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ZASTOSOWANIE TECHNIK ITERACYJNYCH W WYCENIE PRZEDSIeBIORSTWA – WYCENA EMCINSMED S.A

Author

Listed:
  • Wiktor Patena

    (Wyzsza Szkola Biznesu – National-Louis University z siedziba w Nowym Saczu)

Abstract

DCF to metoda wyceny oparta na zalozeniu, ze wartosc przedsiebiorstwa zalezy od przeplywow gotowki, ktore firma moze wygenerowac w przyszlosci. Metoda ma jednak pewna wade zwiazana z faktem, ze do obliczania WACC stosowane sa ksiegowe wartosci dlugu i kapitalu wlasnego. Proby uzycia innych wartosci prowadza z kolei do pojawienia sie petli logicznych niemozliwych do rozwiazania w sposob analityczny. Ten techniczny problem moze byc jednak przezwyciezony poprzez uzycie procesow iteracyjnych. Tworzy sie wtedy lancuch zintegrowanych formul (petli) sprawiajacych, ze koszt kapitalu „sledzi” strukture kapitalowa (rozumiana jako relacje rynkowych wartosci dlugu i kapitalu wlasnego). Wycena przebiega rekursywnie. W niniejszej pracy wycena z uzyciem techniki i-DCF dokonana zostala na przykladzie spolki Emcinsmed S.A., ktora z racji poslugiwania sie w duzej mierze kapitalem obcym stala sie dobrym przykladem dla wyceny technika i-DCF.

Suggested Citation

  • Wiktor Patena, 2010. "ZASTOSOWANIE TECHNIK ITERACYJNYCH W WYCENIE PRZEDSIeBIORSTWA – WYCENA EMCINSMED S.A," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 6(special), pages 15-27, December.
    • Handle: RePEc:rze:efinan:v:6:y:2010:i:special:p:15-27
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    More about this item

    Keywords

    wycena przedsiebiorstwa; metody dochodowe; techniki iteracyjne;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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