| Abstract [eng] |
This master thesis analyses the capital structure of JSC „Apranga“ and its effect on the value of the company. Thesis consists of three parts – the analysis of scientific literature, methods of the research, and the research itself. The object of research – indicators of capital structure and value of JSC „Apranga“. The goal of research – to analyze the structure of capital of JSC „Apranga“ and to determine its effect on the value of the company. To reach this goal, following tasks were formed: to analyze the definition of capital structure, the theories of forming the capital and the effecting factors of capital structure changes; to analyze the definition of the value of the company and the indicators of its value; to analyze the capital structure and changes of it of JSC „Apranga“; to evaluate the effect of factors to the change of capital structure; with the help of sensitivity analysis, to evaluate the change of EVA and Tobin Q the composition of factors changes; to evaluate the optimal alternatives to the selection of capital structure. After the analysis of scientific literature was done, the following factors, having effect on the change of the capital of the company, were determined – profitability, the size of the company, the potential of growth, the structure of assets, liquidity, the risk of bankruptcy, taxes, risk and the age of company. The indicators of company value was also determined, which are used to evaluate the connection between value of the company and the structure of capital – economic value added (EVA) and Tobin Q. Trying to determine the capital structure effect on the company value, the capital structure and its change of JSC „Apranga“ was analyzed. During years 2009–2018 the major part of the company capital was equity rather than debt, only in 2019 the major part of the capital was debt due to the high increase in long-term liabilities. Trying to evaluate how the capital and financial state of the company changed during the researched period, the financial analysis of the company was done, using indicators of the profitability, operational efficiency, liquidity and market relations. The financial analysis of the researched period showed that the company worked profitably, effectively faced no problems of liquidity. The analysis of possibility for bankruptcy showed that during 2009–2018 the possibility of bankruptcy was very low, but during 2019 the possibility of bankruptcy increased due to the high increase in the long-term liabilities. Correlation-regression analysis showed that biggest effect on the capital change of JSC „Apranga“ was done by the changes of asset structure, liquidity, growth potential, and the change in the size of the company. The sensitivity analysis, when the parameter of the indicator were increased or decreased by 15 percent, showed biggest effect on the alteration of Tobin Q is by the alteration of owned capital, and the smallest effect is by the alteration of the borrowed capital. Sensitivity analysis of economic value added indicator showed that the biggest effect on the change of EVA indicator is the change of EBIT. Trying to determine the optimal capital structure for JSC „Apranga“, the change of value in economic value added when the price of capital is changed, evaluation was done. The analysis showed, that with minimal WACC, the greatest value of EVA is achieved. This value is achieved when the structure of the capital is consisted of more debt than equity, therefore the company trying to achieve the optimal structure of capital, when the value of the company is at its highest, and the capital price is lowest, should form the capital structure with more debt in the entire capital structure. |
