Title Utvrđivanje troška financiranja investicija u poduzeću Maistra d.d. Title (english) Determining the cost of financing investments in the company Maistra d.d. Author Keti Križman Mentor Dean Učkar (mentor)Committee member Manuel Benazić (predsjednik povjerenstva)Committee member Dean Učkar (član povjerenstva)Committee member Marta Božina Beroš (član povjerenstva)Granter University of Pula Defense date and country 2023-09-26, Croatia Scientific / art field, SOCIAL SCIENCES Abstract Investicije predstavljaju temelj za osiguravanje uspješnog poslovanja svakoga poduzeća. Poduzeća se služe tehnikom budžetiranja kapitala kako bi znali u koje će investicijske projekte ulagati (samo u one koji su profitabilni). Budžetiranje kapitala predstavlja korisnu tehniku kojom poduzeća prate investicijske projekte od koncipiranja investicijskih ideja, analiziranja i vrednovanja investicijskih projekata do njihovog konstantnog praćenja tijekom njihova izvođenja. Glavni naglasak u ovome radu dan je na definiranju i utvrđivanju prosječnog ponderiranog troška kapitala (WACC) koji služi kao diskontna stopa za vrednovanje investicijskih projekata. WACC predstavlja cijene svih financijskih izvora kojima se investicijski projekt financira, stoga je njegov izračun veoma kompleksan. Kako bi se izračunao WACC, potrebno je utvrditi vrijednosti svih pojedinačnih troškova kapitala (običnih dionica, povlaštenih dionica, duga i sl.) te utvrditi njihove pondere, najčešće ovisno o ciljanoj kapitalnoj strukturi poduzeća. U ovome radu prikazane su različite metode, ali i dileme s kojima se menadžeri susreću prilikom utvrđivanja vrijednosti i pondera pojedinačnih troškova kapitala.
U praktičnome dijelu rada prikazano je utvrđivanje WACC-a u poduzeću Maistra d.d.. Obzirom da je poslovanje u poduzeću Maistra d.d. organizirano u više segmenata (Hoteli, Naselja, Kampovi) koje karakteriziraju zajednička obilježja, izračunati su također WACC-ovi na razinama pojedinih segmenata kako bi se ukazalo na važnost utvrđivanja više WACC-ova kako ne bi došlo do podcjenjivanja ili precjenjivanja investicijskih projekata.
Abstract (english) Investments represent the basis for ensuring the successful operation of any company. Companies use the capital budgeting technique to know which investment projects they will invest in (only in profitable ones). Capital budgeting is a useful technique that helps companies monitoring investment projects, including the conception of investment ideas, analysis and project valuation, as well as its constant monitoring during the project execution. The main emphasis in this paper is on defining and determining the weighted average cost of capital (WACC), which serves as a discount rate for investment projects valuation. WACC represents values of all financial sources that are used to finance an investment project and its calculation is very complex. It's necessary to determine the values of all individual costs of capital (common shares, preferred shares, debt, ect. ) and determine their weights (usually depending on the target capital structure of the company), in order to calculate the WACC. This paper includes different methods, as well as dilemmas that managers face by determining the value and weights of individual costs of capital.
The practical part of the paper shows the determination of the WACC in the company of Maistra d.d.. The company Maistra d.d. is organized into several segments (Hotels, Resorts, Camps) characterized by common features, therefore WACC is also calculated at the levels of individual segments to indicate the importance of determining more WACCs in order not to underestimate or overestimate investment projects.
Keywords
investicije
budžetiranje kapitala
WACC
pojedinačni trošak kapitala
kapitalna struktura
WACC na razini segmenta unutar poduzeća
Keywords (english)
investments
capital budgeting
WACC
individual costs of capital
capital structure
WACC at the level of segments in companies
Language croatian URN:NBN urn:nbn:hr:137:251092 Study programme Title: Business Economics; Financial Management, Marketing Management, Management and Entrepreneurship,Tourism, Business Informatics; specializations in: Financial Management, Marketing Management, Management and Entrepreneurship, Tourism and Development, Business Informatics, Informatics Management Type of resource Text File origin Born digital Access conditions Open access Terms of use Created on 2023-09-27 15:37:01
