The subject of valuation may be the assets or capital of the company.
Valuation methods can be very different, and they depend on the purpose of the valuation. The most commonly used method of valuing a business is estimating (and discounting) future cash flows.
If a company has made a strategic and business (annual) plan, then valuation can be done very easily. This procedure includes, for example, a five-year projection of cash inflows and outflows, the calculation of residual value and their discounting to present value.
The calculation procedure is very similar to the procedure for financial analysis of investments, and the most important differences are:
- the projection period is usually 5 years,
- the value of existing fixed assets is included in the calculation and no procurement is planned,
- the difference between the current level of working capital and the level required for a company to be able to service its obligations (liquidity) is usually covered by short-term loans,
- repayment of principal and interest on existing long-term loans is not usually foreseen but the unpaid portion of existing long-term loans is deducted from the estimated yield on the enterprise at the end of the calculation;
- the final result of the yield estimate is obtained as the sum of the present value of the free cash flow during the projection period and the "so-called" residual value, which is most often calculated according to the "Gordon" model.
An example of yield calculation is presented in the attached file.
Predmet procene može biti imovina preduzeća ili samo preduzeće, odnosno, kapital preduzeća.
Metodi procenjivanja mogu biti vrlo različiti a oni zavise od svrhe procene. Najčešće korišćeni metod procene vrednosti preduzeća je procenjivanje prinosne vrednosti.
Ako je neko preduzeće napravilo strateški (višegodišnji) i poslovni (godišnjI) plan, onda se na osnovu toga vrlo lako može uraditi i procena prinosne vrednosti metodom diskontovanja očekivanih novčanih tokova. Taj postupak obuhvata, npr., petogodišnju projekciju priliva i odliva novca, utrvrdjivanje rezidualne vrednosti i njihovo diskontovanje na sadašnju vrednost.
Postupak obračuna je vrlo sličan postupku izračunavanja pokazatelja finansijske opravdanosti investicija, a najvažnije razlike su:
- period projekcije je, najčešće, 5 godina,
- u obračun ulazi vrednost postojećih osnovnih sredstava i ne planira se nabavka novih,
- razlika izmedju postojećeg nivoa trajnih obrtnih sredstava i nivoa koji je potreban da bi preduzeće bilo u stanju da servisira obaveze prema poveriocima (likvidnost) se, najčešće, pokriva kratkoročnim kreditima,
- otplata glavnice i kamata po postojećim dugoročnim kreditima se, najčešće, ne predvidja već se na kraju obračuna od procenjene prinosne vrednosti preduzeća oduzme neotplaćeni deo postojećih dugoročnih kredita,
- finalni rezultat procene prinosne vrednosti dobija se kao zbir sadašnje vrednosti slobodnog gotovinskog toka u periodu projekcije i "tzv" rezidualne vrednosti koja se, najčešće, izračunava po "Gordonovom" modelu.
Primer izračunavanja prinosne vrednosti prezentiran je u priloženom fajlu.
Primer za izračunavanje prinosne vrednosti preduzeća