{"id":1112,"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":"2025-11-10T17:13:12","modified_gmt":"2025-11-10T16:13:12","slug":"ktoru-metodu-ocenenia-zvolit-vyhody-a-nevyhody-dvoch-najcastejsich-pristupov","status":"publish","type":"post","link":"https:\/\/hintsoftpartners.com\/sk\/2025\/04\/15\/ktoru-metodu-ocenenia-zvolit-vyhody-a-nevyhody-dvoch-najcastejsich-pristupov\/","title":{"rendered":"Ktor\u00fa met\u00f3du ocenenia zvoli\u0165? V\u00fdhody a nev\u00fdhody dvoch naj\u010dastej\u0161\u00edch pr\u00edstupov"},"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=“126601″]INSIGHTS \u2013 OCE\u0147OVANIE & STRATEGICK\u00c9 PORADENSTVO[\/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=“135567″]Ktor\u00fa met\u00f3du ocenenia zvoli\u0165? V\u00fdhody a nev\u00fdhody dvoch naj\u010dastej\u0161\u00edch pr\u00edstupov<\/b><\/p>\n

Sk\u00f4r \u010di nesk\u00f4r sa ka\u017ed\u00fd vlastn\u00edk podniku postav\u00ed pred rovnak\u00fa ot\u00e1zku: <\/span>Potrebujem ocenenie \u2013 a ak \u00e1no, akou met\u00f3dou postupova\u0165?<\/span><\/i><\/p>\n

V predch\u00e1dzaj\u00facom \u010dl\u00e1nku sme sa venovali ot\u00e1zke \u201epre\u010do\u201c. Teraz sa pozrime na \u201eako\u201c \u2013 konkr\u00e9tne na dve naj\u010dastej\u0161ie pou\u017e\u00edvan\u00e9 met\u00f3dy ocenenia mal\u00fdch a stredne ve\u013ek\u00fdch podnikov.<\/span><\/p>\n

    \n
  1. Met\u00f3da diskontovan\u00fdch pe\u0148a\u017en\u00fdch tokov (DCF): najlep\u0161ia, ke\u010f je bud\u00facnos\u0165 predv\u00eddate\u013en\u00e1<\/b><\/li>\n<\/ol>\n

    Met\u00f3da DCF odhaduje schopnos\u0165 spolo\u010dnosti generova\u0165 v bud\u00facnosti hotovos\u0165 \u2013 spravidla v horizonte 4 a\u017e 7 rokov \u2013 a n\u00e1sledne prepo\u010d\u00edtava s\u00fa\u010dasn\u00fa hodnotu t\u00fdchto bud\u00facich pe\u0148a\u017en\u00fdch tokov pomocou vhodnej diskontnej sadzby. Toto obdobie sa ozna\u010duje ako explicitn\u00e9 obdobie.<\/span><\/p>\n

    Okrem toho model zah\u0155\u0148a aj projekciu obdobia po jeho skon\u010den\u00ed \u2013 zvy\u010dajne s predpokladom stabiln\u00e9ho, mierneho rastu. Tento odhad sa naz\u00fdva termin\u00e1lna hodnota. Spolu teda s\u00fa\u010det diskontovan\u00fdch bud\u00facich tokov a termin\u00e1lnej hodnoty tvor\u00ed celkov\u00e9 ocenenie.<\/span><\/p>\n

    Stru\u010dne povedan\u00e9: <\/span>DCF je ide\u00e1lne, ak m\u00e1 podnik jasne definovan\u00fa a spo\u013eahliv\u00fa rastov\u00fa trajekt\u00f3riu.<\/b><\/p>\n

      \n
    1. Ocenenie na z\u00e1klade n\u00e1sobkov: r\u00fdchle, trhovo orientovan\u00e9 a \u0161iroko pou\u017e\u00edvan\u00e9<\/b><\/li>\n<\/ol>\n

      T\u00e1to met\u00f3da sa opiera o oce\u0148ovacie n\u00e1sobky (napr. zalo\u017een\u00e9 na EBITDA, EBIT alebo tr\u017eb\u00e1ch) a uplat\u0148uje sa dvoma hlavn\u00fdmi sp\u00f4sobmi:<\/span><\/p>\n

        \n
      • Na z\u00e1klade trhov\u00fdch transakci\u00ed:<\/b> vych\u00e1dza z toho, za ak\u00e9 n\u00e1sobky sa predali porovnate\u013en\u00e9 spolo\u010dnosti v re\u00e1lnych obchodoch.<\/span><\/li>\n
      • Na z\u00e1klade obchodovan\u00fdch porovnate\u013en\u00fdch spolo\u010dnost\u00ed:<\/b> vych\u00e1dza z aktu\u00e1lnych obchodn\u00fdch n\u00e1sobkov verejne obchodovan\u00fdch firiem, ktor\u00e9 sa n\u00e1sledne upravuj\u00fa pre s\u00fakromn\u00e9 podniky. Verejn\u00e9 spolo\u010dnosti spravidla dosahuj\u00fa vy\u0161\u0161ie n\u00e1sobky v\u010faka transparentnosti a efektivite, preto sa na s\u00fakromn\u00e9 firmy uplat\u0148uje z\u013eava.<\/span><\/li>\n<\/ul>\n

        Hlavn\u00e1 v\u00fdhoda? Je relat\u00edvne r\u00fdchla a vych\u00e1dza z re\u00e1lnych trhov\u00fdch d\u00e1t \u2013 na rozdiel od DCF, ktor\u00e1 m\u00f4\u017ee vy\u017eadova\u0165 rozsiahle progn\u00f3zy a pr\u00edpravu.<\/span><\/p>\n

        Kedy pou\u017ei\u0165 ktor\u00fa met\u00f3du?<\/b><\/p>\n

        Ide\u00e1lne by mali obe met\u00f3dy dospie\u0165 k podobn\u00fdm v\u00fdsledkom. Ak je medzi nimi v\u00fdrazn\u00fd rozdiel, je to sign\u00e1l, \u017ee je potrebn\u00e9 prehodnoti\u0165 predpoklady a vstupn\u00e9 d\u00e1ta.<\/span><\/p>\n

        Na\u0161a sk\u00fasenos\u0165 ukazuje, \u017ee v\u00e4\u010d\u0161ina mal\u00fdch a stredn\u00fdch podnikov m\u00e1 probl\u00e9m pripravi\u0165 spo\u013eahliv\u00e9 finan\u010dn\u00e9 progn\u00f3zy \u2013 dokonca aj na \u0161es\u0165 mesiacov dopredu, nieto e\u0161te na nieko\u013eko rokov. V tak\u00fdchto pr\u00edpadoch m\u00f4\u017ee by\u0165 model DCF nielen nepresn\u00fd, ale aj zav\u00e1dzaj\u00faci.<\/span><\/p>\n

        Ak nie je k dispoz\u00edcii pevn\u00e1 a dobre podlo\u017een\u00e1 progn\u00f3za, je spravidla lep\u0161ie spo\u013eahn\u00fa\u0165 sa na ocenenie na z\u00e1klade n\u00e1sobkov. Nesie so sebou menej predpokladov \u2013 a teda aj menej priestoru na chyby.<\/span><\/p>\n

        Ani n\u00e1sobky nie s\u00fa dokonal\u00e9<\/b><\/p>\n

        Samozrejme, aj ocenenie na z\u00e1klade n\u00e1sobkov m\u00e1 svoje \u00faskalia, najm\u00e4 pri s\u00fakromne vlastnen\u00fdch firm\u00e1ch:<\/span><\/p>\n

          \n
        • Dost\u00e1vaj\u00fa vlastn\u00edci a rodinn\u00ed pr\u00edslu\u0161n\u00edci mzdy v s\u00falade s trhov\u00fdmi \u0161tandardmi \u2013 alebo s\u00fa optimalizovan\u00e9 z da\u0148ov\u00fdch d\u00f4vodov?<\/span><\/li>\n
        • S\u00fa cez spolo\u010dnos\u0165 \u00fa\u010dtovan\u00e9 osobn\u00e9 v\u00fddavky (napr. cestovanie, reprezent\u00e1cia, osobn\u00e9 vozidl\u00e1)?<\/span><\/li>\n
        • S\u00fa transakcie so spriaznen\u00fdmi stranami realizovan\u00e9 za trhov\u00fdch podmienok?<\/span><\/li>\n<\/ul>\n

          Tieto faktory m\u00f4\u017eu skresli\u0165 EBITDA alebo EBIT \u2013 a t\u00fdm aj celkov\u00e9 ocenenie. Na dosiahnutie spravodlivej a realistickej hodnoty je preto potrebn\u00e9 vykona\u0165 \u00fapravy. To v\u0161ak dok\u00e1\u017ee s istotou len sk\u00fasen\u00fd oce\u0148ovate\u013e.<\/span><\/p>\n

          Zhrnutie: neexistuje univerz\u00e1lny pr\u00edstup<\/b><\/p>\n

          Ocenenie podniku nie je jednoduch\u00e9 cvi\u010denie pod\u013ea vzorca. Neexistuje univerz\u00e1lna met\u00f3da, ktor\u00e1 by fungovala vo v\u0161etk\u00fdch pr\u00edpadoch. Najlep\u0161ia vo\u013eba z\u00e1vis\u00ed od konkr\u00e9tneho kontextu, kvality dostupn\u00fdch d\u00e1t a \u00fa\u010delu ocenenia.<\/span><\/p>\n

          Plat\u00ed, \u017ee \u010d\u00edm s\u00fa inform\u00e1cie spo\u013eahlivej\u0161ie a \u010d\u00edm v\u00e4\u010d\u0161ie sk\u00fasenosti m\u00e1 analytik, t\u00fdm presnej\u0161\u00ed a obh\u00e1jite\u013enej\u0161\u00ed je v\u00fdsledok \u2013 \u010di u\u017e ide o DCF, n\u00e1sobky, alebo kombin\u00e1ciu oboch pr\u00edstupov.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

          INSIGHTS \u2013 OCE\u0147OVANIE & STRATEGICK\u00c9 PORADENSTVO<\/p>\n","protected":false},"author":1,"featured_media":1113,"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":[46],"tags":[],"class_list":["post-1112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ocenovania-a-strategicke-poradenstvo"],"_links":{"self":[{"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/posts\/1112","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/comments?post=1112"}],"version-history":[{"count":2,"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/posts\/1112\/revisions"}],"predecessor-version":[{"id":1116,"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/posts\/1112\/revisions\/1116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/media\/1113"}],"wp:attachment":[{"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/media?parent=1112"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/categories?post=1112"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hintsoftpartners.com\/sk\/wp-json\/wp\/v2\/tags?post=1112"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}