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V diplomskem delu smo predstavili osnove vrednotenja podjetij, nato pa smo se bolj osredotočili na spreminjanje vrednosti delnice preko odbitkov oziroma pribitkov glede na karakteristike podjetja. Pri tem smo se osredotočili na razloge za nižjo vrednost delnice zaradi njene manjše tržljivosti in si v ta namen za zgled izbrali slovensko podjetje z internim delniškim trgom. Analizirali in ocenili smo odbitek v vrednosti njegove delnice, ki se pojavi prav zaradi njegove zaprtosti in posledične slabše tržljivosti deleža. Pri analizi smo upoštevali njegove najpomembnejše značilnosti tako na lastniškem področju kot tudi na področju finančnega poslovanja. Ob vrednotenju smo najprej po napovedi denarnih tokov v prihodnjem petletju (po dnevu ocenjevanja 31. 12. 2017) morali pridobiti diskontni faktor za diskontiranje na sedanjo vrednost, kasneje pa smo dobljeno vrednost prilagajali z omenjenim odbitkom za pomanjkanje tržljivosti. In this dissertation we introduced basic steps and guidelines at business valuation process, but stress the importance of the share price variation due to company's characteristics. We focused on the lack of marketability discount, which we also presented on one concrete example. We chose one of successful Slovenian companies, which is closely held and has its own private stock market. We analysed and evaluated the above mentioned discount, caused by the specifics of this company's organisation, through it's main ownership and business performance characteristics. But firstly we had to predict the value of free cash flows for next five consecutive years after the date of valuation (31. 12. 2017) and get the appropriate discount rate for bringing all the predicted values to present. After that, it was possible to calculate and variate the share price of the selected company.

Namen dela je bilo raziskati, ali smrekova podlubnika, tj. osmerozobi smrekov lubadar (Ips typographus [L.]) in šesterozobi smrekov lubadar (Pityogenes chalcographus [L.]), prenašata glive, katere so vrste asociacijskih gliv in s kolikšnimi deleži so zastopane. Podlubnike so nabrali na trenutnih žariščih lubadarja in jih inokulirali v del debla posekane zdrave smreke. Inokuliran les oziroma koščke tega lesa in skorje, nabrane okoli lukenj, v katere so predhodno vstavili lubadarja, so položili na agar. Ob delu, ki je zajemalo nabiranje podlubnikov na terenu, delo v laboratorijih in mikroskopiranje, pa so poskušali s pomočjo raziskav znanstvenikov v drugih državah ugotoviti, kakšna je medsebojna vloga gliv modrivk in podlubnikov, zakaj se pojavljajo skupaj tako pogosto in kakšen je njihov vpliv na drevo. Ugotovili so, da so bili vsi podlubniki okuženi z glivami, izmed 261 gliv, ki so se razvile v 240 preizkušancih, pa so potrdili le tri glive modrivke in verjetnost še štirih gliv modrivk. V rezultatih se ni pojavila v drugih državah najbolj pogosta in najbolj patogena Ceratocystis polonica, našli pa so glive Ophiostoma penicillatum in Ophiostoma bicolor ter 51 primerkov iz rodu Gliocladium. Slednjih niso zasledili v raziskavah, narejenih v drugih državah. Sicer pa so najbolj pogoste vrste pripadale rodu Penicillinum spp. (145 primerkov). Proučili so tudi sanitarne sečnje zaradi podlubnikov in ugotovili, da se je v Sloveniji leta 2001 začela gradacija, imela kulminacijo v letu 2005 in se končuje. The purpose of our work was to determine whether eight-toothed bark beetle (Ips typographus [L.]) and six-toothed bark beetle (Pityogenes calchographus [L.]) disseminate fungi, which associated fungi these are, and in what portions they are represented. The beetles were collected at current outbreak locations. They were inoculated into pieces of wood of a healthy, recently felled spruce. Pieces of wood and bark collected from around the holes in which the bark beetles had been previously placed, were afterwards placed on agar. Our work comprised picking the bark beetles in the field, laboratory work and microscopy, but we also tried to determine the relationship between bark beetles and blue-stain fungi, why they are associated so often and what their effect on the tree is. We found out that all beetles were infected with fungi. Among 261 fungi that had developed in 240 testers we confirmed the existence of only 3 species of blue-stain fungi and a probability of another 4 species of blue-stain fungi. Most common and most virulent Ceratocystis polonica has never appeared in the results, but we did find Ophiostoma penicillatum and Ophiostoma bicolor and also 51 fungi from the Gliocladium genus. The latter were not detected in researches, made in other countries. The most frequent fungus was Penicillinum spp. (145 specimens). We studied the sanitary felling due to bark beetles and found out that in Slovenia the outbreak started in 2001, culminated in 2005 and is now in the process of ceasing.