Procjena vrijednosti brzo rastućih poduzeća

master's thesis

• Author: Tomislav Biljanić
• Mentor: Siniša Slijepčević (mentor)
• Committee member: Siniša Slijepčević (predsjednik povjerenstva)
• Committee member: Zvonimir Tutek (član povjerenstva)
• Committee member: Marko Tadić (član povjerenstva)
• Committee member: Josip Tambača (član povjerenstva)
• Granter: University of Zagreb; Faculty of Science; (Department of Mathematics); Zagreb
• Defense date and country: 2017-09-28, Croatia
• Scientific / art field, discipline and subdiscipline: NATURAL SCIENCES; Mathematics

Abstract

Ovaj rad opisuje na koji se način može procijeniti vrijednost brzorastućih poduzeća. Da bi se moglo opisati kako procijeniti brzorastuće poduzeće, najprije je bilo potrebno proći kroz osnovne financijske pojmove te potom obraditi temu procjene poduzeća i brzorastućih poduzeća, a na kraju sve prikazati kroz praktični primjer procjene hrvatskog brzorastućeg poduzeća. Na samom početku rada prikazano je kako se obračunavaju kamatne stope. Nakon što su definirani osnovni pojmovi, rad prikazuje principe složenog kamatnog računa koji daje uvid kako se vrijednost novca mijenja. S obzirom da na investicije gledamo kao na tokove novca, jedan od bitnih alata investitora, jest i izračun sadašnje vrijednosti budućih novčanih tokova. Nakon poglavlja o kamatama, rad se detaljnije bavi procjenom vrijednosti anuiteta koji opisuju sustavne novčane isplate koje se često mogu vidjeti prilikom isplata dividendi, mjesečne otplate kredita, itd. Zatim je izvedena je formula za izračun vrijednosti dionica, pomoću modela diskontiranja dividendi, koja opisuje osnovni princip izračuna vrijednosti poduzeća. Glavna razlika procjene vrijednosti poduzeća u odnosu na model diskontiranja dividendi je u tome što dividende predstavljaju tok novca poduzeća dostupan samo dioničarima, dok se kod modela diskontiranih novčanih tokova diskontira tok novca dostupan svim investitorima. Tok novca dostupan svim investitorima poduzeća nazvan je slobodnim tokom novca. Za izračun slobodnog toka novca, prema povijesnim podacima i poslovnom planu, procjenjuju se slobodni tokovi novca u budućnosti. Nakon što se slobodni tok novca procijeni, on se diskontira za težinski prosjek troška kapitala te se time dobije sadašnja vrijednost poduzeća. Dodatno, dijeljenjem vrijednosti poduzeća s brojem dionica dobije se vrijednost poduzeća po dionici. Za izračun vrijednosti brzorastućih poduzeća najprije procjenjujemo buduće tržište i buduće tokove novca, a potom tu procjenu koristimo kako bismo procijenili prethodne tokove. Nakon što se procijene tokovi novca diskontiranjem toka novca za težinski prosjek troška kapitala dobijemo vrijednost brzorastućeg poduzeća. Na kraju, u radu se prikazuje praktičan primjer procjene hrvatskog brzorastućeg poduzeća, Vibbyja.

Abstract (english)

This paper describes how to evaluate the value of fast-growing companies. To be able to describe how to assess a fast-growing company, firstly, it was necessary to define basic financial terms and then address the issue of companies’ and fast-growing companies’ evaluation. Finally, evaluation process and financial terms are shown through a practical example of a Croatian fast-growing company. The interest rate calculation is analyzed at the very beginning of the paper. After definition of basic terms, the paper presents the principles of a complex interest rate calculation, which shows a change of the value of money. Considering investments as the cash flow, one of important investors’ tools, is the calculation of present value of future cash flows. After the interests' part, the paper is focused on evaluation of annuity values, which describe systematic cash payments, such as dividends' payments, monthly loan repayments etc. Then the formula for calculation of shares’ value is derived, by the dividends discounting model, which describes the main principle of the calculation of company’s value. The main difference between evaluation of company's value and the dividends' discounting model is in a fact that dividends present cash flow which is available to shareholders only, while the DCF method discounts cash flow available to all investors. Cash flow, which is available to all company's investors is called free cash flow. For the calculation of free cash flow by historical data and business plan, future free cash flows are estimated. Secondly, estimated free cash flow is discounted for weighted average capital flow. Gained value is current value of company. What is more, dividing the company's value and shares' quantity, defines company's value per share. For calculation of fast-growing companies' values future market and future cash flows are estimated first. Previous cash flows are estimated by those values. The fast-growing company's value is evaluated by estimated cash flows and discounting the cash flow for weighted average capital flow. In the end, the paper shows practice of fast-growing company's evaluation through Croatian example, Vibby.

• Keywords: brzorastuće poduzeće; kamatna stopa; složeni kamatni račun; procjena vrijednosti anuiteta; izračun vrijednosti dionica; model diskontiranja dividendi; Vibby
• Keywords (english): fast-growing company; interest rate calculation; complex interest rate calculation; evaluation of annuity values; calculation of shares’ value; dividends' discounting model; Vibby
• Language: croatian
• URN:NBN: urn:nbn:hr:217:509567
• Study programme: Title: Finance and Business Mathematics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra matematike (magistar/magistra matematike)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2017-12-18 13:03:29