{"id":1110,"date":"2025-04-15T15:34:08","date_gmt":"2025-04-15T14:34:08","guid":{"rendered":"https:\/\/hintsoftpartners.com\/2025\/04\/15\/which-valuation-method-should-one-use-the-pros-and-cons-of-the-two-most-common-approaches\/"},"modified":"2026-02-24T12:11:02","modified_gmt":"2026-02-24T11:11:02","slug":"kterou-metodu-oceneni-zvolit-vyhody-a-nevyhody-dvou-nejcastejsich-pristupu","status":"publish","type":"post","link":"https:\/\/hintsoftpartners.com\/cs\/2025\/04\/15\/kterou-metodu-oceneni-zvolit-vyhody-a-nevyhody-dvou-nejcastejsich-pristupu\/","title":{"rendered":"Kterou metodu ocen\u011bn\u00ed zvolit? V\u00fdhody a nev\u00fdhody dvou nej\u010dast\u011bj\u0161\u00edch p\u0159\u00edstup\u016f"},"content":{"rendered":"

[vc_row row_height_percent=“0″ override_padding=“yes“ h_padding=“2″ top_padding=“5″ bottom_padding=“5″ back_color=“color-745463″ overlay_alpha=“80″ equal_height=“yes“ gutter_size=“3″ column_width_percent=“100″ shift_y=“0″ z_index=“0″ top_divider=“gradient“ bottom_divider=“gradient“ content_parallax=“0″ uncode_shortcode_id=“117831″ back_color_type=“uncode-palette“][vc_column column_width_percent=“70″ position_horizontal=“left“ position_vertical=“middle“ gutter_size=“2″ style=“dark“ overlay_alpha=“50″ shift_x=“0″ shift_y=“0″ shift_y_down=“0″ z_index=“0″ medium_width=“0″ mobile_width=“0″ width=“1\/1″ uncode_shortcode_id=“298805″][vc_custom_heading heading_semantic=“h6″ text_size=“h5″ text_weight=“700″ text_transform=“uppercase“ uncode_shortcode_id=“929144″]INSIGHTS \u2013 OCE\u0147OV\u00c1N\u00cd & STRATEGICK\u00c9 PORADENSTV\u00cd[\/vc_custom_heading][vc_custom_heading auto_text=“yes“ heading_semantic=“h1″ text_font=“font-154066″ text_size=“custom“ uncode_shortcode_id=“124703″ heading_custom_size=“60″]Long headline to turn your visitors into users[\/vc_custom_heading][uncode_info_box items=“Date“ text_size=“h5″][\/vc_column][\/vc_row][vc_row row_height_percent=“0″ override_padding=“yes“ h_padding=“2″ top_padding=“3″ bottom_padding=“2″ overlay_alpha=“50″ gutter_size=“3″ column_width_percent=“100″ shift_y=“0″ z_index=“0″ content_parallax=“0″ uncode_shortcode_id=“186881″ row_name=“history“][vc_column column_width_use_pixel=“yes“ gutter_size=“3″ overlay_alpha=“50″ shift_x=“0″ shift_y=“0″ shift_y_down=“0″ z_index=“0″ medium_width=“0″ align_mobile=“align_center_mobile“ mobile_width=“0″ width=“1\/1″ column_width_pixel=“850″ uncode_shortcode_id=“153200″][vc_column_text text_lead=“yes“ uncode_shortcode_id=“909029″]Kterou metodu ocen\u011bn\u00ed zvolit? V\u00fdhody a nev\u00fdhody dvou nej\u010dast\u011bj\u0161\u00edch p\u0159\u00edstup\u016f<\/b><\/p>\n

D\u0159\u00edve \u010di pozd\u011bji se ka\u017ed\u00fd vlastn\u00edk podniku setk\u00e1 se stejnou ot\u00e1zkou: <\/span>Pot\u0159ebuji ocen\u011bn\u00ed \u2013 a pokud ano, jak\u00fdm zp\u016fsobem ho prov\u00e9st?<\/span><\/i>
\n<\/span>V na\u0161em p\u0159edchoz\u00edm \u010dl\u00e1nku jsme se v\u011bnovali ot\u00e1zce <\/span>pro\u010d<\/span><\/i>. Nyn\u00ed se zam\u011b\u0159\u00edme na <\/span>jak<\/span><\/i> \u2013 konkr\u00e9tn\u011b na dv\u011b nej\u010dast\u011bji pou\u017e\u00edvan\u00e9 metody oce\u0148ov\u00e1n\u00ed mal\u00fdch a st\u0159edn\u011b velk\u00fdch podnik\u016f.<\/span><\/p>\n

Dva b\u011b\u017en\u00e9 p\u0159\u00edstupy p\u0159edstavuj\u00ed metoda diskontovan\u00fdch pen\u011b\u017en\u00edch tok\u016f (DCF) a oce\u0148ov\u00e1n\u00ed na z\u00e1klad\u011b n\u00e1sobk\u016f. Zde je stru\u010dn\u00fd p\u0159ehled obou metod, kter\u00fd v\u00e1m pom\u016f\u017ee rozhodnout, kter\u00e1 je pro va\u0161i situaci vhodn\u011bj\u0161\u00ed.<\/span><\/p>\n

    \n
  1. Diskontovan\u00e9 pen\u011b\u017en\u00ed toky (DCF): nejlep\u0161\u00ed, kdy\u017e je budoucnost p\u0159edv\u00eddateln\u00e1<\/b>
    \n<\/span>Metoda DCF odhaduje budouc\u00ed schopnost spole\u010dnosti generovat pen\u011b\u017en\u00ed toky \u2013 obvykle v horizontu 4 a\u017e 7 let \u2013 a n\u00e1sledn\u011b po\u010d\u00edt\u00e1 jejich sou\u010dasnou hodnotu pomoc\u00ed vhodn\u00e9 diskontn\u00ed sazby. Toto obdob\u00ed se naz\u00fdv\u00e1 explicitn\u00ed.<\/span>
    \n<\/span>Model d\u00e1le zahrnuje projekci obdob\u00ed po n\u011bm \u2013 obvykle se p\u0159edpokl\u00e1d\u00e1 stabiln\u00ed, m\u00edrn\u00fd r\u016fst. Tato projekce se ozna\u010duje jako termin\u00e1ln\u00ed hodnota. Sou\u010det sou\u010dasn\u00e9 hodnoty budouc\u00edch pen\u011b\u017en\u00edch tok\u016f a termin\u00e1ln\u00ed hodnoty tvo\u0159\u00ed celkovou valuaci.<\/span>
    \n<\/span>Stru\u010dn\u011b \u0159e\u010deno: DCF je ide\u00e1ln\u00ed tam, kde m\u00e1 podnik jasnou a spolehlivou r\u016fstovou trajektorii.<\/span><\/li>\n
  2. Oce\u0148ov\u00e1n\u00ed na z\u00e1klad\u011b n\u00e1sobk\u016f: rychl\u00e9, tr\u017en\u011b orientovan\u00e9 a \u0161iroce pou\u017e\u00edvan\u00e9<\/b>
    \n<\/span>Tento p\u0159\u00edstup vych\u00e1z\u00ed z oce\u0148ovac\u00edch n\u00e1sobk\u016f (nap\u0159. zalo\u017een\u00fdch na EBITDA, EBIT nebo tr\u017eb\u00e1ch) a aplikuje se dv\u011bma hlavn\u00edmi zp\u016fsoby:<\/span><\/li>\n<\/ol>\n
      \n
    • Na z\u00e1klad\u011b tr\u017en\u00edch transakc\u00ed<\/b>: vych\u00e1z\u00ed z toho, za kolik se prodaly srovnateln\u00e9 spole\u010dnosti \u2013 tedy jak\u00e9 n\u00e1sobky kupuj\u00edc\u00ed skute\u010dn\u011b zaplatili.<\/span><\/li>\n
    • Na z\u00e1klad\u011b obchodovan\u00fdch spole\u010dnost\u00ed<\/b>: pou\u017e\u00edvaj\u00ed se aktu\u00e1ln\u00ed obchodn\u00ed n\u00e1sobky srovnateln\u00fdch ve\u0159ejn\u011b obchodovan\u00fdch firem, upraven\u00e9 pro soukrom\u00e9 podniky. Ve\u0159ejn\u00e9 spole\u010dnosti obvykle dosahuj\u00ed vy\u0161\u0161\u00edch n\u00e1sobk\u016f d\u00edky sv\u00e9 transparentnosti a efektivit\u011b, proto se u soukrom\u00fdch firem obvykle uplat\u0148uje diskont.<\/span><\/li>\n<\/ul>\n

      Hlavn\u00ed v\u00fdhoda? Relativn\u011b rychl\u00e9 proveden\u00ed zalo\u017een\u00e9 na re\u00e1ln\u00fdch tr\u017en\u00edch datech \u2013 na rozd\u00edl od DCF, kter\u00e9 vy\u017eaduje rozs\u00e1hl\u00e9 progn\u00f3zy a p\u0159\u00edpravu.<\/span><\/p>\n

      Kdy kterou metodu pou\u017e\u00edt?<\/b>
      \n<\/span>Ide\u00e1ln\u011b by ob\u011b metody m\u011bly dosp\u011bt k podobn\u00fdm v\u00fdsledk\u016fm. Pokud tomu tak nen\u00ed, je to sign\u00e1l k p\u0159ehodnocen\u00ed p\u0159edpoklad\u016f a vstupn\u00edch dat.<\/span>
      \n<\/span>Na\u0161e zku\u0161enost ukazuje, \u017ee v\u011bt\u0161ina SME m\u00e1 probl\u00e9m sestavit spolehliv\u00e9 finan\u010dn\u00ed progn\u00f3zy \u2013 \u010dasto i na \u0161est m\u011bs\u00edc\u016f dop\u0159edu, nato\u017e na n\u011bkolik let. V takov\u00fdch p\u0159\u00edpadech m\u016f\u017ee b\u00fdt model DCF nejen nep\u0159esn\u00fd, ale i zav\u00e1d\u011bj\u00edc\u00ed.<\/span>
      \n<\/span>Pokud neexistuje siln\u00e1 a dob\u0159e podlo\u017een\u00e1 progn\u00f3za, je obvykle lep\u0161\u00ed spolehnout se na oce\u0148ov\u00e1n\u00ed zalo\u017een\u00e9 na n\u00e1sobc\u00edch. To vy\u017eaduje m\u00e9n\u011b p\u0159edpoklad\u016f \u2013 a nab\u00edz\u00ed m\u00e9n\u011b prostoru pro chyby.<\/span><\/p>\n

      N\u00e1sobky nejsou tak\u00e9 bezchybn\u00e9<\/b>
      \n<\/span>Samoz\u0159ejm\u011b i oce\u0148ov\u00e1n\u00ed na z\u00e1klad\u011b n\u00e1sobk\u016f m\u00e1 sv\u00e1 \u00faskal\u00ed, zejm\u00e9na u soukrom\u011b vlastn\u011bn\u00fdch podnik\u016f:<\/span><\/p>\n

        \n
      • Pob\u00edraj\u00ed vlastn\u00edci a \u010dlenov\u00e9 rodiny mzdy odpov\u00eddaj\u00edc\u00ed trhu \u2013 nebo je optimalizuj\u00ed z da\u0148ov\u00fdch d\u016fvod\u016f?<\/span><\/li>\n
      • Jsou p\u0159es spole\u010dnost \u00fa\u010dtov\u00e1ny osobn\u00ed v\u00fddaje (nap\u0159. cestov\u00e1n\u00ed, z\u00e1bava, u\u017e\u00edv\u00e1n\u00ed osobn\u00edho vozu)?<\/span><\/li>\n
      • Prob\u00edhaj\u00ed transakce se sp\u0159\u00edzn\u011bn\u00fdmi stranami za tr\u017en\u00edch podm\u00ednek?<\/span><\/li>\n<\/ul>\n

        Tyto faktory mohou zkreslit EBITDA \u010di EBIT \u2013 a t\u00edm i cel\u00e9 ocen\u011bn\u00ed. Pro dosa\u017een\u00ed f\u00e9rov\u00e9ho a realistick\u00e9ho v\u00fdsledku je nutn\u00e9 prov\u00e9st \u00fapravy. A to je \u00fakol, kter\u00fd s jistotou zvl\u00e1dne pouze zku\u0161en\u00fd znalec.<\/span><\/p>\n

        Z\u00e1v\u011br: neexistuje univerz\u00e1ln\u00ed p\u0159\u00edstup<\/b>
        \n<\/span>Oce\u0148ov\u00e1n\u00ed podniku nen\u00ed mechanick\u00e9 cvi\u010den\u00ed typu \u201eplug-and-play\u201c. Neexistuje univerz\u00e1ln\u00ed vzorec, kter\u00fd by fungoval ve v\u0161ech p\u0159\u00edpadech. Nejvhodn\u011bj\u0161\u00ed metoda z\u00e1vis\u00ed na konkr\u00e9tn\u00edm kontextu, kvalit\u011b dostupn\u00fdch dat a \u00fa\u010delu ocen\u011bn\u00ed.<\/span>
        \n<\/span>\u010c\u00edm spolehliv\u011bj\u0161\u00ed jsou informace a \u010d\u00edm hlub\u0161\u00ed je odbornost analytika, t\u00edm p\u0159esn\u011bj\u0161\u00ed a obhajiteln\u011bj\u0161\u00ed je v\u00fdsledek \u2013 a\u0165 u\u017e se pou\u017eije DCF, oce\u0148ov\u00e1n\u00ed na z\u00e1klad\u011b n\u00e1sobk\u016f, nebo kombinace obou p\u0159\u00edstup\u016f.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

        INSIGHTS \u2013 OCE\u0147OV\u00c1N\u00cd & STRATEGICK\u00c9 PORADENSTV\u00cd<\/p>\n","protected":false},"author":1,"featured_media":1111,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[43],"tags":[],"class_list":["post-1110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ocenovani-a-strategicke-poradenstvi"],"_links":{"self":[{"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/posts\/1110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/comments?post=1110"}],"version-history":[{"count":5,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/posts\/1110\/revisions"}],"predecessor-version":[{"id":1725,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/posts\/1110\/revisions\/1725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/media\/1111"}],"wp:attachment":[{"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/media?parent=1110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/categories?post=1110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hintsoftpartners.com\/cs\/wp-json\/wp\/v2\/tags?post=1110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}