SPECIFIČNOSTI PROCJENE VRIJEDNOSTI HOTELIJERSKIH PODUZEĆA METODOM DISKONTIRANIH NOVČANIH TOKOVA – PRIMJER VREDNOVANJA PODUZEĆA MAISTRA D.D.

master's thesis

• Title (english): SPECIFICS OF VALUATION OF HOTEL COMPANIES USING DISCOUNTED CASH FLOW METHOD – CASE STUDY VALUATION OF THE MAISTRA D.D.
• Author: Filip Radić
• Mentor: Denis Dolinar (mentor)
• Committee member: Davor Zoričić (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: 2022-05-24, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Analitičari se služe raznim metodama vrednovanja poduzeća. Metoda diskontiranih novčanih tokova jedna je od najkorištenijih metoda u praksi te je prikladna metoda za korištenje pri vrednovanju poduzeća koje posluje u hotelijerskoj industriji. Model diskontiranih novčanih tokova temelji se na procjeni očekivanih novčanih tokova u budućnosti. Mnoge različite varijable iz unutarnjeg ili vanjskog okruženja poduzeća mogu utjecati na vrednovanje putem metode diskontiranog novčanog toka, tako da vrednovanje ovim modelom predstavlja mnoge izazove za analitičare koji moraju imati iskustva i razumjeti industriju poduzeća koje procjenjuju.

U ovome radu vrednuje se hotelijersko poduzeće Maistra d.d. te se prije same procjene ističu specifičnosti industrije u kojoj poduzeće posluje te ključne razlike i izazovi s kojima se analitičari susreću pri procjeni hotelijerskog poduzeća. Hotelijerski sektor je specifična industrija s visokim karakteristikama rizika i izrazito je osjetljiva na različite makroekonomske varijable. U procesu procjene vrijednosti bitne su informacije dobivene iz analize temeljnih financijskih izvještaja poduzeća koje pomažu analitičarima odrediti projekcije za buduće poslovanje poduzeća. Hotelijerskim poduzećima cilj je u financijskim izvještajima prikazati kvantitativne informacije poput broja noćenja, iskorištenost kapaciteta, itd. koje mogu analitičarima dati širu sliku o poslovanju poduzeća i pomoći pri izradi pro-forma financijskih izvještaja na temelju kojih će se odrediti slobodni novčani tokovi i ostali parametri potrebni za procjenu vrijednosti.

Abstract (english)

Analysts use a variety of company valuation methods. The application of the discounted cash flow method in this paper is one of the most used methods in practice and is the optimal method for use in the valuation of companies operating in the hotel industry. The discounted cash flow model is based on estimating expected future cash flows. Many different variables from the internal or external environment of a company can influence valuation through the discounted cash flow method, so valuing with this model presents many challenges for analysts who need to have experience and understand the industry of the company they are valuating.
In this paper the hotel company Maistra d.d. is being valuated and before the valuation itself, the specifics of the industry in which the company operates are highlighted, as well as the key differences and challenges that analysts face when assessing a hotel company. The hotel sector is a specific industry with high risk characteristics and is extremely sensitive to various macroeconomic variables. In the process of valuation, the information obtained from the analysis of the basic financial statements of the company is important, which helps analysts to determine projections for the future operations of the company. The goal of hotel companies is to present quantitative information in their financial statements, such as number of overnight stays, capacity utilization, etc., which can give analysts a broader picture of the company's operations and help prepare pro-forma financial statements to determine free cash flows and other parameters to assess value.

• Keywords: procjena vrijednosti poduzeća; slobodni novčani tok; diskontirani novčani tokovi; prosječni ponderirani trošak kapitala; hotelijerska poduzeća
• Keywords (english): company valuation; free cash flows; discounted cash flows; weighted average cost of capital; hotel companies
• Language: croatian
• URN:NBN: urn:nbn:hr:148:335754
• 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: Open access
• Created on: 2022-05-24 10:41:22