| Abstract | Procjena vrijednosti odabranog društva provodi se kako bi se prikupile informacije koje su
potrebne u strateškom planiranju koje provodi menadžment društva te u postupcima
preuzimanja društva i postupcima spajanja i pripajanja drugim poslovnim subjektima. U praksi,
mala trgovačka društva rijetko procjenjuju svoju vrijednost budući da za navedeno nemaju
znanja ni kapaciteta te je stoga cilj ovog rada identificirati, po odabranim kriterijima, primjerenu
metodu za procjenu vrijednosti dioničkih društava koja ne kotiraju na tržištu vrijednosnih papira
i koja su razvrstana u kategoriju malih poduzetnika kako bi ova praksa postala sve učestalija i
u ovoj skupini poduzeća, ne samo prilikom procesa prodaje, spajanja i pripajanja društava, već
i za interne potrebe u procesu strateškog planiranja, te donošenja dugoročnih odluka. U okviru
rada je stoga dana teorijska podloga, ali i prikaz primjene metoda procjene vrijednosti dioničkih
društava i to pomoću metode diskontiranja budućeg dohotka, metode temeljene na tržištu, te
metode temeljene na imovini društva. Također su prikazane prednosti i nedostaci svake od
navedenih metoda. U svrhu analize primjenjivosti odabranih metoda u praksi u okviru
diplomskog rada provedena je analiza poslovanja i procjena vrijednosti dioničkog društva
Vodoprivreda Nova Gradiška d.d. U završnom dijelu rada dani su rezultati procjene vrijednosti
dioničkog društva sve tri metode, te usporedba metoda i raspravom dobivenim rezultatima.
Rezultati istraživanja ukazuju na to da se korištenjem različitih metoda rezultati procjene
vrijednosti dioničkog društva razlikuju. Pristupom pomoću metode temeljene na diskontiranju
budućeg dohotka vrijednost dioničkog društva Vodoprivreda Nova Gradiška d.d. iznosi
6.899.334 kune. Procjenom pomoću metode temeljene na tržištu vrijednost promatranog
društva iznosi 10.278.000 kuna, dok analiza temeljena na imovini istog dioničkog društva
rezultira iznosom od 6.341.000 kuna. Koju od metoda će analitičar koristiti u određenom dijelu
ovisi o razlozima i ciljevima provedbe same procjene te dostupnosti relevantnih informacija. |
| Abstract (english) | Business valuation is performed to gather information necessary for strategic planning of the
company's management and for merger and acquisition procedures. In practice, small trading
companies rarely estimate their value because they do not have the knowledge or capacity to
do so. Therefore, the objective of this thesis is to identify, on the basis of selected criteria, an
appropriate method for estimating the value of unlisted joint stock companies that fall into the
category of small companies, so that this practice becomes widespread in this group of
companies, not only for sales, mergers and acquisitions of companies, but also for internal needs
in the context of strategic planning and long-term decisions. Therefore, this thesis provides a
theoretical basis as well as a description of the application of methods for the valuation of public
companies, using the method of discounting future earnings, the method based on the market
and the method based on the assets of the company. The advantages and disadvantages of each
of the mentioned methods are also presented. In order to analyze the applicability of the selected
methods in practice, an analysis of the business activity and an assessment of the value of the
joint stock company Vodoprivreda Nova Gradiška d.d. were carried out as part of the thesis. In
the last part of the thesis, the results of the evaluation of the value of the joint stock company
of all three methods are given, as well as a comparison of the methods and the results obtained
through discussion. The results of the research show that the results of the valuation of the value
of the joint stock company differ when applying the different methods. When applying the
method based on discounting future earnings, the value of the joint stock company
Vodoprivreda Nova Gradiška d.d. is HRK 6,899,334. Based on the valuation using the marketbased method, the value of the observed company is HRK 10,278,000, while the analysis based
on the assets of the same joint stock company results in an amount of HRK 6,341,000. Which
of the methods the analyst will apply in a particular part depends on the reasons and objectives
of the valuation itself and the availability of relevant information. |
