PROCJENA TRŽIŠNE VRIJEDNOSTI PODUZEĆA POMOĆU ODABRANIH MODELA TRŽIŠNE KAPITALIZACIJE NA PRIMJERU PODUZEĆA IZ EUROPSKE UNIJE

master's thesis

• Title (english): ESTIMATION OF COMPANY VALUE USING MULTIPLIER MODELS: ANALYSIS OF EU COMPANIES
• Author: Fran Naglić
• Mentor: Davor Zoričić (mentor)
• Committee member: Denis Dolinar (predsjednik povjerenstva)
• Committee member: Andrija Sabol (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2019-09-24, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Economics of Entrepreneurship

Abstract

Financijskim analitičarima od iznimne je važnosti pronaći jednostavnu i brzu tehniko putem koje će moći procjenjivati vrijednost poduzeća. Rad objašnjava metodu procjene vrijednosti pomoću kapitalizacijskog koeficijenta (multiplikatora) za odabrane modele tržišne kapitalizacije te istražuje koliko su rezultati procjene vrijednosti usporedivi s vrijednostima na tržištu. Kroz rad su definirane i objašnjenje metode procjene vrijednosti koje investitori mogu koristiti za donošenje odluke o investiciji. Za potrebe istraživanja kapitalizacijskog koeficijenta korišteni su podatci za poduzeća iz Europske Unije i njihovi poslovni rezultati ostvareni u vremenskom periodu od 2011. do 2015. godine. Rezultati pokazuju kako su najbolji rezultati procjene vrijednosti ako se koristi kapitalizacije neto zarada poduzeća, nakon čega slijedi model kapitalizacije bruto dobiti i zarada prije kamata, poreza i amortizacije, dok je kapitalizacija poslovnih prihoda najmanje precizni model procjene vrijednosti poduzeća.

Abstract (english)

Nowadays, it is extremely important for financial analysts and investors to perform analysis of company value using a valuation technique that is simple and effective in its value estimates. The thesis explains how to value companies using valuation multiples based on comparable companies, and studies how accurate are the value results using valuation multiples compared to market prices. Thesis defines and explains the usage of different model of valuation multiples that investors can use to rational investment decisions. The study of valuation multiples is based on financial results in the period between 2011 and 2015 realised by companies located in the European Union. Results of this study show that valuation of public companies using multiples P/E result have the most accurate results when compared to market prices observed in the same period. Second best results were observed using EV/EBIT multiples, followed by EV/EBITDA multiple. The least accurate valuation multiple for valuing of public companies used was EV/Sales multiple.

• Keywords: procjena vrijednosti; model tržišne kapitalizacije; kapitalizacijski koeficijent; modeli multiplikatora
• Keywords (english): valuation; valuation multiple; comparable company multiple; relative valuation
• Language: croatian
• URN:NBN: urn:nbn:hr:148:224956
• Study programme: Title: Business Economics; specializations in: Finance, Accounting, Marketing, Organization and management, Trade, Tourism, Analysis and Business planning, Business informatics; Course: Analysis and Business planning; Study programme type: university; Study level: graduate; Academic / professional title: diplomirani/a ekonomist/ekonomistica (diplomirani/a ekonomist/ekonomistica)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2019-09-24 10:07:47