PROCJENA VRIJEDNOSTI PODUZEĆA METODOM DISKONTIRANIH NOVČANIH TOKOVA NA PRIMJERU DRUŠTVA AD PLASTIK D.D.

master's thesis

• Title (english): VALUATION OF AD PLASTIK USING DISCOUNTED CASH FLOW METHOD
• Author: Ivan Ćurković
• Mentor: Lidija Dedi (mentor); MBZ: 265383
• Committee member: Denis Dolinar (predsjednik povjerenstva)
• Committee member: Davor Zoričić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2021-09-13, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Procjena vrijednosti zanimljiv je koncept u svijetu financija, obzirom na čestu upotrebu prilikom M&A transakcija, kupoprodaje poduzeća i sudskih vještačenja. Procjena vrijednosti metodom diskontiranih novčanih tokova najčešće je korištena metoda procjene vrijednosti u današnjem svijetu, a karakteristika modela je diskontiranje budućih slobodnih novčanih tokova na sadašnju vrijednost, a prilikom određivanja diskontne stope, model se oslanja na modele teorije tržišta kapitala i takozvanog modela procjenjivanja kapitalne imovine. Za samu provedbu procjene metodom diskontiranih novčanih tokova ključne su pretpostavke na kojima počiva temelj procjene, koji uključuju izradu pro forma financijskih izvještaja, te procjenu prosječnog ponderiranog troška kapitala, koji je korišten kao diskontna stopa prilikom svođenja slobodnih novčanih tokova na sadašnju vrijednost. Provedena je procjena vrijednosti dioničkog društva AD Plastik koje posluje u jednoj izrazito cikličnoj industriji – automobilskoj. Vrijednost Društva procijenjena je na temelju revizorskih izvještaja te su napravljene potrebne korekcije EBITDA-e i radnog kapitala da bi se pokazalo koliko poduzeće može generirati zarada iz operativnog dijela poslovanja.

Abstract (english)

Valuation is an interesting concept in the world of finance, given its frequent use in M&A transactions, corporate sales and court expertise. Discounted cash flow valuation is the most commonly used valuation method in today’s world and the model is characterized by discounting future free cash flow to present value and while determining the discount rate model relies on capital market theory models and so-called capital asset valuation model. The assumptions underlying the valuation, which include the preparation of pro form financial statements, and the estimate of the weighted average cost of capital, which was used as a discount rate when reducing free cash flows to present value, are crucial for the implementation of the discounted cash flow valuation. An assessment of the value of joint stock company AD Plastik, which operates in a highly cyclical industry – the automotive industry – was conducted. Value of the firm was estimated based on audited financial statements and the necessary corrections of EBITDA and working capital are made so it would show how much profits can firm generate from its operating part of business.

• Keywords: Procjena vrijednosti; metoda diskontiranih novčanih tokova; trošak vlasničke glavnice; model procjenjivanja kapitalne imovine; prosječni ponderirani trošak kapitala; slobodni novčani tok poduzeća; zarade prije kamata; porez; amortizacija
• Keywords (english): Company valuation; discounted cash flow method; cost of equity; capital asset pricing model; weighted average cost of capital; free cash flow to firm; earnings before interest; taxes; depreciation and amortization
• Language: croatian
• URN:NBN: urn:nbn:hr:148:737872
• 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: 2021-09-14 22:10:43