Posts Tagged ‘selling company’
Kaj je likvidnost?
Likvidnost je sposobnost spreminjanja nedenarnega premoženja v denarna sredstva,
stopnja likvidnosti pa je odvisna od časa in stroškov, ki so za to potrebni. Gre torej za
procesni vidik kakovosti neke premoženjske oblike, ki jo proučujemo dinamično, glede na
oddaljenost od najbolj likvidne oblike premoženja – denarja
Vrednotenje podjetja – Dinamična ocena – Priprava podatkov za napoved čistega denarnega toka DCF
Pred izvedbo vrednotenja po denarnem toku moramo podatke pripraviti tako, da se ujemajo z napovedmi in cilji podjetja.
Prilagajamo sledeče :
- Rast operativnih prihodkov
- Rast stroškov materiala in blaga.
- Stroški storitev
- Stroški dela
- Reinvesticije v stalna osnovna sredstva niso
- zmanjšanje kratkoročnih obveznosti do dobaviteljev.
|
IS |
g T+1 |
g T+2 |
g T+3 |
g T+4 |
g T+5 |
|
|
Operating Revenue – Value |
||||||
|
Operating Revenue – growth |
3,00% |
3,00% |
3,00% |
3,00% |
3,00% |
|
|
Operating Revenue – Prognosis – Abs. Num. |
|
|
|
|
|
|
|
Operating Revenue – Prognosis % |
3,00% |
2,00% |
2,00% |
2,00% |
2,00% |
|
|
COGS – Value |
|
|
|
|
|
|
|
COGS – growth |
6,09% |
3,00% |
3,00% |
3,00% |
3,00% |
|
|
COGS / OR |
4,43% |
4,47% |
4,52% |
4,56% |
4,61% |
|
|
COGS – Prognosis – Abs. Num. |
|
|
|
|
|
|
|
COGS / OR – Prognosis – %growth |
3,00% |
3,00% |
3,00% |
3,00% |
3,00% |
|
|
COSMMf – Value |
0 |
0 |
0 |
0 |
0 |
|
|
COGMMf – Prognosis – Abs. Num. |
|
|
|
|
|
|
|
COSMMf – Prognosis – %growth |
0,00% |
0,00% |
0,00% |
0,00% |
0,00% |
|
|
COSMMv – Value |
|
|
|
|
|
|
|
COSMMv / OR |
17,93% |
17,93% |
17,93% |
17,93% |
17,93% |
|
|
COGMMv – Prognosis – Abs. Num. |
|
|
|
|
|
|
|
COSMMv / OR – Prognosis – %growth |
19,00% |
2,00% |
2,00% |
2,00% |
2,00% |
|
|
Labour Costs – Value |
|
|
|
|
|
|
|
Labour Costs / OR |
63,07% |
63,07% |
63,07% |
63,07% |
63,07% |
|
|
Labour Costs – Prognosis – Abs. Num. |
|
|
|
|
|
|
|
Labour Costs / OR – Prognosis – %growth |
0,00% |
2,00% |
2,00% |
2,00% |
2,00% |
|
|
Other Labour Costs – Valu |
|
|
|
|
|
|
|
Other Labour Costs / OR |
0,00% |
0,00% |
0,00% |
0,00% |
0,00% |
|
|
Labour Costs – Prognosis – Abs. Num. |
|
|
|
|
|
|
|
Other Labour Costs / OR – Prognosis |
0,00% |
0,00% |
0,00% |
0,00% |
0,00% |
|
|
Depreciation & Amortization – Value |
|
|
|
|
|
|
|
Depreciation & Amortization – Abs. Num. |
|
|
|
|
|
|
|
Depreciation & Amortization – Prognosis |
-20,00% |
-90,00% |
-20,00% |
-20,00% |
-20,00% |
|
|
Other Operating Costs – Value |
0 |
0 |
0 |
0 |
0 |
|
|
Other Operating Costs – Prognosis |
0,00% |
0,00% |
0,00% |
0,00% |
0,00% |
|
|
‘Financial Revenue – Value |
0 |
0 |
0 |
0 |
0 |
|
|
Financial Revenue – Prognosis |
0,00% |
0,00% |
0,00% |
0,00% |
0,00% |
|
|
‘Interest Exp. and Other Fin. Exp. – Value |
|
|
|
|
|
|
|
Interest Exp. and Other Fin. Exp. – Prognosis |
-20,00% |
-20,00% |
-20,00% |
-20,00% |
-20,00% |
|
|
‘Extraordinary P/L – Value |
|
|
|
|
|
|
|
Extraordinary P/L – Prognosis |
0,00% |
0,00% |
0,00% |
0,00% |
0,00% |
|
|
‘Tax – Value |
||||||
|
Tax – Prognosis |
6,00% |
19,00% |
12,00% |
17,00% |
7,00% |
|
|
|
|
|
|
|
|
|
|
EBT |
||||||
|
EBITDA / OR |
14,573% |
14,529% |
14,485% |
14,441% |
14,396% |
Vrednotenje podjetja – Statična ocena – Likvidacijska vrednost
Pri likvidaciji vrednosti se pregleda vsa sredstva in obveznosti, ki jih ima podjetje v svojih knjigah.
Osnovna predpostavka je da se sredstva ‘znebijo’ oziroma odprodajo in pokrijejo nastale obveznosti (po pogajanjih).
Tako se pride do faktorjev (diskontov oziroma premij) na posameznih postavkah bilanc stanja.
Ti faktorji se pomnožijo z knjigovodskimi vrednostmi, od ‘prodanih’ sredstev odštejemo ‘izpogajane obveznosti, odštejemo še ostale stroške likvidacije (odpravnine, postopki) in dobimopreostalo vrednost podjetja – likvidacijsko vrednost.
Ta metoda je najprimernejša za vrednotenje – holdingov, skladov oziroma podjetij katerih dejavnost se ne odraža preko izkaza uspeha pač pa preko naložb. sicer se uporablja za oceno v primeru zaključka poslovanja podjetja.
|
Adjusted Book Value Method – Liquidation |
|
|
|
|
Premija (+) / Discount (-) |
Factor |
|
Total Assets |
|
|
|
Fixed Assets |
|
|
|
Intangible Assets |
+ |
0,00% |
|
Tangible Assets |
|
|
|
Real Estates |
+ |
105,00% |
|
Equipment and other TA |
- |
10,00% |
|
LT Financial Assets and reval. TA |
+ |
0,00% |
|
Current Assets |
|
|
|
Inventory |
- |
5,00% |
|
LT Account Receivable (LT A/R) |
- |
20,00% |
|
ST Account Receivable (ST A/R) |
- |
1,00% |
|
ST Financial Assets |
- |
100,00% |
|
Cash and Equivalence |
+ |
0,00% |
|
Prepaid Exp. & Accrued Rev. |
- |
0,00% |
|
Off Balance Sheet Assets |
- |
100,00% |
|
|
|
|
|
Total Liabilities |
|
|
|
Capital |
|
|
|
Paid in Capital |
|
|
|
Capital Reservations |
|
|
|
Revaluation of Capital |
|
|
|
P/L from Previous Years |
|
|
|
P/L – Earnings |
|
|
|
LT Reservations |
- |
10,00% |
|
LT Liabilities |
+ |
1,00% |
|
ST Liabilities |
|
|
|
ST Liabilities from Operations (ST A/P) |
+ |
1,00% |
|
ST Liabilities from Financing |
- |
100,00% |
|
Deferred Rev. & Accrued Costs |
- |
0,00% |
|
Off Balance Sheet Liabilities |
- |
100,00% |
|
|
|
|
|
Costs of Labour |
- |
30,00% |
|
Costs of Liquidation (Forced/Normal) |
- |
3,00% |
How to sell and to buy the company?
ANSWER: Selling and buying a company is quite the same like selling and buying goods. First it is needed to set the estimate price of business, discussion between the parties, proceed due diligence, negotiations for terms and final price, finally the transfer of legal entity to other and of course the money transfer.
What is the value of our Company/Business?
ANSWER: The simplest answer is as much the buyer is willing to pay. But we don’t know until we negotiate with Buyer to their top limit. This is why we use at the start evaluation tools to evaluate your business.