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Title:UPRAVIČENOST NAKUPA PODJETJA S POMOČJO FINANČNE ANALIZE
Authors:Korošec, Karmen (Author)
Oplotnik, Žan Jan (Mentor) More about this mentor... New window
Files:.pdf MAG_Korosec_Karmen_2012.pdf (943,29 KB)
 
Language:Slovenian
Work type:Master's thesis/paper (mb22)
Organization:EPF - Faculty of Business and Economics
Abstract:V magistrski nalogi sem želela prikazati, kako poteka nakup podjetja ter kako pomembni so pri tem temeljit skrbni pregled, finančna analiza in ocena vrednosti podjetja. Poglavitni namen naloge je slonel na ugotovitvi, ali je bil nakup podjetja Pršutarna Lokev na Krasu d.o.o. upravičen. Glede na to, da kupec ciljnega podjetja v danem trenutku nakupa ni razpolagal z poglobljeno finančno analizo ter ni imel ocene vrednosti podjetja s strani pooblaščenih ocenjevalcev vrednosti, sem v nalogi sama izvedla finančno analizo podjetja Pršutarna Lokev na Krasu d.o.o. ter podala oceno vrednosti podjetja s pomočjo dveh metod ( metode diskontiranih denarnih tokov in metode likvidacijske vrednosti). Ugotavljam, da je dober skrbni pregled poslovanja osnova za izvedbo finančne analize ter določanja vrednosti podjetja, saj s pomočjo podatkov, ki jih finančno analiziramo tudi lažje in bolj natančno napovemo prihodnost. Finančna analiza podjetja je pokazala, da je finančna slika v podjetju dokaj dobra. Podjetje ima relativno dobre možnosti za rast, ki pa seveda morajo biti podprte z ustrezno strategijo. Rezultat ocene vrednosti podjetja je pokazal, da je bil nakup podjetja Pršutarna Lokev na Krasu d.o.o. upravičen, saj je bila kupnina nižja od vrednosti podjetja, pridobljene s pomočjo obeh metod vrednotenja. Seveda pa nobena ocena vrednosti podjetja ne daje čisto natančne slike, saj ima vsaka metoda številne slabosti, predvsem odvisnost od številnih parametrov, ki jih je potrebno napovedati. Vsaka napoved pa vemo, da je lahko tudi napačno ocenjena. Tako kot pri vsakem poslu ima tudi pri nakupu podjetja ključno vlogo faza pogajanja, ki je bila v tem konkretnem primeru izvrstno izpeljana. S pomočjo magistrske naloge sem poglobila svoje znanje na področju finančne analize, prav tako pa sem spoznala tudi osnove vrednotenja podjetij.
Keywords:nakup podjetja, poslovni načrt, skrbni pregled, finančna analiza, analiza bilance stanja, analiza izkaza poslovnega izida, analiza računovodskih izkazov s kazalniki, vrednotenje podjetja, modeli vrednotenja podjetja, model diskontiranih denarnih tokov, model likvidacijske vrednosti, pogajanje, financiranje...
Year of publishing:2011
Publisher:[K. Korošec]
Source:Celje
UDC:658.14/.17
COBISS_ID:10965788 Link is opened in a new window
NUK URN:URN:SI:UM:DK:G8NB5A6X
Views:2435
Downloads:457
Metadata:XML RDF-CHPDL DC-XML DC-RDF
Categories:EPF
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Secondary language

Language:English
Title:ELIGIBILITY OF A COMPANY ACQUISITION WITH THE FINANCIAL ANALYSIS
Abstract:The purpose of the master's thesis is to demonstrate the enterprise acquisition process and the importance played in that regard by due diligence, financial analysis and business valuation. The main purpose of the research rested on the observation, whether the acquisition of the Pršutarna Lokev na Krasu d. o. o. (plc) was justified. Because the buyer of the target company at the moment of acquisition was not in possession of an in-depth financial analysis and business valuation by means of authorised valuators, I performed a financial analysis of Pršutarna Lokev na Krasu d. o. o. in the master's thesis myself. I also made a value estimate of the company by means of two methods: DCF – discounted cash flow and liquidation value method. It has been observed that due diligence serves as a good basis for financial analysis and business valuation. Information provided by financial analysis namely facilitates a more accurate prediction of the future. The financial analysis of Pršutarna Lokev na Krasu d.o.o. has shown a good financial picture of the enterprise. The company has relatively good prospects for growth, which must, however, be supported by an appropriate strategy. Results of the enterprise's value estimate have shown that the acquisition thereof was warranted. The purchase price was lower than the value of the company, obtained by both methods. Of course, neither value estimate of the enterprise has provided me with a completely accurate picture, which is due to several disadvantages of both methods, most of all to the dependence on many parameters that must be predicted in advance. As we know, all predictions can also be wrongly estimated. As in any other transaction, negotiation also plays a vital role in enterprise acquisition. In this case, the process was excellently performed. The master's thesis has deepened my financial analysis knowledge and have also become familiar with the basics of business valuation.
Keywords:a company acquisition, business plan, due dilligence, financial analysis, balance sheet analysis, analysis of profit and loss account, financial statements analysis, financial indicators, valuating, valuation methods, DCF- discounted cash flow, liquidation value method, negotiation, financing...


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