Vrednovanje društva Atlantic Grupa d.d. metodom diskontiranih novčanih tokova poduzeću

master's thesis

• Title (english): Valuation of Atlantic Grupa d.d. by the discounted cash flow method
• Author: Katarina Belić
• Mentor: Davor Zoričić (mentor); MBZ: 258113
• Committee member: Davor Zoričić (predsjednik povjerenstva)
• Committee member: Denis Dolinar (član povjerenstva)
• Committee member: Ena Pecina (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2020-12-21, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Analitičari svakodnevno koriste različite metode i pristupe procjeni vrijednosti poduzeća. Metoda koja se primjenjuje u ovom radu predstavlja fundamentalnu mjeru vrijednosti poduzeća, metoda diskontiranih novčanih tokova poduzeću. Na primjeru vertikalno integriranog poduzeća Atlantic Grupa d.d. proveden je čitavi proces vrednovanja, od poslovne analize i analize financijskih izvještaja do prognoze poslovanja poduzeća i izračuna njegove vrijednosti. Metoda je odabrana iz razloga što predstavlja sposobnost poduzeća da isplati dividende, izvrši otkup dionica ili otplati vlasnike dugova. Atlantic Grupa odabrana je kao predmet rada s obzirom na to da je vodeće poduzeće u prehrambenoj industriji u Hrvatskoj te je njezina inicijalna javna ponuda bila najveća privatna ponuda na Zagrebačkoj burzi. Na temelju provedenog vrednovanja zaključeno je da je dionica Atlantic Grupe podcijenjena za oko 27% jer je njezina intrinzična vrijednost viša od tržišne cijene. S obzirom da metoda sadrži mnogo pretpostavki i izazova, provedena je analiza osjetljivosti procijenjene vrijednosti poduzeća iz koje se naknadno može izračunati da je beta dionice prema cijeni na tržištu viša od procijenjene. Veliku ulogu u procjeni imaju i prihodi od prodaje i rashodi koji su optimističniji od mišljenja investitora na tržištu.

Abstract (english)

Analysts use different methods and approaches to company valuation on a daily basis. The method applied in this paper is a fundamental measure of the value of the company, the method of discounted cash flows to the firm. On the example of the vertically integrated company Atlantic Grupa d.d. the entire valuation process was carried out, from business analysis and analysis of financial statements to the company's business forecast and calculation of its value. The method was chosen because it represents the ability of a company to pay dividends, repurchase shares or repay debt holders. Atlantic Grupa was selected as the subject of the paper considering that it is the leading company in the food industry in Croatia and the fact that its initial public offering was the largest private offering on the Zagreb Stock Exchange. Based on the valuation, it was concluded that Atlantic Grupa's share was undervalued by about 27% because its intrinsic value is higher than the market price. Given that the method contains many assumptions and challenges, a sensitivity analysis of the estimated value of the company was performed, from which it can be subsequently calculated that the beta of the stock according to the market price is higher than the estimated one. Sales revenues and expenses, which are more optimistic than the opinion of market investors, also play an important role in the assessment.

• Keywords: vrednovanje poduzeća; diskontirani novčani tokovi; slobodni novčani tok poduzeću; prosječni ponderirani trošak kapitala; analiza osjetljivosti
• Keywords (english): company valuation; discounted cash flows; free cash flow to the firm; weighted average cost of capital; sensitivity analysis
• Language: croatian
• URN:NBN: urn:nbn:hr:148:363105
• 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: 2020-12-22 10:58:48