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Title:Vrednotenje podjetij na primeru Krka d.d.
Authors:ID Arih, Tomaž (Author)
ID Oplotnik, Žan Jan (Mentor) More about this mentor... New window
Files:.pdf MAG_Arih_Tomaz_2024.pdf (1,72 MB)
MD5: 2C7F59EE813FE191C803C6D958596BDC
 
Language:Slovenian
Work type:Master's thesis/paper
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Vrednotenje podjetij je pogosto opisano kot »umetnost« zaradi svoje subjektivne narave in številnih predpostavk, ki jih vključuje. Upoštevati moramo različne dejavnike, kot so tržne razmere, gospodarska okolja in prihodnje denarne tokove, kar otežuje natančno oceno vrednosti. Poleg tega se vrednotenje lahko razlikuje glede na pristop, ki ga uporabljamo, bodisi primerjalne metode. V svetu financ sta v ospredju uveljavila predvsem dva načina vrednotenja, in sicer metoda relativnega vrednotenja (tradicionalen način) in metoda diskontiranih denarnih tokov (sodoben način). Pri slednji gre za ocenjevanja vrednosti podjetja na podlagi prihodnjih denarnih tokov, diskontiranih na sedanjo vrednost. Ta metoda upošteva časovno vrednost denarja, kar pomeni, da so prihodnji denarni tokovi prilagojeni za tveganje in negotovost ter prevedeni na njihovo vrednost v sedanjosti. V magistrski nalogi omenimo in na kratko predstavimo tradicionalne metode vrednotenja ter podrobno opišemo metoda diskontiranih denarnih tokov in vseh komponent, ki so potrebni za izračun. Nato pa na primeru podjetja Krka, d.d implementiramo teoretični vidik metode diskontiranih denarnih tokov, tako da najprej glede na preteklo poslovanje (2018-2023) napovemo izkaz poslovnega izida in bilanco stanja do leta 2030. S pomočjo dobička iz poslovanja, prilagojenega za plačilo davka, amortizacije, investicij v osnovna sredstva in spremembe obratnega kapitala napovemo prihodnje denarne tokove podjetja, ki jih diskontiramo. Za diskontni faktor smo uporabili povprečni tehtani strošek kapitala in dolga (WACC), ki je bil v primeru podjetja Krka enak strošku lastniškega kapitala, saj velja Krka za popolnoma nezadolženo podjetje brez dolga. Na podlagi diskontiranih denarnih tokov in preostale vrednosti, ki smo jo določili s pričakovano stopnjo rasti v neskončnost, smo izračunali tržno vrednost cene delnice podjetja Krka, d.d.
Keywords:Vrednotenje, metoda diskontiranih denarnih tokov (DCF), Krka, denarni tokovi, WACC, cena delnice
Place of publishing:Maribor
Publisher:T. Arih
Year of publishing:2024
PID:20.500.12556/DKUM-90354 New window
UDC:336.763
COBISS.SI-ID:211804419 New window
Publication date in DKUM:16.10.2024
Views:0
Downloads:42
Metadata:XML 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:30.08.2024

Secondary language

Language:English
Title:Valuation of companies with Krka d.d. as an example
Abstract:Business valuation is often described as an "art" because of its subjective nature and the many assumptions involved. Various factors such as market conditions, economic environments and future cash flows have to be taken into account, which makes it difficult to estimate an accurate value. In addition, the valuation may differ depending on the approach used, whether comparative methods. In the world of finance, two valuation methods in particular have gained prominence, namely the relative valuation method (traditional method) and the discounted cash flow method (modern method). The latter involves estimating the value of a company on the basis of future cash flows discounted to present value. This method takes into account the time value of money, which means that future cash flows are adjusted for risk and uncertainty and translated into their present value. In this Master's thesis, we mention and briefly introduce the traditional valuation methods and describe in detail the discounted cash flow method and all the components needed for the calculation. We then implement the theoretical aspect of the discounted cash flow method by first forecasting the income statement and balance sheet up to 2030, based on the historical performance (2018-2023), using the example of Krka, d.d. We then forecast the future cash flows of the company, which are discounted, using tax-adjusted operating profit, depreciation and amortisation, capital expenditures and changes in working capital. The discount factor used was the weighted average cost of capital and debt (WACC), which in the case of Krka was equal to the cost of equity, as Krka is considered to be a fully debt-free company with no debt. On the basis of the discounted cash flows and the residual value determined by the expected growth rate in perpetuity, the market value of the share price of Krka, d.d. was calculated.
Keywords:Valuation, discounted cash flow method (DCF), Krka, cash flows, WACC, price of stock


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