mix o he commodi ies. In la ge businesses alua ion, Die kes and Schä e (2021) see a equen assump ion o cons an and homogeneous g ow h; howe e , la ge companies o en di e cash lows o inance o he uni s. In business alua ion, Die kes and Schä e (2021) conside c oss-uni di e ences in e u n on in es ed capi al and assume bo h cons an payou and cons an g ow h a e while mee ing he condi ion o he homogenei y o business uni s. Akulenko and Esina (2021) e alua e businesses in au omo i e using a me hodology based on conside ing he inno a i e aspec o hei ac i i ies and p opose a sys em o indica o s based on he in o ma ion included in accoun ing s a emen s, which inc eases he objec i i y o he compa a i e analysis esul s in business alua ion. Pé ez- as e al. (2021) analyse h ee con en ional models (ne p esen alue, in e nal a e o e u n, and payback) and a newe model o RO ( eal op ions), which es ima es highe added alue by conside ing he lexibili y gi en by he expansion op ion in he calcula ions. A i e- ac o model ocused on cap u ing size, alue, p o i abili y, and in es men pa e ns in a e age s ock e u ns is, acco ding o Fama and F ench (2015), unable o cap u e low a e age income om small caps s ocks, whose e u ns beha e he same way as hose o i ms han make la ge in es men s despi e low p o i abili y. Penman e al. (2018) p o ide a amewo k o he iden i ica ion o accoun ing da a indica ing isk and expec ed e u n. Unde speci ic accoun ing condi ions o measu ing ea nings p o i and book alue, Penman e al. (2018) de e mine expec ed e u n and p o ide easoning in asse alua ion models. Using economic a ios ocused on cos s and e enues, Teplická e al. (2021) e alua e he e iciency and unc ionali y o mining p ocesses. Rela i e e iciency is also used by Se ano-Cinca e al.(2021) o de e mine business alue, whe e ela i e e iciency is iden i ied by means o Da a En elope Analysis (DEA). The au ho s ind a posi i e co ela ion be ween he e iciency in c ea ing alue o sha eholde s and e iciency in c ea ing alue o non-sha eholde s. Howe e , hey poin o high sensi i i y in selec ing DEA ou pu s. Me chan e al. (2021) de e mine he alue o a business using in en o y ables, an es ima e o asse alue, o he income and expenses, and p oposals o co po a e s a egy de elopmen . Pysa (2018) uses sys ema ic and analy ical me hods, as well as he me hods o s a egic de elopmen scena ios, o de e mine he de elopmen po en ial o he Uk ainian ene gy ma ke . Somme e al. (2014) deal wi h he alua ion o pee g oups, whe e companies wi h nega i e alue indica o s (e.g. nega i e EBIT) a e excluded om he g oups. The esul s ob ained a e he exclusion o such companies p o ide mo e accu a e business alue es ima es. Blaesig e al. (2007) ocus on he alua ion o powe plan s´ asse s in indi idual sub-pe iods, quan i ying possible e enues and cos s in he dep ecia ion ange and using p oduc ion and ading planning ools; hey p esen a s ochas ic planning ool ha would op imise he use o p oduc ion asse s and ma ke decision-making. Guj and Chand a (2019) s a e ha in he case o equen ly aded asse s ( o example, s ocks o mining companies), ola ili y, i.e. he annualised s anda d de ia ion o daily p ice changes, cap u es bo h he impac s o ma ke isk (i.e. commodi y p ices and exchange a es) and p i a e/p ojec isks (i.e. ese es and g ades, me al eco e ies, a iabili y o capi al, ecu en cos s, e c.). Oh e al. (2020) con i m ha s ock ma ke s o mining companies ecognise nonma ke isks and apply a discoun on he announcemen ( o example, i mines a e loca ed in he p oximi y o ecologically sensi i e wa e esou ces) e en in he coun ies wi h low poli ical and ins i u ional isks. When de e mining he ma ke alue o a company´s s ocks, he alue o he co po a e b and also plays a ole. Aghaei (2021) chooses alua ion models o he es ima es o b and alue in an indus y using he mul ic i e ia me hod Topsis, speci ically In angible Business, as he main model o he esea ch and B and Finance. Acco ding Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 715 o he au ho , he esul s o he In angible Business model show ha abou 78.1 % o he company s ock ma ke alue is ela ed o i s b and. Acco ding o Skalický e al. (2021), i is necessa y o alue he b and in many cases due o he equi emen o epo ing o ansac ional o o he in e nal co po a e easons. Acco ding o B une i e al. (2019), he alue o a b and depends on consume pe cep ion o he gi en company. Ma ke alua ion o companies is also dependen on he compliance and quali y o explana ions p o ided in s a emen s and o he mechanisms o in e nal business managemen (Ullah e al., 2021). The au ho s sugges ha compliance and disclosu e o in o ma ion on quali y managemen a e alue- ele an , bu he owne ship o ins i u ional blockholde s is nega i ely ela ed o he ma ke alue o a company. Haque and A un (2016) also con i m ha be e quali y o company managemen educes exp op ia ion cos s, which inc eases he in es o s´ us in he u u e g ow h and hus he alue o a company. Ta czyński e al. (2020) p opose he use o he co ela ion be ween he alue and undamen al s eng h o business s akeholde s. Acco ding o Do oban u and Odziemkowska (2017), good ela ionships wi h s akeholde s inc ease he alue o he business; howe e , li le is known abou how he speci ic ypes o managemen and adminis a ion a ec business alue. Březino á and V cho a (2015) also s a e he ela ionship be ween he company’s alue, managemen sys em and media communica ion. Adams (2017) analyses he ela ionships o en i onmen al, social, and poli ical isk; deli e ing on co po a e s a egy; non- inancial co po a e epo ing; and supe ising he boa d o di ec o s. By compa ing hese ela ionships, he au ho concep ualises mu ual ela ionships and, by means o c oss-coun y compa ison, assesses o which di e en na ional social con ex s wi h di e en go e nance and epo ing lead o di e en pe spec i es and app oaches o gene a ing alue. Social and poli ical e ec s on business ma ke alue a e add essed, o example, by Do oban u e al. (2017), who ind ou ha he eac ions o s akeholde s and sha eholde s a e c ises a e la gely in luenced by he p e ious pe cep ion o s akeholde s conce ning he a ge o ganisa ions and he eac ions o s akeholde s on c i ical e en s. Acco ding o he au ho , s akeholde s wi h a posi i e belie abou a company mobilise o de end i agains a c i ical e en, while hose wi h a nega i e pe cep ion s eng hen hei esis ance. Acco ding o many au ho s, such as Březino á and P ůšo á (2014), he co po a e s a egy is a key ac o de e mining he u u e alue o he company. Acco ding o V cho a and Březino á (2014), one o he isks in he indus ial sec o is he employmen season, which may a ec u u e incomes in he o m o a sho age o employees o hese companies. Cu en li e a u e p esen s many app oaches and me hods o he alua ion o a dis essed company; howe e , acco ding o Bu ignon (2020), i is a e y icky ma e , and many heo e ically sui able p oposals (i.e. p oposals based on he op ion alua ion heo y, e en in eg a ed wi h he heo y o games) a e e y di icul o apply in eali y. To be able o ace many con ingencies eme ging in he alua ion o eal companies, a model o Discoun ed Cash Flow (DCF) model acco ding o he liquida ion scena io. Do lei ne and Gleissne (2018) in oduce a mul i-pe iod app oach o alua ing isky cash lows, whe e alua ion is based on he expec ed alue o he ou pu o inpu and cash low isk a he ou pu , as cap u ed by isk measu e. I ollows om abo e ha p io o he selec ion o business alua ion me hod, s a egic analysis, which is a p e equisi e o us wo hy alua ion wi h a speci ic esul (Mařík, 2018; Škapa, Vochozka, 2019) and inancial analysis, which is a basis o he inancial plan as a backg ound o e enue-based me hod, need o be ca ied ou . The company´s mac o-en i onmen ep esen s e e y hing ou side he business, i s ma ke en i onmen , and gene a es ac o s ha a ec i (Hanzelko á e al., 2017, Škapa, Vochozka, 2020), while he analysis o he in e nal po en ial includes mainly he co po a e esou ces. To de e mine he ma ke alue o mining companies´ s ocks (assuming he going conce n p inciple), a sui able me hod appea s o be he e enue-based me hod, which is he igh one om he pe spec i e o he economic heo y bu which is di icul o ob ain da a o . The e enue-based me hod shall be complemen ed by p ope y alua ion o ma ke alues. Howe e , he ma ke alue o sha es is no su icien o de e mining adequa e compensa ion in squeeze-ou . The ask o an expe is o de e mine such a alue ha would su icien ly compensa e o he damage o he mino i y sha eholde while accep ing he p ice by he majo i y sha eholde , who is willing o pay up o he amoun o he bene i s he ansac ion will b ing o hem (Sedláko á e al. 2019). Ma e ials and Me hods The en i onmen o a la ge ligni e mining company in he CR will be analysed by means o s a egic analysis, whe e bo h in e nal and ex e nal aspec s in luencing he company, di ec ly and indi ec ly, will be examined. The s a egic analysis includes he ollowing analyses: • The mac oeconomic analysis will assess he po en ial o he CR economy whe e he company unde e iew ope a es and makes mos o i s sales and he o ecas . The e will be moni o ed he de elopmen o in la ion o o ecas ing he p ices o elec ici y, ligni e and he u u e de elopmen o cos s, as well as he de elopmen o GDP. • Analysis o he ele an indus y will ocus on ma ke s whe e he company unde e iew makes i s sales, i.e. he ligni e mining ma ke and gene a ion and selling o elec ici y and hea . Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 716 • In e nal analysis o he company unde e iew will lead o iden i ying esou ces and de e mining s a egic capabili y. The s a egic analysis esul s should de e mine whe he he company unde e iew mee s o does no mee he going conce n p inciple. Financial analysis de e mines he company’s inancial heal h based on he his o ical accoun ing da a and compa ison o he analysis indica o s in space and ime. I includes he ollowing analyses: • Ho izon al analysis o asse s, liabili ies and ea nings • Ve ical analysis o asse s and liabili ies • Analysis o a ios o P o i abili y a ios – e u n on asse s, e u n on equi y, e u n on in es ed capi al, e u n on sales I. and e u n on sales II. o Ac i i y a ios – asse u no e , in en o y u no e , in en o y u no e pe iod, Deb o collec ion pe iod, asse u no e pe iod and payables u no e a io o Liquidi y a io – quick liquidi y, cash liquidi y and cu en liquidi y o Deb a ios – Deb I., Deb II. and in e es co e age • Me hods o comp ehensi e e alua ion. o Sol ency Index o Modi ied Ta le Index A inancial plan including he pe iod un il he deple ion o coal esou ces (i.e. un il 31 Decembe 2036) is p epa ed, and i s componen s a e di ided in o cos s, e enues, ea nings, adjus ed ope a ing ea nings, co po a e ax, paid-up (o accep ed new) in e es -bea ing deb , in e es payable, capi al cons uc ion, isks and non-ope a ing asse s. The plan is p epa ed using a i icial neu al ne wo ks (NN), speci ically mul ilaye pe cep on ne wo ks (MLP) and adial basis unc ion ne wo ks (RBF). We wo k wi h he ime se ies eg ession, and subsequen ly, a iables a e selec ed. Fo bo h a iables, he p edic o will be ime, speci ically yea . To al cos s o co po a e ax a es a e de e mined as he a ge a iable. Subsequen ly, he pa ame e s o calcula ing NN a e se as ollows: 1) numbe o i e a ions: 10000, 2) numbe o e ained ne wo ks wi h he bes pe o mance: 5, 3) numbe o neu ons in hidden laye MLP: 2-8, 4) numbe o neu ons in he hidden laye RBF: 21-30, 5) signal p opaga ion unc ion in he hidden and ou pu laye s o MLP: a. Iden i y, b. logis ics, c. hype bolic angen , d. sine, 6) o he se ings emain de aul . The op imisa ion is ca ied ou using he BFGS and RBFT algo i hms. F om he o e ed NN, he one wi h he bes s a is ical cha ac e is ics (pe o mance, e o ) and no su e ing om o e i ing is selec ed (o he wise, he s a is ical cha ac e is ics would be good, bu he esul would be nonsensical). The selec ed NN is applied as a model o p edic ing he gi en a iable. O he a iables a e calcula ed in ela ion o cos s o a iables de i ed om cos s (by analogy, EFC - Execu i e F ui Company). The a io o he p edic ion is de e mined by he weigh o he cu en cou se o he a iable o o al cos s, o al ex ac ion, o ixed asse s. The o e all amoun o in e es expense is p edic ed using linea eg ession based on he da a om 1994-2004. The alue o accep ed in e es - bea ing deb is always 0 o he p edic ed pe iod since he company is no expec ed o use deb in he coming yea s. Based on he esul s o s a egic and inancial analyses and a summa y o all ( inancial and non- inancial) da a, a sui able alua ion me hod can be selec ed. In acco dance wi h he selec ed e enue-based me hod, he amoun o adequa e compensa ion is de e mined, which would compensa e he damage caused o mino i y sha eholde s by hei squeeze-ou om he company. The analyses a e pe o med using he da a o he company o he accoun ing yea s 1994-2004. Fo company cha ac e is ics, s a egic analysis, inancial analysis, inancial plan, selec ion o alua ion me hod e c., he ollowing da a and esou ces a e used: • Business egis e and collec ion o documen s, • Annual epo s and inancial s a emen s o he company unde e iew, • O icial websi es o he company, • Decision on mining pe mi , • Sha es owned by he company, • An asse ans e ag eemen , • P o ided and e i ied in o ma ion. When assessing he po en ial o he company by means o s a egic analysis, he da a om he ollowing esou ces a e used: Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 717 • Czech S a is ical O ice websi es, • Czech Na ional Bank (CNB) websi es, • Eu os a websi es, • Ene gy Regula o y O ice websi es, • Laws and egula ions o he CR, • S a e ene gy concep o he CR om 2004, • Mac oeconomic p edic ions o he Minis y o Finance o he CR om Oc obe 2004, • Mac oeconomic p edic ions o he Minis y o Finance o he CR om Ap il 2005, • o he publicly a ailable esou ces. Resul s 1. S a egic analysis The s a egic analysis includes he analysis o ex e nal ac o s, such as he mac oeconomic en i onmen , and analysis o in e nal ac o s in luencing he company being alua ed. The main goal o he alua ion is o assess he e enue po en ial o he gi en company. 1.1. Mac oeconomic analysis The ac ual g ow h o he Czech economy in 2003 achie ed 3.1 %. The economic le el o he coun y is g adually ca ching up wi h he de eloped neighbou ing coun ies, mainly due o he inc ease in g oss ixed in es men and expo s. GDP g ow h is expec ed o emain a ca. 3.8 % in 2004 (compa ed o 3.1 % in 2003) and o dec ease o 3.6 % in 2005 (compa ed o 3.2 %). The sligh dec ease in 2005 e lec s he isks associa ed wi h he delayed e ec s o high oil p ices. The g ow h was also enhanced by in es men s and household consump ion. Al hough expo e s inc eased hei expo pe o mance, impo s ill e ained he edge o e expo s a cons an p ices. Acco ding o he Minis y o Finance o he CR, in he nea u u e, he Czech Republic´s accession o he EU will s ill ha e a posi i e e ec . Signi ican in es men dynamics and s abilisa ion o he g ow h a e o household consump ion a e expec ed. In 2005, GDP g ow h was expec ed o each ca. 3.6 %. The e a e ce ain isks o main aining posi i e de elopmen in he balance o public inance, whe e he public inance e o m plays he mos impo an ole. Ano he possible isk is he de elopmen o oil o e en me al p ices. As ma ke -d i en es ima es o GDP g ow h canno be es ima ed, es ima es eleased by us wo hy sou ces mus be used. The able below shows he pas de elopmen o he Czech Republic´s GDP and i s o ecas un il 2007 acco ding o he Minis y o Finance o he CR. Table De elopmen o GDP in CR and i s o ecas Indica o /Yea 2000 2001 2002 2003 2004 2005 2006 2007 Real GDP g ow h 3.9 2.3 1.5 3.1 3.8 3.6 3.7 3.8 Nominal GDP g ow h 5.3 7.7 4.3 4.9 8.0 6.8 6.8 7.1 P ice le el g ow h a e 1.3 5.0 2.8 1.7 4.0 3.1 3.0 3.2 Sou ce: Mac oeconomic p edic ion o he Minis y o Finance o he CR om Oc obe 2004 The o ecas is calcula ed based on he expec ed de elopmen o he p ice le el using he o mula below: 1 + %   ℎ = 1 + %   ℎ 1 + %   ℎ In 2003, he eal g ow h o he Czech economy achie ed 3.1 %, wi h consume p ices g owing sligh ly in 2004. The majo i y pa o his inc ease is caused by adjus men s o GDP, excise ax, and changes in ene gy p ices. In la ion also in luenced solid economic g ow h and se e al p ice shocks, o example, in he case o oil. In addi ion, he yea -on-yea p ice inc ease was a ec ed by highe p ices o housing and ood. In 2004, adminis a i ely in luenced p ices inc eased by 5.7 %, while ma ke p ices by 2 %. The Minis y o Finance o he CR expec ed 3.3% in la ion o he yea 2005 and 2.8% in la ion o he yea 2006. In la ion expec a ions o he h ee-yea ho izon published by he CNB is 2.8 %. The abo e ins i u ions did no make a longe - e m in la ion o ecas . Acco ding o Woj y a e al. (2020), i is also impo an o de e mine he posi ion o he end cus ome in he Czech Republic a inding he ma ke p ice o he p oduc . In 2005, a dec ease in he numbe o pice shocks and he ela ed sligh slowdown in he in la ion a e was expec ed. Fuel and ood p ices a e he key o he u u e de elopmen o in la ion. Food p ices a e highe han hose es ima ed by he CNB, and hei u u e de elopmen is hus unce ain. The ma ke and EU opened up o local a me s; pu chase p ices a e hus ising, and he ques ion emains o how long e aile s and wholesale s will be able o push ood p ices down. On he o he hand, he inc ease in ood p ices is o se by he dec ease in uel p ices, which a e expec ed o all signi ican ly a he end o he win e hea ing season, when oil p ices a e likely o all globally. S ong in la ion o eu o and dolla , which will educe he p ice o impo ed goods, will also ha e a posi i e e ec on he expec ed in la ion a e in 2005. Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 718 The CR shows he mos s able p ice le el o he eigh pos -communis coun ies which joined he EU, which makes he CR one o he coun ies wi h low-in la ion economies. Fo he yea 2005, he a e age g ow h o consume p ices is expec ed o be 2.4 %, while he indus ial p oducen p ice g ow h is 2.5 %. A he mone a y policy mee ing, he CNB kep he in e es a es a he end o 2004 a he cu en le el, achie ing 2.5 %. Compa ed o i s neighbou s, in e es a es in he CR a e he lowes ones. 1.2. Analysis o he ele an indus y The company unde e iew is ac i e in he ield o ligni e mining and in he ma ke o gene a ion and sale o elec ici y and hea . These wo ields accoun o 80 % o he ea nings o he company, whe e he majo i y pa (50 %) is ep esen ed by he gene a ion and sale o elec ici y and hea . The sale o own p oduc s and by-p oduc s o gasi ica ion accoun o he emaining 20 %. In he CR, elec ici y is gene a ed in desulphu isa ion coal powe plan s (app ox. 66 % o he o al p oduc ion in he yea 2004), nuclea powe plan s (abou 31 %) and hyd opowe plan s. The majo i y p oduce o elec ici y in he CR is ČEZ, which p oduced abou 61.6 TWh in he yea 2004. Coal powe plan s ha e he la ges sha e in he p oduc ion o elec ici y in he CR. O e he whole moni o ed pe iod, hey did no de ia e om he cons an alues. In con as , he la ges pe cen age o elec ici y is p oduced by wind powe plan s. In 2003 and 2004, he e was an inc ease in he p oduc ion o elec ici y in nuclea powe plan s, which was due o he launching o he Temelín Nuclea Powe plan . In 2004, he o al p oduc ion o elec ici y in he CR was 84 TWh, whe e he sha e o coal powe plan s was app ox. 63 %, while he sha e o nuclea powe plan s was abou 31 %. The company unde e iew con ibu es some 5 % o he o al elec ici y p oduc ion in he ma ke . Ligni e is he main sou ce o ene gy p oduc ion. In 1990, 78.4 million ons o ligni e was mined in he CR. In 1998, i was only 51.3 million ons due o he na ionwide es ic ions o coal mining om he s a e. The u u e le el o ligni e mining will esul om he accep ed ene gy policy. I i is possible o use only he ese es allowed o be mined and ene gy consump ion con inues o g ow, he inc easing de ici could cause he deple ion o ligni e ese es by he yea 2030. Ligni e is used mainly in he ene gy sec o and, o a lesse ex en , also in he chemical indus y. In he CR, ligni e emains he main ene gy sou ce. I s deposi s a e loca ed in he No h Bohemian basin (Chomu o , Mos , Teplice), in he Sokolo ská basin and Cheb basin. The launch o he Temelín Nuclea Powe plan has esul ed in ene gy sa ings as well as he use o local ene gy mine als, and hus he ligni e deposi s a e expec ed o las longe . In he CR, 47.84 million ons o ligni e was mined in 2004; despi e he sha p decline eco ded in he coal indus y a e 1990, ligni e emains he mos impo an sou ce o gene a ing elec ici y and hea . Gi en he cu en mining limi s app o ed in 1991, ligni e qua ies in he CR a e expec ed o be deple ed by 2030-2040. In e nal analysis In he commodi y o suppo se ices, in 2004, he company e ained a signi ican sha e in he Czech ma ke , namely 25.5 % in seconda y egula ion, 13.1 % in posi i e e ia y egula ion and 8.2 % in nega i e e ia y egula ion. O e all, i is he second bes -known p o ide o suppo se ices. In 2004, he company also e ained a good posi ion in he ligni e ma ke , speci ically 20.98 %. As a p oduce o soo , he company´s sha e in he ma ke is 22.03 % and 7.46 % as a p oduce o g ade coal. The company ades in i s basic p oduc s mainly on he basis o long- e m con ac s and sho - e m (one-yea ) pu chase ag eemen s. In he ield o elec ici y, he company´s la ges cus ome buys abou 76.4 % and he second la ges one 12.4 %. In he ield o solid uel, he la ges consume s a e powe plan s, hea ing plan s, and wholesale s. A signi ican pa o sales is also di ec ed o o he indus ies, e.g. chemical o enginee ing. In he a ea o sales o ca bochemical p oduc s, cus ome s we e bo h om he CR and ab oad. The s a egic analysis hus indica es ha he CR is a low-in la ion economy, wi h he a e age inc ease in consume p ices and p ices o indus ial p oduce s luc ua ing a ound 2.5 % in 2005. The ligni e ma ke emains s able and a ou able o he company since i is an impo an , eliable and cheap domes ic ene gy esou ce. This is mainly due o he i eplaceable supply om ab oad and he g owing ene gy consump ion. Based on he indings o he s a egical analysis, he going conce n p inciple is no h ea ened (o he iabili y o he company un il he deple ion o he coal ese es). 2. Financial analysis The pu pose o inancial analysis is o gain in o ma ion abou he inancial heal h o a company. The main bene i is he compa ison o indi idual indica o s in ime and space. The inancial analysis ep esen s a sys ema ic analysis o da a ob ained mainly om inancial s a emen s. Absolu e a ios analysis shows a de elopmen o he key i ems o balance shee s and p o i and loss accoun o e ime. This analysis is p epa ed in he o m o a ime se ies o he main indica o s o he pas pe iods, speci ically o he de elopmen o asse s, liabili ies, and selec ed ea nings o he company o he yea s 1994- 2004. Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 719 2.1. Ho izon al analysis Ho izon al analysis is based on obse a ions o he alues o ime se ies indica o s. In o de o be able o conside he esul s o he ho izon al analysis alid, he ollowing condi ions need o be me : • Selec he adequa e leng h o he ime se ies wi h he minimum o 5 yea s – in he case o he company unde e iew; he leng h is 11 yea s (i.e.1994-2004), • The same con en o he indica o – he same calcula ion me hod, • Con i ma ion ha he e ha e been no signi ican changes in socie y. The abo e condi ions we e obse ed o he ho izon al analysis. Asse s consis o ixed asse s, cu en asse s and acc ued asse s, wi h he ixed asse s as he la ges sha e accoun ing o 74.3 % o he o al asse s. No signi ican changes we e eco ded h oughou he moni o ed pe iod in he a o emen ioned asse s. The a e age g ow h a e o he o al asse s in he moni o ed pe iod 1994-2004 accoun ed o 2.7 %, and he balance-shee o al inc eased by CZK 3,877,905 housand. In e ms o ixed asse s, he la ges sha e was ep esen ed by cons uc ions (37.92 % o he o al asse s on a e age), indi idual mo able asse s and se s o mo able asse s (48.29 % o he o al asse s on a e age), un inished, angible ixed asse s, and ad ances p o ided o angible ixed asse s. Liabili ies include equi y, deb , and acc ued liabili ies. The la ges liabili ies i em was equi y h oughou he moni o ed pe iod, accoun ing o 62.8 % on a e age. The a e age g ow h a e o he o al liabili ies in he pe iod 1994-2004 was 2.7 %, while he a e age g ow h a e o equi y was 3.45 %. The company was almos wo- hi ds inanced om i s own esou ces. The golden balance ule o isk equalisa ion (i.e. he same o highe a io o equi y and deb ) is obse ed. Equi y consis s mainly o sha e capi al (77.94 % o equi y on a e age), unds (i.e. capi al unds, ese e unds, p o i unds, and o he unds), ea nings o he p e ious yea s and ea nings o he cu en accoun ing pe iod. Deb is mos ly ep esen ed by ese es (46.41 % o deb on a e age), long- e m payables, sho - e m payables, bank loans and ad ances. Fo he whole moni o ed pe iod, he company achie ed posi i e ea nings o he accoun ing yea , which g ew excep o he yea s 1995, 1997 and 2002. The amoun o he o al p o i consis s mainly o ope a ing ea nings. The sum o inancial and ex ao dina y income achie ed low o e en nega i e alues un il he yea 2000. This was mainly due o he in e es expense. The highes p o i was epo ed in he las yea o he moni o ed pe iod (2004), whe e he ea nings o he accoun ing yea was CZK 741,038, which was ou imes highe han he ea nings om he yea 1994. The yea 2004 was success ul o he company mainly due o he ac ha he company inc eased sales o se ices and own p oduc s nea ly by 8 % compa ed o he p eceding yea . Ve ical analysis Ve ical analysis is used o analyse he s uc u e o asse s and liabili ies. In his case, he o al asse s and o al liabili ies can be conside ed syn he ic a ios (accoun ing o 100 %), which a e subdi ided in o indi idual pa s. The objec i e o he e ical analysis is o de e mine he s uc u e, i.e. he pe cen age sha e o sub- a ios on he syn he ic ones in he moni o ed pe iod o 1994-2004. The o al asse s consis ed mainly o ixed angible asse s, whose a e age sha e ep esen ed 73.3 % o he balance shee sum. Fixed in angible asse s accoun ed o no mo e han 0.5 % (in he yea 2002) o he o al sum, while ixed inancial asse s 2.2 % (in he yea 2004). The sha e o he cu en asse s on he o al asse s in he moni o ed pe iod anged be ween 16.2-30.9 %. The mos impo an i em o he cu en asse s was sho - e m inancial asse s ep esen ed by cash in a bank accoun and sho - e m secu i ies and sha es. Ano he impo an i em o he cu en asse s we e sho - e m ecei ables, consis ing mainly o sho - e m ade ecei ables. In he moni o ed pe iod, he company inanced i s asse s mainly om i s own esou ces, whose sha e on he o al liabili ies g ew, achie ing 68.2 % a he end o he yea 2004. The dominan i em o bo h liabili ies and equi y was he sha e capi al in he amoun o CZK 6,782,99d (in he i s h ee yea s o he moni o ed pe iod, he amoun was abou 170,000 lowe ), which ep esen ed he mos signi ican i em o he o al asse s. The majo i em o deb we e ese es (13.1 % - 20.0 % o he o al liabili ies), ep esen ed mainly by s a u o y ese es o eco e y and eclama ion o land a ec ed by mining and se e s o p ope y epai s). In he yea s 1994-1999, bank loans ep esen ed a signi ican i em o deb inancing. Since he yea 2000, hei sha e o o al liabili ies dec eased g adually, accoun ing only o 1.1 % in he yea 2004. 2.2. Analysis o a ios The inancial analysis a io moni o s he inancial heal h and s eng h om se e al pe spec i es: p o i abili y ( e u n), ac i i y, liquidi y, and deb (sol ency). Mo e de ails in Table 1. Table 1. P o i abili y a ios 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 ROA 3.28 % 3.30 % 2.55 % 3.03 % 2.87 % 3.26 % 3.76 % 4.30 % 3.80 % 3.59 % 6.30 % Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 720 ROE 2.30 % 2.21 % 2.61 % 1.91 % 2.03 % 2.24 % 3.37 % 5.08 % 3.20 % 4.94 % 7.06 % ROCE 3.46 % 3.55 % 2.88 % 3.36 % 3.18 % 3.60 % 4.23 % 4.76 % 4.18 % 3.90 % 6.77 % ROS I. 2.88 % 2.82 % 3.16 % 2.43 % 2.75 % 3.16 % 4.91 % 7.16 % 4.65 % 7.34 % 10.33 % ROS II. 6.38 % 7.39 % 5.27 % 6.74 % 6.60 % 7.07 % 8.44 % 9.66 % 8.43 % 7.74 % 13.50 % Sou ce: Au ho s All he abo e p o i abili y a ios achie ed posi i e alues since he company achie ed p o i in he moni o ed pe iod. The bes esul s we e achie ed o he yea 2004. This was mainly due o he highes ea nings in he yea . Table 2. Ac i i y a ios 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Asse u no e 0.51 0.45 0.48 0.45 0.43 0.46 0.45 0.45 0.45 0.46 0.47 In en o y u no e 22.52 22.27 22.09 20.67 19.23 18.86 19.87 15.98 16.40 19.64 26.87 Asse u no e pe iod 701.04 806.06 744.56 800.53 828.43 780.59 807.45 808.97 798.78 775.66 771.82 In en o y u no e pe iod 15.98 16.17 16.29 17.42 18.72 19.09 18.11 22.53 21.95 18.33 13.40 Deb o collec ion pe iod 91.62 88.78 64.41 73.06 107.78 56.74 66.67 53.41 65.47 52.82 42.06 Payables u no e a io 36.40 48.78 51.80 40.82 50.24 49.42 63.56 55.54 57.80 48.30 48.99 Sou ce: Au ho s In en o y u no e indica es ha he highes u ilisa ion o in en o y was achie ed in he yea 2004. Deb o collec ion pe iod p o ides in o ma ion on how many days he company needs o collec i s ecei ables. The pe iod anged om 42-108 days. The sho es deb o collec ion pe iod was eco ded in he yea 2004, mainly due o he educ ion o he numbe o ecei ables and inc ease in sales (Table 2). Table 3. Liquidi y a ios 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Cu en liquidi y 3.75 3.24 1.50 2.30 2.78 2.22 2.19 2.92 2.82 2.91 4.42 Quick liquidi y 3.31 2.86 1.29 1.87 2.53 1.90 1.80 2.57 2.46 2.55 4.11 Cash liquidi y 0.79 1.09 0.50 1.11 1.10 1.18 1.19 1.88 1.59 1.75 3.39 Sou ce: Au ho s All liquidi y a ios we e in o de in he moni o ed pe iod, gi en he alues ecommended by expe s. The company achie ed he expe - ecommended alues, which means a leas 1 in he case o cu en liquidi y, 0.7 in he case o quick liquidi y, and 0.2 in he case o cash liquidi y (Table 3). Table 4. Deb a ios 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Deb I. (Deb equi y) 0.56 0.74 0.69 0.74 0.69 0.54 0.53 0.58 0.53 0.45 0.47 Deb II. (Deb a io) 0.36 0.42 0.41 0.42 0.40 0.35 0.35 0.37 0.34 0.31 0.32 In e es co e age 2.98 4.06 2.53 2.59 2.67 3.49 5.18 8.60 13.54 27.64 98.48 Sou ce: Au ho s Acco ding o Kuče a e al. (2021), he sa e deb o equi y a io is 40 % o deb o equi y (Table 4). In o he wo ds, Deb I. (Deb equi y) should no exceed 0.40. The company did no exceed his alue h oughou he whole moni o ed pe iod, and i s asse s a e mos ly inanced h ough i s own esou ces. The le el o deb esou ces ensu ed su icien long- e m sol ency. The g owing in e es co e age poin s o he g adual dec ease in using bank loans and ad ances. 2.3. Comp ehensi e business e alua ion As he company is loca ed in he CR, he comp ehensi e business e alua ion me hods applied a e only hose ha ake he loca ion in o conside a ion, i.e. Sol ency index and Modi ied Ta le Index. The sol ency index is used o de e mine whe he he company is sol en o insol en . The Sol ency index uses six a ios wi h assigned ele an weigh s o classi y he company in o one o hese g oups (Table 5). Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 727 Table 13. Discoun ed a e o he pe iod 2005-2036 ( alua ion da e 31 Decembe 2004) Indica o 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Discoun a e 15.93 % 15.40 % 15.15 % 15.26 % 15.25 % 15.40 % 15.30 % 15.27 % 15.29 % 15.31 % 15.32 % Indica o 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Discoun a e 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % Indica o 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 - Discoun a e 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % 15.31 % - Sou ce: Au ho Fo he alua ion using DCF Equi y (Table 13), he pa ame e s used o achie e he objec i e o de e mining adequa e compensa ion we e aken om he inancial plan. Speci ically, i is accumula ed ee cash low o equi y and o he i ems, o which he discoun ed accumula ed FCFE needs o be adjus ed. Discoun ed accumula ed FCFE needs o be inc eased by non-ope a ing asse s a he alua ion da e and educed by he o al deb o he company a he alua ion da e. F ee cash lows o equi y a e discoun ed by e o each yea de e mined acco ding o he CAPM. The discoun ed a e is de e mined sepa a ely o each yea . Indi idual pa ame e s o he discoun ed a e e acco ding o he CAPM a e as ollows: • Risk- ee a e ( ) de e mined based on he yield o 10-yea go e nmen bonds o he CR, • isk p emium (RP), • be a coe icien based on he calcula ion me hodology o p o . Damoda an, • esidual isk o he ma ke (RR). Finally, non-ope a ing asse s as o 31 Decembe 2004 need o be added o he discoun ed accumula ed ee cash low o equi y and also in e es -bea ing deb and unds on a co po a e sa ing accoun a he same da e need o be deduc ed. The las s ep would be o adjus he esul ing alues by cos s o e enues associa ed wi h he liquida ion o he company a e he deple ion o coal ese es and he e mina ion o he ac i i ies o he company (Table 14). Table 14. Quan i ica ion o adequa e compensa ion as o 31 Decembe 2004 I em Amoun Discoun ed accumula ed FCFE 5,867,385,920 CZK To al deb -176,000,000 CZK Co po a e sa ings accoun -75,208,000 CZK Non-ope a ing asse s +344,931,000 CZK In o al 5,961,108,920 CZK Numbe o sha es 6,782,994 pieces Adequa e compensa ion pe sha e 879 CZK Sou ce: Au ho s The amoun o adequa e compensa ion pe sha e o he company mino i y sha eholde s as o 31 Decembe 2004 de e mined using DCF Equi y is CZK 879 (in wo ds, eigh hund ed and se en y-nine Czech c owns). Discussion RQ1: Does he implemen ed squeeze-ou co espond wi h he in en ion o he legisla o ? The objec i e o he pape was o de e mine he adequa e ma ke alue o sha es in squeeze-ou . Fo his pu pose, a ligni e mining company in he CR was analysed om a ious pe spec i es, including s a egic analysis, which explained he de elopmen o he ex e nal en i onmen (i.e. he Czech Republic), he ele an indus y, and he po en ial o he company unde e iew. The analysis shows ha he CR is one o he low-in la ion economies, whe e he a e age consume p ices and p ices o indus ial p oduce s will luc ua e a ound 2.5 % in he yea 2005. The si ua ion in he ligni e ma ke is s able and a ou able o he company since ligni e is an impo an , eliable and cheap domes ic ene gy esou ce. This is mainly due o he i eplaceable supply om ab oad and he g owing ene gy consump ion. Financial analysis analysed he inancial heal h o he company, speci ically by using ho izon al and e ical analysis, analysis o a ios, and comp ehensi e e alua ion me hods including Sol ency index and Modi ied Ta le Index wi h ega d o he en i onmen he company ope a es in. Wi h ega d o he emaining eco e able ese es, he inancial analysis p edic s he e mina ion o i s business ac i i ies a e he yea 2036, as well as he comple ion o land eclama ion and liquida ion o he Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 728 company. This is p ima ily based on he da a on coal mining p ocessed by he managemen o he company, which also conside he plans and sa ings o he new majo i y owne o he pe iod 2005-2014. The emaining da a we e modelled (p edic ed) sepa a ely using he eg ession unc ion o own model o neu al ne wo k. Th oughou he whole moni o ed pe iod (1994-2004), he company achie ed posi i e ea nings o accoun ing yea , which g ew excep o he yea s 1995, 1997 and 2002. The o e all ea nings consis mainly o ope a ing ea nings. The sum o inancial and ex ao dina y income eco ded low o e en nega i e alues un il he yea 2000. The o al asse s consis ed mos ly o ixed angible asse s, which accoun ed o 73.3 % o he balance shee o al. Fixed in angible asse s accoun ed o he maximum o 0.5 % (in 2002) o he o al amoun , he ixed inancial asse s accoun ed o 2 % (in 2004). In he moni o ed pe iod, he company inanced i s asse s mainly by i s own esou ces, whose sha e on he o al liabili ies g ew, achie ing 68.2 % a he end o he yea 2004. Th oughou he whole moni o ed pe iod, he Sol ency index did no all below 0, which means ha he company was no a isk o bank up cy. The wo s sol ency was eco ded in 1994-1998; om he yea 1999, he company showed a good sol ency a io, which was e en e alua ed as e y good in 2004. Acco ding o he Modi ied Ta le Index, he company was a ed e y well – sol en in all yea s excep o he yea 1996, when i was in he so-called g ey zone, bu wi h he alue being e y close o ha o sol en companies. The pe o med analyses ( inancial and s a egic) show ha he company has e enue po en ial, mee s he going conce n p inciple and is p edic ed o show posi i e income un il he e mina ion o i s business ac i i ies. The mos sui able me hods appea o be e enue-based me hods. Fo he alua ion, he me hod o discoun ed cash lows, he DCF Equi y a ian was used, as i is bes able o cap u e and conside he speci ici y o he company unde e iew. This me hod is in line wi h he in en ion o he legisla o , i.e. i is capable o de e mining he ai alue in squeeze-ou o mino i y and majo i y sha eholde s. The me hod conside s signi ican e en s a ec ing he company and is no based on accoun ing da a only. RQ2: Wha is he ai alue o he ansac ion? The ai alue o he ansac ion was de e mined using he me hod o DCF Equi y. The inancial plan p o ided he pa ame e s used o achie e he objec i e o de e mining adequa e compensa ion o he mino i y sha eholde . Speci ically, i included accumula ed ee cash low o equi y (FCFE) and o he i ems he discoun ed accumula ed FCFE needs o be adjus ed o . The discoun ed accumula ed FCFE had o be inc eased by non-ope a ing asse s a he alua ion da a and dec eased by he o al deb o he company a he alua ion da e. Mo eo e , non-ope a ing asse s as o 31 Decembe 2004 had o be added o he discoun ed accumula ed ee cash low o equi y, and in e es - bea ing deb and unds on he co po a e sa ing accoun had o be deduc ed. The las s ep would be o adjus he esul ing alues by cos s o e enues om he liquida ion o he company a e he deple ion o he o al coal ese es and e mina ion o he company´s business ac i i ies. The me hod conside s impo an e en s a ec ing he company and does no wo k wi h he accoun ing da a only. I enabled o de e mine he ai alue o he ansac ion, which would compensa e he damage caused o he mino i y sha eholde and does no exceed he alue he ansac ion b ings o he majo i y sha eholde . Conclusions The pape submi ed aimed o de e mine he adequa e ma ke alue o sha es in squeeze-ou in a ligni e mining company in he CR. The objec i e was o de e mine an adequa e, ai alue o bo h majo i y and mino i y sha eholde s while conside ing he accoun ing da a as well as signi ican e en s a ec ing he company. Fo his eason, bo h he mic o and mac o en i onmen o he selec ed company was subjec o s a egic analysis. Bo h ex e nal and in e nal co po a e en i onmen was e alua ed as s able and a ou able o he company. The analyses o ele an indus y and po en ial o he company and inancial analysis showed ha he company will su i e in he u u e un il he e mina ion o i s business ac i i ies (mining). The inancial heal h o he company was e alua ed as e y good; he analysis does no indica e ha he company would no be able o mee i s liabili ies. Based on he abo e, he me hod o discoun ed cash low DCF Equi y was selec ed o he e alua ion o he company; i is bes able o cap u e and conside he speci ici y o he company unde e iew since i discoun s cash lows o owne s (sha eholde s). The esul ing ai alue o he ansac ion e lec s he ma ke alue o sha es o de e mining adequa e compensa ion in squeeze-ou . I ensu es adequa e compensa ion o he damage caused o he mino i y sha eholde while accep ing he p ice by he majo i y sha eholde , who is willing o pay up o he amoun co esponding o he bene i s he ansac ion will b ing. The limi a ions o he pape a e gi en by he ac ha he me hod is applicable only in he case o squeeze- ou while espec ing he IVS. The me hod enables he de e mina ion o ai alue in squeeze-ou i he legisla o has he in o ma ion on he alue o bene i s o he majo i y sha eholde and knows he alue he mino i y sha eholde s a e willing o accep in hei squeeze-ou . Voj ěch BARTOS e al. / Ac a Mon anis ica Slo aca, Volume 26 (2021), Numbe 4, 712-731 729 Re e ences Adams, C. A. (2017). Concep ualising he con empo a y co po a e alue c ea ion p ocess. Accoun ing, Audi ing & Accoun abili y Jou nal [online]. 30(4), 906-931 [ci . 2021-11-16]. ISSN 0951-3574. A ailable a : doi:10.1108/AAAJ-04-2016-2529 Aghaei, M. (2021). Valua ion o he Ham ah-e-A al b and based on b and alua ion models using Topsis mul i- c i e ia decision-making model. Jou nal o Re enue and P icing Managemen [online]. 20(1), 42-53 [ci . 2021-11-12]. ISSN 1476-6930. A ailable a : doi:10.1057/s41272-020-00261-3 Akulenko, N. B. & Esina, A. R. 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