Vrednovanje poduzeća metodom diskontiranih novčanih tokova poduzeću na primjeru poduzeća Podravka d.d.

master's thesis

• Title (english): Company valuation using the method of discounted cash flows to firm on the example of the company Podravka d.d.
• Author: Luka Burić
• Mentor: Davor Zoričić (mentor)
• Committee member: Denis Dolinar (predsjednik povjerenstva)
• Committee member: Ena Pecina (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2022-12-13, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Prilikom procjene vrijednosti poduzeća, analitičaru stoji na raspolaganju više različitih metoda vrednovanja poduzeća ovisno o veličini ili životnoj fazi poduzeća ili svrsi same analize. Proces vrednovanja poduzeća prikazan je na primjeru poduzeća Podravka d.d. koja posluje u prehrambenoj i farmaceutskoj industriji. Podravka je jedno od vodećih prehrambenih poduzeća u srednjoj, istočnoj i jugoistočnoj Europi te je zbog veličine i životne faze poduzeća, za vrednovanje odabrana metoda diskontiranih novčanih tokova poduzeću. Istraživanje je pokazalo da intrinzična vrijednost poduzeća, na dan 31.12.2021., iznosi 554,03 HRK što je 12,34% manje u odnosu na tržišnu vrijednost na isti dan. Ovaj rad će detaljno pojasniti rezultate istraživanja te komponente na kojima se rezultati baziraju.

Abstract (english)

As a part of company valuation, the analyst has a choice between several methods of company valuation depending on the size or life cycle of the company. In this paper, the company valuation process is shown in the example of the company Podravka d.d. which operates in the food and pharmaceutical industry. Podravka is one of the leading food companies in Central, Eastern and Southeastern Europe, and due to the size and life cycle of the company, discounted cash flow method was chosen for the valuation. The research showed that the intrinsic value of the company on December 31, 2021, is HRK 554.03, which is 12.34% less compared to the market value on the same day. This paper will explain in detail the results of the research and the components on which the results are based.

• Keywords: procjena vrijednosti; metoda diskontiranih novčanih tokova poduzeću; prosječni ponderirani trošak kapitala; analiza osjetljivosti
• Keywords (english): company valuation; discounted cash flow to firm method; weighted average cost of capital; sensitivity analysis
• Language: croatian
• URN:NBN: urn:nbn:hr:148:627442
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2022-12-19 08:28:12