UTJECAJ PROMJENE DANA NAPLATE POTRAŽIVANJA NA PROCJENU VRIJEDNOSTI PODUZEĆA IZ SEKTORA VELETRGOVINE

master's thesis

• Title (english): THE IMPACT OF THE CHANGE IN DAYS OF COLLECTION OF THE RECEIVABLES ON THE VALUATION OF A COMPANY IN THE WHOLESALE SECTOR
• Author: Luka Galić
• Mentor: Denis Dolinar (mentor); MBZ: 308695
• Committee member: Ena Pecina (predsjednik povjerenstva)
• Committee member: Davor Zoričić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Managerial Economics); Zagreb
• Defense date and country: 2021-09-30, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Economics of Entrepreneurship

Abstract

U svijetu velikih poduzeća koja su uvrštena na burzi za opstanak je ključno mnogo faktora. Svi dionici poslovnih konglomerata moraju biti svjesni da kod vođenja poduzeća trebaju razmišljati dugoročno, a ne samo kratkoročno. U poslovanju važno je u obzir uzeti svaki izazov, kako one kasnije, tako i one koji se sada približavaju. Mnoga poduzeća ignoriraju tu činjenicu i zanemaruju onaj kratkoročni dio, a to je u ovom kontekstu upravljanje radnim kapitalom. Naplaćivanje potraživanja od kupaca presudno je za kvalitetno tekuće poslovanje koje je jedno od stvaratelja podloge za dugoročan uspjeh. U slučaju poduzeća Medika d.d., vidljiv je drastičan utjecaj na procjenu vrijednosti kod korištenja industrijskog prosjeka u radnom kapitalu. procijenjena vrijednost društva korištenjem dana naplate potraživanja usporedivih poduzeća narasla je 46,8% u odnosu na procjenu korištenjem podataka Medike. U obzir treba uzeti da su svi ostali parametri ostali nepromijenjeni, uz korekciju dana plaćanja dobavljača, što predstavlja logičnu promjenu s obzirom da poduzeće u tom slučaju ima mnogo raspoloživih sredstava za plaćanje. U procjeni su korišteni brojni povijesni pokazatelji, ali i očekivanja budućih kretanja, tržišne analize i pretpostavke koje su iz njih proizašle.

Abstract (english)

In the world of large, publicly traded companies, many factors are crucial for survival. All of the stakeholders have to be aware that, in running a business, they have to think about the long term and not focus only on short term. In business, it is important to take into account every challenge, both those later and those which are approaching now. Many companies ignore this fact and neglect the short-term part, which is, in this context, working capital management. Managing account receivables is a must-do for a smoothly running business, which is one of the foundations for long-term success. In the case of Medika d.d., there is a drastic impact on its valuation while using industry average inputs in the working capital part. While the only adjustment in this scenario is that of days payables outstanding, the estimated value of the company, while using the days of collection of receivables of comparable companies, increased by 46.8% compared to the valuation performed using Medika’s historical data. It should be taken into account that all other parameters remained unchanged, with only the adjustment of days payables outstanding which is a natural adjustment as the company has enough funds to pay its suppliers faster. Numerous historical indicators were used in both scenarios, as well as expectations of future trends, market analysis and assumptions that arose from them.

• Keywords: procjena vrijednosti; veletrgovina; dani naplate potraživanja; dani plaćanja dobavljača; radni kapital; diskontirani novčani tokovi
• Keywords (english): company valuation; wholesale; days sales outstanding; days payables outstanding; working capital; discounted cash flow
• Language: croatian
• URN:NBN: urn:nbn:hr:148:779794
• 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: 2021-10-05 13:46:38