Vrednotenje podjetja Aerodrom Ljubljana : delo diplomskega seminarja

Debeljak, Taja (author), Črnigoj, Matjaž (mentor)

Glavna cilja diplomskega dela sta oceniti vrednost podjetja Aerodrom Ljubljana v letu 2014 in raziskati zakaj različni kupci različno vrednotijo isto podjetje. Ugotovila sem, da je pri ocenjevanju vrednosti podjetja po metodi diskontiranih denarnih tokov zelo pomembno, da na podlagi preteklih rezultatov poslovanja natančno napovemo prihodnje proste denarne tokove, saj se le tako lahko dovolj približamo realiziranim tokovom. Vendar pa to ni lahka naloga, saj je ocenjevanje prihodnjih denarnih tokov zelo subjektivno, kar pa privede do tega da lahko različni ocenjevalci različno ocenijo podjetje. Po mojih izračunih je bila vrednost kapitala na delnico za podjetje Aerodrom Ljubljana v letu 2014 enaka 25,62€. Kar pa je veliko manj kot je za nakup brniškega letališča plačalo podjetje Fraport AG (61,75€). Iz tega lahko sklepamo, da je ocena vrednosti podjetja odvisna tudi od samega kupca, saj različni kupci različno vrednotijo podjetje. Vrednosti podjetja, ki je drugačna za vsakega kupca pravimo sinergijska vrednost. Pri ocenjevanju le te vrednosti je zelo pomembno, da dobro poznamo kupca ter kakšni so njegovi plani in strategije za prihodnost.

• Language: Slovenian
• Keywords: vrednotenje podjetij, sinergija, diskontiran denarni tok, analiza, Aerodrom Ljubljana, Fraport AG
• Work type: Final seminar paper
• Typology: 2.11 - Undergraduate Thesis
• Organization: FMF - Faculty of Mathematics and Physics
• Year: 2018
• PID: 20.500.12556/RUL-102547
• UDC: 519.8
• COBISS.SI-ID: 18419545
• Publication date in RUL: 02.09.2018

Secondary language

• Language: English
• Title: Evaluation of company Aerodrom Ljubljana

Abstract

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.

• Keywords: business valuation, synergy, discounted cash flow, analysis, Aerodrom Ljubljana, Fraport AG