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Vrednovanje poduzeća zajednički je naziv za skup metoda i različitih aktivnosti čiji je cilj dati odgovor na pitanje vrijednosti poduzeća. Teorija razlikuje ekonomske i relativne modele vrednovanja. Odabir metode ovisiti će o raznim faktorima, a na osobi koja izvršava proces vrednovanja je da, sukladno potrebama, izabere prikladnu metodu vrednovanja. Ekonomski modeli vrednovanja, od kojih je najčešće korišteni DCF model, u obzir uzima ne samo povijesne rezultate već i projekcije budućih tokova kako bi se odredila pripadajuća vrijednost. U praksi se još osim njega koristi i DDM model vrednovanja. S druge strane, teorija poznaje i relativne modele vrednovanja, gdje je brzina izračuna glavna prednost u odnosu na DCF model, no glavni nedostatak u odnosu na DCF model je u tome što se ne projiciraju budući događaji. Praksa je pokazala pak da se, posebice u financijskoj industriji, koristi kombinacija obaju modela kako bi eliminirale ekstremne vrijednosti koje mogu nastati pretežito unutar relativnih modela. Company valuation is the common name for a set of methods and different activities whose goal is to answer the question of company value. The theory distinguishes economic and relative valuation models. The choice od method will depend on various factors, and person performing the process should choose suitable valuation method according to their needs. Economic valuation models, from which most commonly used is the DCF model, is taking into account not only the historical results but also projections of future cash flows in order to determine company value. In practice, apart from it, the DDM valuation model is also used. On the other hand, the theory is also mentioning relative valuation models, where the speed of the calculation is the main advantage compared to the DCF model, but the main disadvantage compared to the DCF model is that future events are not projected. Practice has shown that, especially in the financial industry, a combination of both models is used in order to eliminate extreme values that can arise predominantly within relative models. |
