Procjena vrijednosti poduzeća metodom multiplikatora

master's thesis

• Title (english): Valuation of the company using the multiplier method
• Author: Domagoj Grčević
• Mentor: Denis Dolinar (mentor)
• Committee member: Zrinka Lovretin Golubić (član povjerenstva)
• Committee member: Zrinka Orlović (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2024-09-19, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Predmet ovog rada je teorijska podloga procjene vrijednosti poduzeća metodom multiplikatora. Cilj ovog rada je opisati proces i izazove procjene vrijednosti poduzeća putem metode multiplikatora. U radu se definiraju i ostali pristupi procjeni vrijednosti poduzeća: DCF metoda, metoda rezidualnog dohotka, metoda multiplikatora te metoda usporedivih transakcija. Detaljno je objašnjen cijeli postupak vrednovanja multiplikatorom te specifičnosti procesa, vrste i oblici multiplikatora te proces odabira usporedivih poduzeća. Procjena vrijednosti korištenjem multiplikatora jedna je od najčešće korištena metoda zbog same praktičnosti i jednostavnosti, a spada u kategoriju relativnih modela procjene vrijednosti jer uzima u obzir usporedivu imovinu. Temelji se na usporedbi relativnih financijskih pokazatelja ciljanog poduzeća sa relativnim financijskim pokazateljima sličnih poduzeća. Na primjeru AD Plastika provedena je procjena vrijednosti putem metode multiplikatora i objašnjeni su izazovi i ograničenja u samom procesu. Istraživanje je pokazalo da se AD Plastik, prema metodi multiplikatora, na dan 20.8.2024. trguje uz premiju naspram procijenjene vrijednosti. Navedena situacija može se objasniti činjenicom kako tržišni sudionici očekuju intenzivniji oporavak poslovanja AD Plastika u nadolazećim godinama te sukladno tome, vrednuju poduzeće na višim razinama.

Abstract (english)

The subject of this paper is the theoretical base of company valuation using the multiples method. The goal of this paper is to describe the company valuation process through the multiples method and main challenges in the process itself. The paper also defines other approaches to company valuation: the DCF method, the residual income method, the multiplier method, and the method of comparative transactions. The entire process of valuation using the market method and the specifics of the process, the type and form of the multipliers and the selection process of relative valuation are explained in detail. Valuation using a multiplier is one of the most commonly used methods due to its practicality and simplicity, and it belongs to the category of relative valuation models because it takes into account comparable assets. Method is based on a comparison of the relative financial indicators of the target company with the relative financial indicators of similar companies. In the example of AD Plastik, a relative valuation was conducted with the key challenges and limitations in the process explained throughout the process. The research shows that AD Plastik, according to the relative valuation, is trading at a slight discount to its estimated value on 1.7.2024. The situation can be explained by the fact that market participants expect a more intensive recovery of AD Plastik's business in the coming years and, accordingly, a valuable company at higher levels.

• Keywords: procjena vrijednosti poduzeća; metoda multiplikatora; usporedno vrednovaje; pokazatelji investiranja
• Keywords (english): company valuation; multiples method; relative valuation; market value ratios
• Language: croatian
• URN:NBN: urn:nbn:hr:148:567039
• Study programme: Title: Business economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: sveučilišni magistar ekonomije/sveučilišna magistra ekonomije (sveučilišni magistar ekonomije/sveučilišna magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to authenticated users
• Created on: 2024-09-20 09:58:55