Prosječni ponderirani trošak kapitala Atlantic Grupe

master's thesis

• Title: Prosječni ponderirani trošak kapitala Atlantic Grupe : Prosječni ponderirani trošak kapitala Atlantic Grupe
• Title (english): Weighted Average Cost of Capital Atlantic Group : Weighted Average Cost of Capital Atlantic Group
• Author: Štefan Markotić
• Mentor: Davor Zoričić (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: 2019-09-24, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Economics of Entrepreneurship

Abstract

Prosječni ponderirani trošak kapitala predstavlja minimalni zahtijevani prinos na ulaganje koji očekuju investitori u kapital Grupe. Cilj rada je izračun prosječnog ponderiranog troška kapitala Atlantic Grupe kako bi se utvrdila diskontna stopa koju Grupa treba primjenjivati kod odluke o investiranju u nove projekte kako bi ispunila očekivanja investitora.
U sklopu rada, teorijski i empirijski su analizirani pristupi izračunu ukupnog troška kapitala. Korišteno je više modela za procjenu zahtijevanog prinosa na vlasničku glavnicu (CAPM model, H model i Gordonov model), ali najpraktičniji se pokazao H model zbog visoke stope rasta isplaćenih dividendi u promatranom periodu.
Trošak duga procijenjen je ponderiranim prosjekom troška duga obveznice i troška duga na kredite.
Procjena prosječnog ponderiranog troška kapitala je korisna zato što objektivno prikazuje zahtijevane prinose svih investitora u kapital poduzeća.

Abstract (english)

Weighted Average Cost of Capital presents minimum rate of return that the investors expect on their investment in a Group capital.
The aim of this paper is to calculate the Weighted Average Cost of Capital for the Atlantic Group to determine a discount rate that the Group should use when deciding about investing in new projects so it would justify expectations of the investors. Theoretical and empirical analysis of approache used in calculatation of the Cost of Capital was made in this paper. Several models were used in the assessment of the Cost of equity (CAPM model, H model and Gordon model) but the H model was most appropriate because of the high rate of growth for a dividends paid in the observed period.
The Cost of Group's debt was estimated by the Weighted Average of the Cost of debt for a bond and the Cost of debt for a credit.
Assessment of the Weighted Average Cost of Capital is useful because it objectively shows expected returns of all the investors in the Group capital.

• Keywords: trošak kapitala; investitori; rizik; očekivani povrat; diskontna stopa
• Keywords (english): cost of capital; investors; risk; expected return; discount rate
• Language: croatian
• URN:NBN: urn:nbn:hr:148:383969
• 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: Access restricted to students and staff of home institution
• Created on: 2019-09-24 20:27:54