The aim of this dissertation is to evaluate the value of Aerodrom Ljubljana in 2014 and to explore why different buyers value the same company differently. I came to a conclusion that when assessing the value of the company using the method of the discounted cash flow, it is very important that on the basis of past business results, we accurately predict the future free cash flows, as this is the only way to get close enough to the realized flows. However, this is not an easy task since the assessment of future cash flows is very subjective, which results in different assessors evaluating the company differently. According to my calculations, the value of equity per share for Aerodrom Ljubljana in 2014 was equal to 25.62€. Yet, this is much less than the price paid by Fraport AG for the purchase of Aerodrom Ljubljana (61,75€). From this we can conclude that the evaluation of the value of a company depends on the buyer itself, as different buyers value the company differently. The value of a company that is different for each buyer is called a synergistic value. When we are evaluating this value, it is extremely important to know the buyer well, and what are his plans and strategies for the future.