Specifics of valuation of hotel companies using discounted cash flow method

Rad je usmjeren na specifičnosti procjene vrijednosti hotelijerskih poduzeća metodom diskontiranih novčanih tokova (DCF) na primjeru poduzeća Arena Hospitality Group d.d. Cilj rada je na konkretnom primjeru prikazati korištenje metode diskontiranih novčanih tokova kako bi se odredila vrijednost poduzeća te ukazati na specifičnosti vrednovanja poduzeća u hotelijerskoj industriji. U radu se procjenjuje vrijednost poduzeća Arena Hospitality Group d.d. Koriste se razne metode znanstveno – istraživačkog rada poput metoda deskripcije, komparacije, analize itd. Stručni doprinos očituje se u analizi specifičnosti procjene poduzeća u hotelijerskoj industriji koja je vrlo volatilna i ovisna o faktorima poput sezonalnosti, vremenskih uvjeta i sigurnosti gostiju. Rad obrađuje metodu diskontiranih novčanih tokova i objašnjava proces vrednovanja poduzeća navedenom metodom korak po korak. Rad također definira i objašnjava komponente navedene metode te zajedno s financijskim podacima promatranog poduzeća daje kompletnu sliku procjene vrijednosti poduzeća. Dobiveni rezultat ove procjene daje okvir, odnosno interval, u kojem se nalazi procijenjena vrijednost Arena Hospitality Group d.d.The paper is focused on the specifics of valuation of hotel companies using the discounted cash flow method (DCF) on the example of the company Arena Hospitality Group d.d. The aim of the paper is to demonstrate the use of the discounted cash flow method in order to determine the value of a company and to point out the specifics of company valuation in the hotel industry. The paper estimates the value of Arena Hospitality Group d.d. Various methods of scientific research are used, such as methods of description, comparison, analysis, etc. The professional contribution is reflected in the analysis of the specifics of the assessment of companies in the hotel industry, which is very volatile and dependent on factors such as seasonality, weather and guest safety. The paper deals with the method of discounted cash flows and explains the process of company valuation using the mentioned method step by step. The paper also defines and explains the components of the mentioned method and, together with the financial data of the observed company, gives a complete picture of the valuation of the company. The obtained result of this assessment gives the frame, that is, the interval, in which the estimated value of Arena Hospitality Group d.d. is located