{"id":2041813,"date":"2024-05-23T09:01:35","date_gmt":"2024-05-23T09:01:35","guid":{"rendered":"https:\/\/www.nimbo.net\/leitfaden-unternehmenswert"},"modified":"2025-11-17T14:26:52","modified_gmt":"2025-11-17T14:26:52","slug":"beregn-virksomhedens-vaerdi","status":"publish","type":"post","link":"https:\/\/www.nimbo.net\/da\/beregn-virksomhedens-vaerdi","title":{"rendered":"Den praktiske guide til virksomhedsvurdering for 2026 (med eksempler)"},"content":{"rendered":"<style>.kb-row-layout-id2041576_c800a0-a1 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id2041576_c800a0-a1 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id2041576_c800a0-a1 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:750px;margin-left:auto;margin-right:auto;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id2041576_c800a0-a1 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id2041576_c800a0-a1 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id2041576_c800a0-a1 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id2041576_c800a0-a1 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col,.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_4c0a2f-6e{position:relative;}@media all and (max-width: 1024px){.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041576_4c0a2f-6e inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"has-text-align-left\"><strong>\u00bbHvor meget er min virksomhed egentlig v\u00e6rd?\u00ab<\/strong> \u2013 Dette sp\u00f8rgsm\u00e5l optager mange virksomhedsejere, hvad enten det er i forbindelse med salg, successionsplanl\u00e6gning eller strategiske beslutninger. I denne omfattende guide finder du alt, hvad du skal vide om beregning af virksomhedens v\u00e6rdi \u2013 praktisk og med eksempler.  <\/p>\n<\/div><\/div>\n\n<\/div><\/div><style>.kb-row-layout-wrap.wp-block-kadence-rowlayout.kb-row-layout-id_9f0bc7-59{margin-top:30px;margin-bottom:30px;}.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:1000px;margin-left:auto;margin-right:auto;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id_9f0bc7-59{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}.kb-row-layout-id_9f0bc7-59{background-image:url('https:\/\/www.nimbo.net\/wp-content\/uploads\/2022\/03\/NIMBO_Sc_05_2-no-background-e1649249520508.png');background-size:cover;background-position:center center;background-attachment:scroll;background-repeat:no-repeat;}.kb-row-layout-id_9f0bc7-59 > .kt-row-layout-overlay{opacity:0.90;background-color:var(--global-palette9, #ffffff);}@media all and (max-width: 1024px){.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 1024px){.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}}@media all and (max-width: 767px){.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id_9f0bc7-59 aligncenter has-theme-palette8-background-color kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-layout-overlay kt-row-overlay-normal\"><\/div><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column_31e235-46 > .kt-inside-inner-col{display:flex;}.kadence-column_31e235-46 > .kt-inside-inner-col,.kadence-column_31e235-46 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:center;}.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}.kadence-column_31e235-46 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_31e235-46{text-align:center;}.kadence-column_31e235-46{position:relative;}@media all and (max-width: 1024px){.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:center;}}@media all and (min-width: 768px) and (max-width: 1024px){.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}@media all and (max-width: 767px){.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;justify-content:flex-start;justify-content:center;}.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column_31e235-46 kb-section-has-link kb-section-dir-horizontal inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"has-small-font-size\">Online virksomhedsevaluering, gratis og uden registrering, \u00f8jeblikkelig evaluering, 13-siders rapport, algoritme baseret p\u00e5 tusindvis af evalueringer. <br\/><br\/><a href=\"https:\/\/www.nimbo.net\/da\/beregn-virksomhedens-vaerdiansaettelse\"><strong>&gt; Til online virksomhedsvurdering &lt;<\/strong><\/a><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.nimbo.net\/wp-content\/uploads\/2022\/08\/Google-Reviews.webp\" alt=\"\" class=\"wp-image-2014773\" width=\"130\" height=\"30\"\/><\/figure><\/div><\/div><a href=\"https:\/\/www.nimbo.net\/da\/beregn-virksomhedens-vaerdiansaettelse\" class=\"kb-section-link-overlay\"><\/a><\/div>\n\n<\/div><\/div><style>.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col,.kadence-column2041576_f2d667-4d > .kt-inside-inner-col:before{border-top-left-radius:10px;border-top-right-radius:10px;border-bottom-right-radius:10px;border-bottom-left-radius:10px;}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{background-color:rgba(224, 228, 229, 0.22);}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_f2d667-4d{position:relative;}@media all and (max-width: 1024px){.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041576_f2d667-4d\"><div class=\"kt-inside-inner-col\">\n<p class=\"has-medium-font-size\">Indholdsfortegnelse<\/p>\n\n\n<style>.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-content-wrap{padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-contents-title-wrap{padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-contents-title{font-family:var( --global-body-font-family, inherit );font-weight:inherit;font-style:normal;}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-content-wrap .kb-table-of-content-list{font-size:var(--global-kb-font-size-sm, 0.9rem);font-weight:regular;font-style:normal;text-transform:none;margin-top:var(--global-kb-spacing-xxs, 0.5rem);margin-right:0px;margin-bottom:0px;margin-left:0px;}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-content-wrap .kb-table-of-content-list .active > .kb-table-of-contents__entry{color:var(--global-palette1, #3182CE);}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-content-list li{margin-bottom:4px;}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-content-list li .kb-table-of-contents-list-sub{margin-top:4px;}<\/style><\/div><\/div>\n\n<h2 class=\"wp-block-heading\">Det rigtige mindset<\/h2>\n\n<h4 class=\"wp-block-heading\"><em><mark class=\"kt-highlight\">En virksomhedsvurdering er ikke en videnskab, men fort\u00e6llingen om en historie<\/mark><\/em><\/h4>\n\n<p>At beregne v\u00e6rdien af en virksomhed er ikke en videnskab og ikke objektiv. Man bruger tilsyneladende neutrale tal, \u00bbh\u00e5rde fakta\u00ab og foretager beregninger p\u00e5 baggrund af akademiske modeller. Disse er dog baseret p\u00e5 antagelser om en usikker fremtid. De enkelte vurderingsmetoder giver dig de n\u00f8dvendige v\u00e6rkt\u00f8jer til at oms\u00e6tte dine antagelser og meninger til tal p\u00e5 en konsistent m\u00e5de. Bag dette ligger der dog altid en subjektiv historie, der er p\u00e5virket af forfatteren af vurderingen.<\/p>\n\n<h4 class=\"wp-block-heading\"><em><mark class=\"kt-highlight\">Vurderingen vil afspejle, hvad man<\/mark><mark class=\"kt-highlight\"> allerede tror om virksomheden<\/mark><\/em><\/h4>\n\n<p>De fleste mennesker, der besk\u00e6ftiger sig med vurderingen af en virksomhed, har allerede en id\u00e9 om, hvad de mener, at en virksomhed er v\u00e6rd. Denne forudfattede mening vil finde vej ind i vurderingen. Det v\u00e6re sig gennem valget af vurderingsmetode, antagelserne for den fremtidige v\u00e6kst eller udv\u00e6lgelsen af de virksomheder, der sammenlignes med. Vurderingen vil afspejle, hvad skaberen allerede tror om virksomheden. V\u00e6r derfor opm\u00e6rksom p\u00e5 din egen forudindtagethed, og sp\u00f8rg altid, n\u00e5r du betragter en virksomhedsvurdering: Hvem har udarbejdet eller betalt for denne vurdering, og hvilke forudindtagetheder og motiver er indeholdt deri?<\/p>\n\n<h4 class=\"wp-block-heading\"><em><mark class=\"kt-highlight\">Mere kompliceret betyder ikke bedre<\/mark><\/em><\/h4>\n\n<p>Pas p\u00e5 skinpr\u00e6cision ved beregning af virksomhedsv\u00e6rdien! Jo mere kompliceret en vurderingsmodel er, desto flere m\u00e5der vil forfatteren bevidst eller ubevidst finde til at afspejle sin forudindtagethed i vurderingen. Den, der ikke kan forklare sin virksomhedsvurdering p\u00e5 en enkel m\u00e5de til en anden, har ikke selv forst\u00e5et den. <\/p>\n\n<h4 class=\"wp-block-heading\"><em><mark class=\"kt-highlight\">T\u00e6nk i b\u00e5ndbredder og scenarier<\/mark><\/em><\/h4>\n\n<p>Brug om muligt mindst to metoder til virksomhedsvurdering, og betragt <a href=\"#welche-methoden\">virksomhedens v\u00e6rdi fra flere synsvinkler<\/a>. Pr\u00f8v at forst\u00e5, hvorfor forskellige vurderingsmetoder f\u00f8rer til forskellige resultater. Unders\u00f8g, hvordan \u00e6ndring af antagelser og prognoser \u00e6ndrer vurderingsresultaterne. Derved f\u00e5r du en fornemmelse af den mulige b\u00e5ndbredde af virksomhedens v\u00e6rdi, og hvad den afh\u00e6nger af.   <\/p>\n\n<h2 class=\"wp-block-heading\" id=\"methoden\">Hvilken vurderingsmetode er den rigtige?<\/h2>\n\n<div class=\"hierarchyTree-scroll-wrapper\">\n  <div class=\"hierarchyTree-container\">\n    <!-- Background Image -->\n    <img decoding=\"async\" src=\"https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/12\/Hierarchy-Tree-1-3-1.png\" alt=\"Hierarki diagram\" class=\"hierarchyTree-background-image\"\/>\n\n    <!-- Overlay Text -->\n    <div class=\"hierarchyTree-text-overlay\">\n      <div class=\"hierarchyTree-node hierarchyTree-parent\">\n        <strong>Metoder til virksomhedsvurdering<\/strong>\n      <\/div>\n      <div class=\"hierarchyTree-node hierarchyTree-child1\">\n        <strong>Markedsorienteret<\/strong>\n        <ul>\n          <li>Multiplikator metode<\/li>\n        <\/ul>\n      <\/div>\n      <div class=\"hierarchyTree-node hierarchyTree-child2\">\n        <strong>Profit orienteret<\/strong>\n        <ul>\n          <li>Forenklet indtjeningsv\u00e6rdi<\/li>\n          <li>Discounted Cashflow (DCF)<\/li>\n          <li>Venture Capital metode<\/li>\n        <\/ul>\n      <\/div>\n      <div class=\"hierarchyTree-node hierarchyTree-child3\">\n        <strong>Omkostningsbaseret<\/strong>\n        <ul>\n          <li>Netto aktiv v\u00e6rdi<\/li>\n        <\/ul>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n<h3 class=\"wp-block-heading\" id=\"orientierungshilfe\">S\u00e5dan v\u00e6lger du den rigtige vurderingsmetode<\/h3>\n\n<p>Ikke alle vurderingsmetoder er egnede til alle virksomheder. Nedenst\u00e5ende illustration viser et beslutningstr\u00e6, som hj\u00e6lper dig med at v\u00e6lge den rigtige vurderingsmetode. Brug om muligt flere vurderingsmetoder for at f\u00e5 en b\u00e5ndbredde af mulige virksomhedsv\u00e6rdier.  <\/p>\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"1024\" src=\"https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/de-1-614x1024.png\" alt=\"\" class=\"wp-image-2051486\" srcset=\"https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/de-1-614x1024.png 614w, https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/de-1-180x300.png 180w, https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/de-1-768x1280.png 768w, https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/de-1.png 900w\" sizes=\"auto, (max-width: 614px) 100vw, 614px\" \/><\/figure>\n\n<p><a href=\"#Multiplikatorenverfahren\"><strong>Multiplikator metoden<\/strong><\/a> og den <a href=\"#Ertragswertmethode\"><strong>forenklede indtjeningsv\u00e6rdi<\/strong><\/a> er egnet til stabile og rentable virksomheder. Deres fordel er, at de (f.eks. i forhold til Discounted Cash Flow metoden) er enklere og mere forst\u00e5elige, klarer sig med f\u00e6rre antagelser og ikke kr\u00e6ver en detaljeret indtjeningsprognose for kommende \u00e5r. De er baseret p\u00e5 virksomhedens aktuelle situation. De kan s\u00e5ledes dog ikke tage hensyn til udviklinger i fremtiden.   <\/p>\n\n<p><a href=\"#DCF\"><strong>Discounted Cashflow metoden (DCF)<\/strong><\/a> er meget fleksibel og kan grundl\u00e6ggende anvendes i enhver situation. Metoden er dog baseret p\u00e5 mange antagelser, og der skal udarbejdes prognoser for flere \u00e5r. Sm\u00e5 \u00e6ndringer kan betyde store udsving i vurderingsresultatet. Vurderingsmodellen kan ogs\u00e5 foregive en skinpr\u00e6cision. Ved stabile virksomheder kan metoden eventuelt anvendes som supplement til enklere metoder.    <\/p>\n\n<p>Den <strong><a href=\"#Substanzwertmethode\">substansv\u00e6rdi<\/a><\/strong> betragter kun de aktuelle aktiver i en virksomhed. Ved en rentabel virksomhed er substansv\u00e6rdien betydeligt lavere end vurderingsresultatet fra andre metoder. Hvis dette ikke var tilf\u00e6ldet, ville det betyde, at salget af de enkelte aktiver i virksomheden (og dermed opl\u00f8sningen af virksomheden) ville give mening. Fordelen ved substansv\u00e6rdimetoden er, at den er forholdsvis simpel og \u00bbobjektiv\u00ab. Substansv\u00e6rdien kan betragtes som en nedre gr\u00e6nse for virksomhedens v\u00e6rdi. I visse lande er vurderingen fra skattemyndighederne i det mindste delvist baseret p\u00e5 denne vurderingsmetode.     <\/p>\n\n<p><a href=\"#venturecapital\"><strong>Venture Capital metoden<\/strong><\/a> er i praksis udbredt til vurdering af startups. Den er en tilpasning af Discounted Cash Flow metoden. <\/p>\n\n<h2 class=\"wp-block-heading\" id=\"Multiplikatormethode\">Multiplikator metode<\/h2>\n\n<p>Til vurderingen anvendes aktuelt opn\u00e5ede priser fra sammenlignelige virksomheder. Man betragter salgsprisen som et multiplum (\u00bbMultiple\u00ab, \u00bbMultiplikator\u00ab) af en basisn\u00f8gle, for eksempel EBIT, EBITDA eller oms\u00e6tningen.<\/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-icons2041576_e76740-48 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041576_e76740-48{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041576_e76740-48 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041576_a26b53-d7 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041576_a26b53-d7 .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-2041576_a26b53-d7\"><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 multiplikatormetode <\/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>Eksempel p\u00e5 antagelser:<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th><\/th>\n    <\/tr>\n    <tr>\n        <td>EBIT:<\/td>\n        <td> 1.000.000 \u20ac<\/td>\n    <\/tr>\n    <tr>\n        <td>Branchetypisk multiple:<\/td>\n        <td>4-7<\/td>\n    <\/tr>\n  <tr>\n        <td>Antaget multiple:<\/td>\n        <td>6<\/td>\n    <\/tr>\n <tr>\n        <td>Bankl\u00e5n:<\/td>\n        <td>1.000.000 \u20ac<\/td>\n    <\/tr>\n    <tr>\n        <td>H\u00f8jere end s\u00e6dvanlig lagerbeholdning:<\/td>\n        <td> 500.000 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>Trin 1: Beregning af Enterprise Value (EV)<\/h4>\n<p>Enterprise Value = EBIT \u00d7 Multiple<\/p>\n<p>EV = 1.000.000 \u20ac \u00d7 6 = 6.000.000 \u20ac<\/p>\n<h4>Trin 2: Beregning af Equity Value<\/h4>\n            <p>Equity Value = Enterprise Value \u2013 Nettoforpligtelser<\/p>\n            <p>Nettoforpligtelser = Bankl\u00e5n \u2013 Overskydende lager<\/p>\n            <p>Nettoforpligtelser = 1.000.000 \u20ac \u2013 500.000 \u20ac = 500.000 \u20ac<\/p>\n            <p>Equity Value = 6.000.000 \u20ac \u2013 500.000 \u20ac = 5.500.000 \u20ac<\/p>\n\n            <p class=\"result\">Virksomhedens v\u00e6rdi (Enterprise Value) er: <strong>6.000.000 \u20ac<\/strong><\/p>\n            <p class=\"result\">Egenkapitalv\u00e6rdien (Equity Value) er: <strong>5.500.000 \u20ac<\/strong><\/p>\n<\/div><\/div>\n\n<p><\/p>\n\n<p>K\u00f8bspriser for sm\u00e5 og mellemstore virksomheder offentligg\u00f8res kun sj\u00e6ldent. En sammenligning med b\u00f8rsnoterede virksomheder er ubrugelig, da der som regel betales v\u00e6sentligt lavere multipler for mindre virksomheder. NIMBO offentligg\u00f8r hver m\u00e5ned <a href=\"https:\/\/www.nimbo.net\/da\/multipla\">de aktuelt observerede EBIT-, EBITDA-, EBITC- og oms\u00e6tningsmultipler for forskellige lande, virksomhedsst\u00f8rrelser og brancher.<\/a> L\u00e6s ogs\u00e5 den detaljerede <a href=\"https:\/\/www.nimbo.net\/da\/bewertungsmethoden-2-2#h-die-multiplemethode\">forklaring af de enkelte multipler<\/a>.  <\/p>\n<style>.kadence-column2041576_6909de-48 > .kt-inside-inner-col{display:flex;}.kadence-column2041576_6909de-48 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_6909de-48 > .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-column2041576_6909de-48 > .kt-inside-inner-col,.kadence-column2041576_6909de-48 > .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-column2041576_6909de-48 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_6909de-48 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_6909de-48 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_6909de-48 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_6909de-48{position:relative;}.kadence-column2041576_6909de-48, .kt-inside-inner-col > .kadence-column2041576_6909de-48:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041576_6909de-48 > .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-column2041576_6909de-48 > .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-column2041576_6909de-48\"><div class=\"kt-inside-inner-col\">\n<p>Fordele og ulemper ved multiplikatormetoden:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_de6df7-5f:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_de6df7-5f 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-items2041576_de6df7-5f ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_de6df7-5f .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_de6df7-5f ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_de6df7-5f 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-items2041576_de6df7-5f kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_2bb84b-c2 .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-2041576_2bb84b-c2\"><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 med stabil fortjeneste<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_2f8ede-98 .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-2041576_2f8ede-98\"><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 forst\u00e5elighed<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_86386d-c0 .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-2041576_86386d-c0\"><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\">V\u00e6rdians\u00e6ttelsen er markedsorienteret<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_2adb78-39:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_2adb78-39 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-items2041576_2adb78-39 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_2adb78-39 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_2adb78-39 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_2adb78-39 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-items2041576_2adb78-39 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_c5108b-41 .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-2041576_c5108b-41\"><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\">Manglende data for sammenlignelige virksomheder<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_109942-42 .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-2041576_109942-42\"><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\">Ingen hensyntagen til fremtidige udviklinger<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\" id=\"Ertragswertmethode\">Forenklet indtjeningsv\u00e6rdi<\/h2>\n\n<p>Formlen for denne vurderingsmetode er: Virksomhedsv\u00e6rdi = Indtjening divideret med kapitaliseringsrentesats. Kapitaliseringsrentesatsen viser, at disse indt\u00e6gter f\u00f8rst ligger i fremtiden og er risikobetonede. H\u00f8jden af denne antagne rentesats er subjektiv. For mindre virksomheder ligger den i omr\u00e5det 10-20%. Sm\u00e5 \u00e6ndringer i rentesatsen har en stor indvirkning p\u00e5 den beregnede virksomhedsv\u00e6rdi. Denne indtjeningsv\u00e6rdimetode betegnes som \u00bbenkel\u00ab, fordi man kun antager en korrigeret b\u00e6redygtig fortjeneste. Man ser bort fra en detaljeret fremtidig indtjeningsudvikling. Naturligvis f\u00f8rer kun rentable virksomheder til positive vurderinger. Det er meningsl\u00f8st at vurdere ikke-profitable virksomheder ved hj\u00e6lp af denne metode.         <\/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-icons2041576_923d00-02 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041576_923d00-02{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041576_923d00-02 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041576_b74931-98 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041576_b74931-98 .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-2041576_b74931-98\"><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 forenklet indtjeningsv\u00e6rdi<\/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        <th><\/th>\n        <th><\/th>\n    <\/tr>\n    <tr>\n        <td>B\u00e6redygtig indtjening<\/td>\n        <td>1.000.000 \u20ac<\/td>\n    <\/tr>\n <tr>\n        <td>Fastlagt basisrentesats:<\/td>\n        <td>2%<\/td>\n <\/tr>\n    <tr>\n        <td>Markedsrisikopr\u00e6mie:<\/td>\n        <td>8%<\/td>\n   <\/tr>\n <tr>\n        <td>Virksomhedsspecifik risikopr\u00e6mie:<\/td>\n        <td>10%<\/td>\n\n    <\/tr>\n<\/table>\n<h4>Sp\u00f8rgsm\u00e5l fra k\u00f8bers synspunkt:<\/h4>\n            <p>Hvor mange penge skulle k\u00f8beren investere i en alternativ investering med samme risiko for at opn\u00e5 en indtjening p\u00e5 1.000.000 \u20ac?<\/p>\n\n            <h4>Beregning af kapitaliseringsrenten:<\/h4>\n            <p><strong>Trin 1: Kapitaliseringsrente = Basisrentesats + Markedsrisikopr\u00e6mie + virksomhedsspecifik risikopr\u00e6mie<\/strong><\/p>\n            <p>Kapitaliseringsrente = 2% + 8% + 10%<\/p>\n            <p>Kapitaliseringsrente = 20%<\/p>\n\n            <h4>Beregning af virksomhedens v\u00e6rdi (indtjeningsv\u00e6rdi):<\/h4>\n            <p>Indtjeningsv\u00e6rdi = B\u00e6redygtig indtjening \/ Kapitaliseringsrente<\/p>\n            <p>Indtjeningsv\u00e6rdi = 1.000.000 \u20ac \/ 0,20 = 5.000.000 \u20ac<\/p>\n\n            <p class=\"result\">Kapitaliseringsrenten er: <strong>20%<\/strong><\/p>\n            <p class=\"result\">Virksomhedens v\u00e6rdi udg\u00f8r: <strong>5.000.000 \u20ac<\/strong><\/p>\n\n\n\n<p><\/p>\n<\/div><\/div>\n<style>.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col{display:flex;}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_0eed5e-3d > .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-column2041576_0eed5e-3d > .kt-inside-inner-col,.kadence-column2041576_0eed5e-3d > .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-column2041576_0eed5e-3d > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_0eed5e-3d{position:relative;}.kadence-column2041576_0eed5e-3d, .kt-inside-inner-col > .kadence-column2041576_0eed5e-3d:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041576_0eed5e-3d > .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-column2041576_0eed5e-3d > .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-column2041576_0eed5e-3d\"><div class=\"kt-inside-inner-col\">\n<p>Fordele og ulemper ved den forenklede indtjeningsv\u00e6rdimetode:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_611d1d-f5:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_611d1d-f5 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-items2041576_611d1d-f5 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_611d1d-f5 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_611d1d-f5 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_611d1d-f5 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-items2041576_611d1d-f5 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_717146-4f .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-2041576_717146-4f\"><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<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_124062-ca .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-2041576_124062-ca\"><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\">Lille indsats til dataindsamling<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_bc4cc1-34:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_bc4cc1-34 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-items2041576_bc4cc1-34 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_bc4cc1-34 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_bc4cc1-34 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_bc4cc1-34 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-items2041576_bc4cc1-34 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_f689f8-6e .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-2041576_f689f8-6e\"><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\">Ingen hensyntagen til fremtidige udviklinger<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_79be96-1d .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-2041576_79be96-1d\"><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\">Meget afh\u00e6ngig af valget af kapitaliseringsrente<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_6552cd-42 .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-2041576_6552cd-42\"><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\">Valget af kapitaliseringsrente er subjektivt<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\" id=\"DCF\">Discounted Cashflow (DCF)<\/h2>\n\n<p>Denne vurderingsmetode er t\u00e6t forbundet med den ovenfor beskrevne enkle indtjeningsv\u00e6rdimetode. Rentesatsen anvendes her enkeltvis p\u00e5 de fremtidige pengestr\u00f8mme (\u00bbFree Cash Flows\u00ab) for de n\u00e6ste 5 \u00e5r. For tiden derefter adderes den s\u00e5kaldte restv\u00e6rdi. Denne ligner meget den ovenfor beskrevne enkle indtjeningsv\u00e6rdi. Summen af disse neddiskonterede pengestr\u00f8mme og virksomhedens restv\u00e6rdi giver virksomhedens v\u00e6rdi. Denne vurderingsmetode er meget fleksibel og ud fra et teoretisk synspunkt \u00bbBest Practice\u00ab. Den er dog endnu mere subjektiv og f\u00f8lsom end indtjeningsv\u00e6rdimetoden. Stol aldrig p\u00e5 en DCF-vurdering, som du ikke selv har forsk\u00f8nnet. Her finder du yderligere information om <a href=\"https:\/\/www.nimbo.net\/da\/bewertungsmethoden-2-2#h-die-discounted-cashflow-verfahren-dcf\">Discounted Cashflow metoden<\/a>.        <\/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-icons2041576_37b9ae-a2 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041576_37b9ae-a2{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041576_37b9ae-a2 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041576_69d7e9-92 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041576_69d7e9-92 .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-2041576_69d7e9-92\"><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)<\/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<div class=\"table-scroll\">\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<\/div>\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<style>.kadence-column2041576_496c68-8b > .kt-inside-inner-col{display:flex;}.kadence-column2041576_496c68-8b > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_496c68-8b > .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-column2041576_496c68-8b > .kt-inside-inner-col,.kadence-column2041576_496c68-8b > .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-column2041576_496c68-8b > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_496c68-8b > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_496c68-8b > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_496c68-8b > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_496c68-8b{position:relative;}.kadence-column2041576_496c68-8b, .kt-inside-inner-col > .kadence-column2041576_496c68-8b:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041576_496c68-8b > .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-column2041576_496c68-8b > .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-column2041576_496c68-8b\"><div class=\"kt-inside-inner-col\">\n<p>Fordele og ulemper ved DCF-metoden:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_0f7378-9f:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_0f7378-9f 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-items2041576_0f7378-9f ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_0f7378-9f .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_0f7378-9f ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_0f7378-9f 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-items2041576_0f7378-9f kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_1f504e-2e .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-2041576_1f504e-2e\"><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\">Baseret p\u00e5 den forventede fremtidige udvikling<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_6c3e58-c8 .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-2041576_6c3e58-c8\"><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\">Fleksibel; kan tilpasses til forskellige markedssituationer, cashflow-modeller og strategiske antagelser<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_e001de-5b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_e001de-5b 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-items2041576_e001de-5b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_e001de-5b .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_e001de-5b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_e001de-5b 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-items2041576_e001de-5b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_1c4ffc-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-2041576_1c4ffc-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\">Kompleks; kr\u00e6ver en r\u00e6kke sv\u00e6rt vurderbare antagelser<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_4da4a6-c5 .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-2041576_4da4a6-c5\"><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\">Meget afh\u00e6ngig af valget af kapitaliseringsrente<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_b815a0-38 .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-2041576_b815a0-38\"><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\">Subjektive fremtidsforventninger<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_5dd88f-dc .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-2041576_5dd88f-dc\"><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\">Ofte for h\u00f8je vurderinger p\u00e5 grund af optimistiske antagelser<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\">Venture-Capital-metoden (VC-metoden)<\/h2>\n\n<p><strong>Venture-Capital-metoden<\/strong> er en praktisk vurderingsmetode, der is\u00e6r anvendes ved <strong>startups og unge, endnu ikke profitable virksomheder<\/strong>. Den stammer fra verdenen af venturekapitalgivere. I bund og grund stiller en investor sig ved denne metode sp\u00f8rgsm\u00e5let: <em>Hvad kan virksomheden v\u00e6re v\u00e6rd ved exit (f.eks. salg eller b\u00f8rsnotering om 5-7 \u00e5r)?<\/em> Og: <em>Hvor meget m\u00e5 jeg maksimalt investere i dag for at opn\u00e5 mit \u00f8nskede afkast indtil da?<\/em>  <\/p>\n\n<p>Investoren fastl\u00e6gger en plausibel virksomhedsv\u00e6rdi p\u00e5 exit-tidspunktet \u2013 oftest baseret p\u00e5 en oms\u00e6tnings- eller indtjeningsprognose og en multiplikator (f.eks. 10\u00d7 EBIT eller 3\u00d7 oms\u00e6tning). Venture-Capital-givere regner med h\u00f8je risici og str\u00e6ber efter tilsvarende h\u00f8je afkast, ofte mellem <strong>25 % og 60 % p.a.<\/strong>, afh\u00e6ngigt af branche og fase. Den forventede exit-v\u00e6rdi neddiskonteres derefter med m\u00e5lafkastet over den planlagte ejertid (f.eks. 5 \u00e5r). Heraf fremg\u00e5r den <strong>nuv\u00e6rende v\u00e6rdi set fra investorens synspunkt<\/strong>, alts\u00e5 det maksimale investeringsbel\u00f8b. Kapitalgiveren fastl\u00e6gger derudfra sin \u00f8nskede andel af virksomheden \u2013 denne forhandles eller anvendes som basis for vurderingen.    <\/p>\n<style>.kadence-column2041576_f988d2-0f > .kt-inside-inner-col{display:flex;}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_f988d2-0f > .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-column2041576_f988d2-0f > .kt-inside-inner-col,.kadence-column2041576_f988d2-0f > .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-column2041576_f988d2-0f > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_f988d2-0f{position:relative;}.kadence-column2041576_f988d2-0f, .kt-inside-inner-col > .kadence-column2041576_f988d2-0f:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041576_f988d2-0f > .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-column2041576_f988d2-0f > .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-column2041576_f988d2-0f\"><div class=\"kt-inside-inner-col\">\n<p>Fordele og ulemper ved Venture Capital metoden:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_1874a8-88:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_1874a8-88 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-items2041576_1874a8-88 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_1874a8-88 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_1874a8-88 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_1874a8-88 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-items2041576_1874a8-88 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_ae8a3f-9a .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-2041576_ae8a3f-9a\"><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\">Praktisk og markedsm\u00e6ssig i startup-finansiering<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_174a68-1e .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-2041576_174a68-1e\"><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\">Fokus p\u00e5 afkastm\u00e5l fra investorer<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_0c2767-d3 .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-2041576_0c2767-d3\"><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\">Tager hensyn til risiko gennem h\u00f8j diskonteringssats<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_4c9c33-17 .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-2041576_4c9c33-17\"><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\">Muligg\u00f8r hurtige vurderinger for investorer og stiftere<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_14d393-fa .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-2041576_14d393-fa\"><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\">Godt kombinerbar med andre metoder eller scenarioanalyser<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_332c1e-6b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_332c1e-6b 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-items2041576_332c1e-6b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_332c1e-6b .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_332c1e-6b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_332c1e-6b 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-items2041576_332c1e-6b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_b786e2-80 .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-2041576_b786e2-80\"><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\">St\u00e6rk forenkling \u2013 ingen detaljeret betragtning af mellemliggende \u00e5r<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_458c17-5a .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-2041576_458c17-5a\"><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\">Vanskelighed ved vurderingen af immaterielle aktiver<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_469463-fd .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-2041576_469463-fd\"><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\">H\u00f8j afh\u00e6ngighed af f\u00e5 antagelser (exit-multiplikator, ejertid osv.)<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_526f05-00 .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-2041576_526f05-00\"><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\">Ingen udtalelse om v\u00e6rdien for andre interessenter (f.eks. k\u00f8bere, efterf\u00f8lgere)<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_0832fa-b2 .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-2041576_0832fa-b2\"><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 etablerede virksomheder uden exit-scenarie<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<p><br\/><\/p>\n\n<h2 class=\"wp-block-heading\" id=\"Substanzwertmethode\">Netto aktiv v\u00e6rdi<\/h2>\n\n<p>Man f\u00e5r substansv\u00e6rdien ved f\u00f8rst at addere v\u00e6rdierne for anl\u00e6gs- og oms\u00e6tningsaktiver til markedspriser. Dertil h\u00f8rer balanceposter af materiel og immateriel natur. Skatter, g\u00e6ld og forpligtelser tr\u00e6kkes fra. Stille reserver opl\u00f8ses. Der vurderes alts\u00e5 n\u00f8gternt det, der objektivt er til stede. En k\u00f8ber er dog oftest ikke kun interesseret i virksomhedens substans. Han vil gerne vide, hvilken fortjeneste man kan generere i fremtiden med denne substans. Derfor anvendes denne vurderingsmetode kun i kombination med andre metoder. Er salgsprisen lavere end substansv\u00e6rdien, ville det give mening for virksomhedsejeren simpelthen at likvidere virksomheden. Derfor tjener <strong>substansv\u00e6rdien som en nedre gr\u00e6nse for virksomhedens v\u00e6rdi.<\/strong> Substansv\u00e6rdimetoden         <strong> <\/strong>anvendes ogs\u00e5, n\u00e5r andre metoder f\u00f8rer til negative vurderinger.<\/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-icons2041576_879a9a-f1 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041576_879a9a-f1{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041576_879a9a-f1 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041576_b88a34-e2 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041576_b88a34-e2 .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-2041576_b88a34-e2\"><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 substansv\u00e6rdi<\/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>Eksempel p\u00e5 antagelser:<\/h4>\n\n<div class=\"calculation\">\n<table>\n    <tr>\n        <th><\/th>\n        <th><\/th>\n        <th><\/th>\n       \n    <\/tr>\n    <tr>\n        <td>V\u00e6rdi af anl\u00e6gs- og oms\u00e6tningsaktiver (til markedspriser):<\/td>\n        <td> <\/td>\n        <td> <\/td>\n        <td> 1.000.000 \u20ac<\/td>\n    <\/tr>\n    <tr>\n        <td>Forpligtelser\/g\u00e6ld:<\/td>\n        <td> <\/td>\n        <td> <\/td>\n        <td> 500.000 \u20ac<\/td>\n    <\/tr>\n  <tr>\n        <td>Hens\u00e6ttelser:<\/td>\n        <td> <\/td>\n        <td> <\/td>\n        <td>100.000 \u20ac<\/td>\n    <\/tr>\n <tr>\n        <td>Opl\u00f8sning af \u00f8konomisk un\u00f8dvendige hens\u00e6ttelser:<\/td>\n        <td> <\/td>\n        <td> <\/td>\n        <td>100.000 \u20ac<\/td>\n    <\/tr>\n<\/table>\n<\/div>\n\n<div class=\"calculation\">\n            <h4>Beregning af substansv\u00e6rdien:<\/h4>\n\n            <p><strong>Trin 1: Justering af hens\u00e6ttelserne<\/strong><\/p>\n            <p>\u00d8konomisk un\u00f8dvendige hens\u00e6ttelser opl\u00f8ses:<\/p>\n            <p>Effektive hens\u00e6ttelser = Hens\u00e6ttelser &#8211; un\u00f8dvendige hens\u00e6ttelser<\/p>\n            <p>Effektive hens\u00e6ttelser = 100.000 \u20ac &#8211; 100.000 \u20ac = 0 \u20ac<\/p>\n\n            <p><strong>Trin 2: Substansv\u00e6rdi = Aktiver &#8211; Forpligtelser &#8211; effektive hens\u00e6ttelser<\/strong><\/p>\n            <p>Substansv\u00e6rdi = 1.000.000 \u20ac &#8211; 500.000 \u20ac &#8211; 0 \u20ac<\/p>\n            <p>Substansv\u00e6rdi = 500.000 \u20ac<\/p>\n\n            <p class=\"result\">Virksomhedens substansv\u00e6rdi udg\u00f8r: <strong>500.000 \u20ac<\/strong><\/p>\n<\/div>\n<\/div><\/div>\n<style>.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col{display:flex;}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_dcf6c0-74 > .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-column2041576_dcf6c0-74 > .kt-inside-inner-col,.kadence-column2041576_dcf6c0-74 > .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-column2041576_dcf6c0-74 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_dcf6c0-74{position:relative;}.kadence-column2041576_dcf6c0-74, .kt-inside-inner-col > .kadence-column2041576_dcf6c0-74:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041576_dcf6c0-74 > .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-column2041576_dcf6c0-74 > .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-column2041576_dcf6c0-74\"><div class=\"kt-inside-inner-col\">\n<p>Fordele og ulemper ved substansv\u00e6rdimetoden:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_315cf3-5b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_315cf3-5b 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-items2041576_315cf3-5b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_315cf3-5b .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_315cf3-5b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_315cf3-5b 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-items2041576_315cf3-5b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_a77e09-28 .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-2041576_a77e09-28\"><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 og forst\u00e5elig<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_fb0aea-5f .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-2041576_fb0aea-5f\"><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\">Mindre subjektiv end andre vurderingsmetoder<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_dfd06f-65 .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-2041576_dfd06f-65\"><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\">Nyttighed ved likvidation<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_641c07-ad:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_641c07-ad 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-items2041576_641c07-ad ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_641c07-ad .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_641c07-ad ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_641c07-ad 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-items2041576_641c07-ad kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_8ffa7e-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-2041576_8ffa7e-a4\"><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\">Fors\u00f8mmelse af indtjeningskraften<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_1a5e79-75 .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-2041576_1a5e79-75\"><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\">Vanskelighed ved vurderingen af immaterielle aktiver<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_f8ba55-45 .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-2041576_f8ba55-45\"><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\">Potentiel undervurdering<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_ad5767-0c .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-2041576_ad5767-0c\"><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\">St\u00e6rk afh\u00e6ngighed af regnskabsstandarder<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_02fec6-3a .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-2041576_02fec6-3a\"><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\">Ingen hensyntagen til markedsbetingelser<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\" id=\"faktoren\">Topfaktorerne for virksomhedens v\u00e6rdi<\/h2>\n\n<h4 class=\"wp-block-heading\" id=\"angebot-nachfrage\">Udbud &amp; eftersp\u00f8rgsel<\/h4>\n\n<p>Der er ingen objektiv virksomhedsv\u00e6rdi, hvis man \u00f8nsker at s\u00e6lge en virksomhed. Fastl\u00e6g virksomhedens v\u00e6rdi ved et salg af udbud og eftersp\u00f8rgsel.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"finanzkennzahlen\">Finansielle n\u00f8gletal<\/h4>\n\n<p>Virksomheder vurderes p\u00e5 baggrund af deres fremtidige forventede afkast. En analyse af de tidligere og nuv\u00e6rende afkast giver oplysninger om en mulig fremtidig udvikling. Afkastene kontrolleres for b\u00e6redygtighed. Ekstraordin\u00e6re gevinster og tab fratr\u00e6kkes. I hvilken retning viser tendensen for oms\u00e6tninger og afkast? Kan d\u00e5rlige \u00e5r forklares?<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"vertrauen-in-den-verkaufer-und-dessen-unterlagen\">Tillid til s\u00e6lgeren og dennes dokumenter<\/h4>\n\n<p>Jo st\u00f8rre risiciene er, desto mindre er virksomhedens v\u00e6rdi. Der m\u00e5 ikke opst\u00e5 tvivl om rigtigheden og fuldst\u00e6ndigheden af oplysninger. Dette for\u00f8ger usikkerheden un\u00f8digt p\u00e5 k\u00f8bersiden. Det er vigtigt at forberede alle dokumenter i overensstemmelse hermed. Disse skal vise et transparent og fejlfrit billede af virksomheden. Ubehagelige overraskelser skal ubetinget undg\u00e5s.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"abhangigkeit-der-firma-vom-inhaber\">Virksomhedens afh\u00e6ngighed af indehaveren<\/h4>\n\n<p>For en investor er en h\u00f8j afh\u00e6ngighed af indehaveren en risiko. Hvordan forts\u00e6tter virksomheden, hvis den nuv\u00e6rende indehaver ikke er der mere? Hvis man ikke l\u00e6ngere kan tr\u00e6kke p\u00e5 hans erfaring, hans viden og hans relationer til kunder og leverand\u00f8rer?<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"marktstellung-der-firma\">Virksomhedens markedsposition<\/h4>\n\n<p>Hvor udskiftelig er virksomheden for sine kunder? Bes\u00e6ttes en interessant niche? Er der b\u00e6redygtige konkurrencefordele? Et klart fokus, et fremragende ry og langvarige kunderelationer er sv\u00e6re at kopiere.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"risiken\">Risici<\/h4>\n\n<p>En afbalanceret kundebase, udskiftelige forretningspartnere og ringe afh\u00e6ngighed af enkelte medarbejdere reducerer risikoen.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"wachstumsaussichten\">V\u00e6kstudsigter<\/h4>\n\n<p>Er forretningsmodellen rettet mod v\u00e6kst? Hvad er chancerne for en potentiel k\u00f8ber? Er der attraktive stordriftsfordele?<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"personal\">Personale<\/h4>\n\n<p>Hvor h\u00f8j er medarbejderoms\u00e6tningen? Hvor h\u00f8j er sygefrav\u00e6ret? Hvordan er aldersstrukturen? Hvor eftertragtede er medarbejderne p\u00e5 arbejdsmarkedet?<\/p>\n\n<h2 class=\"wp-block-heading\" id=\"fehler\">Undg\u00e5 disse 5 hyppige fejl<\/h2>\n\n<h4 class=\"wp-block-heading\" id=\"befangenheit\">Partiskhed<\/h4>\n\n<p>Virksomhedsejere har forst\u00e5eligt nok sv\u00e6rt ved at betragte deres egen virksomhed objektivt. Prisforventningerne er ofte for h\u00f8je. Sp\u00f8rg dig derfor selv: Ville du selv k\u00f8be virksomheden til denne pris? Kunne du ikke opbygge en ny virksomhed med dette bel\u00f8b? Hvor lang tid ville det tage, f\u00f8r en k\u00f8ber har refinansieret salgsprisen i form af fortjenester? Tip: Ingen \u00f8nsker at v\u00e6re i det r\u00f8de felt 8 \u00e5r efter virksomhedsk\u00f8bet.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"kein-marktlohn-fur-den-inhaber\">Ingen markedsbaseret l\u00f8n til indehaveren<\/h4>\n\n<p>En fortjeneste er kun virkelig en fortjeneste, hvis alle medarbejdere &#8211; og dertil h\u00f8rer direkt\u00f8ren! &#8211; er blevet afl\u00f8nnet markedsm\u00e6ssigt. Alt andet er en forvr\u00e6ngning af indtjeningen, hvilket f\u00f8rer til en for h\u00f8j v\u00e6rdians\u00e6ttelse.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"orientierung-an-grossfirmen\">Orientering mod store virksomheder<\/h4>\n\n<p>Er markedslederen i din branche v\u00e6rdiansat til tre gange oms\u00e6tningen? Amazon var allerede milliarder v\u00e6rd, f\u00f8r de overhovedet tjente penge. EBIT-multiplerne for b\u00f8rsnoterede virksomheder er ofte tocifrede. For virksomheder med en oms\u00e6tning under 20 mio. er EBIT- eller EBITDA-multipler mellem 3-6 dog reglen. I vores oversigt finder du realistiske <a href=\"https:\/\/www.nimbo.net\/da\/multipla\">v\u00e6rdians\u00e6ttelsesmultipler for en virksomhed af din st\u00f8rrelse og i din branche<\/a>. Er din virksomhed den sj\u00e6ldne undtagelse? S\u00e5 vil du bem\u00e6rke det gennem regelm\u00e6ssige, uopfordrede og konkrete k\u00f8bstilbud.      <\/p>\n\n<h4 class=\"wp-block-heading\" id=\"volles-warenlager-und-toller-maschinenpark\">\u00bbFyldt varelager\u00ab og \u00bbDyrt maskinpark\u00ab<\/h4>\n\n<p>De fleste v\u00e6rdians\u00e6ttelsesmetoder er baseret p\u00e5 virksomhedens indtjening. Virksomheden ses som et instrument til at generere fremtidige overskud. Alt, hvad der er n\u00f8dvendigt for at kunne generere disse overskud i fremtiden, er allerede taget i betragtning. Dette omfatter maskinpark, varelager, innovative produkter osv. Hvis disse ting ikke sikrer et h\u00f8jere overskud i fremtiden, er de v\u00e6rdil\u00f8se ud fra dette synspunkt. Mange indehavere \u00f8nsker dog f.eks. at tilf\u00f8je varelageret til virksomhedens indtjeningsv\u00e6rdi. Dette er ikke passende med disse metoder. (Tanker om <a href=\"https:\/\/www.nimbo.net\/da\/vurdering-af-varelager-ved-virksomhedssalg\">vurdering af varelageret<\/a> ved virksomhedssalg)       <\/p>\n\n<h4 class=\"wp-block-heading\" id=\"das-unternehmen-hat-viel-potenzial\">\u00bbVirksomheden har et stort potentiale\u00ab<\/h4>\n\n<p>N\u00e6sten alle virksomheder har \u00bbstadig et stort potentiale\u00ab. At udnytte dette kr\u00e6ver meget iv\u00e6rks\u00e6tter\u00e5nd og ressourcer og b\u00f8r derfor kun medregnes forsigtigt i v\u00e6rdians\u00e6ttelsen. Hvis du vil udnytte virksomhedens fulde potentiale, b\u00f8r du selv implementere det og f\u00f8rst s\u00e6lge virksomheden senere. Ingen tror p\u00e5 en s\u00e6lger, der siger, at virksomheden st\u00e5r over for et stort overskudsspring. Hvorfor skulle han s\u00e5 \u00f8nske at s\u00e6lge netop p\u00e5 dette tidspunkt?<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"ablauf\">Forl\u00f8bet af en virksomhedsvurdering<\/h3>\n\n<p>1) Reng\u00f8ring af regnskabsdokumenterne: De seneste 3-5 \u00e5rs \u00e5rsregnskaber normaliseres. Ekstraordin\u00e6re omkostninger og indt\u00e6gter, ikke-driftsn\u00f8dvendige omkostninger, stille reserver og skattem\u00e6ssige optimeringer fratr\u00e6kkes. Sammenfiltringer med indehaverens privatliv opl\u00f8ses. Hvis det er n\u00f8dvendigt, justeres l\u00f8nninger fra indehaveren eller andre n\u00e6rtst\u00e5ende personer, der ikke er markedsbaserede. De resulterende finansielle tal skal s\u00e5 pr\u00e6cist som muligt afspejle virksomhedens b\u00e6redygtige indtjening, hvilket ogs\u00e5 er realistisk under nyt ejerskab.<\/p>\n\n<p>2) Udarbejdelse af planlagte tal for de n\u00e6ste 3-5 \u00e5r (helst for forskellige scenarier).<\/p>\n\n<p>3) V\u00e6rdians\u00e6ttelse med de forskellige almindelige v\u00e6rdians\u00e6ttelsesmetoder under hensyntagen til de foreg\u00e5ende punkter.<\/p>\n\n<p>4) Blanding af de enkelte metoder til dannelse af gennemsnit og intervaller, ogs\u00e5 under hensyntagen til forskellige scenarier og antagelser.<\/p>\n\n<h2 class=\"wp-block-heading\">Hvis det skal g\u00e5 hurtigt<\/h2>\n\n<h3 class=\"wp-block-heading\" id=\"faustformel\">Beregning af virksomhedsv\u00e6rdi tommelfingerregel<\/h3>\n\n<p>Du \u00f8nsker kun en indikation af virksomhedsv\u00e6rdien af en lille eller mellemstor virksomhed baseret p\u00e5 en grov virksomhedsvurderingsformel? <\/p>\n\n<ul class=\"wp-block-list\">\n<li>Beregning af virksomhedsv\u00e6rdi tommelfingerregel 1: Beregn gennemsnittet af EBIT (overskud f\u00f8r skat og renter) for de seneste tre \u00e5r. Multiplicer dette med faktor 4 (lav v\u00e6rdi) til 6 (h\u00f8j v\u00e6rdi). Tr\u00e6k virksomhedens g\u00e6ld fra resultaterne. Du f\u00e5r et interval, hvor din virksomhedsv\u00e6rdi omtrent ligger.<\/li>\n<\/ul>\n\n<ul class=\"wp-block-list\">\n<li>Beregning af virksomhedsv\u00e6rdi tommelfingerregel 2: Overvej, hvor meget en k\u00f8ber kan tr\u00e6kke overskud ud af virksomheden i de kommende \u00e5r. S\u00e6t prisen, s\u00e5 den kan amortisere k\u00f8bsprisen igen inden for 4 til 7 \u00e5r. <\/li>\n<\/ul>\n\n<p>En oversigt over <a href=\"https:\/\/www.nimbo.net\/da\/virksomhedsvurdering-tommelfingerregler\">almindelige tommelfingerregler<\/a> kan findes i vores blogindl\u00e6g om emnet.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"online-rechner\">Beregning af v\u00e6rdien af en virksomhed med online-tjenester<\/h3>\n\n<p>En online virksomhedsvurdering kan give en god f\u00f8rste indikation af en mulig salgspris. For en endelig prisbestemmelse b\u00f8r der dog altid konsulteres en fagmand.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"merkmale-einer-guten-online-firmenbewertung\">Kendetegn ved en god online virksomhedsvurdering<\/h4>\n\n<ul class=\"wp-block-list\">\n<li>Systematisk vejledning gennem et struktureret sp\u00f8rgeskema<\/li>\n\n\n\n<li>Letforst\u00e5elig for l\u00e6gfolk<\/li>\n\n\n\n<li>Finansielle tal kan justeres<\/li>\n\n\n\n<li>Beregning af virksomhedsv\u00e6rdi baseret p\u00e5 aktuelle markedsdata<\/li>\n\n\n\n<li>Tager hensyn til forskellige brancher<\/li>\n\n\n\n<li>Tager hensyn til forskellige virksomhedsst\u00f8rrelser (En virksomhed med 5 medarbejdere vurderes anderledes end en med 50 medarbejdere)<\/li>\n<\/ul>\n<style>.kb-row-layout-wrap.wp-block-kadence-rowlayout.kb-row-layout-id_9f0bc7-59{margin-top:30px;margin-bottom:30px;}.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:1000px;margin-left:auto;margin-right:auto;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id_9f0bc7-59{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}.kb-row-layout-id_9f0bc7-59{background-image:url('https:\/\/www.nimbo.net\/wp-content\/uploads\/2022\/03\/NIMBO_Sc_05_2-no-background-e1649249520508.png');background-size:cover;background-position:center center;background-attachment:scroll;background-repeat:no-repeat;}.kb-row-layout-id_9f0bc7-59 > .kt-row-layout-overlay{opacity:0.90;background-color:var(--global-palette9, #ffffff);}@media all and (max-width: 1024px){.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 1024px){.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}}@media all and (max-width: 767px){.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id_9f0bc7-59 aligncenter has-theme-palette8-background-color kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-layout-overlay kt-row-overlay-normal\"><\/div><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column_31e235-46 > .kt-inside-inner-col{display:flex;}.kadence-column_31e235-46 > .kt-inside-inner-col,.kadence-column_31e235-46 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:center;}.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}.kadence-column_31e235-46 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_31e235-46{text-align:center;}.kadence-column_31e235-46{position:relative;}@media all and (max-width: 1024px){.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:center;}}@media all and (min-width: 768px) and (max-width: 1024px){.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}@media all and (max-width: 767px){.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;justify-content:flex-start;justify-content:center;}.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column_31e235-46 kb-section-has-link kb-section-dir-horizontal inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"has-small-font-size\">Online virksomhedsevaluering, gratis og uden registrering, \u00f8jeblikkelig evaluering, 13-siders rapport, algoritme baseret p\u00e5 tusindvis af evalueringer. <br\/><br\/><a href=\"https:\/\/www.nimbo.net\/da\/beregn-virksomhedens-vaerdiansaettelse\"><strong>&gt; Til online virksomhedsvurdering &lt;<\/strong><\/a><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.nimbo.net\/wp-content\/uploads\/2022\/08\/Google-Reviews.webp\" alt=\"\" class=\"wp-image-2014773\" width=\"130\" height=\"30\"\/><\/figure><\/div><\/div><a href=\"https:\/\/www.nimbo.net\/da\/beregn-virksomhedens-vaerdiansaettelse\" class=\"kb-section-link-overlay\"><\/a><\/div>\n\n<\/div><\/div>\n<h4 class=\"wp-block-heading\" id=\"online-firmenbewertungen-eignen-sich-nicht-fur-eine-erstindikation-bei\">Online virksomhedsvurderinger er IKKE egnede til ..<\/h4>\n\n<ul class=\"wp-block-list\">\n<li>&#8230; til vurdering af startups<\/li>\n\n\n\n<li>&#8230; at beregne v\u00e6rdien af en virksomhed, der vokser meget hurtigt<\/li>\n\n\n\n<li>&#8230; at beregne v\u00e6rdien af en virksomhed, hvis denne har tab eller kun meget lidt overskud (se vores tips til <a href=\"https:\/\/www.nimbo.net\/da\/vaerdiansaettelse-virksomhed-med-underskud\">vurdering af ikke-profitable virksomheder<\/a>) <\/li>\n<\/ul>\n\n<h4 class=\"wp-block-heading\" id=\"achtung-vor-marketing-tricks\">Pas p\u00e5 marketingtricks!<\/h4>\n\n<p>Mange online regnemaskiner har kun \u00e9t m\u00e5l: At generere leads til virksomhedssalg. De antyder, at man efter sp\u00f8rgeskemaet modtager en automatisk evaluering. Til sidst kommer overraskelsen: Man skal indtaste sine kontaktoplysninger, og en \u00bbfagmand\u00ab (s\u00e6lger) vil kontakte dig telefonisk.<\/p>\n\n<h2 class=\"wp-block-heading\">Branchespecifikke s\u00e6regenheder<\/h2>\n\n<p>Basisvurderingen er mere eller mindre identisk for alle virksomheder, men afh\u00e6ngigt af branchen er der s\u00e6regenheder, der skal tages i betragtning. Tilh\u00f8rer din virksomhed en af f\u00f8lgende brancher? S\u00e5 se vores blogindl\u00e6g, der besk\u00e6ftiger sig med s\u00e6regenhederne ved vurdering af virksomheder fra disse brancher.  <\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.nimbo.net\/da\/vurdering-softwarevirksomhed\">Softwarevirksomhed<\/a><\/li>\n<\/ul>\n\n<p>Relevante v\u00e6rdidrivere i denne branche er: Skifteomkostninger for kunden til en anden udbyder, gr\u00e6nseoverskuddet og kontraktligt tilbagevendende oms\u00e6tning.<\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.nimbo.net\/da\/vurdering-produktionsvirksomhed\">Produktionsvirksomhed <\/a><\/li>\n<\/ul>\n\n<p>Relevante v\u00e6rdidrivere i denne branche er: Rettighederne til produkternes intellektuelle ejendom, produktion i store styktal, et standardiseret produktsortiment, en h\u00f8j andel af selvleveret v\u00e6rdiskabelse og maskinparkens alder.<\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.nimbo.net\/da\/vurdering-webshop\">Onlinebutik<\/a><\/li>\n<\/ul>\n\n<p>Relevante v\u00e6rdidrivere i denne branche er: Salgskanaler, andelen af egne m\u00e6rker, den organiske andel ved nykundevinding og kundeloyalitet og genk\u00f8bsrate. <\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.nimbo.net\/da\/vaerdiansaettelse-grossist\">Grosshandel <\/a> <\/li>\n<\/ul>\n\n<p>Relevante v\u00e6rdidrivere i denne branche er: Leverand\u00f8rstrukturen, handelsmargenens st\u00f8rrelse, lageroms\u00e6tningshastigheden, andelen af egne m\u00e6rker og eksklusive rettigheder til produkterne. <\/p>\n\n<h2 class=\"wp-block-heading\">Maksimering af virksomhedsv\u00e6rdien f\u00f8r salg<\/h2>\n\n<p>F\u00f8r salget kan der g\u00f8res en del for at reducere usikkerheder og fremh\u00e6ve virksomhedens styrker. Dette maksimerer salgsprisen.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"wissen-verteilen-prozesse-dokumentieren-stellvertretungen-definieren\">Fordeling af viden, dokumentation af processer, definition af stedfortr\u00e6dere<\/h4>\n\n<p>Dette kan minimere den mulige skade, hvis en vigtig medarbejder falder fra eller forlader virksomheden. Det mindsker en stor bekymring hos en mulig k\u00f8ber.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"kunden-und-lieferantenbeziehungen-sicherstellen\">Sikring af kunde- og leverand\u00f8rrelationer<\/h4>\n\n<p>En k\u00f8ber vil v\u00e6re bekymret for at miste vigtige kunde- eller leverand\u00f8rrelationer efter indehaverens afgang.<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Overf\u00f8r vigtige relationer til medarbejdere, der forventes at blive i virksomheden.<\/li>\n\n\n\n<li>Hvis det er muligt, skal kunderelationer sikres gennem serviceaftaler og loyalitetsprogrammer.<\/li>\n\n\n\n<li>Identifikation af alternativer til vigtige leverand\u00f8rer for at afb\u00f8de risikoen for udst\u00f8dninger og prisstigninger.<\/li>\n<\/ul>\n\n<h4 class=\"wp-block-heading\" id=\"optimierung-des-forderungsmanagements\">Optimering af debitorstyringen<\/h4>\n\n<p>Reducer den bundne kapital i oms\u00e6tningsaktiverne. Dette \u00f8ger direkte virksomhedsv\u00e6rdien. Kortere betalingsfrister for kunder og en konsekvent rykkerprocedure b\u00f8r unders\u00f8ges.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"jahresbilanzen-vorbereiten\">Forberedelse af \u00e5rsregnskaber<\/h4>\n\n<p>De seneste 5 \u00e5rs \u00e5rsregnskaber skal v\u00e6re udarbejdet p\u00e5 en transparent og letforst\u00e5elig m\u00e5de. Oms\u00e6tningsudsving, overskudsdyk, i\u00f8jnefaldende omkostningsspring osv. skal kunne forklares plausibelt p\u00e5 foresp\u00f8rgsel. Det skaber tillid og \u00f8ger planl\u00e6gningssikkerheden.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"namhafte-referenzen-dokumentieren\">Dokumentation af navnkundige referencer<\/h4>\n\n<p>Indhent referencer fra navnkundige og tilfredse kunder, og tilf\u00f8j dem til salgsdokumenterne.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"uberzeugende-formulierung-der-marktvorteile\">Overbevisende formulering af markedsfordelene<\/h4>\n\n<p>Hvad g\u00f8r produkterne eller tjenesteydelserne unikke p\u00e5 markedet? Hvad er sv\u00e6rt at kopiere for konkurrenterne? Fokuser p\u00e5 det vigtige, og kom til sagen. Tilf\u00f8j de formulerede fordele til salgsdokumenterne.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"plausiblen-wachstumsplan-erstellen\">Udarbejdelse af en plausibel v\u00e6kstplan<\/h4>\n\n<p>Identificer realistiske og konkrete potentialer for yderligere v\u00e6kst og effektivitetsforbedring, og p\u00e5vis konkret, hvordan disse kan realiseres. Forbered dig desuden p\u00e5 sp\u00f8rgsm\u00e5let om, hvorfor du ikke allerede selv har implementeret dem.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"weiteren-informationsbedarf-des-kaufers-antizipieren-und-vorbereiten\">Anticipere og forberede yderligere informationsbehov hos k\u00f8beren<\/h4>\n\n<p>Jo st\u00f8rre usikkerheder og tvivl hos k\u00f8beren, desto lavere k\u00f8bspris. Skab tillid med veldokumenterede, klare og fuldst\u00e6ndige svar p\u00e5 forventede sp\u00f8rgsm\u00e5l.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"ungeregelte-mitarbeiteranspruche-klaren\">Afklaring af uregulerede medarbejderkrav<\/h4>\n\n<p>Afklar og dokumenter alle krav p\u00e5 bonusser, ferie, forventede l\u00f8nstigninger osv. Negative overraskelser for s\u00e6lgeren skal undg\u00e5s.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"betriebsraumlichkeiten-sichern\">Sikring af driftslokaler<\/h4>\n\n<p>\u00d8g planl\u00e6gningssikkerheden ved at sikre lejem\u00e5l for dine lokaler p\u00e5 lang sigt, om n\u00f8dvendigt med nye forhandlinger med udlejeren.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"innerbetriebliche-konflikte-klaren\">Afklaring af interne konflikter<\/h4>\n\n<p>Strider b\u00f8r afklares, og d\u00e5rlig stemning i teamet b\u00f8r forbedres. Salgsforl\u00f8bet og overgangsfasen er kr\u00e6vende, og indehaveren er afh\u00e6ngig af medarbejdernes st\u00f8tte.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"betriebsraumlichkeiten-vorbereiten\">Forberedelse af driftslokaler<\/h4>\n\n<p>\u00d8jet vurderer med:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Reng\u00f8ring af lokalerne<\/li>\n\n\n\n<li>Gennemf\u00f8relse af forfaldne renoveringer<\/li>\n\n\n\n<li>Sikring af overholdelse af lovkrav<\/li>\n\n\n\n<li>Salg eller bortskaffelse af overfl\u00f8dige maskiner og inventar<\/li>\n\n\n\n<li>Reng\u00f8ring af varelageret<\/li>\n<\/ul>\n\n<h4 class=\"wp-block-heading\" id=\"aktualisieren-sie-die-firmenwebsite\">Opdater din virksomheds hjemmeside<\/h4>\n\n<p>Undg\u00e5 en for\u00e6ldet eller uprofessionel internettilstedev\u00e6relse.<\/p>\n\n<h2 class=\"wp-block-heading\">Vurdering afh\u00e6ngigt af v\u00e6kstfase<\/h2>\n\n<h3 class=\"wp-block-heading\" id=\"strtps\">Vurdering af startups<\/h3>\n\n<p>At vurdere startups er endnu mere subjektivt end at vurdere etablerede virksomheder. Man vurderer udelukkende et l\u00f8fte for fremtiden. Vi har sammensat en <a href=\"https:\/\/www.nimbo.net\/da\/kriterier-vurdering-startups\">liste<\/a> med kriterier for vurdering.   <\/p>\n\n<h4 class=\"wp-block-heading\" id=\"wichtige-begriffe-pre-money-vs-post-money-bewertung\">Vigtige begreber: Pre-Money vs Post-Money vurdering<\/h4>\n\n<p>N\u00e5r en startup afslutter en finansieringsrunde, flyder der penge ind p\u00e5 startupens bankkonto. Virksomhedens v\u00e6rdi stiger s\u00e5ledes med dette pengebel\u00f8b. Det er derfor vigtigt, at det ved en vurdering er klart, om man taler om en \u00bbPre-Money\u00ab vurdering (v\u00e6rdi f\u00f8r finansieringsrunden) eller \u00bbPost-Money\u00ab vurdering (v\u00e6rdi efter finansieringsrunden).<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"diskontsatzstartup\">Forventet afkast fra investorer for startups<\/h4>\n\n<p>Startups er risikable investeringer. Derfor forventer investorer et h\u00f8jt afkast. Jo tidligere finansieringsfasen er, desto st\u00f8rre er risikoen og dermed det forventede afkast. Det forventede afkast har man brug for til DCF- og VC-metoden.<\/p>\n\n<p><\/p>\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Finansieringsfase<\/th><th>Forventet afkast \/ diskonteringsrente<\/th><th>Forventet Payback om 5 \u00e5r<\/th><\/tr><tr><td>1 Seed Stage (grundl\u00e6ggelse)<\/td><td>70-90%<\/td><td>20x<\/td><\/tr><tr><td>2 Start-up Stage (f\u00f8r markedsintroduktion)<\/td><td>50-70%<\/td><td>10x<\/td><\/tr><tr><td>3 First Stage (Vellykket markedsintroduktion)<\/td><td>40-60%<\/td><td>8x<\/td><\/tr><tr><td>4 Second Stage (Ekspansion)<\/td><td>35-50%<\/td><td>6x<\/td><\/tr><tr><td>5 Later Stage (positivt cash flow)<\/td><td>30-40%<\/td><td>5x<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p>Kilde: <a href=\"https:\/\/venturevaluation.com\/wp-content\/uploads\/2011\/12\/Vortrag_IF-Unternehmensbewertung_2012.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Venture Valuation, Vortrag_IF-Unternehmensbewertung_2012.pdf, Folie 29<\/a><\/p>\n\n<h4 class=\"wp-block-heading\" id=\"discounted-cashflow-methode-fur-startups-dcf\">Discounted Cashflow metode for startups (DCF)<\/h4>\n\n<p>Den <a href=\"https:\/\/www.nimbo.net\/da\/beregn-virksomhedens-vaerdi#DCF\">ovenfor beskrevne DCF metode<\/a> kan anvendes p\u00e5 forretningsplaner for startups. Den anvendte diskonteringsrente afledes derfor af investorernes forventede afkast (se <a href=\"https:\/\/www.nimbo.net\/da\/beregn-virksomhedens-vaerdi#diskontsatzstartup\">tabel<\/a> ovenfor). <\/p>\n\n<h4 class=\"wp-block-heading\" id=\"venturecapital\">Venture Capital metode (VC-metode)<\/h4>\n\n<p>Denne metode er enklere end DCF-metoden. Man bruger den simple <a href=\"https:\/\/www.nimbo.net\/da\/bewertungsmethoden-2-2#h-die-multiplemethode\">multiplikator-metode<\/a>. Denne er egentlig kun egnet til etablerede, profitable virksomheder. Hvis virksomheden endnu ikke tjener penge, er der intet at multiplicere. Derfor forestiller man sig i et f\u00f8rste trin, at alt forl\u00f8ber pr\u00e6cis som i forretningsplanen. Multiplikator-metoden anvendes derefter p\u00e5 de projicerede tal i f.eks. 5 \u00e5r. Det giver s\u00e5 den forventede v\u00e6rdi om 5 \u00e5r. Om dette scenarie indtr\u00e6ffer pr\u00e6cis s\u00e5dan, er naturligvis meget usikkert. Den fremtidige v\u00e6rdi tilbagediskonteres derfor med investorernes afkastforventninger (se <a href=\"https:\/\/www.nimbo.net\/da\/beregn-virksomhedens-vaerdi#diskontsatzstartup\">tabel<\/a> ovenfor) til nutiden.        <\/p>\n\n<p>Eksempel: En startup (First Stage) forventer exit om 5 \u00e5r. Det forventede overskud om 5 \u00e5r er 1 mio. If\u00f8lge multiplikator-metoden ville virksomheden s\u00e5 v\u00e6re 6 mio. v\u00e6rd. Investorerne forventer et \u00e5rligt afkast p\u00e5 40%. Virksomhedens v\u00e6rdi skal alts\u00e5 stige med 40% hvert \u00e5r. Det skal tilbagediskonteres med f\u00f8lgende beregning: 6,0 mio. \/ (1 + 40%) ^ 5 = 1,1 mio. Virksomheden f\u00e5r s\u00e5ledes en Post-Money vurdering p\u00e5 1,1 mio.<\/p>\n\n<h2 class=\"wp-block-heading\" id=\"glossar-wichtige-begriffe-in-der-unternehmensbewertung\">Glossar: Vigtige begreber i virksomhedsvurderingen<\/h2>\n\n<h4 class=\"wp-block-heading\" id=\"dcf\">DCF<\/h4>\n\n<p>St\u00e5r for \u00bbDiscounted Cash Flow\u00ab. DCF-metoden er en hyppigt anvendt v\u00e6rdians\u00e6ttelsesmetode.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"derivativer-firmenwert\">Derivativ virksomhedsv\u00e6rdi<\/h4>\n\n<p>Den derivative virksomhedsv\u00e6rdi er forskellen mellem den faktiske k\u00f8bspris for en virksomhed og den faktiske substansv\u00e6rdi. V\u00e6rdien afspejles i regnskabet for en virksomhed, der har k\u00f8bt en anden virksomhed. Det svarer ud fra et regnskabsm\u00e6ssigt synspunkt til \u00bbGoodwill\u00ab og \u00bbvirksomhedsv\u00e6rdi\u00ab. Hvis v\u00e6rdien ikke opst\u00e5r gennem en k\u00f8bspris, men er estimeret, taler man om den \u00bborigin\u00e6re virksomhedsv\u00e6rdi\u00ab.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"enterprise-value\">Enterprise Value<\/h4>\n\n<p>Den samlede v\u00e6rdi af virksomheden set fra egenkapital- og fremmedkapitalgivernes synspunkt. I mods\u00e6tning til Equity Value fratr\u00e6kkes fremmedkapitalen ikke. V\u00e6rdien tillader en sammenligning mellem virksomheder med forskellige kapitalstrukturer.<\/p>\n\n<h4 class=\"wp-block-heading\">Equity Value<\/h4>\n\n<p>V\u00e6rdien set fra egenkapitalgivernes synspunkt. Equity Value svarer til Enterprise Value minus fremmedkapital plus kontantreserver.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"firmenwert\">Virksomhedsv\u00e6rdi<\/h4>\n\n<p>I praksis sidestilles denne v\u00e6rdi ofte med den samlede v\u00e6rdi af virksomheden. Ud fra et regnskabsm\u00e6ssigt synspunkt taler man kun om den \u00bbvirksomhedsv\u00e6rdi\u00ab for den del, der ved et salg overstiger substansv\u00e6rdien (se \u00bbSubstansv\u00e6rdi\u00ab). Enslydende med \u00bbGoodwill\u00ab og \u00bbderivativ virksomhedsv\u00e6rdi\u00ab.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"goodwill\">Goodwill<\/h4>\n\n<p>Se \u00bbDerivativ virksomhedsv\u00e6rdi\u00ab.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"immaterielle-werte\">Immaterielle v\u00e6rdier<\/h4>\n\n<p>Immaterielle aktiver er aktiver, der er opf\u00f8rt i en virksomheds balance, men som ikke er fysisk h\u00e5ndgribelige. Dette omfatter f.eks. patenter, varem\u00e6rker og licenser. Summen danner virksomhedens immaterielle v\u00e6rdi.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"materieller-wert\">Materiel v\u00e6rdi<\/h4>\n\n<p>Fysisk h\u00e5ndgribelige aktiver som f.eks. maskiner og varelagre.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"originarer-firmenwert\">Origin\u00e6r virksomhedsv\u00e6rdi<\/h4>\n\n<p>Den origin\u00e6re virksomhedsv\u00e6rdi er forskellen mellem den selvestimerede totale virksomhedsv\u00e6rdi og substansv\u00e6rdien. Den kan ikke afspejles i regnskabet. I mods\u00e6tning til den derivative virksomhedsv\u00e6rdi afledes v\u00e6rdien ikke af en faktisk salgspris, men er estimeret. Den m\u00e5 derfor heller ikke balanceres.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"pre-money-valuation\">Pre Money Valuation<\/h4>\n\n<p>Henviser til v\u00e6rdien af en startup f\u00f8r optagelse af en yderligere finansieringsrunde.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"post-money-valuation\">Post Money Valuation<\/h4>\n\n<p>Henviser til v\u00e6rdien af en startup, <strong>efter<\/strong> der er tilf\u00f8rt nye penge til virksomheden.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"substanzwert\">Netto aktiv v\u00e6rdi<\/h4>\n\n<p>Se <a href=\"https:\/\/www.nimbo.net\/da\/beregn-virksomhedens-vaerdi#Substanzwertmethode\">Substansv\u00e6rdimetode<\/a>.<\/p>\n\n<h2 class=\"wp-block-heading\" id=\"fragen\">Ofte stillede sp\u00f8rgsm\u00e5l<\/h2>\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1649236458513\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hvad kendetegner et godt v\u00e6rdians\u00e6ttelsesv\u00e6rkt\u00f8j til virksomhedsvurdering?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Det skal v\u00e6re godt struktureret, letforst\u00e5eligt og eftervollziehbar, tage hensyn til forskellige brancher og virksomhedsst\u00f8rrelser og v\u00e6re baseret p\u00e5 aktuelle markedsdata. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1649252586190\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Er online virksomhedsvurderinger egnede til alle?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Medmindre andet udtrykkeligt er angivet, er de IKKE egnede til en f\u00f8rste indikation af startups, hurtigt voksende virksomheder og virksomheder, der taber penge eller kun er lidt rentable. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1649252998470\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Beregning af en virksomheds v\u00e6rdi: Hvilken metode er bedst?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>De enkelte metoder har styrker og svagheder. Man b\u00f8r ikke kun stole p\u00e5 \u00e9n metode. En blanding af forskellige metoder, gennemspillet flere gange med varierende scenarier, giver en fornemmelse af den mulige sp\u00e6ndvidde for virksomhedens v\u00e6rdi. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1643642373080\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Kan jeg beregne virksomhedens v\u00e6rdi med en tommelfingerregel?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Beregning af virksomhedsv\u00e6rdi tommelfingerregel 1: Multiplicer den gennemsnitlige EBIT for de seneste tre \u00e5r \u00e9n gang med fire og \u00e9n gang med seks. Tr\u00e6k virksomhedens g\u00e6ld fra resultaterne. Du f\u00e5r en sp\u00e6ndvidde, hvor din virksomhedsv\u00e6rdi omtrent ligger.  <\/p>\n<p>Beregning af virksomhedsv\u00e6rdi tommelfingerregel 2: Overvej, hvor meget en k\u00f8ber kan tr\u00e6kke ud af virksomheden i de kommende \u00e5r. S\u00e6t prisen s\u00e5ledes, at den kan amortisere k\u00f8bsprisen inden for 4 til 7 \u00e5r. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1663415500203\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hvordan h\u00e5ndterer man fast ejendom ved fastl\u00e6ggelse af virksomhedsv\u00e6rdien?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Hvis man vil beregne v\u00e6rdien af en virksomhed, der ejer fast ejendom, vurderes denne normalt separat og l\u00e6gges derefter til. Ofte udskilles ejendommene f\u00f8rst ved et salg og udlejes derefter til k\u00f8beren. I dette tilf\u00e6lde justeres virksomhedens historiske finansielle tal ved at fratr\u00e6kke en hypotetisk, markedsretf\u00e6rdig leje. Udgifter til vedligeholdelse af ejendommen kan derimod l\u00e6gges til overskuddet. Er du ikke sikker p\u00e5, om du skal s\u00e6lge ejendommen sammen med virksomheden? En liste over <a href=\"https:\/\/www.nimbo.net\/unternehmen-mit-immobilie-verkaufen\">de faktorer<\/a>, der skal tages i betragtning.      <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1712576435996\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hvad er investorer s\u00e6rligt opm\u00e6rksomme p\u00e5 ved virksomhedsvurdering?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p><a href=\"https:\/\/www.nimbo.net\/da\/virksomhedsvurdering-investorer-kritiske-faktorer\">Link<\/a> til listen med de 10 kritiske faktorer, som investorer er opm\u00e6rksomme p\u00e5 ved en virksomhedsvurdering<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1712914538583\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hvad er anderledes ved vurderingen af en franchisevirksomhed? <\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Her vurderes ikke kun en enkelt virksomhed, men et helt system. Vi har samlet de <a href=\"https:\/\/www.nimbo.net\/da\/vaerdiansaettelse-af-franchises\">vigtigste punkter<\/a>.  <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1712926212800\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hvad er Add Backs? <\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Add-backs er justeringer ved virksomhedsvurderingen, der foretages for at f\u00e5 et mere fair resultat. Hvilke typer add-backs der anvendes, kan variere fra sag til sag, afh\u00e6ngigt af virksomhedens individuelle omst\u00e6ndigheder.  <a href=\"https:\/\/www.nimbo.net\/da\/tilfoejelser-virksomhedsvurdering\">En oversigt<\/a><\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1712928463551\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hvilke n\u00f8gletal giver information om en virksomheds resultater?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Et selskabs resultater kan vurderes ud fra en r\u00e6kke n\u00f8gletal, der afspejler forskellige aspekter af selskabet. Til oversigten over de <a href=\"https:\/\/www.nimbo.net\/welche-kennzahlen-geben-auskunft-ueber-die-leistungsfaehigkeit-eines-unternehmens\">vigtigste n\u00f8gletal<\/a> <\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>\u00bbHvor meget er min virksomhed egentlig v\u00e6rd?\u00ab \u2013 Dette sp\u00f8rgsm\u00e5l optager mange virksomhedsejere, hvad enten det er i forbindelse med salg, successionsplanl\u00e6gning eller strategiske beslutninger. I denne omfattende guide finder du alt, hvad du skal vide om beregning af virksomhedens v\u00e6rdi \u2013 praktisk og med eksempler. Indholdsfortegnelse Det rigtige mindset En virksomhedsvurdering er ikke en&#8230;<\/p>\n","protected":false},"author":1003,"featured_media":2042556,"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":"right","_kad_post_sidebar_id":"sidebar-primary","_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":[400151],"tags":[],"class_list":["post-2041813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leitfaden-da"],"taxonomy_info":{"category":[{"value":400151,"label":"Leitfaden"}]},"featured_image_src_large":["https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/Design-ohne-Titel.png",1023,1024,false],"author_info":{"display_name":"Marc Uhlmann","author_link":"https:\/\/www.nimbo.net\/da\/author\/marc"},"comment_info":0,"category_info":[{"term_id":400151,"name":"Leitfaden","slug":"leitfaden-da","term_group":0,"term_taxonomy_id":2000151,"taxonomy":"category","description":"","parent":0,"count":3,"filter":"raw","cat_ID":400151,"category_count":3,"category_description":"","cat_name":"Leitfaden","category_nicename":"leitfaden-da","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/posts\/2041813","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=2041813"}],"version-history":[{"count":0,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/posts\/2041813\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/media\/2042556"}],"wp:attachment":[{"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/media?parent=2041813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/categories?post=2041813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/tags?post=2041813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}