Upravljanje podjetij na osnovi vrednosti: primer podjetja Petrol : delo diplomskega seminarja

Ozebek, Eva (author), Črnigoj, Matjaž (mentor)

V delu diplomskega seminarja smo se osredotočili na upravljanje podjetij na osnovi vrednosti. Pokazati želimo kako lahko managerji upravljajo podjetja z upoštevanjem vrednosti podjetja oziroma kako si lahko pomagajo pri oblikovanju in sprejemanju strategije podjetja. Z uporabo sodobnega modela vrednotenja smo analizirali in ocenili vrednost podjetja Petrol ter oblikovali alternativno strategijo, kjer nas je zanimalo, kako spremembe dejavnikov vplivajo na vrednost podjetja. V delu diplomskega seminarja so najprej predstavljeni vrednost, upravljanje podjetij na osnovi vrednosti in princip, kako se vrednost ustvarja. Z metodo diskontiranih denarnih tokov vrednost sredstev ocenimo kot sedanjo vrednost prihodnjih denarnih tokov, ki jih diskontiramo z diskontno stopnjo, za katero uporabimo tehtano povprečje stroškov kapitala. Za oceno stroškov lastniškega kapitala uporabimo model CAPM, kjer med drugim uporabimo beta faktor, tržno premijo za tveganje in netvegano stopnjo donosa. Ocena stroškov dolga izhaja iz ocene stroškov dolga v panogi. Na podlagi modela diskontiranih denarnih tokov smo izračunali vrednost podjetja Petrol in vrednost njene delnice. Oblikovali smo alternativno strategijo skupine za obdobje 2018–2022 in nato primerjali vrednost podjetja glede na trenutno in alternativno strategijo ter analizirali, kateri dejavniki poglavitno spreminjajo vrednost podjetja. V zaključku so podana mnenja in ugotovitve o vrednotenju in možnih nadaljnjih poteh raziskovanja. Ugotovili smo, da oblikovana alternativna strategija nosi višjo donosnost, predstavlja pa večje tveganje za skupino Petrol, saj se podjetje usmerja v bolj tvegane dejavnosti.

• Language: Slovenian
• Keywords: upravljanje podjetij na osnovi vrednosti, model diskontiranih denarnih tokov, model DCF, poslovno vrednotenje
• Work type: Final seminar paper
• Typology: 2.11 - Undergraduate Thesis
• Organization: FMF - Faculty of Mathematics and Physics
• Year: 2020
• PID: 20.500.12556/RUL-118033
• UDC: 519.8
• COBISS.SI-ID: 33303043
• Publication date in RUL: 15.08.2020

Secondary language

• Language: English
• Title: Value based management: a case study of company Petrol

Abstract

In the thesis we focused on value-based management. We wanted to show, how managers can manage companies relying on value and how the approach helps in terms of designing and implementing the company strategy. Using a modern valuation model, we analysed and estimated the value of Petrol and formulated an alternative strategy, where we were interested in how the changes affected the value of the company. The thesis first presents valuation, value and how it is created. Using the discounted cash flow model, the value of assets is estimated as the present value of future cash flows, which are discounted by a discount rate, for which a weighted average cost of capital is used. To estimate the cost of equity, we use the CAPM model, where we use, among other things, the beta factor, the market risk premium and the risk-free rate of return. The cost of debt is estimated by the estimated cost of debt for industry. Based on the discounted cash flow model, we calculated the value of the Petrol Group and the value of its share. We designed an alternative strategy of the group for the period 2018-2022 and then compared the value of the company in relation to the current and alternative strategy and analysed which factors mainly change the value of the company. Opinions and findings on the evaluation and possible further research paths are given in conclusion. We found that the developed alternative strategy carries a higher return, but poses a higher risk for the Petrol Group, as the company is focused on riskier activities.

• Keywords: Value-based management, Discounted Cash Flow Model, DCF Model, Corporate valuation