Procjena vrijednosti privatno držanog poduzeća iz djelatnosti maloprodaje

master's thesis

• Title (english): Valuation of a privately held retail company
• Author: Valentina Begić
• Mentor: Denis Dolinar (mentor); MBZ: 308695
• Committee member: Denis Dolinar (predsjednik povjerenstva)
• Committee member: Davor Zoričić (član povjerenstva)
• Committee member: Andrija Sabol (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2019-09-24, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

Predmet istraživanja ovog rada je vrednovanje privatnog poduzeća iz djelatnosti maloprodaje. Vrednovanje privatno držanih poduzeća veže uz sebe određene specifičnosti u odnosu na vrednovanje javnih dioničkih društava, zbog čega se poseban značaj u radu pridaje upravo tim specifičnostima. Osnovni cijevi rada su: (1) na jednostavan način objasniti postupke vrednovanja poduzeća, (2) provesti analizu djelatnosti i poslovnu analizu poduzeća te (3) utvrditi vrijednost poduzeća. Stoga je u radu na konkretnom primjeru primijenjena metoda diskontiranja slobodnih novčanih tokova, najčešće korištena metoda vrednovanja. Ciljevi radi postignuti su korištenjem (1) stručne i znanstvene literature koja se bavi problematikom procesa i metoda vrednovanja poduzeća, (2) dostupnih financijskih izvještaja i informacija o poduzeću, te (3) podataka o usporedivim poduzećima. Na temelju financijskih izvještaja za zadnje tri godine provedena je procjena budućeg poslovanja i novčanih tokova poduzeća. Budući da primijenjena metoda procjene vrijednosti zahtijeva i utemeljenje adekvatne diskontne stope, isto je provedeno koristeći podatke o usporedivim poduzećima. U konačnici je procijenjena vrijednosti umanjena za diskont likvidnosti, specifičan za vrednovanje privatnih poduzeća.

Abstract (english)

The subject of this thesis is a valuation of private retail company. Compared to valuation of public companies, the valuation of privately held companies is specific. Thus, significant part of the thesis is attributed to those specifics. Main objectives of this paper are: (1) describe valuation procedures in a simple way, (2) conduct retail business analysis and business analysis of the company, as well as (3) determine the value of the company. Therefore, in this paper is applied discounted free cash flow method, the most frequently used valuation method. Objectives are achieved through the use of (1) scientific literature which deals with valuation process and methods, (2) available financial statements and information about company and (3) available data on comparable companies. Based on financial statements for the past three years, an assessment of future business activities and cash flows of the company has been carried out. Since the applied valuation method requires the establishment of the adequate discount rate, it was established using data on comparable companies. Finally, liquidity discount was applied, which is the specificity of the private company valuation.

• Keywords: vrednovanje poduzeća; metoda diskontiranja novčanih tokova; slobodni novčani tokovi; diskontna stopa; djelatnost maloprodaje; privatno držano poduzeće
• Keywords (english): valuation of a company; DCF method; free cash flows; discount rate; retail; privately held company
• Language: croatian
• URN:NBN: urn:nbn:hr:148:461104
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2019-09-25 09:15:42