20.500.12556/DKUM-89562 Kritična analiza metod ocenjevanja vrednosti podjetij v prevzemnih poslih Critical analysis of business valuation methods in acquisition transactions V magistrskem delu smo preverjali, ali je izbrane metode ocenjevanja vrednosti podjetij mogoče uporabiti tudi v primerih prevzemnih poslov. Slednji so namreč posebne okoliščine, saj dogovorjena tržna cena pogosto odraža še dodatne motive kupcev ali prodajalcev, ki so zunanjim opazovalcem običajno neznani ali pa vsaj težko kvantificirani. Prav tako pa kupci v primeru prevzemnih poslov lahko dostopajo do določenih internih podatkov, ki so širši javnosti neznani, in na ta način izpeljejo kakovostnejšo oceno vrednosti. Izbrali smo konkreten prevzemni posel (prevzem Skupine JUB) ter pet izbranih metod ocenjevanja vrednosti. S pomočjo računovodskih izkazov ter, kjer je to bilo potrebno, lastnih presoj, izdelanih napovedi in ustreznih prilagoditev podatkov smo s pomočjo izbranih metod izračunali ocenjeno vrednost, ki je znašala 210 milijonov evrov po metodi primerljivih poslov. S tem smo se zelo približali dejanski prevzemni ceni, ki je znašala 194,5 milijona evrov. Metoda primerljivih poslov minimizira delež lastnih ocen in prilagoditev ter analizira dejanske tržne podatke, zaradi česar se je izkazala kot najbolj zanesljiva v okoliščinah prevzemnih poslov. Ugotovili smo, da je metoda diskontiranih denarnih tokov, ki sodi med metode na donosu zasnovanega načina in je danes v praksi najbolj razširjena, pogojno uporabna, če nam niso poznana vsa dejstva oziroma nimamo dostopa do vseh podatkov. Metoda namreč zahteva precejšnjo mero strokovne presoje in pripravo lastnih ocen, kar lahko privede do opaznih odstopanj v dobljenih ocenah vrednosti. Sklepna ugotovitev je, da je najboljši način izvedbe ocenjevanja ta, da uporabimo dve ali več različnih metod in dobljene rezultate medsebojno analiziramo in vsebinsko kritično ovrednotimo ter na takšnih podlagah sprejmemo končni sklep o vrednosti predmeta ocenitve. In this Master's thesis, we tested whether a selection of accepted methods of business valuation can also be applied in the case of acquisition transactions. The latter are inherently specific, as the agreed market price often reflects additional motives of the buyers or sellers, which are usually unknown or at least difficult to quantify to outside observers. Additionally, buyers can gain access to certain internal information that are unknown to the general public and utilize them for the purpose of the valuation exercise. We have selected a specific acquisition transaction (the acquisition of the JUB Group) and five selected valuation methods, which included both a market-based approach, as well as a return-based approach. Using the financial statements and, where necessary, our own judgements, forecasts and adjustments, we calculated an average estimated value of € 210 million based on the method of comparable market transactions. This is a good approximation to the actual market price of € 194.5 million. The method of comparable market transactions minimises the amount of own estimates and adjustments and analyses actual market transactions, which is why it has proven to be the most appropriate in the circumstances of corporate acquisitions. We have found that the discounted cash flow method, which is the most widely used method in practice today, is conditionally useful if we are not familiar with all of the facts or lack access to all of the necessary data. This is due to the fact that the method requires a considerable degree of professional judgement and preparation of own estimates, which can lead to significant discrepancies in the final results of the valuation exercise. The conclusion is that the best way to carry out a valuation is to use two or more different methods, the results of which we then analyze and critically assess, among themselves and the market. On this basis we can then conclude on the value of the subject of the valuation. prevzemni posli ocenjevanje vrednosti podjetja kazalniki poslovanja Skupina JUB acquisitions business valuation performance indicators JUB Group true true false A. Krajcer Slovenski jezik Angleški jezik Magistrsko delo/naloga 2024-07-21 22:28:59 2024-09-12 16:38:56 2024-09-13 03:25:53 0000-00-00 00:00:00 2024 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 657.92 207357187 MAG_Krajcer_Aleksander_2024.pdf MAG_Krajcer_Aleksander_2024.pdf 1 D156D8ADF1B68E07967643247FE8BCE0 ab450af77f758d2ca9606e25f02634c666290990db98f3a90ef5ebf714d3c143 23c7bd06-6c82-11ef-8fd5-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=184596 Ekonomsko-poslovna fakulteta 0 0 0