Classification of Diploma Thesis – opponent
Author of classification: Ing. Petr Gurný, Ph.D.
Supervisor: doc. Ing. Miroslav Čulík, Ph.D.
Opponents: Ing. Petr Gurný, Ph.D.
Title: Application of the CorporateMetrics Methodology in Carlsberg A/S Company
Thesis version: 1
Student: Bc. Min Gao
1. Problem Definition
The submitted diploma thesis is devoted to the application of the CorporateMetrics methodology on a chosen company. Topic of the thesis can be considered as traditional, current and convenient for the thesis on the diploma’s level of study. The topic of the diploma thesis is “Application of the
CorporateMetrics Methodology in Carlsberg A/S Company” and main goal of the thesis is to apply CorporateMetrics methodology for prediction of the company‘s net operating profit in 2021. The goal of the thesis is stated within Introduction and from the conclusions we can state that the objective has been met.
2. Methodology
The CorporateMetrics methodology is described in the second chapter. The author briefly describes the individual tools and the nature of this approach. An important part is also devoted to the
possibilities of relevant parameters prediction (the author focuses mainly on the mean reversion process). The methodological part is described rather briefly with a weaker citation and critical literature discussion.
3. Results
The application part is divided into two chapters. In the first, the author briefly characterizes the analysed company. The main focus then lies in Chapter 4. Here the author first identifies risk areas (exchange rates), which are then predicted according to Vasicek's process. Using a simplified financial plan, the distribution of the probability of operating profit for the year 2021 is plotted.
Finally, a sensitivity analysis of the change in profit to selected parameters is performed. The calculations are processed carefully, only it is not appropriate to work with the maximum and minimum values within simulations. I only have one question. The author estimated the profit for 2021, but historical data is only available until 2019. What was used for the P(t-1) parameter?
4. Effective communication and formal requirements
Overall, the thesis’s composition is coherent. The methods used in the paper are reasonable and well described. The text refers to the tables and pictures with corresponding numbers. Author´s language is correct, financial expressions are used correctly and exactly. Generally, author’s ability to
communicate in a coherent manner is correct and without remarks.
excellent Overall classification:
Ostrava, 17.05.2021 Ing. Petr Gurný, Ph.D.
