20.500.12556/DKUM-95156 Finančna analiza izbranih podjetij v dejavnosti telekomunikacij Financial analysis of selected companies in the telecommunications industry Podjetja za ocenjevanje uspešnosti poslovanja uporabljajo finančno analizo, ki temelji na podatkih iz računovodskih izkazov. Ta je ključna za razumevanje preteklega in sedanjega poslovanja podjetja ter za napovedovanje njegove prihodnosti. S pomočjo finančne analize lahko prepoznamo prednosti in slabosti podjetja, vodstvu pa omogoča sprejemanje premišljenih poslovnih odločitev, ki so ključne za obstoj, rast in nadaljnji razvoj podjetja. Med drugim omogoča zgodnje odkrivanje finančnih težav, ki so lahko notranjega (internega) ali zunanjega (eksternega) izvora, kar lahko posledično vodi v morebitno krizo v podjetju. Finančna analiza omogoča vpogled v finančno zdravje podjetja, ki predstavlja celovito merilo njegovega poslovanja, kot so likvidnost, solventnost, donosnost in učinkovitost. Finančno zdravje podjetja ocenjujemo z uporabo finančnih kazalnikov in modelov, kot sta Altmanov model in Kraličkova metoda (MDA). V magistrskem delu se osredotočamo na primerjalno analizo finančnega zdravja izbranih podjetij. Obravnavamo tri podjetja, ki delujejo v okviru telekomunikacijske dejavnosti (SKD: 61.100), in sicer: A1 Slovenija, d. d., Telekom Slovenije, d. d., in Telemach Slovenije, d. o. o. Analiza je omejena na petletno obdobje (2019–2023). Na podlagi izračunanih kazalnikov in modelov smo ugotovili, da je finančno zdravje vseh treh podjetij v opazovanem obdobju mogoče oceniti kot zmerno. K temu so odločilno prispevali rezultati Altmanovega modela, saj so pridobljene vrednosti Z v večini pod 1,81, kar nakazuje, da so podjetja v resnih težavah, kjer obstaja povečano tveganje stečaja. Companies use financial analysis to assess business performance, relying on data from financial statements. This analysis is essential for understanding a company’s past and present operations, as well as for forecasting its future development. It enables the identification of a company’s strengths and weaknesses, supporting management in making informed business decisions that are crucial for survival, growth, and long-term development. Moreover, financial analysis facilitates the early detection of financial difficulties, whether of internal or external origin, which may eventually lead to corporate crises. Financial analysis provides insight into a company’s financial health, serving as a comprehensive measure of its performance, including liquidity, solvency, profitability, and efficiency. The financial health of a company is assessed using financial ratios and models such as Altman’s Z-score model and the Kraliček method (MDA). This master’s thesis focuses on a comparative analysis of the financial health of selected companies. It examines three enterprises operating within the telecommunications sector (NACE: 61.100), namely A1 Slovenija, d. d., Telekom Slovenije, d. d., and Telemach Slovenije, d. o. o. The analysis covers a five-year period (2019–2023). Based on the calculated ratios and models, the findings indicate that the financial health of all three companies during the observed period can be assessed as moderate. This conclusion is primarily supported by the results of Altman’s model, as the obtained Z-scores are mostly below 1.81, indicating that the companies are in serious financial distress and face an increased risk of bankruptcy. Altmanov model finančna analiza finančni kazalniki finančno zdravje Altman's model financial analysis financial ratios financial health true true false N. Kovačec] Slovenski jezik Angleški jezik Magistrsko delo/naloga 2025-09-08 09:16:55 2025-11-06 14:27:03 2025-11-07 03:14:58 0000-00-00 00:00:00 2025 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 658.14/.17 256218883 MAG_Kovacec_Natalija_2025.pdf MAG_Kovacec_Natalija_2025.pdf 1 14A3F6A5C8C8B068DBA7C92E6E5A1183 174c8d11a17b8d1250eaed1a1522e6dc2728589383ae3af9a2abca9771bd038a f06983a1-9e36-11f0-99e2-00155d000105 https://dk.um.si/Dokument.php?lang=slv&id=199423 Ekonomsko-poslovna fakulteta 0 0 0