Procjena vrijednosti poduzeća metodom diskontiranih novčanih tokova na primjeru društva Pevex d.d.

master's thesis

• Title (english): Company valuation using the discounted cash flow method: a case study of Pevex d.d.
• Author: Borna Čujić
• Mentor: Lidija Dedi (mentor)
• Committee member: Lidija Dedi (predsjednik povjerenstva)
• Committee member: Denis Dolinar (član povjerenstva)
• Committee member: Silvije Orsag (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2022-09-20, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Procjena vrijednosti, kao kvantitativni proces određivanja fer vrijednosti neke imovine, koristi se za rješavanje spektra zadataka. Od posebne je važnosti u područjima upravljanja portfeljem, analizama stjecanja i spajanja te u poslovnim financijama. U praksi se u svijetu financija koristi niz različitih metoda za potrebe procjene vrijednosti, no metoda diskontiranih novčanih tokova se ističe kao teorijski najprikladnija za izračun intrinzične vrijednosti i kao jedna od najraširenijih među znanstvenicima i financijskim profesionalcima. Prema metodi diskontiranih novčanih tokova vrijednost poduzeća izvedena je iz sadašnje vrijednosti njegovih prognoziranih novčanih tokova. Iz tog razloga, kod provedbe ove metode ključne su pretpostavke na kojima se temelje projekcije budućih novčanih tokova i izračun diskontne stope. Provedena je procjena vrijednosti vlasničke glavnice poduzeća Pevex d.d. koje posluje u industriji maloprodaje neprehrambene robe. Vrijednost poduzeća procijenjena je na temelju revizorskih izvještaja na kojima su napravljene potrebne korekcije za jednokratne i neoperativne stavke. Budući da se dionicama Pevexa ne trguje na uređenom tržištu, primijenjen je i diskont za neutrživost.

Abstract (english)

Company valuation is being used to address a wide range of tasks. It is of particular importance in the areas of portfolio management, acquisition analysis and corporate finance. In practice, a number of different methods are used in the world of finance for company valuation purposes, but the discounted cash flow method stands out as a theoretically most sound method for calculating the intrinsic value and as one of the most widespread among academics and financial professionals. According to the discounted cash flow method, company value is derived from the present value of its future cash flows. For this reason, when implementing this method, the assumptions on which the projection of future cash flows and the calculation of the discount rate are based are crucial. Company valuation was conducted on Pevex d.d., which operates in the non-food retail industry, was conducted. Company value was estimated on the basis of audit reports on which the necessary corrections were made for non-recurring and non-operating items. Since Pevex shares are not being traded on a regulated market, a discount for lack of marketability was also applied.

• Keywords: procjena vrijednosti poduzeća; metoda diskontiranih novčanih tokova; trošak kapitala; slobodni novčani tok poduzeću; Pevex
• Keywords (english): company valuation; discounted cash flow method; cost of capital; free cash flow to the firm; Pevex d.d.
• Language: croatian
• URN:NBN: urn:nbn:hr:148:151896
• 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: 2022-09-22 16:58:20