{"id":2042093,"date":"2024-05-23T09:43:51","date_gmt":"2024-05-23T09:43:51","guid":{"rendered":"https:\/\/www.nimbo.net\/bewertungsmethoden"},"modified":"2026-05-07T10:49:38","modified_gmt":"2026-05-07T10:49:38","slug":"metoder-til-virksomhedsvurdering","status":"publish","type":"post","link":"https:\/\/www.nimbo.net\/da\/metoder-til-virksomhedsvurdering","title":{"rendered":"De 4 bedste vurderingsmetoder for virksomheder 2026 (med eksempler)"},"content":{"rendered":"\n<p class=\"has-text-align-left\">De fire vigtigste metoder til at beregne virksomhedsv\u00e6rdien for sm\u00e5 og mellemstore virksomheder er multipel-metoden, substansv\u00e6rdi-metoden, indtjeningsmetoden og DCF-metoden. Her kan du finde ud af, hvad du b\u00f8r vide om hver metode. Enkelt forklaret og med eksempler.  <\/p>\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<h2 class=\"wp-block-heading has-text-align-left\" id=\"h-die-multiplemethode\">Den multipelmetoden<\/h2>\n\n<p class=\"has-text-align-left\"><em>For en oversigt over vores aktuelle <\/em><a href=\"https:\/\/www.nimbo.net\/da\/multipla\">markedsdata for v\u00e6rdians\u00e6ttelsesmultipler<\/a><em>.<\/em><\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-basiskennzahl-multipliziert-mit-dem-bewertungsmultiple\">V\u00e6rdians\u00e6ttelse = Basiskendetall ganget med v\u00e6rdians\u00e6ttelsesmultipel<\/h3>\n\n<p>Den multipelmetoden er en metode, der ofte bruges i forbindelse med fusioner og opk\u00f8b. Metoden giver mulighed for hurtigt at tjekke, om en udbudspris i virksomhedssalg er realistisk og passende for b\u00e5de k\u00f8ber- og s\u00e6lgersiden.  <\/p>\n\n<p>Dette er baseret p\u00e5 de priser, der i \u00f8jeblikket opn\u00e5s af sammenlignelige virksomheder, der allerede er blevet solgt. Man unders\u00f8ger, til hvilken multiplikator (&#8220;multiple&#8221;, &#8220;multiplier&#8221;) disse virksomheder blev solgt, og anvender denne faktor p\u00e5 den virksomhed, der skal v\u00e6rdians\u00e6ttes. Multipler kan for eksempel v\u00e6re multipla af resultatet f\u00f8r renter og skatter (\u00abEBIT-multipel\u00bb), resultatet f\u00f8r skatter, renter og afskrivninger (EBITDA-multipel) eller oms\u00e6tningen (\u00aboms\u00e6tningsmultipel\u00bb).<\/p>\n\n<p>Metoden er prim\u00e6rt egnet til virksomheder, der har eksisteret i et stykke tid. Her kan en fler\u00e5rig profit-trend bruges som grundlag for v\u00e6rdians\u00e6ttelsen. Jo bedre de empiriske v\u00e6rdier er, jo mere meningsfuldt er resultatet. Under alle omst\u00e6ndigheder er det tilr\u00e5deligt at bruge multipelmetoden som supplement til plausibilitetskontrollen af en virksomhedsv\u00e6rdi, der er fremkommet ved en anden metode.<\/p>\n\n<p>Den vejledende v\u00e6rdi af virksomheden, der bestemmes med multiplen, svarer til &#8220;virksomhedsv\u00e6rdien&#8221;. Det er v\u00e6rdien af egenkapitalen plus den finansielle g\u00e6ld. Det betyder, at for v\u00e6rdien af egenkapitalen skal den finansielle g\u00e6ld tr\u00e6kkes fra den fastsatte virksomhedsv\u00e6rdi.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-mit-der-ebit-multiple-methode\">V\u00e6rdians\u00e6ttelse med EBIT-multipelmetoden<\/h3>\n\n<p>N\u00e5r virksomheden v\u00e6rdians\u00e6ttes med EBIT-multiplemetoden, ganges den gennemsnitlige nettoindtjening f\u00f8r renter og skat (&#8220;EBIT&#8221;) for de seneste \u00e5r med EBIT-multiples. Der tages h\u00f8jde for overskuddet f\u00f8r renter og skat, s\u00e5 multiplerne forbliver sammenlignelige, selv for virksomheder med forskellige skattesatser og g\u00e6ldskapitalstrukturer. For mindre virksomheder med en oms\u00e6tning p\u00e5 op til 20 millioner ligger det observerede interval for multipler hovedsageligt i intervallet 4 &#8211; 10. En multipel p\u00e5 6 eller h\u00f8jere indikerer, at virksomheden er meget attraktiv. Hvor i b\u00e5ndbredden virksomheden er placeret, afh\u00e6nger af mange forskellige &#8220;kvalitative faktorer&#8221; ud over tallene.    <\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-nimbo-verwendet-ebitc-multiples-zur-firmenwertberechnung\">NIMBO bruger EBITC-multipler til virksomhedsv\u00e6rdians\u00e6ttelse<\/h3>\n\n<p>Dette er baseret p\u00e5 EBIT plus den samlede kompensation til ledelsen (bruttol\u00f8n, arbejdsgiverbidrag til social sikring, biludgifter).<\/p>\n\n<p>I mindre virksomheder kan direkt\u00f8ren selv bestemme sin l\u00f8n inden for visse gr\u00e6nser. &#8220;EBITC&#8221; g\u00f8r det muligt at sammenligne med andre virksomheders indtjeningsevne uden forvridninger p\u00e5 grund af l\u00f8nninger over eller under markedsl\u00f8nnen, s\u00e6rlige kapitalstrukturer og forskellige skattesatser. I EBIT-varianten foretages der ogs\u00e5 en justering af direkt\u00f8rl\u00f8nnen, men NIMBO foretr\u00e6kker EBITC-varianten, fordi den ud fra et empirisk synspunkt bedre kan forklare observerede k\u00f8bstilbud end EBIT-varianten.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-mit-der-ebitda-multiple-methode\">V\u00e6rdians\u00e6ttelse med EBITDA-multipelmetoden<\/h3>\n\n<p>Sammenlignet med EBIT omfatter EBITDA (indtjening f\u00f8r renter, skat og afskrivninger) ikke afskrivninger. For den samme EBIT kan EBITDA i en aktiv-intensiv virksomhed v\u00e6re betydeligt h\u00f8jere end i en personale-intensiv.<\/p>\n\n<p>For anl\u00e6gsintensive virksomheder med en h\u00f8j substansv\u00e6rdi er det fornuftigt ud fra et k\u00f8bersynspunkt at arbejde med EBITDA-multipler, da st\u00f8rrelsen af afskrivningerne giver et vist spillerum, hvilket kan forvride resultatet. Den fase i investeringscyklussen, som virksomheden befinder sig i, b\u00f8r altid tages i betragtning. Er der investeringer, der skal foretages?<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-mit-umsatz-multiples\">V\u00e6rdians\u00e6ttelse med oms\u00e6tningsmultipler<\/h3>\n\n<p>Fra en investors synspunkt er det f\u00f8rst og fremmest en virksomheds potentielle profit, der er interessant. Men hvis det aktuelle overskud ikke er meningsfuldt, meget lille eller endda negativt, b\u00f8r man overveje et andet forhold, s\u00e5som oms\u00e6tning. Det kan f.eks. give mening, hvis k\u00f8beren tror p\u00e5, at han kan forbedre afkastet af salget med sine egne eksisterende, mere effektive omkostningsstrukturer. Den potentielle k\u00f8ber tager en st\u00f8rre risiko med denne metode og skal tro p\u00e5, at virksomheden vil tjene penge i fremtiden.  <\/p>\n\n<p>En v\u00e6rdians\u00e6ttelse af en oms\u00e6tningsmultipel kan ogs\u00e5 bruges som et supplement eller til at kontrollere andre v\u00e6rdians\u00e6ttelsers plausibilitet.<\/p>\n\n<p>Oms\u00e6tningsmultipler er betydeligt mindre end EBIT-multipler. Det observerede interval ligger for det meste mellem 0,2 og 2, afh\u00e6ngigt af branchen, rentabiliteten, v\u00e6kstudsigterne og nogle andre faktorer. For virksomheder med lav v\u00e6kst og lav eller ingen profit er oms\u00e6tningsmultipler mellem 0,2-0,6 realistiske. Afh\u00e6ngigt af oms\u00e6tningens st\u00f8rrelse kan selv en \u00e6ndring i oms\u00e6tningsmultiplen med en faktor p\u00e5 0,1 have stor indflydelse p\u00e5 virksomhedens v\u00e6rdi.<\/p>\n\n<p>Hvis man foretager en v\u00e6rdians\u00e6ttelse med b\u00e5de EBIT- og oms\u00e6tningsmultiplikatorer, og hvis v\u00e6rdians\u00e6ttelsen med oms\u00e6tningsmultiplikatoren resulterer i en h\u00f8jere v\u00e6rdi end v\u00e6rdians\u00e6ttelsen med EBIT-multiplikatoren, indikerer det et mindre afkast p\u00e5 salget end for sammenlignelige virksomheder.<\/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-icons2041580_e961da-e0 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041580_e961da-e0{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041580_e961da-e0 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041580_a5a5ea-2a .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041580_a5a5ea-2a .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-2041580_a5a5ea-2a\"><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 multipelmetoden <\/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            <p>EBIT: 1.000.000 \u20ac<\/p>\n            <p>Branchetypisk multiple: 4-7<\/p>\n            <p>Antaget multiple (fordi virksomheden klarer sig bedre end gennemsnittet): 6<\/p>\n            <p>Bankl\u00e5n: 1.000.000 \u20ac<\/p>\n            <p>H\u00f8jere end normalt lager: 500.000 \u20ac<\/p>\n      \n            <h4>Beregning af virksomhedens v\u00e6rdi:<\/h4>\n            <p><strong>Trin 1: Beregning af Enterprise Value (EV)<\/strong><\/p>\n            <p>Enterprise Value = EBIT \u00d7 Multiple<\/p>\n            <p>EV = 1.000.000 \u20ac \u00d7 6 = 6.000.000 \u20ac<\/p>\n\n            <p><strong>Trin 2: Beregning af egenkapitalv\u00e6rdi (&#8220;Equity Value&#8221;)<\/strong><\/p>\n            <p>Egenkapitalv\u00e6rdi (&#8220;Equity Value&#8221;) = Virksomhedsv\u00e6rdi \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>Egenkapitalv\u00e6rdi (&#8220;Equity Value&#8221;) = 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 (&#8220;Equity Value&#8221;) er: <strong>5.500.000 \u20ac<\/strong><\/p>\n        <\/div><\/div>\n<style>.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col{display:flex;}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041580_ac9657-d4 > .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-column2041580_ac9657-d4 > .kt-inside-inner-col,.kadence-column2041580_ac9657-d4 > .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-column2041580_ac9657-d4 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041580_ac9657-d4 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041580_ac9657-d4{position:relative;}.kadence-column2041580_ac9657-d4, .kt-inside-inner-col > .kadence-column2041580_ac9657-d4:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041580_ac9657-d4 > .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-column2041580_ac9657-d4 > .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-column2041580_ac9657-d4\"><div class=\"kt-inside-inner-col\">\n<p>Fordele og ulemper ved den multipelmetoden<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3eb4df-0b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3eb4df-0b ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3eb4df-0b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3eb4df-0b .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3eb4df-0b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_3eb4df-0b ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041580_3eb4df-0b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_2a5f63-cf .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-2041580_2a5f63-cf\"><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-2041580_458257-ae .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-2041580_458257-ae\"><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-2041580_ebecc7-54 .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-2041580_ebecc7-54\"><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-items2041580_581357-28:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_581357-28 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-items2041580_581357-28 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_581357-28 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_581357-28 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_581357-28 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-items2041580_581357-28 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_3be924-dd .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-2041580_3be924-dd\"><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-2041580_0638d0-f5 .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-2041580_0638d0-f5\"><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<p>Du kan ogs\u00e5 finde yderligere uddybende oplysninger i vores blogindl\u00e6g &#8220;<a href=\"https:\/\/www.nimbo.net\/da\/markedsvaerdi-metode-virksomhedsvurdering\">Markedsv\u00e6rdiprocedurer til virksomhedsv\u00e6rdians\u00e6ttelse<\/a>&#8220;.<\/p>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"-h-die-substanzwertmethode\">Substansv\u00e6rdi-metoden<\/h2>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-substanzwert-des-unternehmens\">V\u00e6rdians\u00e6ttelse = Substansv\u00e6rdi af virksomheden<\/h3>\n\n<p>Dette er den <strong>enkleste metode<\/strong> til at bestemme substansv\u00e6rdien. <\/p>\n\n<p>Man l\u00e6gger v\u00e6rdierne for anl\u00e6gs- og oms\u00e6tningsaktiver til markedspriser fra balancen sammen, justerer dem for skjulte reserver og fratr\u00e6kker skatter, g\u00e6ld og forpligtelser.  <\/p>\n\n<p><strong>Ved substansv\u00e6rdien vises en snarere lav virksomhedsv\u00e6rdi. <\/strong><\/p>\n\n<p>I det tilf\u00e6lde, at substansv\u00e6rdien ikke forrentes risikojusteret, eller virksomheden endda giver tab, er den finansielle virksomhedsv\u00e6rdi \u2013 uden eventuelle v\u00e6rdifor\u00f8gende synergieffekter med en mulig k\u00f8ber \u2013 grundl\u00e6ggende lig med likvidationsv\u00e6rdien.<\/p>\n\n<p>Substansv\u00e6rdien har prim\u00e6rt en informationsv\u00e6rdi i forbindelse med salg af en virksomhed og ligger normalt under v\u00e6rdians\u00e6ttelsessp\u00e6ndet for multipel-metoderne, da der ikke er afbildet goodwill og indtjeningspotentiale over minimumsforrentningen.<\/p>\n\n<h2 class=\"wp-block-heading\">Fordele og ulemper ved denne metode<\/h2>\n<style>.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col{display:flex;}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041580_1d2ff8-e5 > .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-column2041580_1d2ff8-e5 > .kt-inside-inner-col,.kadence-column2041580_1d2ff8-e5 > .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-column2041580_1d2ff8-e5 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041580_1d2ff8-e5 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041580_1d2ff8-e5{position:relative;}.kadence-column2041580_1d2ff8-e5, .kt-inside-inner-col > .kadence-column2041580_1d2ff8-e5:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041580_1d2ff8-e5 > .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-column2041580_1d2ff8-e5 > .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-column2041580_1d2ff8-e5\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_aa17db-24:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_aa17db-24 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-items2041580_aa17db-24 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_aa17db-24 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_aa17db-24 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_aa17db-24 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-items2041580_aa17db-24 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_03442a-51 .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-2041580_03442a-51\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Enkel anvendelse og god sporbarhed af resultatet<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_f0dc92-ab .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_f0dc92-ab\"><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\">Det, der er objektivt tilg\u00e6ngeligt, bliver vurderet, uanset s\u00e6lgerens eller den potentielle k\u00f8bers interesser.  &nbsp;<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_394e28-ac .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-2041580_394e28-ac\"><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 overvejende materielle aktiver som fast ejendom, maskiner eller store anl\u00e6g, der drager fordel af denne v\u00e6rdians\u00e6ttelsesmetode. Disse omfatter f.eks. byggefirmaer, industrivirksomheder eller ejendomsselskaber. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_4b7c64-b6 .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-2041580_4b7c64-b6\"><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, der skal afvikles<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_425fff-54:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_425fff-54 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-items2041580_425fff-54 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_425fff-54 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_425fff-54 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_425fff-54 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-items2041580_425fff-54 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_82ae74-1e .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-2041580_82ae74-1e\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ikke egnet til virksomheder i brancher, hvor innovation, intellektuel ejendomsret eller kundebasen repr\u00e6senterer en h\u00f8j v\u00e6rdi (f.eks. IT- eller medicinalindustrien, men ogs\u00e5 servicevirksomheder), da immaterielle v\u00e6rdier er vanskelige at registrere.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_67e3a8-cd .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-2041580_67e3a8-cd\"><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 start-ups eller virksomheder med st\u00e6rkt fremtidigt v\u00e6kstpotentiale (f.eks. p\u00e5 nye markeder eller i brancher), da deres fremtidige indtjeningskraft ikke registreres.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_7ce8e1-5c .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-2041580_7ce8e1-5c\"><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 v\u00e6rdidrivere som f.eks. medarbejdernes erfaring, kunde- og leverand\u00f8rrelationer osv. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_47331d-f2 .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-2041580_47331d-f2\"><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\">Fremtidig v\u00e6kst, konkurrencefordele eller markedsposition tages ikke i betragtning.<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<p>Substansv\u00e6rdi-metoden som et supplement, for eksempel i kombination med en mere optimistisk metode, som f.eks. indtjeningsmetoden, <a href=\"https:\/\/www.nimbo.net\/da\/bewertungsmethoden-2#Mittelwertmethoden\">(se afsnittet om gennemsnitsmetoder)<\/a>, kan v\u00e6re ganske fornuftig.<\/p>\n\n<p>Den kvantificerer den aktuelle v\u00e6rdi af virksomhedens eksisterende aktiver og viser den faktiske egenkapital. Det er vigtigt for finansieringen. <\/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-icons2041580_146c86-bf .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041580_146c86-bf{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041580_146c86-bf alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041580_369460-1e .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041580_369460-1e .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-2041580_369460-1e\"><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-metoden<\/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<p><\/p>\n<h4>Eksempel p\u00e5 antagelser:<\/h4>\n            <p>V\u00e6rdi af anl\u00e6gs- og oms\u00e6tningsaktiver (til markedspriser): 1.000.000 \u20ac<\/p>\n            <p>Forpligtelser\/g\u00e6ld: 500.000 \u20ac<\/p>\n            <p>Hens\u00e6ttelser: 100.000 \u20ac<\/p>\n            <p>Opl\u00f8sning af \u00f8konomisk un\u00f8dvendige hens\u00e6ttelser: 100.000 \u20ac<\/p>\n      \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; Passiver &#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\"><strong> Virksomhedens substansv\u00e6rdi er: 500.000 \u20ac<\/strong><\/p>\n        \n    <\/div><\/div>\n\n<h3 class=\"wp-block-heading\" id=\"h-bedeutung-der-substanzwertmethode\">Betydningen af substansv\u00e6rdi-metoden<\/h3>\n\n<p>Substansv\u00e6rdi-metoden spiller i dag kun en underordnet rolle. Fordelene er helt klart den enkle anvendelse og den gode sporbarhed af resultatet. Negativt er den lave informative v\u00e6rdi for mange virksomheder, da immaterielle v\u00e6rdier og fremtidig udvikling ikke tages i betragtning.<\/p>\n\n<p><\/p>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"h-das-vereinfachte-ertragswertverfahren\">Forenklet indtjeningsmetode<\/h2>\n\n<h3 class=\"wp-block-heading\" id=\"h-bewertung-ertrag-geteilt-durch-kapitalisierungszins\">V\u00e6rdians\u00e6ttelse = indkomst divideret med kapitaliseringsrate<\/h3>\n\n<p>Ved virksomhedsv\u00e6rdians\u00e6ttelsen efter indtjeningsmetoden betragtes virksomheden som en investering, der giver konstante indt\u00e6gter. Disse konstante afkast v\u00e6rdians\u00e6ttes i henhold til den finansielle matematiske formel for en evig \u00e5rlig indkomststr\u00f8m. Det gennemsnitlige forventede b\u00e6redygtige overskud efter skat over de n\u00e6ste tre til fem \u00e5r divideres med en risikojusteret rentesats (&#8220;kapitaliseringsrente&#8221;). Den s\u00e5ledes fastlagte v\u00e6rdi giver v\u00e6rdien af egenkapitalen (s\u00e5kaldt &#8220;Equity Value&#8221;).<\/p>\n\n<p>Da indtjeningsmetoden er baseret p\u00e5 prognoser, b\u00f8r de underliggende v\u00e6rdier v\u00e6re s\u00e5 realistiske som muligt. Resultatet b\u00f8r ogs\u00e5 kontrolleres for dets f\u00f8lsomhed over for \u00e6ndrede foruds\u00e6tninger (f.eks. lavere\/h\u00f8jere afkast og rentesats). Der er altid sp\u00f8rgsm\u00e5let om, i hvilket omfang den vurderede virksomheds eksisterende indtjeningsevne kan overf\u00f8res til k\u00f8beren i tilf\u00e6lde af et salg. (Uddybende oplysninger om indtjeningsmetoder kan findes i indl\u00e6gget &#8220;<a href=\"https:\/\/www.nimbo.net\/da\/indkomstkapitaliseringsmetode-virksomhedsvurdering\">Indtjeningsmetoder til virksomhedsv\u00e6rdians\u00e6ttelse<\/a>&#8220;)<\/p>\n\n<p>Maskiner eller varelagre, der er n\u00f8dvendige for normal drift, er allerede inkluderet i denne beregning, da disse er en foruds\u00e6tning for at opn\u00e5 det b\u00e6redygtige udbytte, som v\u00e6rdians\u00e6ttelsen er baseret p\u00e5.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-berechnung-kapitalisierungszins\">Beregning af kapitaliseringsrate<\/h3>\n\n<p>Kapitaliseringsrente = basisrente <strong>plus<\/strong> markedsrisikopr\u00e6mie <strong>plus<\/strong> virksomhedsspecifik risikopr\u00e6mie<\/p>\n\n<p>Kapitaliseringsrenten er sammensat af tre faktorer.<\/p>\n\n<p>  Basisrenten eller den risikofrie rente. Det er normalt renten p\u00e5 statsobligationer med en l\u00f8betid p\u00e5 10 eller 30 \u00e5r. Ved udgangen af 2021 var basisrenten i Tyskland afrundet til 0,10 %.<\/p>\n\n<p>Markedsrisikopr\u00e6mien, som afspejler iv\u00e6rks\u00e6tterrisikoen i den p\u00e5g\u00e6ldende branche og det p\u00e5g\u00e6ldende land.<\/p>\n\n<p>Den virksomhedsspecifikke risikopr\u00e6mie, som vurderer virksomhedens specifikke forretningsrisici.<\/p>\n\n<p>For eksempel er en rentesats p\u00e5 omkring 20 % normalt realistisk ved v\u00e6rdians\u00e6ttelse af en h\u00e5ndv\u00e6rksvirksomhed p\u00e5 grund af den ofte st\u00f8rre afh\u00e6ngighed af ejeren. Dette blev empirisk bevist af reelle k\u00f8bspriser.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-faktoren-zur-bestimmung-des-risikozuschlags\">Faktorer til bestemmelse af risikopr\u00e6mien<\/h3>\n\n<p><strong>Fungibilitet<\/strong>: Virksomheden kan tjene penge hurtigt, sikkert og uden store omkostninger. Det er normalt ikke tilf\u00e6ldet for unoterede virksomheder. <\/p>\n\n<p><strong>Virksomhedsejerens rolle:<\/strong> Virksomheden er meget afh\u00e6ngig af virksomhedsejeren. Alle beslutninger og kontakter er koncentreret om ham. <\/p>\n\n<p><strong>Virksomhedsstrategi: <\/strong>Der er ingen forst\u00e5elig kort-, mellem- og langsigtet strategi.<\/p>\n\n<p><strong>Konkurrence:<\/strong> Konkurrencepresset er h\u00f8jt, og som en lille virksomhed med en lille markedsandel er der en \u00f8get risiko for pres p\u00e5 marginen eller endda at blive presset ud af markedet.<\/p>\n\n<p><strong>Kundestruktur: <\/strong>En stor del af oms\u00e6tningen sker med nogle f\u00e5 kunder. Der er n\u00e6sten ingen forhindringer for kunderne i at skifte. Kunderne er blevet \u00e6ldre sammen med ejeren og er der ikke l\u00e6ngere inden for en overskuelig fremtid.  <\/p>\n\n<p><strong>Leverand\u00f8rstruktur: <\/strong>Der kan opst\u00e5 flaskehalse eller forsinkelser i produktionen p\u00e5 grund af afh\u00e6ngighed af individuelle leverand\u00f8rer, og der er ingen tilbagefaldsmuligheder.<\/p>\n\n<p><strong>Ledelse: <\/strong>Utilstr\u00e6kkeligt kvalificeret og\/eller erfaren. Der er en risiko for, at den forlader virksomheden efter et ejerskifte. <\/p>\n\n<p><strong>Personale: Personalets <\/strong>uddannelsesniveau er ret lavt. Det er sv\u00e6rt at finde kvalificeret arbejdskraft p\u00e5 arbejdsmarkedet, og det har en negativ indvirkning p\u00e5 den fremtidige v\u00e6kst. Der er en afh\u00e6ngighed af nogle n\u00f8glepersoner, som ikke er lette at erstatte.  <\/p>\n\n<p><strong>Engangssalg: <\/strong>Salget genereres overvejende med engangskunder.<\/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-icons2041580_41a91a-fb .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041580_41a91a-fb{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041580_41a91a-fb alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041580_f7be4f-ec .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041580_f7be4f-ec .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-2041580_f7be4f-ec\"><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 indtjeningsmetode<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n\n<div>\n        \n            <h4>Eksempel p\u00e5 antagelser:<\/h4>\n            <p>B\u00e6redygtig indtjening (\u00d8 af den justerede fortjeneste for de seneste 3 \u00e5r): 1.000.000 \u20ac<\/p>\n            <p>Ansat basisrentesats (risikofri rentesats): 2%<\/p>\n            <p>Markedsrisikopr\u00e6mie (markedspr\u00e6mie for branchen): 8%<\/p>\n            <p>Virksomhedsspecifik risikopr\u00e6mie (over gennemsnittet risiko p\u00e5 grund af afh\u00e6ngighed af indehaveren og virksomhedens st\u00f8rrelse): 10%<\/p>\n        \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 virksomhedsv\u00e6rdien (afkastv\u00e6rdi):<\/h4>\n            <p>Afkastv\u00e6rdi = B\u00e6redygtig indtjening \/ kapitaliseringsrente<\/p>\n            <p>Afkastv\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\"><strong>Virksomhedens v\u00e6rdi er: 5.000.000 \u20ac<\/strong>\n<\/p>\n\n        <\/div>   \n<\/div><\/div>\n\n<p><\/p>\n\n<h2 class=\"wp-block-heading\">Fordele og ulemper ved denne metode<\/h2>\n<style>.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col{display:flex;}.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041580_1c0a8e-6f > .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-column2041580_1c0a8e-6f > .kt-inside-inner-col,.kadence-column2041580_1c0a8e-6f > .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-column2041580_1c0a8e-6f > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041580_1c0a8e-6f > .kt-inside-inner-col > 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#1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041580_1c0a8e-6f\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_d62d46-a9:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_d62d46-a9 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-items2041580_d62d46-a9 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_d62d46-a9 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_d62d46-a9 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_d62d46-a9 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-items2041580_d62d46-a9 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_258d19-f8 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041580_258d19-f8\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Enkel anvendelse, let forst\u00e5elig og implementerbar<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_a342c4-19 .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-2041580_a342c4-19\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Fremtidsorienteret, fokuserer p\u00e5 virksomhedens fremtidige indt\u00e6gter og fortjeneste, hvilket er vigtigt for investorer, der \u00f8nsker at vurdere fremtidige afkast.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_46d424-6f .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-2041580_46d424-6f\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Almindelig praksis inden for SMV-omr\u00e5det, da disse har mindre komplekse virksomhedsstrukturer.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_48eca5-6d .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-2041580_48eca5-6d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Accepteret af finansmyndigheder: Denne metode accepteres f.eks. ofte af skattemyndigheder i Tyskland, n\u00e5r det drejer sig om v\u00e6rdians\u00e6ttelse til skattem\u00e6ssige form\u00e5l.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_c37226-ce .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-2041580_c37226-ce\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Velegnet til virksomheder i stabile markeder<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_823074-68:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_823074-68 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-items2041580_823074-68 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_823074-68 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_823074-68 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_823074-68 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-items2041580_823074-68 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_0669be-16 .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-2041580_0669be-16\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Der tr\u00e6ffes en simpel antagelse om den fremtidige indtjening, kompleksiteten af en virksomhed og dens markedsmilj\u00f8 kan ikke altid afbildes fuldst\u00e6ndigt.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_9f5d57-e8 .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-2041580_9f5d57-e8\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Risici for virksomheden eller mulige markedssvingninger negligeres <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_59292e-77 .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-2041580_59292e-77\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">For virksomheder med st\u00e6rkt svingende eller hurtigt voksende indtjening er denne metode for stiv og un\u00f8jagtig.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_547387-54 .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-2041580_547387-54\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Fejlbed\u00f8mmelser i indtjeningsprognoserne og diskonteringssatsen kan f\u00f8re til forkerte resultater.<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\" id=\"h-bedeutung-des-ertragswertverfahrens-in-deutschland\">Betydningen af indtjeningsmetoden i Tyskland<\/h3>\n\n<p>I Tyskland er indtjeningsmetoden den mest udbredte metode (IDW S 1). Det er den v\u00e6rdians\u00e6ttelsesprocedure, der er foreskrevet ved lov for v\u00e6rdians\u00e6ttelse af virksomheder i forbindelse med arve- og gaveafgift. Indtjeningsmetoden anvendes tilsvarende af finansforvaltningen og har stor accept ved retssager. <\/p>\n\n<p>Arbeitsgemeinschaft der Wert ermitteln Betriebsberater im Handwerk (Arbejdsgruppen for v\u00e6rdians\u00e6ttelsesr\u00e5dgivere i h\u00e5ndv\u00e6rksbranchen) har udviklet AWH-standarden for v\u00e6rdians\u00e6ttelse af sm\u00e5 og mellemstore h\u00e5ndv\u00e6rksvirksomheder. Den er ogs\u00e5 baseret p\u00e5 indtjeningsmetoden og er tilpasset de s\u00e6rlige forhold for disse virksomheder. Yderligere <a href=\"https:\/\/www.zdh.de\/ueber-uns\/fachbereich-gewerbefoerderung\/betriebsnachfolge\/das-awh-verfahren-zur-bewertung-von-handwerksbetrieben\/\" rel=\"noopener\">oplysninger<\/a> om vurderingen i henhold til AWH-standarden kan f\u00e5s hos ZdH.  <\/p>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"h-die-discounted-cashflow-verfahren-dcf\">Den diskonterede cash flow-metode (DCF)  <\/h2>\n\n<p>Denne metode har sin oprindelse i klassisk investeringsvurdering. Internationalt set er det den vurderingsmetode, der har den h\u00f8jeste kendskabsgrad.<\/p>\n\n<p>Teoretisk set giver DCF-metoden den mest pr\u00e6cise virksomhedsv\u00e6rdi. Det springende punkt ligger dog i behovet for at fremskrive fremtidige indtjeninger eller pengestr\u00f8mme og de tilsvarende risikojusterede rentesatser (kalkulationsrenten) for at kunne diskontere dem til nutidsv\u00e6rdien.<\/p>\n\n<p>Fordelen i forhold til indtjeningsmetoden er den h\u00f8je fleksibilitet, da man ikke kun beh\u00f8ver at g\u00e5 ud fra en enkelt \u00abb\u00e6redygtig indtjening\u00bb, men man kan f.eks. for de kommende 5 \u00e5r hver is\u00e6r prognostisere forl\u00f8bet af indtjeningen. Men det \u00f8ger ogs\u00e5 kompleksiteten og behovet for at forklare vurderingen.<\/p>\n\n<p>DCF-metoden egner sig bedre til virksomhedsvurdering af store virksomheder. Udgangspunktet er altid en forretningsplan for de kommende 5-7 \u00e5r. <strong>Denne metode har en tendens til at resultere i h\u00f8jere virksomhedsv\u00e6rdier.<\/strong><\/p>\n\n<p>I mods\u00e6tning til indtjeningsmetoden, der har fremtidige indt\u00e6gter som udgangspunkt, betragtes her indbetalingsoverskuddene, s\u00e5kaldte cash flows.<\/p>\n\n<p>Der skelnes mellem brutto- eller enhedsmetoden og netto- eller egenkapitalmetoden. I praksis bruger de fleste virksomheder enhedsmetoden, som bruges til at bestemme virksomhedens v\u00e6rdi, dvs. v\u00e6rdien af virksomheden inklusive finansielle forpligtelser. <\/p>\n\n<p>Virksomhedens frie cash flow, inklusive renter p\u00e5 l\u00e5nt kapital, tilbagediskonteres til i dag ved hj\u00e6lp af den v\u00e6gtede gennemsnitlige kapitalomkostning for de finansielle ressourcer, der er bundet i virksomheden. Beregningen af nettonutidsv\u00e6rdien er prim\u00e6rt beregnet til at afspejle en virksomheds driftspotentiale.<\/p>\n\n<p>S\u00e5 vidt muligt b\u00f8r en hel investeringscyklus tages i betragtning, da investeringer i oms\u00e6tnings- og anl\u00e6gsaktiver har en betydelig indvirkning p\u00e5 pengestr\u00f8mmene.<\/p>\n\n<p>Prognosen for pengestr\u00f8mme og valget af diskonteringsfaktorer er justeringsskruer, hvormed resultaterne kan bev\u00e6ges i den \u00f8nskede retning. For at sikre resultaternes seri\u00f8sitet er en f\u00f8lsomhedsanalyse, der viser indflydelsen af \u00e6ndringer i antagelserne p\u00e5 virksomhedens v\u00e6rdi, uundv\u00e6rlig. <\/p>\n\n<p>Valget mellem DCF-metoden og indtjeningsmetoden har i princippet ingen indflydelse p\u00e5 v\u00e6rdians\u00e6ttelsesresultatet ved samme foruds\u00e6tninger. Valget af en af vurderingsmetoderne b\u00f8r derfor afh\u00e6nge af m\u00e5lgruppen og form\u00e5let med vurderingen.<\/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-icons2041580_bd9464-43 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041580_bd9464-43{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041580_bd9464-43 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041580_7f10f0-d8 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041580_7f10f0-d8 .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-2041580_7f10f0-d8\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Eksempel p\u00e5 Discounted Cash Flow (DCF) metode<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<h4>Fri Cashflow (FCF) til prognose for de n\u00e6ste 3 \u00e5r<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Prognose \u00e5r 1<\/th>\n        <th>Prognose \u00e5r 2<\/th>\n        <th>Prognose \u00e5r 3<\/th>\n    <\/tr>\n    <tr>\n        <td>Fri Cashflow (FCF)<\/td>\n        <td>300,000<\/td>\n        <td>330,000<\/td>\n        <td>360,000<\/td>\n    <\/tr>\n<\/table>\n\n<h4>Beregning af de diskonterede cashflows og terminalv\u00e6rdi<\/h4>\n\n<p>Diskonteringsrentesats (r) = 10%<\/p>\n<p>Terminalv\u00e6kstrate (g) = 2%<\/p>\n\n<!-- Formula for DCF -->\n<p class=\"formula\">\n  DCF <sub>1<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>1<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>1<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">300,000<\/span>\n        <span class=\"bottom\">1.10<\/span>\n    <\/span>  = 272,727\n<\/p>\n\n<p class=\"formula\">\n  DCF <sub>2<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>2<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">330,000<\/span>\n        <span class=\"bottom\">(1.10)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">330,000<\/span>\n        <span class=\"bottom\">1.21<\/span>\n    <\/span>  = 272,727\n<\/p>\n\n<p class=\"formula\">\n  DCF <sub>3<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>3<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">360,000<\/span>\n        <span class=\"bottom\">(1.10)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">360,000<\/span>\n        <span class=\"bottom\">1.33<\/span>\n    <\/span>  = 270,676\n<\/p>\n\n<h4>Beregning af terminalv\u00e6rdien (TV)<\/h4>\n\n<p>Terminalv\u00e6rdien beregnes som:<\/p>\n\n<p class=\"formula\">\n  TV = \n    <span class=\"fraction\">\n        <span class=\"top\">FCF<sub>3<\/sub> \u00d7 (1 + g)<\/span>\n        <span class=\"bottom\">r &#8211; g<\/span>\n    <\/span> = \n    <span class=\"fraction\">\n        <span class=\"top\">360,000 \u00d7 1.02<\/span>\n        <span class=\"bottom\">0.10 &#8211; 0.02<\/span>\n    <\/span> = 4,590,000\n<\/p>\n\n<p>Terminalv\u00e6rdien diskonteres derefter ogs\u00e5:<\/p>\n\n<p class=\"formula\">\n  DCF <sub>TV<\/sub> =  \n    <span class=\"fraction\">\n        <span class=\"top\">4,590,000<\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">4,590,000<\/span>\n        <span class=\"bottom\">1.33<\/span>\n    <\/span>  = 3,451,128\n<\/p>\n\n<h4>Samlet virksomhedsv\u00e6rdi (Enterprise Value, EV)<\/h4>\n\n<p class=\"formula\">\n  EV = Summe DCF + DCF<sub>TV<\/sub> = 272,727 + 272,727 + 270,676 + 3,451,128 = 4,267,258\n<\/p>\n\n\n<h4>Beregning af egenkapitalv\u00e6rdien (&#8220;Equity Value&#8221;)<\/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<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<p> <\/p>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\">Fordele og ulemper ved denne metode<\/h2>\n<style>.kadence-column2041580_4b5052-66 > .kt-inside-inner-col{display:flex;}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041580_4b5052-66 > .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-column2041580_4b5052-66 > .kt-inside-inner-col,.kadence-column2041580_4b5052-66 > .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-column2041580_4b5052-66 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041580_4b5052-66 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041580_4b5052-66{position:relative;}.kadence-column2041580_4b5052-66, .kt-inside-inner-col > .kadence-column2041580_4b5052-66:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041580_4b5052-66 > .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-column2041580_4b5052-66 > .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-column2041580_4b5052-66\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3a6999-2e:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3a6999-2e 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-items2041580_3a6999-2e ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3a6999-2e .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_3a6999-2e ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_3a6999-2e 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-items2041580_3a6999-2e kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_a65116-12 .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-2041580_a65116-12\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Hvis antagelserne er realistiske, giver DCF-metoden en relativt objektiv og velbegrundet virksomhedsv\u00e6rdians\u00e6ttelse.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_9e57cc-ce .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-2041580_9e57cc-ce\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Hensyntagen til fremtidige indtjeningsstr\u00f8mme er is\u00e6r nyttig for v\u00e6kstst\u00e6rke virksomheder.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_c64ddc-78 .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-2041580_c64ddc-78\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Orientering mod langsigtede (fremtidige) udviklinger<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_ebfb92-ad:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_ebfb92-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-items2041580_ebfb92-ad ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_ebfb92-ad .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041580_ebfb92-ad ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041580_ebfb92-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-items2041580_ebfb92-ad kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041580_21e384-34 .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-2041580_21e384-34\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Antagelsen om en ubegr\u00e6nset levetid for virksomheder er n\u00e6ppe realistisk.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_543900-aa .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-2041580_543900-aa\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">V\u00e6rdians\u00e6ttelsen er baseret p\u00e5 antagelser og ikke p\u00e5 fakta og er dermed usikker.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_fbbd7c-e9 .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-2041580_fbbd7c-e9\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Beregningen er kompliceret og kr\u00e6ver mange antagelser; sm\u00e5 \u00e6ndringer i antagelserne (f.eks. v\u00e6kstrater, diskonteringssatser) kan f\u00f8re til betydelige forskelle i resultatet.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041580_df6204-9d .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-2041580_df6204-9d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ikke egnet til virksomheder med svingende cash flow<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"h-verschiedene-mittelwertmethoden-mischverfahren\">Forskellige gennemsnitsberegningsmetoder \/ blandingsmetoder<\/h2>\n\n<p>V\u00e6rdians\u00e6ttelsen ved hj\u00e6lp af indtjeningsmetoden er forbundet med usikkerheder. Kombinationsmetoderne inkluderer desuden virksomhedens substans i deres v\u00e6rdians\u00e6ttelse.<\/p>\n\n<p>Ideen bag middelv\u00e6rdimetoderne er at inkludere b\u00e5de tidligere og fremtidige forventninger og risici. Det f\u00f8rer til en h\u00f8j grad af accept, ogs\u00e5 og is\u00e6r blandt virksomheder i SMV-sektoren. Handels- og h\u00e5ndv\u00e6rksvirksomheder og virksomheder fra fremstillingssektoren bruger det til planlagte transaktioner, men det bruges ogs\u00e5 ofte til familieinterne successionsordninger.<\/p>\n\n<p>Resultatet er baseret p\u00e5 det v\u00e6gtede gennemsnit af substans- og afkastv\u00e6rdi. V\u00e6gtet betyder som regel, at den dobbelte afkastv\u00e6rdi l\u00e6gges til substansv\u00e6rdien. Resultatet divideret med tre og forh\u00f8jet med de ikke-operationelle aktiver giver virksomhedsv\u00e6rdien. Der anvendes dog ogs\u00e5 alternative metoder, hvor substansens og indkomstens andel af den samlede v\u00e6rdi v\u00e6gtes forskelligt.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-das-mittelwert-verfahren-oder-berliner-verfahren\">Middelv\u00e6rdimetoden eller Berlin-metoden<\/h3>\n\n<p>Ved gennemsnits- eller Berliner-metoden dannes det aritmetiske gennemsnit af afkast- og substansv\u00e6rdi. Den er baseret p\u00e5 ideen om, at virksomheder med lav substans og h\u00f8j indtjening typisk er udsat for et h\u00f8jt konkurrencepres, som forventeligt vil reducere denne indtjening i fremtiden.  <\/p>\n\n<p>V\u00e6rdians\u00e6ttelse = (Afkastv\u00e6rdi + Substansv\u00e6rdi) \/ 2<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-das-wiener-verfahren\">Wien-proceduren<\/h3>\n\n<p>Ved Wiener-metoden beregnes ligeledes det aritmetiske gennemsnit af afkast- og substansv\u00e6rdi (formuev\u00e6rdi). Men beregningen af disse to v\u00e6rdier adskiller sig for eksempel fra Berlin-metoden.  <\/p>\n\n<p>Den samlede sum af de sv\u00e6reste faktorer at bestemme g\u00f8r Wien-proceduren til en forenklet procedure. Kapitaliseringsrenten er fastsat til ni procent. Den usikre prognose for fremtidig indtjening omg\u00e5s ved at tage gennemsnittet af de sidste tre regnskabs\u00e5r. Wien-proceduren bruges ofte som en alternativ procedure, n\u00e5r parterne ikke kan blive enige om andre vurderingsmetoder.<\/p>\n\n<p>V\u00e6rdians\u00e6ttelse = (Afkastv\u00e6rdi + Substansv\u00e6rdi) \/ 2<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-die-bergewinn-methode\">Overskudsmetoden<\/h3>\n\n<p>Overprofit-metoden er en anden gennemsnitsmetode og er baseret p\u00e5 antagelsen om, at overskuddet p\u00e5 lang sigt kun svarer til en passende substansv\u00e6rdiforrentning.<\/p>\n\n<p>Som en konsekvens af, at h\u00f8jere fortjenstmargener aftager over tid, kapitaliseres overskud, der overstiger den normale forrentning, til en h\u00f8jere rente. Faktorer, der kan v\u00e6re ansvarlige for et fald i overskuddet, er f.eks. en forv\u00e6rret \u00f8konomi, \u00f8get konkurrence eller lignende.<\/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-icons2041580_153ccf-40 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041580_153ccf-40{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041580_153ccf-40 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041580_9079c4-d5 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041580_9079c4-d5 .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-2041580_9079c4-d5\"><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\">Eksempelberegning af overskudsmetode<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n\n<div>\n<p><\/p>\n        \n            <h4>Eksempel p\u00e5 antagelser:<\/h4>\n            <p>Der er to ting, der skal fastsl\u00e5s i forbindelse med v\u00e6rdians\u00e6ttelsen:<\/p>\n            <p>1. St\u00f8rrelsen af den rentesats, hvormed substansv\u00e6rdien forrentes b\u00e6redygtigt (\u201enormalrente\u201c).<\/p>\n            <p>2. Antallet af \u00e5r, for hvilke overskuddet skal g\u00e6lde, som l\u00e6gges til substansv\u00e6rdien.<\/p>\n            <p><\/p>\n<p>Forrentningen af den substansv\u00e6rdi, der er bundet i virksomheden til genanskaffelsespriser til normalrente, fratr\u00e6kkes det effektive overskud. Dette \u201eoverprofit\u201c, der g\u00e5r ud over normalforrentningen, till\u00e6gges substansv\u00e6rdien over et bestemt antal \u00e5r.  Som regel bruges en periode p\u00e5 3-8 \u00e5r.<\/p>\n        \n            <h4>Evaluering<\/h4>\n            <p>= Substansv\u00e6rdi + Nutidsv\u00e6rdi af overprofit<\/p>\n<p>= Substansv\u00e6rdi + Antal \u00e5r med overprofit x (Overskud \u2013 (Normalrente x Substansv\u00e6rdi)) <\/p>\n <p>= Taleksempel: 1.000.000 + 3 x (200.000 \u2013 (10% x 1.000.000)) = 1.300.000<\/p>\n\n\n        <\/div>   \n<\/div><\/div>\n\n<p><\/p>\n\n<h3 class=\"wp-block-heading\" id=\"h-die-schweizer-methode-oder-die-praktiker-methode\">Den schweiziske metode eller Practitioner-metoden<\/h3>\n\n<p>Practitioner-metoden er let at forst\u00e5 og f\u00f8lge og betragtes ofte som det f\u00f8rste referencepunkt p\u00e5 b\u00e5de k\u00f8ber- og s\u00e6lgersiden.  <\/p>\n\n<p>For succesfulde virksomheder f\u00f8rer praktikermetoden til meget konservative, lave v\u00e6rdier for virksomheden.  <\/p>\n\n<p>Den schweiziske skatteadministration bruger ogs\u00e5 denne v\u00e6rdians\u00e6ttelsesmetode. Den beregner dermed en kapitaliseringsrente p\u00e5 9,5%.  <\/p>\n\n<p>V\u00e6rdians\u00e6ttelse = 2\/3 x Afkastv\u00e6rdi + 1\/3 Substansv\u00e6rdi<\/p>\n\n<h3 class=\"wp-block-heading\">Stuttgart-proceduren<\/h3>\n\n<p>Ved Stuttgarter-metoden fremkommer v\u00e6rdien af en virksomhed af summen af substansv\u00e6rdi og afkastv\u00e6rdi. Denne metode blev prim\u00e6rt anvendt til at fastsl\u00e5 virksomhedens v\u00e6rdi af ikke-b\u00f8rsnoterede virksomheder i tilf\u00e6lde af arv eller ved gaver. Da denne procedure ikke l\u00e6ngere er tidssvarende, blev den afskaffet i 2009.  <\/p>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"h-sonderf-lle\">S\u00e6rlige tilf\u00e6lde<\/h2>\n\n<hr class=\"wp-block-separator has-text-color has-theme-palette-3-color has-css-opacity has-theme-palette-3-background-color has-background is-style-wide\"\/>\n\n<h3 class=\"wp-block-heading\" id=\"h-sonderfall-bewertung-von-startups\">S\u00e6rligt tilf\u00e6lde: Indtjeningssvag med meget substans<\/h3>\n\n<p>Metoden Schnettler behandler det s\u00e6rlige tilf\u00e6lde med indtjeningssvage eller ul\u00f8nsomme virksomheder med en h\u00f8j substansv\u00e6rdi, der ikke forrenter substansen tilstr\u00e6kkeligt. Det er min blandingsmetode af substansv\u00e6rdi og afkastv\u00e6rdi. <\/p>\n\n<p>Afskrivninger p\u00e5 det h\u00f8je niveau af materielle anl\u00e6gsaktiver resulterer i regnskabsm\u00e6ssige tab. En k\u00f8ber ville balancere anl\u00e6gsaktiverne til reducerede genanskaffelsesomkostninger, hvilket reducerer afskrivningerne og \u00f8ger afkastv\u00e6rdien tilsvarende.<\/p>\n\n<h2 class=\"wp-block-heading has-text-align-left\" id=\"fragen-antworten\">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-1652363743106\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">Hvad er den bedste metode til at v\u00e6rdians\u00e6tte en virksomhed?  <\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Afh\u00e6ngigt af v\u00e6rdians\u00e6ttelsesanledningen og den fase, virksomheden befinder sig i, kan den ene eller den anden metode give mere mening. Vi anbefaler, at du spiller flere metoder igennem for at f\u00e5 en fornemmelse af det omr\u00e5de, som v\u00e6rdien bev\u00e6ger sig inden for. Nimbo arbejder med den multiple metode.  <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1653998372670\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">Hvordan fungerer den multiple metode?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Denne metode kr\u00e6ver nyligt opn\u00e5ede priser fra sammenlignelige virksomheder som grundlag for beregningen. Man unders\u00f8ger, til hvilken multiplikator (&#8220;multiple&#8221;, &#8220;multiplier&#8221;) disse virksomheder blev solgt, og anvender denne faktor p\u00e5 den virksomhed, der skal v\u00e6rdians\u00e6ttes. Multipler kan f.eks. v\u00e6re multipler af driftsresultat (&#8220;EBIT-multipel&#8221;), indtjening f\u00f8r renter, skat, afskrivninger og amortisering (EBITDA-multipel) eller oms\u00e6tning (&#8220;oms\u00e6tningsmultipel&#8221;).  <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1652365128769\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">Hvilken metode bruges til at evaluere en opstart?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Med en start-up, der endnu ikke giver overskud, og som vokser kraftigt, s\u00e6tter du pris p\u00e5 et l\u00f8fte om fremtiden. DCF-metoden kan anvendes til forretningsplaner for nystartede virksomheder. Den anvendte diskonteringsrente er afledt af investorernes forventede afkast.  <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1654005416895\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \">For hvem er den multiple metode (multiplikatormetoden) velegnet?<\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Denne metode er prim\u00e6rt egnet til rentable virksomheder, der har eksisteret i nogen tid. Her kan en fler\u00e5rig profit-trend bruges som grundlag for v\u00e6rdians\u00e6ttelsen. Jo mere stabile de empiriske v\u00e6rdier er, desto mere meningsfuldt er resultatet. Denne metode er ikke egnet til virksomheder, der giver underskud eller er i en st\u00e6rk v\u00e6kstfase.<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>De fire vigtigste metoder til at beregne virksomhedsv\u00e6rdien for sm\u00e5 og mellemstore virksomheder er multipel-metoden, substansv\u00e6rdi-metoden, indtjeningsmetoden og DCF-metoden. Her kan du finde ud af, hvad du b\u00f8r vide om hver metode. Enkelt forklaret og med eksempler. Den multipelmetoden For en oversigt over vores aktuelle markedsdata for v\u00e6rdians\u00e6ttelsesmultipler. V\u00e6rdians\u00e6ttelse = Basiskendetall ganget med v\u00e6rdians\u00e6ttelsesmultipel Den&#8230;<\/p>\n","protected":false},"author":1003,"featured_media":2042638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[400151],"tags":[],"class_list":["post-2042093","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\/5d30b543-5578-4167-ba10-ba50298c3f8a.png",1024,1024,false],"author_info":{"display_name":"Marc Uhlmann","author_link":"https:\/\/www.nimbo.net\/da\/author\/marc"},"comment_info":0,"category_info":[{"term_id":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\/2042093","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=2042093"}],"version-history":[{"count":0,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/posts\/2042093\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/media\/2042638"}],"wp:attachment":[{"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/media?parent=2042093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/categories?post=2042093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nimbo.net\/da\/wp-json\/wp\/v2\/tags?post=2042093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}