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master's thesis
Vrednovanje društva Atlantic Grupa d.d. metodom diskontiranih novčanih tokova poduzeću
Zagreb: University of Zagreb, Faculty of Economics and Business, 2020. urn:nbn:hr:148:363105
Belić, Katarina
University of Zagreb
Faculty of Economics and Business
Department of Managerial Economics

Institutional repository: REPEFZG

Cite this document

Belić, K. (2020). Vrednovanje društva Atlantic Grupa d.d. metodom diskontiranih novčanih tokova poduzeću (Master's thesis). Zagreb: University of Zagreb, Faculty of Economics and Business. Retrieved from https://urn.nsk.hr/urn:nbn:hr:148:363105

Belić, Katarina. "Vrednovanje društva Atlantic Grupa d.d. metodom diskontiranih novčanih tokova poduzeću." Master's thesis, University of Zagreb, Faculty of Economics and Business, 2020. https://urn.nsk.hr/urn:nbn:hr:148:363105

Belić, Katarina. "Vrednovanje društva Atlantic Grupa d.d. metodom diskontiranih novčanih tokova poduzeću." Master's thesis, University of Zagreb, Faculty of Economics and Business, 2020. https://urn.nsk.hr/urn:nbn:hr:148:363105

Belić, K. (2020). 'Vrednovanje društva Atlantic Grupa d.d. metodom diskontiranih novčanih tokova poduzeću', Master's thesis, University of Zagreb, Faculty of Economics and Business, accessed 08 July 2024, https://urn.nsk.hr/urn:nbn:hr:148:363105

Belić K. Vrednovanje društva Atlantic Grupa d.d. metodom diskontiranih novčanih tokova poduzeću [Master's thesis]. Zagreb: University of Zagreb, Faculty of Economics and Business; 2020 [cited 2024 July 08] Available at: https://urn.nsk.hr/urn:nbn:hr:148:363105

K. Belić, "Vrednovanje društva Atlantic Grupa d.d. metodom diskontiranih novčanih tokova poduzeću", Master's thesis, University of Zagreb, Faculty of Economics and Business, Zagreb, 2020. Available at: https://urn.nsk.hr/urn:nbn:hr:148:363105

Metadata
TitleVrednovanje društva Atlantic Grupa d.d. metodom diskontiranih novčanih tokova poduzeću
Title (english)Valuation of Atlantic Grupa d.d. by the discounted cash flow method
AuthorKatarina Belić
MentorDavor Zoričić (mentor)
MBZ: 258113
Committee memberDavor Zoričić (predsjednik povjerenstva)
Committee memberDenis Dolinar (član povjerenstva)
Committee memberEna Pecina (član povjerenstva)
GranterUniversity of Zagreb
Faculty of Economics and Business
(Department of Managerial Economics)
Zagreb
Defense date and country2020-12-21, Croatia
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Finance
Abstract
Analitičari svakodnevno koriste različite metode i pristupe procjeni vrijednosti poduzeća. Metoda koja se primjenjuje u ovom radu predstavlja fundamentalnu mjeru vrijednosti poduzeća, metoda diskontiranih novčanih tokova poduzeću. Na primjeru vertikalno integriranog poduzeća Atlantic Grupa d.d. proveden je čitavi proces vrednovanja, od poslovne analize i analize financijskih izvještaja do prognoze poslovanja poduzeća i izračuna njegove vrijednosti. Metoda je odabrana iz razloga što predstavlja sposobnost poduzeća da isplati dividende, izvrši otkup dionica ili otplati vlasnike dugova. Atlantic Grupa odabrana je kao predmet rada s obzirom na to da je vodeće poduzeće u prehrambenoj industriji u Hrvatskoj te je njezina inicijalna javna ponuda bila najveća privatna ponuda na Zagrebačkoj burzi. Na temelju provedenog vrednovanja zaključeno je da je dionica Atlantic Grupe podcijenjena za oko 27% jer je njezina intrinzična vrijednost viša od tržišne cijene. S obzirom da metoda sadrži mnogo pretpostavki i izazova, provedena je analiza osjetljivosti procijenjene vrijednosti poduzeća iz koje se naknadno može izračunati da je beta dionice prema cijeni na tržištu viša od procijenjene. Veliku ulogu u procjeni imaju i prihodi od prodaje i rashodi koji su optimističniji od mišljenja investitora na tržištu.
Abstract (english)
Analysts use different methods and approaches to company valuation on a daily basis. The method applied in this paper is a fundamental measure of the value of the company, the method of discounted cash flows to the firm. On the example of the vertically integrated company Atlantic Grupa d.d. the entire valuation process was carried out, from business analysis and analysis of financial statements to the company's business forecast and calculation of its value. The method was chosen because it represents the ability of a company to pay dividends, repurchase shares or repay debt holders. Atlantic Grupa was selected as the subject of the paper considering that it is the leading company in the food industry in Croatia and the fact that its initial public offering was the largest private offering on the Zagreb Stock Exchange. Based on the valuation, it was concluded that Atlantic Grupa's share was undervalued by about 27% because its intrinsic value is higher than the market price. Given that the method contains many assumptions and challenges, a sensitivity analysis of the estimated value of the company was performed, from which it can be subsequently calculated that the beta of the stock according to the market price is higher than the estimated one. Sales revenues and expenses, which are more optimistic than the opinion of market investors, also play an important role in the assessment.
Keywords
Keywords (english)
Languagecroatian
URN:NBNurn:nbn:hr:148:363105
Study programmeTitle: Business Economics
Study programme type: university
Study level: integrated undergraduate and graduate
Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
Type of resourceText
File originBorn digital
Access conditionsAccess restricted to students and staff of home institution
Terms of useLicence In copyright icon
Created on2020-12-22 10:58:48