03724ntm a22005417i 4500 000727777 CZ-PrVSE 20260201122909.0 m d cr n|||||||||| 260201s2025 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 rda Audrlický, Dan ISIS:147514 dis Tvorba hodnoty v pákových odkupech eng Value Creation in Leveraged Buyouts / Dan Audrlický 2025 ?? stran : digital, PDF soubor Vedoucí práce: Josef Taušer Diplomová práce (Ing.)—Vysoká škola ekonomická v Praze. Fakulta mezinárodních vztahů, 2026 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2026 This master thesis analyses value creation in leveraged buyouts (LBOs). Combination of structured review of academic and practitioner literature with following in-depth case study of Micromed is implemented. Micromed is an Italian neurodiagnostics company operating within European med-tech mid-market and was acquired by the healthcare-specialist sponsor ArchiMed in 2016 and exited in 2023 via trade sale to Natus Medical. The deal economics were not disclosed and for the reconstruction we use registry data, financial statements and sector benchmarks as anchors for establishment of entry and exit economics. These economics are used for equity bridge decomposition at equity-level and simplified Created Value Attribution (CVA-lite) model at enterprise-level which provide useful information about components responsible for value creation. Based on case reconstruction and after we account for follow-on equity used to finance bolt-on acquisitions, we approximate that the deal generated 2.7× multiple on invested capital and 23–24 % internal rate of return with majority of value created attributed to EBITDA growth and firm-specific outperformance “alpha”. Multiple uplift contributed moderately, and deleveraging only as a minor share of value created. These findings support the view that among European mid-market healthcare buyouts, operational and strategic transformation are primary drivers of sustainable value creation, while leverage depending on credit market conditions and market-driven valuation changes play a secondary role. The thesis also shows that using public data under conditions of limited disclosure can yield meaningful insights into LBO value creation. Způsob přístupu: Internet mezinárodní obchod [obor dipl. práce] diplomové práce fd132022 czenas master's theses eczenas Deleveraging Leveraged buyout Private equity Value creation Operational improvement Multiple expansion European med-tech leveraged buyout Taušer, Josef ola20040322002 ths Podškubka, Tomáš, 1982- ola2017959439 opn Vysoká škola ekonomická v Praze. Fakulta mezinárodních vztahů kn20010709400 dgg https://insis.vse.cz/zp/89754/podrobnosti VŠKP v InSIS https://insis.vse.cz/zp/89754 Hlavní práce https://insis.vse.cz/zp/89754/posudek/vedouci Hodnocení vedoucího https://insis.vse.cz/zp/89754/posudek/oponent/89342 Oponentura https://insis.vse.cz/zp/89754/podrobnosti dc:identifier NEPOSILAT VSKP vse89754 260128 89754