Компанийн үнэ цэнийг тодорхойлох: та яаж үүнийг хийдэг вэ?

Таны бизнесийн үнэ цэнэ юу вэ? Хэрэв та өөрийн компанийг хэрхэн олж авахыг, зарахыг, эсвэл зүгээр л мэдэхийг хүсч байвал энэ асуултын хариултыг мэдэх нь ашигтай байх болно. Эцсийн эцэст, компанийн үнэ цэнэ нь үнэндээ төлсөн эцсийн үнэтэй ижил биш боловч энэ үнийн талаархи хэлэлцээрийн эхлэл юм. Гэхдээ та энэ асуултын хариултанд хэрхэн хүрэв? Олон янзын аргууд байдаг. Үндсэн аргуудыг доор авч үзнэ.

Компанийн үнэ цэнийг тодорхойлох: та яаж үүнийг хийдэг вэ?

Цэвэр хөрөнгийн үнийг тодорхойлох

The net asset value is the value of the company’s equity and can be calculated by subtracting the value of all assets, such as buildings, machinery, inventories and cash, minus all liabilities, or debts. Based on this calculation, it can be determined what a company is actually worth right now. Nevertheless, this method of valuation does not always provide a complete picture. After all, the ever-changing balance sheet is the basis of this intrinsic valuation. In addition, the company’s balance sheet does not always include all assets, such as knowledge, contracts and quality of personnel, nor does it always include all financial liabilities such as rental and lease contracts. This method is therefore only a snapshot that says nothing more about the progress in the past or the possible future perspective of the company.

Ашигт ажиллагааны үнэ цэнийг тодорхойлох

The profitability value is another way by which the value of the company can be determined. In contrast to the previous method, this calculation method does take into account (the profit level in) the future. In order to determine the value of your company using this method, you must first determine ашгийн түвшин Тэгээд ашигт ажиллагааны шаардлага. You determine the profit level on the basis of the net profit of the company, taking into account the profit development in the past and the expectations for the future. Then you divide the profit by the required return on equity. This return requirement is often based on the interest on a long-term risk-free investment plus a surcharge for sector and business risk. In practice, this method is most commonly used. Even so, this method does not take sufficient account of the company’s financing structure and the presence of the other assets. Moreover, with this method, the investment risk cannot be separated from the financing risk.

Хөнгөлөлттэй мөнгөн гүйлгээний арга

The best picture of the value of the company is obtained by calculating using the following method, also called the DFC method. After all, the DFC method is based on cash flows and looks at their development in the future. The underlying idea is that the company will only be able to meet its obligations if sufficient funds come in and that the results from the past are no guarantee for the future. That is why the banks also attach great importance to the valuation of a company according to this DFC method. However, the valuation according to this method is complex. In order to form a good picture of the profit you could make with the company in the future, it is important to map out all future cash flows. Subsequently, the incoming cash flows must be settled with the outgoing cash flows. Finally, with the aid of Weight Average Cost of Capital (WACC), the result is discounted and the value of the company follows.

Компанийн үнэ цэнийг тодорхойлохын тулд гурван арга замыг ярилцав. Танилцуулгын асуултанд буцаж ирэхэд хариулт нь хоёрдмол утгагүй болно. Түүнээс гадна арга бүр өөр өөр эцсийн үр дүнд хүргэдэг. Хэрэв нэг арга нь зөвхөн агшин зуурын зургийг үзээд компанийг сая доллар гэж тодорхойлдог бол нөгөө арга нь гол төлөв ирээдүйд харагддаг бөгөөд нэг компани нэг хагас саяыг үнэлнэ гэж үздэг. Энэ аргыг хамгийн өндөр үнэлгээтэй сонгох нь логик юм шиг санагддаг. Гэсэн хэдий ч энэ нь танай компаний хувьд хамгийн сайн арга биш бөгөөд ихэнх тохиолдолд үнэлгээ нь захиалгаар хийгдсэн байдаг. Тийм ч учраас худалдан авалт, борлуулалтын процесст орохоосоо өмнө мэргэжлийн хүмүүс оролцож, хууль ёсны байр суурийн талаар зөвлөгөө авах нь ухаалаг хэрэг юм. Law & More’s lawyers are experts in the field of corporate law and are happy to provide you with advice but also with all kinds of other assistance during your process, such as drafting and assessing contracts, due diligence and participating in the negotiations.

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