{"id":8,"date":"2021-06-08T18:51:26","date_gmt":"2021-06-08T18:51:26","guid":{"rendered":"https:\/\/www.prodavamfirmu.cz\/?page_id=8"},"modified":"2022-02-14T08:44:43","modified_gmt":"2022-02-14T08:44:43","slug":"oceneni-firmy","status":"publish","type":"page","link":"https:\/\/www.prodavamfirmu.cz\/index.php\/oceneni-firmy\/","title":{"rendered":"Ocen\u011bn\u00ed firmy"},"content":{"rendered":"\n

Hodnota firmy se odv\u00edj\u00ed zejm\u00e9na od jej\u00ed finan\u010dn\u00ed v\u00fdkonnosti. N\u011bkdy se spole\u010dnosti oce\u0148uj\u00ed na z\u00e1klad\u011b hodnoty jejich majetku, co\u017e je v\u0161ak m\u00e9n\u011b b\u011b\u017en\u00e9 \u2013 zpravidla je tomu tak v p\u0159\u00edpadech, kdy firma vlastn\u00ed v\u011bt\u0161\u00ed mno\u017estv\u00ed hodnotn\u00fdch nemovitost\u00ed, finan\u010dn\u00edho majetku (pod\u00edly v jin\u00fdch firm\u00e1ch), atd.<\/p>\n\n\n\n

Nejb\u011b\u017en\u011bj\u0161\u00ed zp\u016fsob, jak investo\u0159i oce\u0148uj\u00ed spole\u010dnosti, je ocen\u011bn\u00ed na z\u00e1klad\u011b finan\u010dn\u00edho ukazatele EBITDA (zisk p\u0159ed ode\u010dten\u00edm \u00farok\u016f, dan\u011b z p\u0159\u00edjm\u016f a odpis\u016f), p\u0159i\u010dem\u017e ukazatel EBITDA se d\u00e1 lehce spo\u010d\u00edst na z\u00e1klad\u011b \u00fadaj\u016f uveden\u00fdch ve V\u00fdkazu zisku a ztr\u00e1ty. Hodnota se v\u011bt\u0161inou pohybuje v\u00a0rozmez\u00ed \u010dty\u0159 a\u017e osmin\u00e1sobku EBITDA; t\u00edmto zp\u016fsobem se spo\u010dte tzv. hodnota z\u00e1vodu (\u201eEnterprise Value\u201c). V\u00a0p\u0159\u00edpad\u011b, \u017ee spole\u010dnost m\u00e1 finan\u010dn\u00ed z\u00e1vazky v\u016f\u010di bank\u00e1m nebo jin\u00e9 dlouhodob\u00e9 z\u00e1vazky, v\u00fd\u0161e dluhu se ode\u010dte od hodnoty z\u00e1vodu. Na druhou stranu pokud m\u00e1 spole\u010dnost p\u0159ebyte\u010dnou hotovost na \u00fa\u010dtu v\u00a0bance, tato p\u0159ebyte\u010dn\u00e1 hotovost se k\u00a0hodnot\u011b z\u00e1vodu p\u0159ipo\u010dte.<\/p>\n\n\n\n

V\u00fd\u0161e n\u00e1sobku EBITDA z\u00e1vis\u00ed na mnoha faktorech, mimo jin\u00e9 na tom, nakolik je dan\u00e9 odv\u011btv\u00ed n\u00e1ro\u010dn\u00e9 na investice: pokud je nutn\u00e9 v\u00fdznamnou \u010d\u00e1st hotovosti z\u00edskanou p\u0159i b\u011b\u017en\u00e9 obchodn\u00ed \u010dinnosti vynalo\u017eit na investice, n\u00e1sobek pou\u017eit\u00fd pro v\u00fdpo\u010det hodnoty firmy b\u00fdv\u00e1 ni\u017e\u0161\u00ed \u2013 a naopak. N\u00e1sobky se tak\u00e9 li\u0161\u00ed podle oboru podnik\u00e1n\u00ed: nap\u0159\u00edklad ve zdravotnictv\u00ed se n\u00e1sobky pohybuj\u00ed okolo 8, zat\u00edmco u pr\u016fmyslov\u00e9 v\u00fdroby b\u00fdvaj\u00ed v\u00a0rozmez\u00ed 4-5. Rychle rostouc\u00ed obor s\u00a0n\u00edzkou n\u00e1ro\u010dnost\u00ed na investice obvykle znamen\u00e1 vy\u0161\u0161\u00ed n\u00e1sobek EBITDA.<\/p>\n\n\n\n

Pokud je spole\u010dnost ztr\u00e1tov\u00e1 \u010di jej\u00ed ukazatel EBITDA je z\u00e1porn\u00fd, je mo\u017en\u00e9 vyu\u017e\u00edt alternativn\u00ed metody ocen\u011bn\u00ed: ocen\u011bn\u00ed na z\u00e1klad\u011b dlouhodob\u00fdch aktiv, v n\u011bkter\u00fdch p\u0159\u00edpadech se pou\u017e\u00edvaj\u00ed n\u00e1sobky tr\u017eeb (nap\u0159\u00edklad se hodnota z\u00e1vodu ur\u010d\u00ed jako 0,7-n\u00e1sobek jeho tr\u017eeb). I v takov\u00fdch p\u0159\u00edpadech se ov\u0161em p\u0159i v\u00fdpo\u010dtu hodnoty firmy ode\u010dte v\u00fd\u0161e dluh\u016f.<\/p>\n\n\n\n

Orienta\u010dn\u00ed v\u00fdpo\u010det hodnoty Va\u0161\u00ed firmy si sami m\u016f\u017eete ud\u011blat takto:<\/p>\n\n\n\n

  1. Vezm\u011bte si V\u00fdkaz zisk\u016f a ztr\u00e1t (\u201ev\u00fdsledovku\u201c) za posledn\u00ed relevantn\u00ed ro\u010dn\u00ed obdob\u00ed. Se\u010dt\u011bte hodnotu na \u0159\u00e1dku \u201eProvozn\u00ed v\u00fdsledek hospoda\u0159en\u00ed\u201c (\u0159\u00e1dek b\u00fdv\u00e1 na form\u00e1ln\u00edm v\u00fdkazu v lev\u00e9m sloupci ozna\u010den jednou hv\u011bzdi\u010dkou) a hodnotu na \u0159\u00e1dku \u201e\u00dapravy hodnot dlouhodob\u00e9ho nehmotn\u00e9ho a hmotn\u00e9ho majetku\u201c (\u0159\u00e1dek ozna\u010den\u00fd ve v\u00fdkazu E.1.).<\/li>
  2. Sou\u010det p\u0159edm\u011btn\u00fdch dvou \u010d\u00edsel vyn\u00e1sobte \u0161esti.<\/li>
  3. Vezm\u011bte si druh\u00fd \u00fa\u010detn\u00ed v\u00fdkaz \u2013 Rozvahu. Od n\u00e1sobku dle p\u0159edchoz\u00edho bodu ode\u010dt\u011bte celkov\u00e9 z\u00e1vazky, kter\u00e9 naleznete v rozvaze na \u0159\u00e1dku \u201eZ\u00e1vazky\u201c (\u0159\u00e1dek ozna\u010den\u00fd v rozvaze na stran\u011b pasiv p\u00edsmenem C).<\/li>
  4. K vypo\u010dten\u00e9 \u010d\u00e1stce p\u0159ipo\u010dt\u011bte stav finan\u010dn\u00edch prost\u0159edk\u016f \u2013 v rozvaze se jedn\u00e1 o \u0159\u00e1dek \u201ePen\u011b\u017en\u00ed prost\u0159edky\u201c (\u0159\u00e1dek ozna\u010den\u00fd na stran\u011b aktiv jako C.III.).<\/li>
  5. V\u00fdsledn\u00e9 \u010d\u00edslo v\u00e1m \u0159\u00edk\u00e1, jak\u00e1 je p\u0159ibli\u017en\u00e1 hodnota Va\u0161\u00ed firmy. Pokud jsou Va\u0161e \u00fa\u010detn\u00ed v\u00fdkazy zpracov\u00e1ny v tis\u00edc\u00edch korun, pak i hodnota firmy je v tis\u00edc\u00edch korun.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"

    Hodnota firmy se odv\u00edj\u00ed zejm\u00e9na od jej\u00ed finan\u010dn\u00ed v\u00fdkonnosti. N\u011bkdy se spole\u010dnosti oce\u0148uj\u00ed na z\u00e1klad\u011b hodnoty jejich majetku, co\u017e je v\u0161ak m\u00e9n\u011b b\u011b\u017en\u00e9 \u2013 zpravidla je tomu tak v p\u0159\u00edpadech, kdy firma vlastn\u00ed v\u011bt\u0161\u00ed mno\u017estv\u00ed hodnotn\u00fdch nemovitost\u00ed, finan\u010dn\u00edho majetku (pod\u00edly v jin\u00fdch firm\u00e1ch), atd. Nejb\u011b\u017en\u011bj\u0161\u00ed zp\u016fsob, jak investo\u0159i oce\u0148uj\u00ed spole\u010dnosti, je ocen\u011bn\u00ed na z\u00e1klad\u011b finan\u010dn\u00edho ukazatele EBITDA … <\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":3,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/pages\/8"}],"collection":[{"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/comments?post=8"}],"version-history":[{"count":4,"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/pages\/8\/revisions"}],"predecessor-version":[{"id":114,"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/pages\/8\/revisions\/114"}],"wp:attachment":[{"href":"https:\/\/www.prodavamfirmu.cz\/index.php\/wp-json\/wp\/v2\/media?parent=8"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}