Strategijska i financijska analiza u funkciji procjene vrijednosti na primjeru poduzeća Podravka Grupa d.d.

master's thesis

• Title (english): Strategic and financial analysis in valuation of Podravka Grupa d.d.
• Author: Lovro Živko
• Mentor: Andrija Sabol (mentor)
• Committee member: Ena Pecina (član povjerenstva)
• Committee member: Denis Dolinar (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2023-07-05, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Prilikom provođenja procjene vrijednosti poduzeća analitičarima su na raspolaganju različite metode vrednovanja, a odabir metode ovisi o veličini i mijeni životnog vijeka industrije u kojoj poduzeće posluje. Ovaj rad predstavlja primjer procesa vrednovanja poduzeća na primjeru Podravka Grupe. Podravka je velik igrač u prehrambenoj i farmaceutskoj industriji u Hrvatskoj i Jugoistočnoj Europi, a zbog svoje veličine i životnog ciklusa odabrana je metoda diskontiranog novčanog toka kao najprikladnija metoda za vrednovanje. Provedena analiza pokazala je da je na dan 31. ožujka 2023. intrinzična vrijednost Podravka Grupe procijenjena na EUR 81,5 po dionici. Dobivena vrijednost implicira precijenjenost dionice za 12,8% u odnosu na tržišnu vrijednost poduzeća na isti dan. U ovome radu detaljno će se prikazati rezultati istraživanja, uključujući različite čimbenike koji su utjecali na konačno vrednovanje. Metoda diskontiranog novčanog toka korištena u ovoj analizi uključuje projekciju budućih novčanih tokova poduzeća, njihovo diskontiranje na sadašnju vrijednost, a zatim njihovo zbrajanje kako bi se dobila intrinzična vrijednost. Komponente koje utječu na procjenu uključuju rast prihoda poduzeća, profitabilnost, kapitalne izdatke i ponderirani prosječni trošak kapitala. Kroz detaljnu analizu Podravkinih financijskih izvještaja i drugih relevantnih informacija, ovaj će rad pružiti cjelovito razumijevanje čimbenika koji su utjecali na konačnu procjenu vrijednosti i njihovu povezanost s ukupnim poslovanjem poduzeća. Nalazi ovog istraživanja mogu biti korisni investitorima, menadžerima i drugim dionicima u donošenju informiranih odluka o njihovim ulaganjima i poslovnim strategijama.

Abstract (english)

When conducting a company valuation, analysts have at their disposal different valuation methods and the choice of method depends on the size and changes in the life cycle of the industry in which the company operates. This paper presents an example of the company valuation process based on the example of the Podravka Group. Podravka is a major player in the food and pharmaceutical industry in Croatia and Southeast Europe, and due to its size and life cycle, the discounted cash flow method was chosen as the most appropriate method for valuation. The analysis carried out showed that on March 31, 2023, the intrinsic value of Podravka Group was estimated at EUR 81.5 per share. The obtained value implies that the share is overvalued by 12.8% compared to the market value of the company on the same date. In this paper, the results of the research will be presented in detail, including the various factors that influenced the final evaluation. The discounted cash flow method used in this analysis involves projecting a company's future cash flows, discounting them to their present value, and then adding them together to get the intrinsic value. Components that affect the valuation include the company's revenue growth, profitability, capital expenditures and weighted average cost of capital. Through a detailed analysis of Podravka's financial statements and other relevant information, this paper will provide a comprehensive understanding of the factors that influenced the final valuation and their connection to the company's overall operations. The findings of this research can be useful to investors, managers and other stakeholders in making informed decisions about their investments and business strategies.

• Keywords: strategijska i financijska analiza; vrijednost; vrednovanje; metoda diskontiranih novčanih tokova; slobodni novčani tokovi poduzeću; prosječni ponderirani trošak kapitala; analiza osjetljivosti
• Keywords (english): strategic and financial analysis; value; valuation; discounted cash flow method; free cash flows to the firm; weighted average cost of capital; sensitivity analysis
• Language: croatian
• URN:NBN: urn:nbn:hr:148:373702
• 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 authenticated users
• Created on: 2023-07-06 17:06:03