Posebnosti ocene investicije v podjetje z internim trgom delnic

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.