Procjena vrijednosti poduzeća primjenom multiplikatora vrijednosti na primjeru Valamar Riviera d.d.

master's thesis

• Title (english): Business valuation using multiples - Valamar Riviera d.d.
• Author: Tina Vugrinec
• Mentor: Lidija Dedi (mentor)
• Committee member: Denis Dolinar (predsjednik 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: 2021-07-09, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Procjena vrijednosti poduzeća vrlo je aktualna tema među svim subjektima povezanim s poduzećem čija se vrijednost procjenjuje, bili to sami vlasnici, odnosno menadžeri, potencijalni kupci ili ostali subjekti. Pojam vrednovanja poduzeća kao i metode procjene vrijednosti objašnjene su u teorijskom dijelu rada, a u istraživačkom dijelu analizirano je makrookruženje, industrija i samo poduzeće te procijenjena vrijednost poduzeća Valamar Riviera d.d. metodom usporedivih vrijednosti – P/E, P/BV, EV/EBIT i EV/EBITDA multiplikatorima. Podaci korišteni u radu preuzeti su iz godišnjih financijskih izvještaja poduzeća, a kao podloga za teoriju korištena je stručna i znanstvena literatura. Rezultati dobiveni analizom poduzeća i njegovih konkurenata upućuju na podcijenjenost dionice Valamara u 2019. godini, u usporedbi s njegovom fer vrijednosti.

Abstract (english)

Valuation of a company is a very current topic among all entities related to the company that is being valued, be it the owners themselves, managers, potential customers or other entities. The concept of company valuation as well as valuation methods are explained in the theoretical part of the paper, and in the research part the macroenvironment, industry and the company itself are analyzed. Also, in the research part there is comparable company analysis made on Valamar Riviera d.d. and its peer group by the value multipliers - P/E, P/BV, EV/EBIT and EV/EBITDA multipliers. The data used in the paper were taken from the annual financial reports of the companies, and relevant scientific literature was used as a basis for the theory. The results obtained from the analysis of the company and its competitors indicate an undervaluation of the Valamar share in 2019, compared to its fair value.

• Keywords: procjena vrijednosti; multiplikatori vrijednosti; metoda usporedivih vrijednosti
• Keywords (english): valuation; multiples; comparable company analysis
• Language: croatian
• URN:NBN: urn:nbn:hr:148:801733
• 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: 2021-07-09 08:58:50