{"id":2037028,"date":"2023-11-09T12:44:19","date_gmt":"2023-11-09T12:44:19","guid":{"rendered":"https:\/\/www.nimbo.net\/ertragswertverfahren-unternehmensbewertung"},"modified":"2025-08-25T11:43:08","modified_gmt":"2025-08-25T11:43:08","slug":"indkomstkapitaliseringsmetode-virksomhedsvurdering","status":"publish","type":"post","link":"https:\/\/www.nimbo.net\/da\/indkomstkapitaliseringsmetode-virksomhedsvurdering","title":{"rendered":"Indtjeningsv\u00e6rdi metode til virksomhedsvurdering"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Hvordan fungerer indtjeningsv\u00e6rdi metoden?<\/h2>\n\n<p>Meget forenklet sagt handler indtjeningsv\u00e6rdi metoden om at<\/p>\n\n<ul class=\"wp-block-list\">\n<li>estimere fremtidige overskud<\/li>\n\n\n\n<li>diskontere disse overskud<\/li>\n\n\n\n<li>l\u00e6gge de diskonterede overskud sammen<\/li>\n<\/ul>\n\n<p>Dette giver den nuv\u00e6rende v\u00e6rdi af virksomheden if\u00f8lge indtjeningsv\u00e6rdi metoden. Diskonteringssatsen tager h\u00f8jde for tidspunktet for indt\u00e6gterne i fremtiden og den specifikke risiko ved investeringen.  <\/p>\n\n<h2 class=\"wp-block-heading\">Forskellige tilgange til indtjeningsv\u00e6rdi metoden<\/h2>\n\n<p>Der findes forskellige modeller inden for indtjeningsv\u00e6rdi metoden. Disse modeller adskiller sig med hensyn til de cashflows, der diskonteres. Derudover varierer de med hensyn til den anvendte diskonteringssats.<\/p>\n\n<!-- Include Treeflex CSS -->\n<link rel=\"stylesheet\" href=\"https:\/\/unpkg.com\/treeflex\/dist\/css\/treeflex.css\"\/>\n\n<!-- Custom CSS -->\n<style>\n\/* Set the font for the entire tree *\/\n.tf-tree {\n  font-family: Arial, sans-serif;\n}\n\n\/* Style the nodes *\/\n.tf-tree .tf-nc {\n  border: 2px solid #316987;\n  border-radius: 10px;\n  padding: 15px 20px;\n  background-color: white;\n  color: black;\n  text-align: center;\n  min-width: 250px; \/* Adjust for responsiveness *\/\n  display: inline-block;\n}\n\n\/* Responsive container to handle wide trees *\/\n.tree-container {\n  max-width: 100%; \/* Restrict the width to the parent container *\/\n  overflow-x: auto; \/* Allow horizontal scrolling if necessary *\/\n  padding: 20px 0;\n}\n\n\/* Adjust the tree node size for smaller screens *\/\n@media (max-width: 768px) {\n  .tf-tree .tf-nc {\n    min-width: 150px; \/* Reduce the width for smaller devices *\/\n    padding: 10px 15px; \/* Adjust padding *\/\n    font-size: 14px; \/* Smaller font size *\/\n  }\n}\n<\/style>\n\n<!-- HTML Structure -->\n<div class=\"tree-container\">\n  <div class=\"tf-tree tf-gap-lg\">\n    <ul>\n      <li>\n        <span class=\"tf-nc\">Indtjeningsv\u00e6rdi metoder<\/span>\n        <ul>\n          <li><span class=\"tf-nc\">Forenklet indtjeningsv\u00e6rdi metode<\/span><\/li>\n          <li><span class=\"tf-nc\">Discounted Cash Flow (DCF) metode<\/span><\/li>\n          <li><span class=\"tf-nc\">Residualv\u00e6rdi metode<\/span><\/li>\n          <li><span class=\"tf-nc\">Multi-periode dividenddiskontering<\/span><\/li>\n        <\/ul>\n      <\/li>\n    <\/ul>\n  <\/div>\n<\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Forenklet indtjeningsv\u00e6rdi metode<\/strong><\/h2>\n\n<p><strong>Tilgang<\/strong>: Denne metode antager konstante cashflows og er ideel til virksomheder med en stabil indtjening.<\/p>\n\n<p><strong>Hvad diskonteres<\/strong>: Et repr\u00e6sentativt, normaliseret \u00e5rsresultat. Bem\u00e6rk, at de bogf\u00f8rte v\u00e6rdier ofte skal justeres for de s\u00e5kaldte \u00bb<a href=\"https:\/\/www.nimbo.net\/da\/tilfoejelser-virksomhedsvurdering\">add backs<\/a>\u00ab. <\/p>\n\n<p><strong>Hvordan diskonteres<\/strong>: Med en kapitaliseringsrente, der afspejler virksomhedens risiko og markedets forventninger til afkast.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_49c919-34 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_49c919-34{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_49c919-34 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_e7f079-18 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_e7f079-18 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_e7f079-18\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Eksempel p\u00e5 indtjeningsv\u00e6rdi metode<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<table>\n    <tr>\n        <td>Overskud efter renter og skat (E)<\/td>\n        <td>500.000<\/td>\n    <\/tr>\n    <tr>\n        <td>Kapitaliseringsrente (i)<\/td>\n        <td>10%<\/td>\n    <\/tr>\n<\/table>\n\n<p>Indtjeningsv\u00e6rdien W<sub>E<\/sub> beregnes som:<\/p>\n\n<p class=\"formula\">\n    <span>W<sub>E<\/sub><\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">E<\/span>\n        <span class=\"bottom\">i<\/span>\n    <\/span>  =\n    <span class=\"fraction\">\n        <span class=\"top\">500.000<\/span>\n        <span class=\"bottom\">0.10<\/span>\n    <\/span>  = 5.000.000\n<\/p>\n\n<p>Hvor E er overskuddet efter skat og renter, og i er kapitaliseringsrenten.<\/p>\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\">Fordele og ulemper ved denne metode <\/h3>\n<style>.kadence-column2032743_584511-a3 > .kt-inside-inner-col{display:flex;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2032743_584511-a3 > .kt-inside-inner-col,.kadence-column2032743_584511-a3 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2032743_584511-a3 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2032743_584511-a3{position:relative;}.kadence-column2032743_584511-a3, .kt-inside-inner-col > .kadence-column2032743_584511-a3:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2032743_584511-a3 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2032743_584511-a3 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2032743_584511-a3\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_23066b-35 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_23066b-35 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_e35e12-8b .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_e35e12-8b\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Enkel anvendelse, let forst\u00e5elig og implementerbar<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_799797-05 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_799797-05\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Fremtidsorienteret, fokuserer p\u00e5 virksomhedens fremtidige indt\u00e6gter og fortjeneste, hvilket er vigtigt for investorer, der \u00f8nsker at vurdere fremtidige afkast.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_29e100-0d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_29e100-0d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Almindelig praksis inden for SMV-omr\u00e5det, da disse har mindre komplekse virksomhedsstrukturer.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_f4b742-e3 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_f4b742-e3\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Accepteret af finansmyndigheder: Denne metode accepteres f.eks. ofte af skattemyndigheder i Tyskland, n\u00e5r det drejer sig om v\u00e6rdians\u00e6ttelse til skattem\u00e6ssige form\u00e5l.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_989ee6-a4 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_989ee6-a4\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Velegnet til virksomheder i stabile markeder<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_bddac8-21 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_bddac8-21 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_25a225-52 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_25a225-52\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Der tr\u00e6ffes en simpel antagelse om den fremtidige indtjening, kompleksiteten af en virksomhed og dens markedsmilj\u00f8 kan ikke altid afbildes fuldst\u00e6ndigt.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_266c79-0d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_266c79-0d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Risici for virksomheden eller mulige markedssvingninger negligeres <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_d34d29-f8 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_d34d29-f8\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">For virksomheder med st\u00e6rkt svingende eller hurtigt voksende indtjening er denne metode for stiv og un\u00f8jagtig.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_09697c-48 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_09697c-48\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Fejlbed\u00f8mmelser i indtjeningsprognoserne og diskonteringssatsen kan f\u00f8re til forkerte resultater.<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<p><\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Discounted Cash Flow (DCF)<\/strong> metode<\/h2>\n\n<p><strong>Tilgang<\/strong>: DCF-tilgangen forudsiger fremtidige cashflows, der kan variere, og er derfor velegnet til virksomheder, hvis indtjening \u00e6ndrer sig over tid.<\/p>\n\n<p><strong>Hvad diskonteres<\/strong>: Estimerede fremtidige cashflows over en bestemt prognoseperiode.<\/p>\n\n<p><strong>Hvordan diskonteres<\/strong>: Ved hj\u00e6lp af Weighted Average Cost of Capital (WACC), der afspejler de gennemsnitlige omkostninger ved den anvendte kapital.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_94e136-8a .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_94e136-8a{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_94e136-8a alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_d8deee-37 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_d8deee-37 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_d8deee-37\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Eksempel p\u00e5 Discounted Cash Flow (DCF) metode<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<h4>Fri Cashflow (FCF) til prognose for de n\u00e6ste 3 \u00e5r<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Prognose \u00e5r 1<\/th>\n        <th>Prognose \u00e5r 2<\/th>\n        <th>Prognose \u00e5r 3<\/th>\n    <\/tr>\n    <tr>\n        <td>Fri Cashflow (FCF)<\/td>\n        <td>300,000<\/td>\n        <td>330,000<\/td>\n        <td>360,000<\/td>\n    <\/tr>\n<\/table>\n\n<h4>Beregning af de diskonterede cashflows og terminalv\u00e6rdi<\/h4>\n\n<p>Diskonteringsrentesats (r) = 10%<\/p>\n<p>Terminalv\u00e6kstrate (g) = 2%<\/p>\n\n<!-- Formula for DCF -->\n<p class=\"formula\">\n  DCF <sub>1<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>1<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>1<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">300,000<\/span>\n        <span class=\"bottom\">1.10<\/span>\n    <\/span>  = 272,727\n<\/p>\n\n<p class=\"formula\">\n  DCF <sub>2<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>2<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">330,000<\/span>\n        <span class=\"bottom\">(1.10)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">330,000<\/span>\n        <span class=\"bottom\">1.21<\/span>\n    <\/span>  = 272,727\n<\/p>\n\n<p class=\"formula\">\n  DCF <sub>3<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>3<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">360,000<\/span>\n        <span class=\"bottom\">(1.10)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">360,000<\/span>\n        <span class=\"bottom\">1.33<\/span>\n    <\/span>  = 270,676\n<\/p>\n\n<h4>Beregning af terminalv\u00e6rdien (TV)<\/h4>\n\n<p>Terminalv\u00e6rdien beregnes som:<\/p>\n\n<p class=\"formula\">\n  TV = \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>3<\/sub> \u00d7 (1 + g)<\/span>\n        <span class=\"bottom\">r &#8211; g<\/span>\n    <\/span> = \n    <span class=\"fraction\">\n        <span class=\"top\">360,000 \u00d7 1.02<\/span>\n        <span class=\"bottom\">0.10 &#8211; 0.02<\/span>\n    <\/span> = 4,590,000\n<\/p>\n\n<p>Terminalv\u00e6rdien diskonteres derefter ogs\u00e5:<\/p>\n\n<p class=\"formula\">\n  DCF <sub>TV<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">4,590,000<\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">4,590,000<\/span>\n        <span class=\"bottom\">1.33<\/span>\n    <\/span>  = 3,451,128\n<\/p>\n\n<h4>Samlet virksomhedsv\u00e6rdi (Enterprise Value, EV)<\/h4>\n\n<p class=\"formula\">\n  EV = Summe DCF + DCF<sub>TV<\/sub> = 272,727 + 272,727 + 270,676 + 3,451,128 = 4,267,258\n<\/p>\n\n<h4>Beregning af egenkapitalv\u00e6rdien (Equity Value)<\/h4>\n\n<p>Egenkapitalv\u00e6rdien beregnes ved at tr\u00e6kke nettoforpligtelserne fra virksomhedens v\u00e6rdi:<\/p>\n\n<p class=\"formula\">\n  Egenkapitalv\u00e6rdi = EV &#8211; G\u00e6ld + Kassebeholdning\n<\/p>\n\n<p>Antag, at virksomheden har 500.000 i g\u00e6ld og 200.000 i kassen:<\/p>\n\n<p class=\"formula\">\n  Egenkapitalv\u00e6rdi = 4.267.258 &#8211; 500.000 + 200.000 = 3.967.258\n<\/p>\n\n<p>Egenkapitalv\u00e6rdien er s\u00e5ledes 3.967.258.<\/p>\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\">Fordele og ulemper ved denne metode<\/h3>\n<style>.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{display:flex;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col,.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2032743_fd6a9b-e1{position:relative;}.kadence-column2032743_fd6a9b-e1, .kt-inside-inner-col > .kadence-column2032743_fd6a9b-e1:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2032743_fd6a9b-e1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_fb7fc1-0b ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_fb7fc1-0b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_492880-8b .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_492880-8b\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Hvis antagelserne er realistiske, giver DCF-metoden en relativt objektiv og velbegrundet virksomhedsv\u00e6rdians\u00e6ttelse.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_457f68-20 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_457f68-20\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Hensyntagen til fremtidige indtjeningsstr\u00f8mme er is\u00e6r nyttig for v\u00e6kstst\u00e6rke virksomheder.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_63b775-ea .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_63b775-ea\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Orientering mod langsigtede (fremtidige) udviklinger<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_1eb522-99 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_1eb522-99 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_f98740-74 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_f98740-74\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Antagelsen om en ubegr\u00e6nset levetid for virksomheder er n\u00e6ppe realistisk.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_f5c598-10 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_f5c598-10\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">V\u00e6rdians\u00e6ttelsen er baseret p\u00e5 antagelser og ikke p\u00e5 fakta og er dermed usikker.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_be6915-63 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_be6915-63\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Beregningen er kompliceret og kr\u00e6ver mange antagelser; sm\u00e5 \u00e6ndringer i antagelserne (f.eks. v\u00e6kstrater, diskonteringssatser) kan f\u00f8re til betydelige forskelle i resultatet.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_448e0a-ab .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_448e0a-ab\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ikke egnet til virksomheder med svingende cash flow<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Residualv\u00e6rdi-metode<\/strong><\/h2>\n\n<p><strong>Tilgang<\/strong>: Denne metode fokuserer p\u00e5 <strong>residualoverskuddet<\/strong>, der opst\u00e5r som f\u00f8lge af overskud fratrukket egenkapitalomkostningerne. Den beregner direkte egenkapitalv\u00e6rdien ved at l\u00e6gge den aktuelle bogf\u00f8rte v\u00e6rdi af egenkapitalen og de diskonterede fremtidige residualoverskud sammen. <\/p>\n\n<p><strong>Hvad diskonteres<\/strong>: Cashflows for en eksplicit prognoseperiode og desuden den residualv\u00e6rdi, der er fastsat for den efterf\u00f8lgende periode.<\/p>\n\n<p><strong>Hvordan diskonteres<\/strong>: Ogs\u00e5 her bruges ofte WACC til at diskontere b\u00e5de cashflows og residualv\u00e6rdien til den nuv\u00e6rende v\u00e6rdi.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_1573f8-9b .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_1573f8-9b{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_1573f8-9b alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_399190-4f .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_399190-4f .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_399190-4f\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Eksempel p\u00e5 residualv\u00e6rdi metode<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n\n\n\n    <meta charset=\"UTF-8\"\/>\n    <title>Eksempelberegning: Virksomhedsvurdering ved hj\u00e6lp af residualv\u00e6rdi metoden<\/title>\n    <style>\n        table {\n            width: 80%;\n            border-collapse: collapse;\n            margin: 20px auto;\n        }\n        th, td {\n            border: 1px solid #444;\n            padding: 8px 12px;\n            text-align: right;\n        }\n        th {\n            background-color: #f2f2f2;\n        }\n        td:first-child, th:first-child {\n            text-align: left;\n        }\n        caption {\n            caption-side: top;\n            text-align: left;\n            font-size: 1.2em;\n            margin-bottom: 10px;\n        }\n    <\/style>\n\n\n\n<h2 style=\"text-align:center;\">Eksempelberegning: Virksomhedsvurdering ved hj\u00e6lp af residualv\u00e6rdi metoden<\/h2>\n\n<h3>Antagelser<\/h3>\n<ul>\n    <li>Diskonteringssats (\ud835\udc5f\u2091): 8%<\/li>\n    <li>Startbogv\u00e6rdi af egenkapitalen (\ud835\udc35\u2080): 1.000.000 \u20ac<\/li>\n    <li>Nettoresultat i det f\u00f8rste \u00e5r (\ud835\udc41\ud835\udc3c\u2081): 150.000 \u20ac<\/li>\n    <li>Prognoseperiode: 3 \u00e5r<\/li>\n    <li>V\u00e6kstrate (\ud835\udc54): 2%<\/li>\n<\/ul>\n\n<h3>Beregninger<\/h3>\n\n<h4>1. Prognosticerede nettoresultater og bogf\u00f8rte v\u00e6rdier<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>\u00c5r 1<\/th>\n        <th>\u00c5r 2<\/th>\n        <th>\u00c5r 3<\/th>\n    <\/tr>\n    <tr>\n        <td><strong>Nettoresultat (\ud835\udc41\ud835\udc3c)<\/strong><\/td>\n        <td>150.000 \u20ac<\/td>\n        <td>153.000 \u20ac<\/td>\n        <td>156.060 \u20ac<\/td>\n    <\/tr>\n    <tr>\n        <td><strong>Bogf\u00f8rt v\u00e6rdi af egenkapitalen (\ud835\udc35)<\/strong><\/td>\n        <td>1.150.000 \u20ac<\/td>\n        <td>1.303.000 \u20ac<\/td>\n        <td>1.459.060 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>2. Beregning af residualoverskud<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>\u00c5r 1<\/th>\n        <th>\u00c5r 2<\/th>\n        <th>\u00c5r 3<\/th>\n    <\/tr>\n    <tr>\n        <td><strong>Residualoverskud (\ud835\udc45\ud835\udc3c)<\/strong><\/td>\n        <td>70.000 \u20ac<\/td>\n        <td>61.000 \u20ac<\/td>\n        <td>51.820 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>3. Nutidsv\u00e6rdi af residualoverskud<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>\u00c5r 1<\/th>\n        <th>\u00c5r 2<\/th>\n        <th>\u00c5r 3<\/th>\n    <\/tr>\n    <tr>\n        <td><strong>Nutidsv\u00e6rdifaktor<\/strong><\/td>\n        <td>1,08<\/td>\n        <td>1,1664<\/td>\n        <td>1,259712<\/td>\n    <\/tr>\n    <tr>\n        <td><strong>Nutidsv\u00e6rdi af residualoverskud<\/strong><\/td>\n        <td>64.815 \u20ac<\/td>\n        <td>52.293 \u20ac<\/td>\n        <td>41.145 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>4. Beregning af terminalv\u00e6rdi<\/h4>\n<ul>\n    <li>Voksende residualoverskud i \u00e5r 4: \ud835\udc45\ud835\udc3c\u2084 = \ud835\udc45\ud835\udc3c\u2083 \u00d7 (1 + \ud835\udc54) = 51.820 \u20ac \u00d7 1,02 = 52.856 \u20ac<\/li>\n    <li>Terminalv\u00e6rdi ved udgangen af \u00e5r 3: TV = \ud835\udc45\ud835\udc3c\u2084 \/ (\ud835\udc5f\u2091 &#8211; \ud835\udc54) = 52.856 \u20ac \/ (0,08 &#8211; 0,02) = 880.940 \u20ac<\/li>\n    <li>Nutidsv\u00e6rdi af terminalv\u00e6rdien: PV(TV) = 880.940 \u20ac \/ 1,259712 = 699.632 \u20ac<\/li>\n<\/ul>\n\n<h4>5. Samlet v\u00e6rdi af virksomheden<\/h4>\n<ul>\n    <li>Sum af nutidsv\u00e6rdierne af residualoverskud: 64.815 \u20ac + 52.293 \u20ac + 41.145 \u20ac = 158.253 \u20ac<\/li>\n    <li>Samlet nutidsv\u00e6rdi af residualoverskud inkl. terminalv\u00e6rdi: 158.253 \u20ac + 699.632 \u20ac = 857.885 \u20ac <\/li>\n    <li><strong>Virksomhedsv\u00e6rdi (\ud835\udc49\u2080):<\/strong> \ud835\udc35\u2080 + Samlet nutidsv\u00e6rdi af residualoverskud = 1.000.000 \u20ac + 857.885 \u20ac = <strong>1.857.885 \u20ac<\/strong><\/li>\n<\/ul>\n\n\n\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Multi-periode dividenddiskontering<\/strong><\/h2>\n\n<p><strong>Tilgang<\/strong>: Denne tilgang er velegnet til virksomheder, hvis dividender varierer over tid, is\u00e6r for b\u00f8rsnoterede selskaber.<\/p>\n\n<p><strong>Hvad diskonteres<\/strong>: Prognosticerede dividendbetalinger, der kan \u00e6ndre sig over forskellige perioder.<\/p>\n\n<p><strong>Hvordan diskonteres<\/strong>: Ved hj\u00e6lp af egenkapitalomkostningerne, der normalt beregnes med Capital Asset Pricing Model (CAPM) for at afspejle aktiens risiko.<\/p>\n\n<p><strong>Eksempel<\/strong>: Dividender p\u00e5 1,00, 1,20, 1,40 over tre \u00e5r og en forventet konstant dividende p\u00e5 1,50 derefter, med en egenkapitalomkostningssats p\u00e5 5%, f\u00f8rer til en v\u00e6rdi pr. aktie p\u00e5 ca. 29,00.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_fd6f55-c6 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_fd6f55-c6{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_fd6f55-c6 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_01ef56-ad .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_01ef56-ad .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_01ef56-ad\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Eksempel p\u00e5 multi-periode dividenddiskontering<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n\n\n\n    \n    \n    <title>Fler\u00e5rig dividenddiskontering<\/title>\n    <style>\n        .formula {\n            font-family: 'Courier New', Courier, monospace;\n        }\n        .fraction {\n            display: inline-block;\n            vertical-align: middle;\n        }\n        .fraction > .top {\n            display: block;\n            text-align: center;\n        }\n        .fraction > .bottom {\n            display: block;\n            text-align: center;\n            border-top: 1px solid #000;\n        }\n    <\/style>\n\n\n\n<h2>Eksempel: Fler\u00e5rig dividenddiskontering<\/h2>\n\n<h4>Dividende prognose for de n\u00e6ste 3 \u00e5r<\/h4>\n<table border=\"1\" cellpadding=\"5\" cellspacing=\"0\">\n    <tr>\n        <th>\u00c5r<\/th>\n        <th>Dividende (i \u20ac)<\/th>\n    <\/tr>\n    <tr>\n        <td>\u00c5r 1<\/td>\n        <td>1,00<\/td>\n    <\/tr>\n    <tr>\n        <td>\u00c5r 2<\/td>\n        <td>1,20<\/td>\n    <\/tr>\n    <tr>\n        <td>\u00c5r 3<\/td>\n        <td>1,40<\/td>\n    <\/tr>\n    <tr>\n        <td>Fra \u00e5r 4 (konstant dividende)<\/td>\n        <td>1,50<\/td>\n    <\/tr>\n<\/table>\n\n<h4>Beregning af de diskonterede dividender<\/h4>\n\n<p>Egenkapitalomkostningssats (r) = 5 % eller 0,05<\/p>\n\n<!-- Berechnung der diskontierten Dividenden -->\n<p class=\"formula\">\n D<sub>1<\/sub> = \n    <span class=\"fraction\">\n        <span class=\"top\">Dividende<sub>1<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>1<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,00<\/span>\n        <span class=\"bottom\">1.05<\/span>\n    <\/span>  = 0,952 \u20ac\n<\/p>\n\n<p class=\"formula\">\n D<sub>2<\/sub> = \n    <span class=\"fraction\">\n        <span class=\"top\">Dividende<sub>2<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,20<\/span>\n        <span class=\"bottom\">(1.05)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,20<\/span>\n        <span class=\"bottom\">1.1025<\/span>\n    <\/span>  = 1,088 \u20ac\n<\/p>\n\n<p class=\"formula\">\n D<sub>3<\/sub> = \n    <span class=\"fraction\">\n        <span class=\"top\">Dividende<sub>3<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,40<\/span>\n        <span class=\"bottom\">(1.05)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,40<\/span>\n        <span class=\"bottom\">1.157625<\/span>\n    <\/span>  = 1,209 \u20ac\n<\/p>\n\n<h4>Beregning af terminalv\u00e6rdien (fra \u00e5r 4)<\/h4>\n\n<p>Terminalv\u00e6rdien (TV) beregnes med Gordon-Growth-formlen:<\/p>\n\n<p class=\"formula\">\n  TV = \n    <span class=\"fraction\">\n        <span class=\"top\">Dividende<sub>4<\/sub><\/span>\n        <span class=\"bottom\">r<\/span>\n    <\/span> = \n    <span class=\"fraction\">\n        <span class=\"top\">1,50<\/span>\n        <span class=\"bottom\">0.05<\/span>\n    <\/span> = 30,00 \u20ac\n<\/p>\n\n<p>Terminalv\u00e6rdien skal ogs\u00e5 diskonteres:<\/p>\n\n<p class=\"formula\">\n  Diskonteret terminalv\u00e6rdi = \n    <span class=\"fraction\">\n        <span class=\"top\">TV<\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span> = \n    <span class=\"fraction\">\n        <span class=\"top\">30,00<\/span>\n        <span class=\"bottom\">1.157625<\/span>\n    <\/span> = 25,91 \u20ac\n<\/p>\n\n<h4>Samlet aktiev\u00e6rdi (sum af de diskonterede dividender)<\/h4>\n\n<p class=\"formula\">\n  Aktiev\u00e6rdi = D<sub>1<\/sub> + D<sub>2<\/sub> + D<sub>3<\/sub> + Diskonteret terminalv\u00e6rdi\n<\/p>\n\n<p class=\"formula\">\n  Aktiev\u00e6rdi = 0,952 + 1,088 + 1,209 + 25,91 = 29,16 \u20ac\n<\/p>\n\n<p>Den beregnede aktiev\u00e6rdi er s\u00e5ledes 29,16 \u20ac.<\/p>\n\n\n\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\">Fordele og ulemper ved denne metode<\/h3>\n<style>.kadence-column2032743_04512e-ea > .kt-inside-inner-col{display:flex;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2032743_04512e-ea > .kt-inside-inner-col,.kadence-column2032743_04512e-ea > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2032743_04512e-ea > .kt-inside-inner-col{flex-direction:column;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2032743_04512e-ea{position:relative;}.kadence-column2032743_04512e-ea, .kt-inside-inner-col > .kadence-column2032743_04512e-ea:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2032743_04512e-ea > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2032743_04512e-ea > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2032743_04512e-ea\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_51152c-67:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_51152c-67 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_51152c-67 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_51152c-67 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_51152c-67 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_51152c-67 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_51152c-67 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_e59636-fb .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_e59636-fb\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Enkelhed og klarhed<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_62e1e8-23 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_62e1e8-23\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Anerkendt metode i finansverdenen<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_e4a520-79 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_e4a520-79\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Tilbyder en systematisk og teoretisk funderet tilgang <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_df2030-73 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_df2030-73\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Giver v\u00e6rdifuld indsigt for investorer, der \u00f8nsker at fokusere p\u00e5 stabile virksomheder<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_79aa30-69 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_79aa30-69 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_7792a1-b9 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_7792a1-b9\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Afh\u00e6ngig af antagelser om fremtidige dividender og diskonteringssatsen <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_619579-ef .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_619579-ef\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Andre v\u00e6rdiskabende faktorer, der ikke afspejles i dividenden, s\u00e5som h\u00f8j kundeloyalitet, unikke beskyttelsesrettigheder og knowhow, tages ikke i betragtning. <\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Indtjeningsv\u00e6rdi metoder sammenlignet med andre metoder<\/strong><\/h2>\n\n<p>Indtjeningsv\u00e6rdi metoden fokuserer p\u00e5 det fremtidige cashflow og er dermed fremadrettet. Den er s\u00e6rligt v\u00e6rdifuld, n\u00e5r det handler om at vurdere en virksomheds v\u00e6kstpotentiale og b\u00e6redygtige indtjeningskraft.<\/p>\n\n<p>I mods\u00e6tning hertil st\u00e5r <strong>substansv\u00e6rdi metoden<\/strong>, der m\u00e5ler v\u00e6rdien af en virksomhed ud fra dens nuv\u00e6rende aktiver minus passiver. Denne metode er ofte relevant ved vurdering af aktivtunge virksomheder eller i likvidationsscenarier. <\/p>\n\n<p><strong>Sammenligningsv\u00e6rdi metoden<\/strong> bruger derimod <strong>markedsdata<\/strong> til at bestemme virksomhedens v\u00e6rdi og sammenligner med nyligt solgte, lignende virksomheder. Denne metode afh\u00e6nger st\u00e6rkt af tilg\u00e6ngeligheden og sammenligneligheden af markedsdata. (Her tilbyder NIMBO en <a href=\"https:\/\/www.nimbo.net\/da\/beregn-virksomhedens-vaerdiansaettelse\">virksomhedsvurderingsberegner<\/a>, der er baseret p\u00e5 aktuelle markedsdata for de respektive lande).  <\/p>\n\n<p>Metoden med <strong>reelle optioner<\/strong> betragter en virksomhed ud fra perspektivet af fremtidige strategiske optioner og er is\u00e6r anvendelig i brancher med h\u00f8j usikkerhed og hurtige \u00e6ndringer.<\/p>\n\n<p>Endelig estimerer <strong>likvidationsv\u00e6rdi-tilgangen<\/strong> det bel\u00f8b, som ejere ville modtage i tilf\u00e6lde af en virksomhedsafvikling. Denne tilgang anvendes ofte, n\u00e5r virksomheder st\u00e5r over for lukning og er st\u00e6rkt nutidsorienteret. <\/p>\n\n<p>Hver af disse metoder giver et andet syn p\u00e5 v\u00e6rdien af en virksomhed og kan v\u00e6lges afh\u00e6ngigt af den specifikke kontekst og m\u00e5ls\u00e6tning for vurderingen.<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Indtjeningsv\u00e6rdi-metoderne i international kontekst<\/strong><\/h2>\n\n<p>Anvendelsen af indtjeningsv\u00e6rdi metoden og dens modeller p\u00e5virkes af lokale vurderingsskikke og lovgivningsm\u00e6ssige rammer. Et blik p\u00e5 praksis i forskellige lande viser, hvor forskellige disse tilgange kan v\u00e6re:<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Europa<\/strong><\/h3>\n\n<p>I <strong>Tyskland<\/strong> er den forenklede indtjeningsv\u00e6rdi metode en foretrukken metode, der is\u00e6r anvendes ved vurdering af mellemstore virksomheder. Denne tilgang underst\u00f8ttes af standarderne fra Instituttet for Revisionsvirksomheder. I <strong>Italien<\/strong>, <strong>Spanien<\/strong> og <strong>Polen<\/strong> anvendes lignende vurderingsmetoder, hvor lokale GAAPs og retningslinjer fra Den Europ\u00e6iske Union har indflydelse p\u00e5 de specifikke vurderingspraksisser. I disse lande er DCF-metoden ogs\u00e5 udbredt, is\u00e6r blandt st\u00f8rre, internationalt opererende virksomheder.   <\/p>\n\n<p>I <strong>Schweiz<\/strong> og <strong>Holland<\/strong>, med deres st\u00e6rkt internationalt orienterede \u00f8konomier, dominerer ofte DCF-tilgangen, der er kendt for de internationale investorer og i overensstemmelse med IFRS. I <strong>Sverige<\/strong> og <strong>Norge<\/strong> finder man ogs\u00e5 en st\u00e6rk pr\u00e6ference for DCF, hvilket skyldes gennemsigtigheden p\u00e5 de nordiske markeder og IFRS&#8217;s dominans. <\/p>\n\n<p>Det <strong>Forenede Kongerige<\/strong> f\u00f8lger lignende vurderingsstandarder som USA, med en udtalt tendens til DCF-tilgangen. Dette begunstiges af et markedsorienteret synspunkt og tilstedev\u00e6relsen af detaljerede finansielle oplysninger. <\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Nordamerika<\/strong><\/h3>\n\n<p>I de <strong>Forenede Stater<\/strong> og <strong>Canada<\/strong> er DCF den dominerende metode, hvilket underst\u00f8ttes af pr\u00e6ferencen for Shareholder Value og de modne kapitalmarkeder. US-GAAP og canadiske GAAP tilbyder en fast ramme for cashflow-prognoser og vurdering. <\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Afrika og Mellem\u00f8sten<\/strong><\/h3>\n\n<p>I <strong>Sydafrika<\/strong> bruges indtjeningsv\u00e6rdi metoden ogs\u00e5, hvor det specifikke valg af model afh\u00e6nger af virksomhedens st\u00f8rrelse og sektor. P\u00e5 grund af den \u00f8konomiske dynamik og volatilitet p\u00e5 nogle afrikanske markeder kan den forenklede indtjeningsv\u00e6rdi metode v\u00e6re egnet her for at mindske vurderingsrisikoen. <\/p>\n\n<p>I de <strong>Forenede Arabiske Emirater<\/strong>, hvor ejendomsmarkedet spiller en stor rolle, er den forenklede indtjeningsv\u00e6rdi metode is\u00e6r udbredt inden for ejendomsvurdering, mens DCF foretr\u00e6kkes i virksomhedssektoren for at appellere til internationale investorer.<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Oceanien<\/strong><\/h3>\n\n<p>I <strong>Australien<\/strong>, med et udviklet kapitalmarked og et st\u00e6rkt fokus p\u00e5 internationale investorer, er DCF den fremherskende metode, underst\u00f8ttet af anvendelsen af IFRS.<\/p>\n\n<p>Sammenfattende kan det siges, at DCF er den fremherskende metode p\u00e5 udviklede markeder med en st\u00e6rk international orientering og let tilg\u00e6ngelige finansielle oplysninger. P\u00e5 markeder, der er kendetegnet ved et st\u00e6rkere fokus p\u00e5 SMV&#8217;er og lokale investeringer, anvendes den forenklede indtjeningsv\u00e6rdi metode oftere. De specifikke modeller, der bruges i de enkelte lande, afspejler kravene fra de lokale og internationale investorer og er afh\u00e6ngige af de respektive lovgivningsm\u00e6ssige og markedsspecifikke forhold.<\/p>\n\n<p>Oversigt over de <a href=\"https:\/\/www.nimbo.net\/da\/bewertungsmethoden-2\">vigtigste metoder<\/a> til virksomhedsvurdering <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hvordan fungerer indtjeningsv\u00e6rdi metoden? Meget forenklet sagt handler indtjeningsv\u00e6rdi metoden om at Dette giver den nuv\u00e6rende v\u00e6rdi af virksomheden if\u00f8lge indtjeningsv\u00e6rdi metoden. Diskonteringssatsen tager h\u00f8jde for tidspunktet for indt\u00e6gterne i fremtiden og den specifikke risiko ved investeringen. Forskellige tilgange til indtjeningsv\u00e6rdi metoden Der findes forskellige modeller inden for indtjeningsv\u00e6rdi metoden. Disse modeller adskiller sig med&#8230;<\/p>\n","protected":false},"author":1003,"featured_media":2042626,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[400040],"tags":[],"class_list":["post-2037028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-da"],"taxonomy_info":{"category":[{"value":400040,"label":"Uncategorized @da"}]},"featured_image_src_large":["https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Design-ohne-Titel-1.png",1024,1024,false],"author_info":{"display_name":"Marc Uhlmann","author_link":"https:\/\/www.nimbo.net\/da\/author\/marc"},"comment_info":0,"category_info":[{"term_id":400040,"name":"Uncategorized @da","slug":"uncategorized-da","term_group":0,"term_taxonomy_id":2000040,"taxonomy":"category","description":"","parent":0,"count":25,"filter":"raw","cat_ID":400040,"category_count":25,"category_description":"","cat_name":"Uncategorized @da","category_nicename":"uncategorized-da","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/posts\/2037028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/users\/1003"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/comments?post=2037028"}],"version-history":[{"count":0,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/posts\/2037028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/media\/2042626"}],"wp:attachment":[{"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/media?parent=2037028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/categories?post=2037028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/tags?post=2037028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}