PROCJENA VRIJEDNOSTI PODUZEĆA KRKA D.D. METODOM SADAŠNJE VRIJEDNOSTI SLOBODNIH NOVČANIH TOKOVA

master's thesis

• Title (english): VALUATION OF KRKA USING DISOUNTED CASH FLOW METHOD
• Author: Jure Borovac
• Mentor: Andrija Sabol (mentor)
• Committee member: Andrija Sabol (predsjednik povjerenstva)
• Committee member: Denis Dolinar (član 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: 2022-04-25, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics

Abstract

U svijetu financija postoji niz različitih metoda procijene vrijednosti poduzeća, no ni jedna nije korištena među investitorima više nego metoda diskontiranja novčanih tokova. Metoda u sebi sadrži dubinsku analizu poslovanja poduzeća s ciljem što uspješnijeg projiciranja budućeg poslovanja. Osim toga, metoda ima i komponentu vremenske vrijednosti novca koja se izražava putem ponderiranog prosječnog troška kapitala koji se koristi kao diskontna stopa. Kako bi se procijenile potrebne stavke za izračun slobodnih novčanih tokova potrebno je projicirati glavne financijske izvještaje. Provedena je procjena vrijednosti glavnice Krka Grupe, slovenskog dioničkog društva koje ostvaruje prodaju u više od 70 zemalja diljem svijeta. Grupa posluje u farmaceutskoj industriji koju obilježavaju visoke kapitalne investicije i ulaganja u istraživanje i razvoj. Kretanje prodaje farmaceutske industrije izrazito je stabilno što dodatno olakšava predviđanje budućih poslovnih rezultata. Na kraju se uspoređuje procijenjena vrijednost dionice s tržišnom te se donosi zaključak o podcijenjenosti/precijenjenosti.

Abstract (english)

In the world of finance there are several different methods of estimating the value of a company, but none has been used among investors more than the method of discounting cash flows (DCF). The method contains an in-depth analysis of the company's business with the aim of more successfully projecting future business. In addition, the method has a time value of money component that is expressed in terms of the weighted average cost of capital used as the discount rate. In order to estimate the items needed to calculate free cash flows, it is necessary to project the main financial statements. An assessment of the value of equity for Krka Group, a Slovenian joint stock company with sales in more than 70 countries around the world, was conducted. The Group operates in the pharmaceutical industry, which is characterized by high capital investments and investments in research and development. The sales trends of the pharmaceutical industry are quite stable, which further simplifies the forecasting of future business results. Finally, the estimated value of the stock is compared with the market value and a conclusion is made on the undervaluation/overvaluation of the stock.

• Keywords: procjena vrijednosti poduzeća; DCF metoda; slobodni novčani tokovi; trošak glavnice; rezidualna vrijednost; dionice
• Keywords (english): company valuation; DCF method; free cash flow; cost of equity; terminal value; stocks
• Language: croatian
• URN:NBN: urn:nbn:hr:148:374690
• 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 students and staff of home institution
• Created on: 2022-04-26 08:20:06