20.500.12556/DKUM-14740 VREDNOTENJE PODJETIJ NA PRIMERU LUKE KOPER Business valuation on the case Port of Koper Magistrska naloga zajema tematiko vrednotenja podjetij. Vključuje tradicionalne kazalnike uspešnosti poslovanja podjetij in sodobne modele vrednotenja podjetij. Tradicionalni kazalniki nam pomagajo razumeti poslovanje podjetja le, če jih primerjamo z relevantnimi drugimi kazalniki. Tradicionalni koncepti se ozko usmerjajo na poslovna dogajanja v preteklosti, težko pa je z njimi napovedovati prihodnost. Sodobni modeli vrednotenja podjetij pa temeljijo na pričakovanih koristih, ki jih bo dobil lastnik podjetja. Na podlagi sodobnih modelov vrednotenja podjetij ter s pomočjo diskontnega faktorja ugotavljamo končno »tržno« ceno podjetja. Modele sem implementiral na primeru podjetja Luka Koper. Luka Koper je podjetje, ki se ukvarja z logističnimi storitvami in je eno vodilnih podjetij v obalno-kraški regiji. S pomočjo tradicionalnih kazalnikov ugotavljam, da je kombinacija gospodarske krize, ki je vplivala na zmanjšanje povpraševanja po pretovornih storitvah in investicijske politike, ki je povečala ciklus zadolževanja - povzročila, da je Luka Koper v zadnjem obdobju dosegala zelo slabe rezultate. To pa še ne pomeni, da bo podjetje v prihodnosti poslovalo z negativnim poslovnim izidom. Izrazita negativna gibanja v gospodarsko vodilnih državah so se konec leta 2009 omilila, vendar so napovedi za leto 2010 dokaj zadržane in previdne. Pričakovati je postopno okrevanje svetovnega gospodarstva in s tem tudi povpraševanje po pretovornih storitvah. Sodobni modeli vrednotenja nam prikažejo različne tržne vrednosti podjetja. V nalogi sem izbral tri modele, in sicer: DCF, EVA in CFROI. Najbolj primerna vrednost Luke Koper je pridobljena z modelom CFROI in sicer v višini 898.619.110 EUR. Takšna vrednost je po mojih ocenah najbolj realna tržna vrednost Luke Koper. V zaključku naloge ugotavljam, da je najprimernejši sodobni model vrednotenja na primeru Luke Koper model CFROI. This master thesis is dealing with business evaluations, and includes traditional indicators of business performance and modern company evaluation models. Traditional indicators help us understand companies’ managements only if we compare them to other relevant indicators; traditional concepts have a strict focus on business events in the past, thus is difficult to use them to predict the company’s future. On the other hand, modern company evaluation models are based on expected advantages received by the company’s owner. On the basis of modern company evaluation models and through the discount factor, we find out the final “market” price of a company. To implement company evaluation models, I used the Port of Koper as my example. The Port of Koper is dealing with logistics services and is one of the leading companies in the Coastal-Karst region. Through traditional indicators of business performance, I find out that the combination of the economic crisis that influenced on the decreased demand for transhipment services, and the investment policy, that increased the cycle of indebtedness, caused poor results for the Port of Koper in the last period. However, this does not mean that the company will deal with a negative operating result in the future. Explicitly negative trends in economically leading countries have softened at the end of 2009, but the predictions for 2010 are rather reserved and prudent. We can expect a gradual recovery of the World Economy and hence also the demand for transhipment services. The modern company evaluation models show us different market values of the company. In my master thesis, I chose three different modern company evaluation models: DCF, EVA and CFROI. The most correct value is obtained using the CFROI model – the result is 898.619.110 EUR. I think that this value is the most realistic market value of the Port of Koper. In conclusion of my master thesis, I find that the most suitable modern company evaluation model on the example of the Port of Koper is the CFROI company evaluation model. vrednotenje kazalniki modeli tržna vrednost Luka Koper evaluation indicators models market value Port of Koper true true false [T. Dujc] Slovenski jezik Angleški jezik Magistrsko delo/naloga 2010-07-01 15:43:13 2010-11-25 09:14:33 2022-04-12 22:16:50 2023-12-17 03:16:43 2010 0 Koper 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 657.6 10439708 URN:SI:UM:DK:DO75ZQNK MAG_Dujc_Tomaz_2010.pdf MAG_Dujc_Tomaz_2010.pdf 1 91C934BC89031D55ADC6B550E2E1C29D 5197d064fa8451b5e85c1faf980deeed315470e2e02e58d8820903f7d09f61cd 39ccf604-7c04-11eb-bb7a-00155d0001ca 20.500.12556/dkum/555c9398-dbc5-45e1-9313-7c717b8972f8 https://dk.um.si/Dokument.php?lang=slv&id=15866 Ekonomsko-poslovna fakulteta 0 0 0