Vrednotenje delnice družbe Gorenje d. d. v kontekstu prevzema s strani kitajske družbe Hisense : delo diplomskega seminarja

Hovnik, Klemen (author), Črnigoj, Matjaž (mentor)

Glavna cilja diplomskega dela sta oceniti vrednost delnice družbe Gorenja, d. d., v letu 2017 ter raziskati, zakaj je kitajski investitor za eno delnico plačal dvakratnik njene cene. Ugotovil sem, da mora biti ocenjevalec pri vrednotenju podjetja po metodi diskontiranih denarnih tokov zelo pozoren pri napovedi prihodnjega poslovanja podjetja, saj že manjše razlike povzročijo velike spremembe v končni vrednosti kapitala. Po svojih izračunih sem ugotovil, da je bila v letu 2017 cena ene delnice podjetja Gorenje vredna 5,49 EUR, kar je dvakrat manj, kot je zanjo odštela družba Hisense. Ta je v sredini leta 2018 prevzela podjetje Gorenje z odkupom vseh delnic po ceni 12 EUR. Videli smo, da je precejšna razlika v ceni delnice, če njeno vrednost ocenjujemo glede na manjšinskega ali večinskega lastnika. Večinski lastnik bi namreč zaradi prevzema kontrole v podjetju lahko izkoristil dodatne donose oz. sinergije iz podjetja z optimizacijo stroškov ter spremembo poslovanja.

• Language: Slovenian
• Keywords: vrednotenje delnice, diskontirani denarni tok, sinergije, analiza, kontrolna premija, Gorenje, Hisense
• Work type: Final seminar paper
• Typology: 2.11 - Undergraduate Thesis
• Organization: FMF - Faculty of Mathematics and Physics
• Year: 2019
• PID: 20.500.12556/RUL-110470
• UDC: 519.8
• COBISS.SI-ID: 18818137
• Publication date in RUL: 15.09.2019

Secondary language

• Language: English
• Title: Gorenje share valuation in the context of a takeover by Chinese company Hisense

Abstract

The aim of this dissertation is to evaluate the value of Gorenje’s share in 2017 and to examine why the Chinese investor paid twice as much for the share. I came to a conclusion that when valuing a company using the discounted cash flow method, the appraiser needs to be very careful in predicting the future business of the company, since even minor differences can cause major changes in the final value of equity. According to my calculations, the value of equity per Gorenje's share was 5,49 EUR in 2017, which is half as many Hisense group paid for the share. In the mid – 2018 Hisense corporation took over Gorenje with the successful takeover bid of 12 EUR per share. Thus, we have seen that there is a significant difference in the price of a share, if it is determined by a minority or majority owner. The majority owner would be able to take control of the company and use the advantage of additional synergy returns from the company by optimizing costs and changing business operations.

• Keywords: business evaluation, synergy, discounted cash flow, analysis, acquistion premium, Gorenje, Hisense