20.500.12556/DKUM-64715 TEMELJNA ANALIZA PODJETJA GOOGLE INC. FUNDAMENTAL ANALYSIS OF GOOGLE INC. To magistrsko delo se osredotoča na temeljno analizo podjetja Google. Najprej smo predstavili podjetje Google, potem pa še podjetja Amazon, Apple, Oracle, LinkedIn, Twitter, Yahoo, Facebook, Microsoft in Hewlett-Packard, ki sodijo v sektor informacijske tehnologije, kotirajo na newyorški borzi, imajo domicil v Združenih državah Amerike (v nadaljevanju ZDA) in so merila za primerjavo. Naredili smo analizo makroekonomskega okolja ZDA, kjer smo ugotovili, da se je finančni sistem od krize 2008 izboljšal, vendar še obstajajo določene nevarnosti, ki bi ga lahko ponovno ogrozile. Vključili smo tudi poglavje o tržni (ne)učinkovitosti, ki navaja razloge, zakaj bi trgi naj bili učinkoviti ali zakaj ne. V nadaljevanju je bila narejena analiza s finančnimi kazalniki, kjer je bilo podjetje Google primerjano z drugimi podjetji. Sklep tega sklopa je bil, da podjetje dobro posluje, je finančno močno, razmeroma netvegano, ima dobro likvidnostno pozicijo, je solventno, generira zadovoljive dobičke, ki so rasli nevolatilno, in zagotavlja konsistentno rast prihodkov. V naslednji fazi je bilo podjetje intrinzično vrednoteno z diskontnim modelom prostih denarnih tokov, razpoložljivih do celotnega kapitala, kjer smo uporabili diskontno stopnjo v višini tehtanega povprečja stroškov kapitala. Ugotovitev na osnovi intrinzičnega vrednotenja je, da je bilo podjetje Google na dan 31. 12. 2014 na trgu precenjeno za slabih 22 %. Nazadnje smo izvedli še relativno vrednotenje. Gre za vrednotenje podjetja na osnovi različnih finančnih kazalnikov in primerjavo le-teh s kazalniki primerljivih podjetij. Finančni kazalniki, ki so bili uporabljeni, so bili kazalniki P/E, P/B, P/S, EV/EBITDA in EV/S. Vsi kazalniki, razen kazalnika P/E, so pokazali, da je bilo podjetje Google na osnovi relativnega vrednotenja na trgu podcenjeno. Razlog za odstopanje glede na omenjeni metodi vrednotenja je možno iskati v tem, da je bil celotni sektor informacijske tehnologije na trgu precenjen zaradi ekspanzivne monetarne politike Fed-a. This work focuses on making fundamental analysis of company Google. First there is an introduction of a company and an introduction of some other companies, which are Amazon, Apple, Oracle, LinkedIn, Twitter, Yahoo, Facebook, Microsoft in Hewlett-Packard. All of the companies are within information technology sector, are listed on New York stock exchange, are domiciled in the USA and were introduced so Google can be compared with them. We made macroeconomic analysis of U.S. economy, which shows that the situation in the financial system has been better since the onset of financial crisis, but there seem to persist several dangers, that could jeopardize it. The chapter about market (in)efficiency is showing the evidence why markets are efficient and evidence why they in fact are not efficient. Next, analysis based on several financial ratios was made where Google was compared with other companies in the sample. Here we concluded that the company is efficiently run, has great financial strength, is basically riskless, has good liquidity position, is solvent, generates profits that were nonvolatile form year to year and generates consistent growth of revenues. After that the intrinsic valuation with firm discount model was made, where we discounted free cash flow to firm with weighted average cost of capital. We concluded that based on intrinsic valuation Google was overvalued by mere 22% on the 31.12.2014. Lastly we also made relative valuation, which is valuation based on several financial ratios which are then compared to comparable firms. Financial ratios that we used were P/E ratio, P/B ratio, P/S ratio, EV/EBITDA ratio and EV/S ratio. All of the ratios, except P/E ratio, showed that Google was undervalued based on relative valuation. The reason for discrepancies between the two methods of valuation might lie in the fact that the whole information technology sector was overvalued because of Fed`s expansive monetary policy. temeljna analiza finančni kazalniki intrinzično vrednotenje relativno vrednotenje fundamental analysis financial ratios intrinsic valuation relative valuation true true false [N. Č. Rosenfeld] Slovenski jezik Angleški jezik Magistrsko delo/naloga 2016-11-28 12:35:57 2017-03-08 14:02:45 2022-07-06 03:06:14 2019-07-11 14:10:58 2016 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.14/.17 12708380 URN:SI:UM:DK:IP7GWTLI MAG_Rosenfeld_Nik_Crt_2016.pdf MAG_Rosenfeld_Nik_Crt_2016.pdf 1 AD92307435FAF3862C0E06561C532F0E 7a6f3e258d7209e51e8857c95f287f88ac78551f851a0456daee59368780829d df560a80-7c0d-11eb-bb7a-00155d0001ca https://dk.um.si/Dokument.php?lang=slv&id=108437 Ekonomsko-poslovna fakulteta 0 0 0