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Title:Primerjava vrednotenja različnih podjetij znotraj avtomobilske industrije na osnovi tržnih multiplikatorjev
Authors:ID Šadl, Aleš (Author)
ID Jagrič, Timotej (Mentor) More about this mentor... New window
Files:.pdf MAG_Sadl_Ales_2023.pdf (2,85 MB)
MD5: 66AA5A70BDFCEE86707875A7FE15F09B
 
Language:Slovenian
Work type:Master's thesis/paper
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:V magistrskem delu obravnavamo temo vrednotenja podjetij na osnovi tržnih multiplikatorjev. Tržni multiplikator je relativni kazalnik vrednosti, ki nam pomaga razumeti kakšna je trenutna vrednost podjetja oziroma naložbe, v primerjavi s podobnimi podjetji na trgu. Poznamo več vrst tržnih multiplikatorjev, med katerimi obravnavamo multiplikator P/E, multiplikator EV/EBITDA, multiplikator EV/EBIT, multiplikator P/B, multiplikator P/S in multiplikator EV/S. Vsak ima svoje prednosti in slabosti, vendar skupaj dajo nekakšno dobro oceno precenjenosti oziroma podcenjenosti podjetja. Podjetja za katera ocenjujemo precenjenost oziroma podcenjenost, so podjetja znotraj avtomobilske industrije. Ta podjetja so Mercedes-Benz, BMW, Volkswagen, Ford, General Motors, Tesla, Toyota, Nissan, Honda in Hyundai. Za vsako izmed teh podjetij najprej izračunamo posamezne multiplikatorje za leta od 2018 do 2021. Pri tem lahko ugotovimo, da ima podjetje Tesla najvišje vrednosti vseh multiplikatorjev za vsa leta. Iz tega bi lahko sklepali, da je podjetje močno precenjeno. Multiplikatorji vseh ostalih podjetij se povečini gibljejo nekje v območju zgodovinskih povprečij podjetij v indeksu S&P 500, ali pa so glede na ta zgodovinska povprečja nižji. Torej lahko rečemo, da so vsa ostala podjetja pravilno ocenjena, ali podcenjena. Za tem sledi primerjava multiplikatorjev posameznih podjetij znotraj avtomobilske industrije v letu 2021. Tudi tu ugotovimo, da pri vseh multiplikatorjih izstopa podjetje Tesla, kar je ponovno znak močne precenjenosti. Pri tem moramo biti pozorni, da gre za podjetje s kratko zgodovino, ki se po svojih bistvenih elementih razlikuje od ostalih podjetij. Zaradi tega dejstva smo izračunali povprečne vrednosti multiplikatorjev brez podjetja Tesla. Pri tem smo prišli do rezultata, da so multiplikatorji ostalih podjetij nižji od povprečnih vrednosti multiplikatorjev celotne panoge avtomobilov in tovornjakov. Iz tega lahko sklepamo, da je večina obravnavanih podjetij podcenjenih. Pri tem moramo biti pozorni, da imajo ta podjetja dolgo zgodovino in bi lahko razlog za nižje multiplikatorje iskali v tem, da vlagatelji pričakujejo počasno rast, ali, da rasti v prihodnosti sploh ne bo.
Keywords:tržni multiplikator, avtomobilska podjetja, vrednotenje, primerjava
Place of publishing:Maribor
Publisher:A. Šadl
Year of publishing:2023
PID:20.500.12556/DKUM-83326 New window
UDC:657.92:339.13
COBISS.SI-ID:153454595 New window
Publication date in DKUM:25.05.2023
Views:370
Downloads:34
Metadata:XML RDF-CHPDL DC-XML DC-RDF
Categories:EPF
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Licences

License:CC BY-NC-ND 4.0, Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International
Link:http://creativecommons.org/licenses/by-nc-nd/4.0/
Description:The most restrictive Creative Commons license. This only allows people to download and share the work for no commercial gain and for no other purposes.
Licensing start date:25.10.2022

Secondary language

Language:English
Title:Valuation comparison of various companies in the automotive industry, based on market multiples
Abstract:In the master’s thesis, we discuss the topic of company valuation based on market multiples. The market multiple is a relative value indicator that helps us understand what the current value of a company or investment is compared to similar companies on the market. There are several types of market multiples, among which we discuss P/E multiple, EV/EBITDA multiple, EV/EBIT multiple, P/B multiple, P/S multiple and EV/S multiple. Each of them has its advantages and disadvantages, but together they give a good estimate of how overvalued or undervalued a company is. The companies for which we assess overvaluation or undervaluation are companies within the automotive industry. These companies are Mercedes-Benz, BMW, Volkswagen, Ford, General Motors, Tesla, Toyota, Nissan, Honda and Hyundai. Firstly, for each of these companies, we need to calculate the individual multiple for the years 2018 to 2021. In doing so, we can find that Tesla has the highest values of all multiples for all years. From this, we could conclude that the company is significantly overvalued. The multiples of all other companies are mostly somewhere in the range of the historical averages of the companies in the S&P 500 index, or are lower relative to these historical averages. Therefore, we can say that all other companies are valued correctly, or are undervalued. Secondly, we compare the multiples of the individual companies, within the automotive industry, for year 2021. Here again, we find that Tesla stands out in all multiples, which is again a sign of significant overvaluation. It is crucial to keep in mind that Tesla is a company with a short history, which differs from other companies in its essential elements. Due to this fact, we calculate the average values of the multiples without Tesla. In doing so, we came to the results that the multiples of the other companies are lower than the average values of the multiples of the entire automotive and truck industry. From this, we can conclude that most of the considered companies are undervalued. We must pay attention to the fact that these companies have a long history, thus the reason for lower multiples could be that investors expect slow growth or that there will be no growth in the future.
Keywords:market multiple, automotive industry, valuation, comparison


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