Procjena vrijednosti poduzeća metodom diskontiranih novčanih tokova na primjeru društva B.elektronika d.o.o.

master's thesis

• Title (english): Valuation of B.elektronika d.o.o. using discounted cashflow method
• Author: Ivan Jurić
• Mentor: Ena Pecina (mentor)
• Committee member: Andrija Sabol (predsjednik 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: 2022-06-20, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Economics of Entrepreneurship

Abstract

Procjena vrijednosti predstavlja jedan od zanimljivijih dijelova poslovnih financija te se često koristi za različite svrhe poput: kupoprodaje poduzeća, isključivanja dioničara, donošenja strateških odluka i slično. Metoda koja je među najkorištenijim u svijetu financija je DCF ili metoda diskontiranih novčanih tokova. Teoretska podloga iza metode glasi da je vrijednost imovine određena novčanim tokovima koje će ta imovina generirati u budućnosti te riziku ostvarivanja istih. Glavni elementi metode su osim procijenjivanja budućih novčanih tokova, određivanje pro forma financijskih izvještaja te određivanje troška kapitala. Provedena je procjena privatnog društva B. elektronika d.o.o. koja se bavi najmom, prodajom i servisom fotokopirnih i pisačih uređaja te djeluje u papirnoj industriji koja je, zbog tehnološkog napretka, u fazi izumiranja. Vrijednost društva je procijenjena na temelju dokumentacije koje vodi računovodstvo društva te informacija direktora predmetnog društva.

Abstract (english)

Valuation is one of the most interesting parts of corporate finance and it is often used for different purposes, such as: M&A activities, exclusion of shareholders, strategic corporate decisions and other. One of the most used methods in world of finance is DCF or discounted cash flow method. Main logic behind the method is that value of an asset is determined by future cash flow it generates and the riskiness of them. Main elements of method, except from determining future cash flows, are determining pro-forma financial statements and determining cost of capital. Valuation has been done of the private company B. elektronika d.o.o. which is engaged in the rental, sale and maintenance of photocopiers and printers which operates in the paper industry that, due to technological advances, is in the phase of extinction. The value of the company was estimated on the basis of documentation from the company's accounting and information from the director.

• Keywords: procjena vrijednosti; metoda diskontiranih novčanih tokova; model procjenjivanja kapitalne imovine; trošak glavnice; trošak duga; slobodni novčani tok poduzeću; normalizacija
• Keywords (english): company valuation; discounted cash flow method; capital asset pricing model; cost of capital; free cash flow to firm; cost of debt; earnings before interest; taxes; depreciation and amortization; normalization
• Language: croatian
• URN:NBN: urn:nbn:hr:148:839478
• 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: 2022-06-21 07:23:04