Title Metode vrednovanja poslovnih subjekata - primjer dvaju trgovačkih društava Title (english) Business valution methods - example of 2 business entities Author Sara Rahmonaj Mentor Robert Zenzerović (mentor)Committee member Ksenija Černe (predsjednik povjerenstva)Committee member Robert Zenzerović (član povjerenstva)Committee member Ticijan Peruško (član povjerenstva)Granter University of Pula Defense date and country 2018-04-24, Croatia Scientific / art field, SOCIAL SCIENCES Abstract Cilj rada je prikazati procjenu vrijednosti dvaju različitih trgovačkih društava korištenjem dinamičkih metoda vrednovanja koje se temelje na multiplikatorima P/E, P/B, P/EBIT i P/EBITDA te analizirati detaljno njihove financijske izvještaje. Metode koje su korištene pri izradi ovog rada jesu metode analize, sinteze, deskripcije, i dedukcije. U analizi društva „A“ koji prema Domodaranu spada u sektor proizvodnje „mekih“ pića dobiveni su sljedeći rezultati. Prema multiplikatoru P/E društvo „A“ najvišu vrijednost ostvaruje na temelju posljednjeg P/E koji se izračunava dijeljenjem cijene dionice tvrtke za svoju zaradu iz posljednje fiskalne godine, dok najnižu na temelju terminskog koji mjeri cijenu dionice u odnosu na predviđene zarade po dionici koje mogu biti za sljedeća 12 mjeseca ili za sljedeća fiskalna razdoblja. Za tekući P/E koji mjeri trenutnu cijenu dionica u odnosu na zaradu po dionici, vrijednost poduzeća je između dviju krajnosti navedenih P/E multiplikatora. Prema multiplikatoru P/B koji prikazuje odnos cijene dionice u odnosu na knjigovodstvenu vrijednost obične glavnice poduzeća vrijednost poduzeća je značajno manja u odnosu na sve korištene metode. Vrijednosti poduzeća prema multiplikatoru P/EBIT i P/EBITDA su slične te se kreću na razini terminskog P/E multiplikatora. U analizi društva „B“ koji prema Domodaranu spada u sektor proizvodnje hrane dobiveni su sljedeći rezultati. Prema multiplikatoru P/E društvo „B“ najvišu vrijednost ostvaruje na temelju tekućeg P/E dok najnižu na temelju posljednjeg. Za terminski P/E vrijednost poduzeća je nešto viša od posljednjeg P/E. Prema multiplikatoru P/B vrijednost društva je najmanja u odnosu na sve korištene metode. Na temelju multiplikatora P/EBIT i P/EBITDA vrijednost društva iznosi polovinu vrijednosti dobivenim metodom P/E. Iz navedenih izračuna vidljivo je da vrijednosti značajno odstupaju ovisno o metodi vrednovanja.
Abstract (english) The purpose of this thesis is to evaluate the value of two different companies using dynamic methods of business valuation based on multiples: P/E, P/B, P/EBIT and P/EBITDA and analyze their financial statements in detail. The methods used in this work are methods of analysis, synthesis, descriptive method and deduction method. In the analysis of "A" company, which according to Domodaran belongs to the "soft" beverage production sector, the following results were obtained. According to the P/E multiple, company "A" has the highest value using the trailing P/E which is calculated by dividing the share price of the company for its earnings from the last fiscal year, while the lowest based on the forward P/E that measures the share price in relation to the earnings per share may be for the next 12 months or for the next fiscal years. For the current P/E, that measures the current price of the stock in relation to the earnings per share, the value of the company is between the two extremes of aforementioned P/E multiples. According to the P/B multiple, which shows the ratio of the share price relative to the accounting value of ordinary equity, the value of the company is significantly lower than all the methods used. Company's values for the P/EBIT and P/EBITDA mutliple are similar and are around the value of the forward P/E. In the analysis of "B" company, which according to Domodaran belongs to the food production sector, the following results were obtained. According to the P/E multiple, company "B" has the highest value using the current P/E while the lowest based on the trailing P/E. For the forward P/E, the value of the company is slightly higher than the last P/E. According to the P/B multiple the value of the company is the lowest in relation to all the methods used. amounts to 41,971,631.18. Based on the P/EBIT and P/EBITDA multiples the value of the company amounts to half of the value obtained by the P / E method. From these calculations it is apparent that the values differ significantly depending on the used business valuation method.
Keywords
metode vrednovanja poduzeća
dinamičke metode vrednovanja poduzeća
analiza financijskih izvještaja
Keywords (english)
business valuation methods
dynamic methods of business valuation methods
financial statement analysis
Language croatian URN:NBN urn:nbn:hr:137:120165 Study programme Title: Business Economics; specializations in: Financial Management, Marketing Management, Management and Entrepreneurship, Tourism and Development, Business Informatics Type of resource Text File origin Born digital Access conditions Open access Terms of use Created on 2018-05-07 10:48:15
