Firm Valuation by Complement Dynamic Methods of Valuation

Postoje razne metode procjene vrijednosti poduzeća, a u najpouzdanije od svih spadaju komplementarne metode procjene. One se sastoje od metode diskontiranih novčanih tokova i ukamaćenih novčanih tokova, odnosno od DCF i CCF metode. Glavna razlika između tih dviju metoda jest odmah uočljiva, DCF metoda diskontira novčane tokove, odnosno svodi vrijednosti budućih novčanih tokova na sadašnju vrijednost, što znači da DCF metoda procijenjuje vrijednost poduzeća na temelju „budućnosti“ poslovanja. CCF metoda, s druge strane, uzima postojeće, već nastale, rezultate poduzeća, te tako procijenjuje vrijednost poduzeća na temelju „prošlosti“ poslovanja. Obje metode se obrađuju u radu, te se donose određeni zaključci o njihovoj značajnosti, podložnosti manipulacijama, te ih se uspoređuje s raznim drugim metodama procjene, kao i međusobno. Dakako, o temi je moguće raspravljati i samo s teoretskog stajališta, no u radu se i primjenjuju obje metode na stvarnim poslovnim rezultatima poduzeća. DCF i CCF, odnosno komplementarne metode predstavljaju relativno novi pristup u procjeni vrijednosti poduzeća, no usprkos svojoj mladosti daju izračune koji su vrlo često ispravniji, te služe kao dodatan čvrst temelj u procjeni vrijednosti poduzeća.There are various methods to firm valuation, but the most reliable ones are considered to be complementary methods. DCF, discounted cash flow, and CCF, compounded cash flow, methods are part of the complementary methods. The main difference between the two methods is obvious immediately. The DCF method discounts a future cash flow, which means that it calculates the present value of a firm based on the future results of that business. On the other hand, CCF method calculates the present value of a firm based on the already existing cash flows. It evaluates firm's value based on the firm's past results. Both methods have been discussed in the paper, and certain conclusions regarding the significance, susceptibility to manipulation, as well as comparisons of both of the methods and comparisons to other ones have been included. It is possible to look at the subject purely theoretically, but the paper also includes an empirical study in which both methods have been applied to a real life scenario. DCF and CCF, complementary methods, are a relatively new approach to firm valuation, but in spite of their juvenility the results they produce are often more realistic. They serve as additional useful methods, and provide solid foundation in firm valuation