{"id":2041821,"date":"2024-05-23T09:01:35","date_gmt":"2024-05-23T09:01:35","guid":{"rendered":"https:\/\/www.nimbo.net\/leitfaden-unternehmenswert"},"modified":"2025-11-17T14:26:52","modified_gmt":"2025-11-17T14:26:52","slug":"guide-til-selskapets-verdi","status":"publish","type":"post","link":"https:\/\/www.nimbo.net\/no\/guide-til-selskapets-verdi","title":{"rendered":"Den praktiske veiledningen for verdivurdering av bedrifter for 2026 (med eksempler)"},"content":{"rendered":"<style>.kb-row-layout-id2041576_c800a0-a1 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id2041576_c800a0-a1 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id2041576_c800a0-a1 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:750px;margin-left:auto;margin-right:auto;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id2041576_c800a0-a1 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id2041576_c800a0-a1 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id2041576_c800a0-a1 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id2041576_c800a0-a1 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col,.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_4c0a2f-6e{position:relative;}@media all and (max-width: 1024px){.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041576_4c0a2f-6e > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041576_4c0a2f-6e inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"has-text-align-left\"><strong>\u00abHvor mye er bedriften min egentlig verdt?\u00bb<\/strong> \u2013 Dette sp\u00f8rsm\u00e5let opptar mange gr\u00fcndere, enten det gjelder salg, arveplanlegging eller strategiske beslutninger. I denne omfattende veiledningen finner du alt du trenger \u00e5 vite om beregning av bedriftens verdi \u2013 praktisk og med eksempler.  <\/p>\n<\/div><\/div>\n\n<\/div><\/div><style>.kb-row-layout-wrap.wp-block-kadence-rowlayout.kb-row-layout-id_9f0bc7-59{margin-top:30px;margin-bottom:30px;}.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:1000px;margin-left:auto;margin-right:auto;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id_9f0bc7-59{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}.kb-row-layout-id_9f0bc7-59{background-image:url('https:\/\/www.nimbo.net\/wp-content\/uploads\/2022\/03\/NIMBO_Sc_05_2-no-background-e1649249520508.png');background-size:cover;background-position:center center;background-attachment:scroll;background-repeat:no-repeat;}.kb-row-layout-id_9f0bc7-59 > .kt-row-layout-overlay{opacity:0.90;background-color:var(--global-palette9, #ffffff);}@media all and (max-width: 1024px){.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 1024px){.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}}@media all and (max-width: 767px){.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id_9f0bc7-59 aligncenter has-theme-palette8-background-color kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-layout-overlay kt-row-overlay-normal\"><\/div><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column_31e235-46 > .kt-inside-inner-col{display:flex;}.kadence-column_31e235-46 > .kt-inside-inner-col,.kadence-column_31e235-46 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:center;}.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}.kadence-column_31e235-46 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_31e235-46{text-align:center;}.kadence-column_31e235-46{position:relative;}@media all and (max-width: 1024px){.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:center;}}@media all and (min-width: 768px) and (max-width: 1024px){.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}@media all and (max-width: 767px){.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;justify-content:flex-start;justify-content:center;}.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column_31e235-46 kb-section-has-link kb-section-dir-horizontal inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"has-small-font-size\">Online bedriftsevaluering, gratis og uten registrering, umiddelbar evaluering, 13-siders rapport, algoritme basert p\u00e5 tusenvis av evalueringer. <br\/><br\/><a href=\"https:\/\/www.nimbo.net\/no\/beregn-selskapets-verdsettelse\"><strong>&gt; Til den elektroniske bedriftsvurderingen &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\/no\/beregn-selskapets-verdsettelse\" class=\"kb-section-link-overlay\"><\/a><\/div>\n\n<\/div><\/div><style>.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col,.kadence-column2041576_f2d667-4d > .kt-inside-inner-col:before{border-top-left-radius:10px;border-top-right-radius:10px;border-bottom-right-radius:10px;border-bottom-left-radius:10px;}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{background-color:rgba(224, 228, 229, 0.22);}.kadence-column2041576_f2d667-4d > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_f2d667-4d{position:relative;}@media all and (max-width: 1024px){.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041576_f2d667-4d > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041576_f2d667-4d\"><div class=\"kt-inside-inner-col\">\n<p class=\"has-medium-font-size\">Innholdsfortegnelse<\/p>\n\n\n<style>.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-content-wrap{padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-contents-title-wrap{padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-contents-title{font-family:var( --global-body-font-family, inherit );font-weight:inherit;font-style:normal;}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-content-wrap .kb-table-of-content-list{font-size:var(--global-kb-font-size-sm, 0.9rem);font-weight:regular;font-style:normal;text-transform:none;margin-top:var(--global-kb-spacing-xxs, 0.5rem);margin-right:0px;margin-bottom:0px;margin-left:0px;}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-content-wrap .kb-table-of-content-list .active > .kb-table-of-contents__entry{color:var(--global-palette1, #3182CE);}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-content-list li{margin-bottom:4px;}.kb-table-of-content-nav.kb-table-of-content-id2041576_6be5e6-fc .kb-table-of-content-list li .kb-table-of-contents-list-sub{margin-top:4px;}<\/style><\/div><\/div>\n\n<h2 class=\"wp-block-heading\">Den rette tankegangen<\/h2>\n\n<h4 class=\"wp-block-heading\"><em><mark class=\"kt-highlight\">En bedriftsvurdering er ikke vitenskap, men fortellingen om en historie<\/mark><\/em><\/h4>\n\n<p>\u00c5 beregne verdien av en bedrift er ikke vitenskap og er ikke objektivt. Man bruker tilsynelatende n\u00f8ytrale tall, \u00abharde fakta\u00bb og foretar beregninger basert p\u00e5 akademiske modeller. Disse er imidlertid basert p\u00e5 antakelser om en usikker fremtid. De enkelte vurderingsmetodene gir deg de n\u00f8dvendige verkt\u00f8yene for \u00e5 uttrykke dine antakelser og meninger i tall p\u00e5 en konsistent m\u00e5te. Bak dette ligger imidlertid alltid en subjektiv historie, p\u00e5virket av forfatteren av vurderingen.<\/p>\n\n<h4 class=\"wp-block-heading\"><em><mark class=\"kt-highlight\">Vurderingen vil gjenspeile det man<\/mark><mark class=\"kt-highlight\"> allerede tror om selskapet<\/mark><\/em><\/h4>\n\n<p>De fleste som driver med verdivurdering av bedrifter har allerede en forestilling om hva de mener en bedrift er verdt. Denne forutinntatte meningen vil finne veien inn i vurderingen. Det v\u00e6re seg gjennom valg av vurderingsmetode, antakelser for fremtidig vekst eller valg av selskaper \u00e5 sammenligne med. Vurderingen vil gjenspeile det skaperen allerede tror om selskapet. V\u00e6r derfor bevisst dine egne fordommer, og sp\u00f8r alltid n\u00e5r du vurderer en bedriftsvurdering: Hvem har laget eller betalt for denne vurderingen, og hvilke fordommer og motiver ligger i den?<\/p>\n\n<h4 class=\"wp-block-heading\"><em><mark class=\"kt-highlight\">Mer komplisert betyr ikke bedre<\/mark><\/em><\/h4>\n\n<p>Vokt deg for falsk presisjon n\u00e5r du beregner bedriftens verdi! Jo mer komplisert en vurderingsmodell er, desto flere m\u00e5ter vil forfatteren bevisst eller ubevisst finne for \u00e5 gjenspeile sine fordommer i vurderingen. Den som ikke enkelt kan forklare sin bedriftsvurdering til en annen, har ikke selv forst\u00e5tt den. <\/p>\n\n<h4 class=\"wp-block-heading\"><em><mark class=\"kt-highlight\">Tenk i intervaller og scenarier<\/mark><\/em><\/h4>\n\n<p>Bruk om mulig minst to metoder for bedriftsvurdering og betrakt <a href=\"#welche-methoden\">bedriftens verdi fra flere vinkler<\/a>. Pr\u00f8v \u00e5 forst\u00e5 hvorfor ulike vurderingsmetoder gir ulike resultater. Unders\u00f8k hvordan endring av antakelser og prognoser endrer vurderingsresultatene. Dette gir deg en f\u00f8lelse av det mulige spennet i bedriftens verdi og hva den avhenger av.   <\/p>\n\n<h2 class=\"wp-block-heading\" id=\"methoden\">Hvilken vurderingsmetode er den rette?<\/h2>\n\n<div class=\"hierarchyTree-scroll-wrapper\">\n  <div class=\"hierarchyTree-container\">\n    <!-- Background Image -->\n    <img decoding=\"async\" src=\"https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/12\/Hierarchy-Tree-1-3-1.png\" alt=\"Hierarkidiagram\" class=\"hierarchyTree-background-image\"\/>\n\n    <!-- Overlay Text -->\n    <div class=\"hierarchyTree-text-overlay\">\n      <div class=\"hierarchyTree-node hierarchyTree-parent\">\n        <strong>Metoder for verdivurdering av bedrifter<\/strong>\n      <\/div>\n      <div class=\"hierarchyTree-node hierarchyTree-child1\">\n        <strong>Markedsbasert<\/strong>\n        <ul>\n          <li>Multiplikator-metoden<\/li>\n        <\/ul>\n      <\/div>\n      <div class=\"hierarchyTree-node hierarchyTree-child2\">\n        <strong>Resultatbasert<\/strong>\n        <ul>\n          <li>Forenklet avkastningsverdi<\/li>\n          <li>Diskontert kontantstr\u00f8m (DCF)<\/li>\n          <li>Venture Capital-metoden<\/li>\n        <\/ul>\n      <\/div>\n      <div class=\"hierarchyTree-node hierarchyTree-child3\">\n        <strong>Kostnadsbasert<\/strong>\n        <ul>\n          <li>Netto aktivaverdi<\/li>\n        <\/ul>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n<h3 class=\"wp-block-heading\" id=\"orientierungshilfe\">Slik velger du riktig vurderingsmetode<\/h3>\n\n<p>Ikke alle vurderingsmetoder er egnet for alle bedrifter. Figuren nedenfor viser et beslutningstre som hjelper deg med \u00e5 velge riktig vurderingsmetode. Bruk om mulig flere vurderingsmetoder for \u00e5 f\u00e5 et spekter av mulige bedriftsverdier.  <\/p>\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"1024\" src=\"https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/de-1-614x1024.png\" alt=\"\" class=\"wp-image-2051486\" srcset=\"https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/de-1-614x1024.png 614w, https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/de-1-180x300.png 180w, https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/de-1-768x1280.png 768w, https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/de-1.png 900w\" sizes=\"auto, (max-width: 614px) 100vw, 614px\" \/><\/figure>\n\n<p><a href=\"#Multiplikatorenverfahren\"><strong>Multiplikator-metoden<\/strong><\/a> og den <a href=\"#Ertragswertmethode\"><strong>forenklede avkastningsverdien<\/strong><\/a> er egnet for stabile og l\u00f8nnsomme bedrifter. Fordelen deres er at de (f.eks. sammenlignet med diskontert kontantstr\u00f8m-metoden) er enklere og mer forst\u00e5elige, krever f\u00e6rre antakelser og trenger ingen detaljert resultatprognose for kommende \u00e5r. De er basert p\u00e5 selskapets n\u00e5v\u00e6rende situasjon. De kan imidlertid ikke ta hensyn til fremtidig utvikling.   <\/p>\n\n<p><a href=\"#DCF\"><strong>Diskontert kontantstr\u00f8m-metoden (DCF)<\/strong><\/a> er sv\u00e6rt fleksibel og kan i prinsippet brukes i enhver situasjon. Metoden er imidlertid basert p\u00e5 mange antakelser, og prognoser m\u00e5 utarbeides for flere \u00e5r. Sm\u00e5 endringer kan f\u00f8re til store svingninger i vurderingsresultatet. Vurderingsmodellen kan ogs\u00e5 gi et inntrykk av falsk presisjon. For stabile selskaper kan metoden eventuelt brukes som et supplement til enklere metoder.    <\/p>\n\n<p><strong><a href=\"#Substanzwertmethode\">Substansverdien<\/a><\/strong> ser kun p\u00e5 en bedrifts n\u00e5v\u00e6rende eiendeler. For et l\u00f8nnsomt selskap er substansverdien betydelig lavere enn vurderingsresultatet fra andre metoder. Hvis dette ikke var tilfelle, ville det bety at salg av selskapets individuelle eiendeler (og dermed oppl\u00f8sning av selskapet) ville gi mening. Fordelen med substansverdimetoden er at den er relativt enkel og \u00abobjektiv\u00bb. Substansverdien kan betraktes som en nedre grense for bedriftens verdi. I visse land er vurderingen fra skattemyndighetene i det minste delvis basert p\u00e5 denne vurderingsmetoden.     <\/p>\n\n<p><a href=\"#venturecapital\"><strong>Venture Capital-metoden<\/strong><\/a> er mye brukt i praksis for \u00e5 vurdere startups. Den er en tilpasning av diskontert kontantstr\u00f8m-metoden. <\/p>\n\n<h2 class=\"wp-block-heading\" id=\"Multiplikatormethode\">Multiplikator-metoden<\/h2>\n\n<p>For vurderingen brukes priser som er oppn\u00e5dd for sammenlignbare selskaper. Man betrakter salgsprisen som et multiplum (\u00abmultiple\u00bb, \u00abmultiplikator\u00bb) av en basisindikator, for eksempel EBIT, EBITDA eller omsetning.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2041576_e76740-48 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041576_e76740-48{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041576_e76740-48 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041576_a26b53-d7 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041576_a26b53-d7 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2041576_a26b53-d7\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Eksempel p\u00e5 multiplikatormetoden <\/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 forutsetninger:<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th><\/th>\n    <\/tr>\n    <tr>\n        <td>EBIT:<\/td>\n        <td> 1 000 000 \u20ac<\/td>\n    <\/tr>\n    <tr>\n        <td>Bransjetypisk multiplum:<\/td>\n        <td>4-7<\/td>\n    <\/tr>\n  <tr>\n        <td>Antatt multiplum:<\/td>\n        <td>6<\/td>\n    <\/tr>\n <tr>\n        <td>Bankl\u00e5n:<\/td>\n        <td>1 000 000 \u20ac<\/td>\n    <\/tr>\n    <tr>\n        <td>H\u00f8yere enn vanlig varelager:<\/td>\n        <td> 500 000 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>Trinn 1: Beregning av Enterprise Value (EV)<\/h4>\n<p>Enterprise Value = EBIT \u00d7 Multippel<\/p>\n<p>EV = 1 000 000 \u20ac \u00d7 6 = 6 000 000 \u20ac<\/p>\n<h4>Trinn 2: Beregning av egenkapitalverdien<\/h4>\n            <p>Egenkapitalverdi = Enterprise Value \u2013 Netto gjeld<\/p>\n            <p>Netto gjeld = Bankl\u00e5n \u2013 Overskytende varelager<\/p>\n            <p>Netto gjeld = 1 000 000 \u20ac \u2013 500 000 \u20ac = 500 000 \u20ac<\/p>\n            <p>Egenkapitalverdi = 6 000 000 \u20ac \u2013 500 000 \u20ac = 5 500 000 \u20ac<\/p>\n\n            <p class=\"result\">Selskapsverdien (Enterprise Value) er: <strong>6 000 000 \u20ac<\/strong><\/p>\n            <p class=\"result\">Egenkapitalverdien (Equity Value) er: <strong>5 500 000 \u20ac<\/strong><\/p>\n<\/div><\/div>\n\n<p><\/p>\n\n<p>Salgspriser for sm\u00e5 og mellomstore bedrifter publiseres sjelden. En sammenligning med b\u00f8rsnoterte selskaper er ubrukelig, da det vanligvis betales betydelig lavere multipler for mindre selskaper. NIMBO publiserer hver m\u00e5ned <a href=\"https:\/\/www.nimbo.net\/no\/multippel\">de observerte EBIT-, EBITDA-, EBITC- og omsetningsmultiplene for ulike land, bedriftsst\u00f8rrelser og bransjer.<\/a> Les ogs\u00e5 den detaljerte <a href=\"https:\/\/www.nimbo.net\/no\/bewertungsmethoden-2-2#h-die-multiplemethode\">forklaringen av de enkelte multiplene<\/a>.  <\/p>\n<style>.kadence-column2041576_6909de-48 > .kt-inside-inner-col{display:flex;}.kadence-column2041576_6909de-48 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_6909de-48 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2041576_6909de-48 > .kt-inside-inner-col,.kadence-column2041576_6909de-48 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2041576_6909de-48 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_6909de-48 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_6909de-48 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_6909de-48 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_6909de-48{position:relative;}.kadence-column2041576_6909de-48, .kt-inside-inner-col > .kadence-column2041576_6909de-48:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041576_6909de-48 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041576_6909de-48 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041576_6909de-48\"><div class=\"kt-inside-inner-col\">\n<p>Fordeler og ulemper med multiplikatormetoden:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_de6df7-5f:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_de6df7-5f ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_de6df7-5f ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_de6df7-5f .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_de6df7-5f ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_de6df7-5f ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041576_de6df7-5f kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_2bb84b-c2 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_2bb84b-c2\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Egnet for selskaper med stabil fortjeneste<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_2f8ede-98 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_2f8ede-98\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Enkelhet og forst\u00e5elighet<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_86386d-c0 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_86386d-c0\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Verdsettelsen er markedsbasert<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_2adb78-39:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_2adb78-39 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_2adb78-39 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_2adb78-39 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_2adb78-39 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_2adb78-39 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041576_2adb78-39 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_c5108b-41 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_c5108b-41\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Manglende data for sammenlignbare selskaper<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_109942-42 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_109942-42\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ingen hensyn til fremtidig utvikling<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\" id=\"Ertragswertmethode\">Forenklet avkastningsverdi<\/h2>\n\n<p>Formelen for denne vurderingsmetoden er: Bedriftsverdi = inntekt delt p\u00e5 kapitaliseringsrente. Kapitaliseringsrenten representerer at disse inntektene f\u00f8rst ligger i fremtiden og er risikofylte. H\u00f8yden p\u00e5 denne antatte renten er subjektiv. For mindre bedrifter ligger den i omr\u00e5det 10-20%. Sm\u00e5 endringer i renten har stor innvirkning p\u00e5 den beregnede bedriftsverdien. Denne avkastningsverdimetoden kalles \u00abenkel\u00bb fordi man kun antar en justert b\u00e6rekraftig fortjeneste. Man ser bort fra en detaljert fremtidig inntektsutvikling. Naturligvis f\u00f8rer kun l\u00f8nnsomme bedrifter til positive vurderinger. \u00c5 vurdere ul\u00f8nnsomme bedrifter med denne metoden er meningsl\u00f8st.         <\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2041576_923d00-02 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041576_923d00-02{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041576_923d00-02 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041576_b74931-98 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041576_b74931-98 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2041576_b74931-98\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Eksempel p\u00e5 forenklet avkastningsverdi<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<table>\n    <tr>\n        <th><\/th>\n        <th><\/th>\n    <\/tr>\n    <tr>\n        <td>B\u00e6rekraftig inntekt<\/td>\n        <td>1 000 000 \u20ac<\/td>\n    <\/tr>\n <tr>\n        <td>Antatt basisrente:<\/td>\n        <td>2%<\/td>\n <\/tr>\n    <tr>\n        <td>Markedsrisikopremie:<\/td>\n        <td>8%<\/td>\n   <\/tr>\n <tr>\n        <td>Bedriftsspesifikk risikopremie:<\/td>\n        <td>10%<\/td>\n\n    <\/tr>\n<\/table>\n<h4>Sp\u00f8rsm\u00e5l fra kj\u00f8pers synspunkt:<\/h4>\n            <p>Hvor mye penger m\u00e5tte kj\u00f8peren investere i en alternativ investering med samme risiko for \u00e5 oppn\u00e5 en avkastning p\u00e5 1 000 000 \u20ac?<\/p>\n\n            <h4>Beregning av kapitaliseringsrenten:<\/h4>\n            <p><strong>Trinn 1: Kapitaliseringsrente = Basisrente + Markedsrisikopremie + Selskapspesifikk risikopremie<\/strong><\/p>\n            <p>Kapitaliseringsrente = 2 % + 8 % + 10 %<\/p>\n            <p>Kapitaliseringsrente = 20 %<\/p>\n\n            <h4>Beregning av selskapsverdien (avkastningsverdi):<\/h4>\n            <p>Avkastningsverdi = B\u00e6rekraftig avkastning \/ Kapitaliseringsrente<\/p>\n            <p>Avkastningsverdi = 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\">Bedriftens verdi er: <strong>5 000 000 \u20ac<\/strong><\/p>\n\n\n\n<p><\/p>\n<\/div><\/div>\n<style>.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col{display:flex;}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col,.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_0eed5e-3d{position:relative;}.kadence-column2041576_0eed5e-3d, .kt-inside-inner-col > .kadence-column2041576_0eed5e-3d:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041576_0eed5e-3d > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041576_0eed5e-3d\"><div class=\"kt-inside-inner-col\">\n<p>Fordeler og ulemper med den forenklede avkastningsverdimetoden:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_611d1d-f5:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_611d1d-f5 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_611d1d-f5 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_611d1d-f5 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_611d1d-f5 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_611d1d-f5 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041576_611d1d-f5 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_717146-4f .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_717146-4f\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Enkelhet<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_124062-ca .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_124062-ca\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Lite arbeid med datainnsamling<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_bc4cc1-34:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_bc4cc1-34 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_bc4cc1-34 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_bc4cc1-34 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_bc4cc1-34 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_bc4cc1-34 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041576_bc4cc1-34 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_f689f8-6e .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_f689f8-6e\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ingen hensyn til fremtidig utvikling<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_79be96-1d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_79be96-1d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Sv\u00e6rt avhengig av valg av kapitaliseringsrente<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_6552cd-42 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_6552cd-42\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Valg av kapitaliseringsrente er subjektivt<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\" id=\"DCF\">Diskontert kontantstr\u00f8m (DCF)<\/h2>\n\n<p>Denne vurderingsmetoden er n\u00e6rt beslektet med den enkle avkastningsverdimetoden beskrevet ovenfor. Renten anvendes individuelt p\u00e5 de fremtidige kontantstr\u00f8mmene (\u00abFree Cash Flows\u00bb) for de neste 5 \u00e5rene. For tiden etter dette legges den s\u00e5kalte restverdien til. Denne ligner sv\u00e6rt p\u00e5 den enkle avkastningsverdien beskrevet ovenfor. Summen av disse diskonterte kontantstr\u00f8mmene og restverdien av selskapet gir bedriftens verdi. Denne vurderingsmetoden er sv\u00e6rt fleksibel og fra et teoretisk synspunkt \u00abbeste praksis\u00bb. Den er imidlertid enda mer subjektiv og sensitiv enn avkastningsverdimetoden. Stol aldri p\u00e5 en DCF-vurdering som du ikke selv har pyntet p\u00e5. Her finner du mer informasjon om <a href=\"https:\/\/www.nimbo.net\/no\/bewertungsmethoden-2-2#h-die-discounted-cashflow-verfahren-dcf\">Diskontert kontantstr\u00f8m-metoden<\/a>.        <\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2041576_37b9ae-a2 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041576_37b9ae-a2{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041576_37b9ae-a2 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041576_69d7e9-92 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041576_69d7e9-92 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2041576_69d7e9-92\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Eksempel p\u00e5 diskontert kontantstr\u00f8m (DCF)<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<h4>Fri kontantstr\u00f8m (FCF) for prognose de neste 3 \u00e5rene<\/h4>\n<div class=\"table-scroll\">\n<table>\n    <tr>\n        <th><\/th>\n        <th>Prognose \u00e5r 1<\/th>\n        <th>Prognose \u00e5r 2<\/th>\n        <th>Prognose \u00e5r 3<\/th>\n    <\/tr>\n    <tr>\n        <td>Fri kontantstr\u00f8m (FCF)<\/td>\n        <td>300 000<\/td>\n        <td>330 000<\/td>\n        <td>360 000<\/td>\n    <\/tr>\n<\/table>\n<\/div>\n\n<h4>Beregning av diskonterte kontantstr\u00f8mmer og terminalverdi<\/h4>\n\n<p>Diskonteringsrente (r) = 10%<\/p>\n<p>Terminalvekstrate (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 av terminalverdi (TV)<\/h4>\n\n<p>Terminalverdien 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>Terminalverdien diskonteres deretter 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>Total bedriftsverdi (Enterprise Value, EV)<\/h4>\n\n<p class=\"formula\">\n  EV = Sum DCF + DCF<sub>TV<\/sub> = 272 727 + 272 727 + 270 676 + 3 451 128 = 4 267 258\n<\/p>\n\n<h4>Beregning av egenkapitalverdi (Equity Value)<\/h4>\n\n<p>Egenkapitalverdien beregnes ved \u00e5 trekke netto gjeld fra bedriftsverdien:<\/p>\n\n<p class=\"formula\">\n  Egenkapitalverdi = EV &#8211; Gjeld + Kontantbeholdning\n<\/p>\n\n<p>Anta at selskapet har 500 000 i gjeld og 200 000 i kontanter:<\/p>\n\n<p class=\"formula\">\n  Egenkapitalverdi = 4 267 258 &#8211; 500 000 + 200 000 = 3 967 258\n<\/p>\n\n<p>Egenkapitalverdien er dermed 3 967 258.<\/p>\n<\/div><\/div>\n<style>.kadence-column2041576_496c68-8b > .kt-inside-inner-col{display:flex;}.kadence-column2041576_496c68-8b > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_496c68-8b > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2041576_496c68-8b > .kt-inside-inner-col,.kadence-column2041576_496c68-8b > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2041576_496c68-8b > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_496c68-8b > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_496c68-8b > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_496c68-8b > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_496c68-8b{position:relative;}.kadence-column2041576_496c68-8b, .kt-inside-inner-col > .kadence-column2041576_496c68-8b:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041576_496c68-8b > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041576_496c68-8b > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041576_496c68-8b\"><div class=\"kt-inside-inner-col\">\n<p>Fordeler og ulemper med DCF-metoden:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_0f7378-9f:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_0f7378-9f ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_0f7378-9f ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_0f7378-9f .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_0f7378-9f ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_0f7378-9f ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041576_0f7378-9f kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_1f504e-2e .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_1f504e-2e\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Basert p\u00e5 forventet fremtidig utvikling<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_6c3e58-c8 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_6c3e58-c8\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Fleksibel; kan tilpasses ulike markedssituasjoner, kontantstr\u00f8mmodeller og strategiske antakelser<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_e001de-5b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_e001de-5b ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_e001de-5b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_e001de-5b .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_e001de-5b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_e001de-5b ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041576_e001de-5b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_1c4ffc-63 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_1c4ffc-63\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Kompleks; krever et stort antall vanskelig estimerbare antakelser<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_4da4a6-c5 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_4da4a6-c5\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Sv\u00e6rt avhengig av valg av kapitaliseringsrente<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_b815a0-38 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_b815a0-38\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Subjektive fremtidsforventninger<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_5dd88f-dc .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_5dd88f-dc\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ofte for h\u00f8ye vurderinger p\u00e5 grunn av optimistiske antakelser<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\">Venture Capital-metoden (VC-metoden)<\/h2>\n\n<p><strong>Venture Capital-metoden<\/strong> er en praktisk vurderingsmetode som hovedsakelig brukes for <strong>startups og unge, enn\u00e5 ikke l\u00f8nnsomme selskaper<\/strong>. Den stammer fra venturekapitalistenes verden. I kjernen stiller en investor seg f\u00f8lgende sp\u00f8rsm\u00e5l med denne metoden: <em>Hva kan selskapet v\u00e6re verdt ved en exit (f.eks. salg eller b\u00f8rsnotering om 5\u20137 \u00e5r)?<\/em> Og: <em>Hvor mye kan jeg maksimalt investere i dag for \u00e5 oppn\u00e5 \u00f8nsket avkastning innen da?<\/em>  <\/p>\n\n<p>Investoren fastsetter en plausibel bedriftsverdi p\u00e5 exit-tidspunktet \u2013 vanligvis basert p\u00e5 en omsetnings- eller resultatprognose og en multiplikator (f.eks. 10\u00d7 EBIT eller 3\u00d7 omsetning). Venturekapitalister regner med h\u00f8y risiko og etterstreber tilsvarende h\u00f8y avkastning, ofte mellom <strong>25 % og 60 % p.a.<\/strong>, avhengig av bransje og fase. Den forventede exit-verdien diskonteres deretter med m\u00e5lrenten over den planlagte eierperioden (f.eks. 5 \u00e5r). Dette gir <strong>dagens verdi fra investorens synspunkt<\/strong>, alts\u00e5 det maksimale investeringsbel\u00f8pet. Kapitalgiveren fastsetter deretter sin \u00f8nskede andel i selskapet \u2013 dette forhandles eller brukes som grunnlag for vurderingen.    <\/p>\n<style>.kadence-column2041576_f988d2-0f > .kt-inside-inner-col{display:flex;}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col,.kadence-column2041576_f988d2-0f > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_f988d2-0f > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_f988d2-0f{position:relative;}.kadence-column2041576_f988d2-0f, .kt-inside-inner-col > .kadence-column2041576_f988d2-0f:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041576_f988d2-0f > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041576_f988d2-0f > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041576_f988d2-0f\"><div class=\"kt-inside-inner-col\">\n<p>Fordeler og ulemper med Venture Capital-metoden:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_1874a8-88:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_1874a8-88 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_1874a8-88 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_1874a8-88 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_1874a8-88 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_1874a8-88 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041576_1874a8-88 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_ae8a3f-9a .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_ae8a3f-9a\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Praktisk og vanlig i startup-finansiering<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_174a68-1e .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_174a68-1e\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Fokus p\u00e5 investorers avkastningsm\u00e5l<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_0c2767-d3 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_0c2767-d3\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Tar hensyn til risiko gjennom h\u00f8y diskonteringsrente<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_4c9c33-17 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_4c9c33-17\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Muliggj\u00f8r raske vurderinger for investorer og gr\u00fcndere<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_14d393-fa .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_14d393-fa\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Kan kombineres godt med andre metoder eller scenarioanalyser<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_332c1e-6b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_332c1e-6b ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_332c1e-6b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_332c1e-6b .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_332c1e-6b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_332c1e-6b ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041576_332c1e-6b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_b786e2-80 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_b786e2-80\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Sterk forenkling \u2013 ingen detaljert vurdering av mellomliggende \u00e5r<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_458c17-5a .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_458c17-5a\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Vanskeligheter med \u00e5 vurdere immaterielle eiendeler<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_469463-fd .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_469463-fd\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">H\u00f8y avhengighet av f\u00e5 antakelser (exit-multiplikator, eierperiode osv.)<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_526f05-00 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_526f05-00\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ingen utsagn om verdien for andre interessenter (f.eks. kj\u00f8pere, etterf\u00f8lgere)<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_0832fa-b2 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_0832fa-b2\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ikke egnet for etablerte bedrifter uten exit-scenario<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<p><br\/><\/p>\n\n<h2 class=\"wp-block-heading\" id=\"Substanzwertmethode\">Netto aktivaverdi<\/h2>\n\n<p>Substansverdien oppn\u00e5s ved f\u00f8rst \u00e5 legge sammen verdiene for anleggs- og oml\u00f8psmidler til markedspriser. Dette inkluderer balanseposter av materiell og immateriell art. Skatter, gjeld og forpliktelser trekkes fra. Skjulte reserver oppl\u00f8ses. Det som objektivt er til stede, vurderes alts\u00e5 n\u00f8kternt. En kj\u00f8per er imidlertid vanligvis ikke bare interessert i selskapets substans. Han \u00f8nsker \u00e5 vite hvilken fortjeneste man kan generere i fremtiden med denne substansen. Derfor brukes denne vurderingsmetoden kun i kombinasjon med andre metoder. Hvis salgsprisen er lavere enn substansverdien, ville det gi mening for gr\u00fcnderen \u00e5 bare avvikle selskapet. Derfor fungerer <strong>substansverdien som en nedre grense for bedriftens verdi.<\/strong> Substansverdimetoden         <strong> <\/strong>brukes ogs\u00e5 n\u00e5r andre metoder f\u00f8rer til negative vurderinger.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2041576_879a9a-f1 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2041576_879a9a-f1{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2041576_879a9a-f1 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2041576_b88a34-e2 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2041576_b88a34-e2 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2041576_b88a34-e2\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Eksempel p\u00e5 substansverdi<\/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 forutsetninger:<\/h4>\n\n<div class=\"calculation\">\n<table>\n    <tr>\n        <th><\/th>\n        <th><\/th>\n        <th><\/th>\n       \n    <\/tr>\n    <tr>\n        <td>Verdi av anleggs- og oml\u00f8psmidler (til markedspriser):<\/td>\n        <td> <\/td>\n        <td> <\/td>\n        <td> 1 000 000 \u20ac<\/td>\n    <\/tr>\n    <tr>\n        <td>Forpliktelser\/gjeld:<\/td>\n        <td> <\/td>\n        <td> <\/td>\n        <td> 500 000 \u20ac<\/td>\n    <\/tr>\n  <tr>\n        <td>Avsetninger:<\/td>\n        <td> <\/td>\n        <td>        \n        <\/td><td>100 000 \u20ac<\/td>\n    <\/tr>\n <tr>\n        <td>Oppl\u00f8sning av \u00f8konomisk un\u00f8dvendige avsetninger:<\/td>\n        <td>        \n        <\/td><td>        \n        <\/td><td>100 000 \u20ac<\/td>\n    <\/tr>\n<\/table>\n<\/div>\n\n<div class=\"calculation\">\n            <h4>Beregning av substansverdien:<\/h4>\n\n            <p><strong>Trinn 1: Justering av avsetninger<\/strong><\/p>\n            <p>\u00d8konomisk un\u00f8dvendige avsetninger oppl\u00f8ses:<\/p>\n            <p>Effektive avsetninger = Avsetninger &#8211; un\u00f8dvendige avsetninger<\/p>\n            <p>Effektive avsetninger = 100 000 \u20ac &#8211; 100 000 \u20ac = 0 \u20ac<\/p>\n\n            <p><strong>Trinn 2: Substansverdi = Eiendeler &#8211; Forpliktelser &#8211; Effektive avsetninger<\/strong><\/p>\n            <p>Substansverdi = 1 000 000 \u20ac &#8211; 500 000 \u20ac &#8211; 0 \u20ac<\/p>\n            <p>Substansverdi = 500 000 \u20ac<\/p>\n\n            <p class=\"result\">Bedriftens substansverdi er: <strong>500 000 \u20ac<\/strong><\/p>\n<\/div>\n<\/div><\/div>\n<style>.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col{display:flex;}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col,.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2041576_dcf6c0-74{position:relative;}.kadence-column2041576_dcf6c0-74, .kt-inside-inner-col > .kadence-column2041576_dcf6c0-74:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2041576_dcf6c0-74 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2041576_dcf6c0-74\"><div class=\"kt-inside-inner-col\">\n<p>Fordeler og ulemper med substansverdimetoden:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_315cf3-5b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_315cf3-5b ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_315cf3-5b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_315cf3-5b .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_315cf3-5b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_315cf3-5b ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041576_315cf3-5b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_a77e09-28 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_a77e09-28\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Enkel og forst\u00e5elig<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_fb0aea-5f .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_fb0aea-5f\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Mindre subjektiv enn andre vurderingsmetoder<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_dfd06f-65 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_dfd06f-65\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Nyttig ved likvidasjon<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_641c07-ad:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_641c07-ad ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_641c07-ad ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_641c07-ad .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2041576_641c07-ad ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2041576_641c07-ad ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2041576_641c07-ad kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2041576_8ffa7e-a4 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_8ffa7e-a4\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Neglisjering av inntjeningskapasitet<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_1a5e79-75 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_1a5e79-75\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Vanskeligheter med \u00e5 vurdere immaterielle eiendeler<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_f8ba55-45 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_f8ba55-45\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Potensiell undervurdering<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_ad5767-0c .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_ad5767-0c\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Sterk avhengighet av regnskapsstandarder<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2041576_02fec6-3a .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2041576_02fec6-3a\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ingen hensyn til markedsforhold<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\" id=\"faktoren\">De viktigste faktorene for bedriftens verdi<\/h2>\n\n<h4 class=\"wp-block-heading\" id=\"angebot-nachfrage\">Tilbud og ettersp\u00f8rsel<\/h4>\n\n<p>Det finnes ingen objektiv bedriftsverdi n\u00e5r man \u00f8nsker \u00e5 selge en bedrift. Ved et salg bestemmes bedriftens verdi av tilbud og ettersp\u00f8rsel.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"finanzkennzahlen\">Finansielle n\u00f8kkeltall<\/h4>\n\n<p>Bedrifter vurderes basert p\u00e5 forventet fremtidig avkastning. En analyse av tidligere og n\u00e5v\u00e6rende avkastning gir innsikt i en mulig fremtidig utvikling. Avkastningen kontrolleres for b\u00e6rekraft. Ekstraordin\u00e6re gevinster og tap trekkes fra. Hvilken retning peker trenden for omsetning og avkastning? Kan d\u00e5rlige \u00e5r forklares?<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"vertrauen-in-den-verkaufer-und-dessen-unterlagen\">Tillit til selger og dennes dokumentasjon<\/h4>\n\n<p>Jo st\u00f8rre risiko, desto lavere bedriftsverdi. Det m\u00e5 ikke oppst\u00e5 tvil om riktigheten og fullstendigheten av opplysningene. Dette \u00f8ker un\u00f8dvendig usikkerheten for kj\u00f8peren. Det er viktig \u00e5 forberede alle dokumenter deretter. Disse skal vise et transparent og feilfritt bilde av selskapet. Ubehagelige overraskelser m\u00e5 absolutt unng\u00e5s.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"abhangigkeit-der-firma-vom-inhaber\">Bedriftens avhengighet av eieren<\/h4>\n\n<p>For en investor er h\u00f8y avhengighet av eieren en risiko. Hvordan vil selskapet drives videre hvis den n\u00e5v\u00e6rende eieren ikke lenger er der? Hvis man ikke lenger kan dra nytte av hans erfaring, kunnskap og forhold til kunder og leverand\u00f8rer?<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"marktstellung-der-firma\">Bedriftens markedsposisjon<\/h4>\n\n<p>Hvor erstattbar er bedriften for sine kunder? Fylles en interessant nisje? Finnes det b\u00e6rekraftige konkurransefortrinn? Et klart fokus, et utmerket rykte og langvarige kundeforhold er vanskelig \u00e5 kopiere.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"risiken\">Risikoer<\/h4>\n\n<p>En balansert kundebase, utskiftbare forretningspartnere og lav avhengighet av enkeltansatte reduserer risikoen.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"wachstumsaussichten\">Vekstutsikter<\/h4>\n\n<p>Er forretningsmodellen rettet mot vekst? Hva er sjansene for en potensiell kj\u00f8per? Finnes det attraktive stordriftsfordeler?<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"personal\">personale<\/h4>\n\n<p>Hvor h\u00f8y er ansattomsetningen? Hvor h\u00f8y er sykefrav\u00e6ret? Hvordan er aldersstrukturen? Hvor ettertraktede er de ansatte p\u00e5 arbeidsmarkedet?<\/p>\n\n<h2 class=\"wp-block-heading\" id=\"fehler\">Unng\u00e5 disse 5 vanlige feilene<\/h2>\n\n<h4 class=\"wp-block-heading\" id=\"befangenheit\">Partiskhet<\/h4>\n\n<p>Bedriftseiere har forst\u00e5elig nok vanskelig for \u00e5 betrakte sin egen bedrift objektivt. Prisforventningene er ofte for h\u00f8ye. Sp\u00f8r deg selv derfor: Ville du selv kj\u00f8pt selskapet til denne prisen? Kunne du ikke bygget opp et nytt selskap med dette bel\u00f8pet? Hvor lang tid ville det ta f\u00f8r en kj\u00f8per har refinansiert salgsprisen i form av fortjeneste? Tips: Ingen \u00f8nsker \u00e5 v\u00e6re i minus 8 \u00e5r etter bedriftskj\u00f8pet.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"kein-marktlohn-fur-den-inhaber\">Ingen markedsl\u00f8nn for eieren<\/h4>\n\n<p>En fortjeneste er bare virkelig en fortjeneste hvis alle ansatte \u2013 inkludert daglig leder! \u2013 har blitt l\u00f8nnet i henhold til markedet. Alt annet er en forvrengning av inntjeningssituasjonen, noe som f\u00f8rer til en for h\u00f8y verdsettelse.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"orientierung-an-grossfirmen\">Orientering mot store selskaper<\/h4>\n\n<p>Markedslederen i din bransje verdsettes til tre ganger omsetningen? Amazon var allerede verdt milliarder f\u00f8r det i det hele tatt tjente penger. EBIT-multiplene for b\u00f8rsnoterte selskaper er ofte tosifrede. For selskaper med under 20 millioner i omsetning er imidlertid EBIT- eller EBITDA-multipler mellom 3-6 regelen. I v\u00e5r oversikt finner du realistiske <a href=\"https:\/\/www.nimbo.net\/no\/multippel\">verdsettelsesmultipler for et selskap av din st\u00f8rrelse og i din bransje<\/a>. Er ditt selskap det sjeldne unntaket? Da vil du merke det gjennom regelmessige, uoppfordrede og konkrete kj\u00f8pstilbud.      <\/p>\n\n<h4 class=\"wp-block-heading\" id=\"volles-warenlager-und-toller-maschinenpark\">\u201cFullt varelager\u201d og \u201cDyr maskinpark\u201d<\/h4>\n\n<p>De fleste verdsettelsesmetoder tar utgangspunkt i selskapets inntjening. Selskapet blir sett p\u00e5 som et instrument for \u00e5 generere fremtidig fortjeneste. Alt som trengs for \u00e5 kunne generere denne fortjenesten i fremtiden, er allerede tatt hensyn til. Dette inkluderer maskinpark, varelager, innovative produkter osv. Hvis disse tingene ikke bidrar til h\u00f8yere fortjeneste i fremtiden, er de verdil\u00f8se fra dette perspektivet. Mange eiere \u00f8nsker imidlertid \u00e5 legge til varelageret til selskapets inntjeningsverdi, for eksempel. Dette er ikke passende med disse metodene. (Tanker om <a href=\"https:\/\/www.nimbo.net\/no\/verdivurdering-av-lageret-ved-salg-et-selskap\">verdsettelse av varelageret<\/a> ved salg av selskap)        <\/p>\n\n<h4 class=\"wp-block-heading\" id=\"das-unternehmen-hat-viel-potenzial\">\u201cSelskapet har stort potensial\u201d<\/h4>\n\n<p>Nesten hvert selskap har \u201cfortsatt stort potensial\u201d. \u00c5 utnytte dette krever mye gr\u00fcnder\u00e5nd og ressurser, og b\u00f8r derfor kun tas forsiktig med i verdsettelsen. Den som \u00f8nsker \u00e5 utnytte selskapets fulle potensial, b\u00f8r implementere dette selv og selge selskapet f\u00f8rst senere. Ingen tror en selger at selskapet st\u00e5r foran et stort fortjenestesprang. Hvorfor skulle han da \u00f8nske \u00e5 selge akkurat p\u00e5 dette tidspunktet?<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"ablauf\">Prosessen for en selskapsverdsettelse<\/h3>\n\n<p>1) Rensing av regnskapsdokumenter: \u00c5rsregnskapene for de siste 3-5 \u00e5rene normaliseres. Ekstraordin\u00e6re utgifter og inntekter, ikke-driftsn\u00f8dvendige utgifter, skjulte reserver og skattemessige optimaliseringer trekkes fra. Forbindelser med eierens privatliv l\u00f8ses opp. Om n\u00f8dvendig justeres l\u00f8nninger fra eieren eller andre n\u00e6rst\u00e5ende personer som ikke er markedsmessige. De resulterende finansielle tallene skal s\u00e5 n\u00f8yaktig som mulig gjenspeile selskapets b\u00e6rekraftige inntjeningssituasjon, som ogs\u00e5 er realistisk under nytt eierskap.<\/p>\n\n<p>2) Utarbeidelse av prognosetall for de neste 3-5 \u00e5rene (helst for ulike scenarier).<\/p>\n\n<p>3) Verdsettelse med de ulike vanlige verdsettelsesmetodene, under hensyntagen til de foreg\u00e5ende punktene.<\/p>\n\n<p>4) Kombinasjon av de enkelte metodene for \u00e5 danne gjennomsnitt og intervaller, ogs\u00e5 under hensyntagen til ulike scenarier og antagelser.<\/p>\n\n<h2 class=\"wp-block-heading\">Hvis det skal g\u00e5 raskt<\/h2>\n\n<h3 class=\"wp-block-heading\" id=\"faustformel\">Beregne selskapsverdi tommelfingerregel<\/h3>\n\n<p>\u00d8nsker du kun en indikasjon p\u00e5 selskapsverdien til et lite eller mellomstort selskap basert p\u00e5 en grov formel for selskapsverdsettelse? <\/p>\n\n<ul class=\"wp-block-list\">\n<li>Beregne selskapsverdi tommelfingerregel 1: Beregn gjennomsnittet av EBIT (resultat f\u00f8r skatt og renter) for de siste tre \u00e5rene. Multipliser dette med faktor 4 (lav verdi) til 6 (h\u00f8y verdi). Trekk selskapets gjeld fra resultatene. Du f\u00e5r et intervall der selskapsverdien din omtrent befinner seg.<\/li>\n<\/ul>\n\n<ul class=\"wp-block-list\">\n<li>Beregne selskapsverdi tommelfingerregel 2: Vurder hvor mye en kj\u00f8per kunne ta ut i fortjeneste fra selskapet de neste \u00e5rene. Sett prisen slik at den kan amortisere kj\u00f8pesummen innen 4 til 7 \u00e5r. <\/li>\n<\/ul>\n\n<p>En oversikt over <a href=\"https:\/\/www.nimbo.net\/no\/tommelfingerregel-beregning-selskapsverdi\">vanlige tommelfingerregler<\/a> finner du i blogginnlegget v\u00e5rt om emnet.<\/p>\n\n<h3 class=\"wp-block-heading\" id=\"online-rechner\">Beregne verdien av et selskap med online tjenester<\/h3>\n\n<p>En online selskapsverdsettelse kan gi en god f\u00f8rste indikasjon p\u00e5 en mulig salgspris. For en endelig prisbestemmelse b\u00f8r imidlertid alltid en fagekspert konsulteres.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"merkmale-einer-guten-online-firmenbewertung\">Kjennetegn ved en god online selskapsverdsettelse<\/h4>\n\n<ul class=\"wp-block-list\">\n<li>Systematisk veiledning gjennom et strukturert sp\u00f8rreskjema<\/li>\n\n\n\n<li>Forst\u00e5elig for lekfolk<\/li>\n\n\n\n<li>Finansielle tall kan renses<\/li>\n\n\n\n<li>Beregning av selskapsverdi basert p\u00e5 aktuelle markedsdata<\/li>\n\n\n\n<li>Tar hensyn til ulike bransjer<\/li>\n\n\n\n<li>Tar hensyn til ulike selskapsst\u00f8rrelser (Et selskap med 5 ansatte verdsettes annerledes enn et med 50 ansatte)<\/li>\n<\/ul>\n<style>.kb-row-layout-wrap.wp-block-kadence-rowlayout.kb-row-layout-id_9f0bc7-59{margin-top:30px;margin-bottom:30px;}.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:1000px;margin-left:auto;margin-right:auto;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px;grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id_9f0bc7-59{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}.kb-row-layout-id_9f0bc7-59{background-image:url('https:\/\/www.nimbo.net\/wp-content\/uploads\/2022\/03\/NIMBO_Sc_05_2-no-background-e1649249520508.png');background-size:cover;background-position:center center;background-attachment:scroll;background-repeat:no-repeat;}.kb-row-layout-id_9f0bc7-59 > .kt-row-layout-overlay{opacity:0.90;background-color:var(--global-palette9, #ffffff);}@media all and (max-width: 1024px){.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 1024px){.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}}@media all and (max-width: 767px){.kb-row-layout-id_9f0bc7-59 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id_9f0bc7-59{border-top:0.5px solid var(--global-palette4, #2D3748);border-right:0.5px solid var(--global-palette4, #2D3748);border-bottom:0.5px solid var(--global-palette4, #2D3748);border-left:0.5px solid var(--global-palette4, #2D3748);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id_9f0bc7-59 aligncenter has-theme-palette8-background-color kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-layout-overlay kt-row-overlay-normal\"><\/div><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column_31e235-46 > .kt-inside-inner-col{display:flex;}.kadence-column_31e235-46 > .kt-inside-inner-col,.kadence-column_31e235-46 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:center;}.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}.kadence-column_31e235-46 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_31e235-46{text-align:center;}.kadence-column_31e235-46{position:relative;}@media all and (max-width: 1024px){.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;align-items:center;justify-content:center;}}@media all and (min-width: 768px) and (max-width: 1024px){.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}@media all and (max-width: 767px){.kadence-column_31e235-46 > .kt-inside-inner-col{flex-direction:row;flex-wrap:wrap;justify-content:flex-start;justify-content:center;}.kadence-column_31e235-46 > .kt-inside-inner-col > *, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-image, .kadence-column_31e235-46 > .kt-inside-inner-col > figure.wp-block-kadence-image{margin-top:0px;margin-bottom:0px;}.kadence-column_31e235-46 > .kt-inside-inner-col > .kb-image-is-ratio-size{flex-grow:1;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column_31e235-46 kb-section-has-link kb-section-dir-horizontal inner-column-1\"><div class=\"kt-inside-inner-col\">\n<p class=\"has-small-font-size\">Online bedriftsevaluering, gratis og uten registrering, umiddelbar evaluering, 13-siders rapport, algoritme basert p\u00e5 tusenvis av evalueringer. <br\/><br\/><a href=\"https:\/\/www.nimbo.net\/no\/beregn-selskapets-verdsettelse\"><strong>&gt; Til den elektroniske bedriftsvurderingen &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\/no\/beregn-selskapets-verdsettelse\" class=\"kb-section-link-overlay\"><\/a><\/div>\n\n<\/div><\/div>\n<h4 class=\"wp-block-heading\" id=\"online-firmenbewertungen-eignen-sich-nicht-fur-eine-erstindikation-bei\">Online selskapsverdsettelser egner seg IKKE ..<\/h4>\n\n<ul class=\"wp-block-list\">\n<li>\u2026 for verdsettelse av startups<\/li>\n\n\n\n<li>\u2026 for \u00e5 beregne verdien av et selskap som vokser sv\u00e6rt raskt<\/li>\n\n\n\n<li>\u2026 for \u00e5 beregne verdien av et selskap hvis det g\u00e5r med tap eller kun har sv\u00e6rt liten fortjeneste (se v\u00e5re tips for <a href=\"https:\/\/www.nimbo.net\/no\/verdsettelse-ulonnsomt-selskap\">verdsettelse av ikke-profitable selskaper<\/a>) <\/li>\n<\/ul>\n\n<h4 class=\"wp-block-heading\" id=\"achtung-vor-marketing-tricks\">Pass p\u00e5 markedsf\u00f8ringstriks!<\/h4>\n\n<p>Mange online kalkulatorer har kun ett m\u00e5l: \u00e5 generere leads for selskapsalg. De antyder at man f\u00e5r en automatisk evaluering etter sp\u00f8rreskjemaet. Til slutt kommer overraskelsen: Man m\u00e5 oppgi kontaktopplysningene sine, og en \u201cfagekspert\u201d (selger) vil ta kontakt per telefon.<\/p>\n\n<h2 class=\"wp-block-heading\">Bransjespesifikke s\u00e6regenheter<\/h2>\n\n<p>Grunnleggende verdsettelse er mer eller mindre identisk for alle selskaper, men avhengig av bransje er det s\u00e6regenheter som m\u00e5 tas hensyn til. Tilh\u00f8rer ditt selskap en av f\u00f8lgende bransjer? Da kan du se v\u00e5re blogginnlegg som omhandler s\u00e6regenhetene ved verdsettelse av selskaper fra disse bransjene.  <\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.nimbo.net\/no\/verdivurdering-programvareselskap\">Programvareselskaper<\/a><\/li>\n<\/ul>\n\n<p>Relevante verdidrivere i denne bransjen er: kundens bytteomkostninger til en annen leverand\u00f8r, marginalfortjenesten og kontraktsfestede gjentakende inntekter.<\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.nimbo.net\/no\/verdivurdering-produksjonsselskap\">Produserende selskaper  <\/a><\/li>\n<\/ul>\n\n<p>Relevante verdidrivere i denne bransjen er: rettighetene til produktenes immaterielle eiendom, produksjon i store kvanta, et standardisert produktspekter, en h\u00f8y andel egen utf\u00f8rt verdiskaping og maskinparkens alder.<\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.nimbo.net\/no\/verdivurdering-nettbutikk\">Nettbutikk<\/a><\/li>\n<\/ul>\n\n<p>Relevante verdidrivere i denne bransjen er: salgskanaler, andelen av egne merkevarer, den organiske andelen ved nykunderekruttering og kundelojalitets- og gjenkj\u00f8psraten. <\/p>\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.nimbo.net\/no\/verdivurdering-engrosbedrift\">Engroshandel  <\/a> <\/li>\n<\/ul>\n\n<p>Relevante verdidrivere i denne bransjen er: leverand\u00f8rstrukturen, st\u00f8rrelsen p\u00e5 handelsmarginen, oml\u00f8pshastigheten p\u00e5 lageret, andelen av egne merkevarer og eksklusivrettighetene til produktene. <\/p>\n\n<h2 class=\"wp-block-heading\">Maksimere selskapsverdi f\u00f8r salg<\/h2>\n\n<p>F\u00f8r salget kan mye gj\u00f8res for \u00e5 redusere usikkerheter og fremheve selskapets styrker. Dette maksimerer salgsprisen.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"wissen-verteilen-prozesse-dokumentieren-stellvertretungen-definieren\">Fordele kunnskap, dokumentere prosesser, definere stedfortredere<\/h4>\n\n<p>Dermed kan den mulige skaden minimeres hvis en viktig medarbeider blir borte eller forlater selskapet. Dette reduserer en stor bekymring for en potensiell kj\u00f8per.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"kunden-und-lieferantenbeziehungen-sicherstellen\">Sikre kunde- og leverand\u00f8rforhold<\/h4>\n\n<p>En kj\u00f8per vil ha bekymring for \u00e5 miste viktige kunde- eller leverand\u00f8rforhold etter at eieren har g\u00e5tt av.<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Overf\u00f8re viktige relasjoner til ansatte som forventes \u00e5 forbli i selskapet.<\/li>\n\n\n\n<li>Om mulig, sikre kundeforhold gjennom tjenesteavtaler og lojalitetsprogrammer.<\/li>\n\n\n\n<li>Identifisering av alternativer for viktige leverand\u00f8rer for \u00e5 dempe risikoen for utfall og pris\u00f8kninger.<\/li>\n<\/ul>\n\n<h4 class=\"wp-block-heading\" id=\"optimierung-des-forderungsmanagements\">Optimalisering av fordringsstyring<\/h4>\n\n<p>Reduser det bundne kapitalet i oml\u00f8psmidlene. Dermed \u00f8ker du direkte selskapsverdien. Kortere betalingsfrister for kunder og et konsekvent purrevesen b\u00f8r vurderes.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"jahresbilanzen-vorbereiten\">Forberede \u00e5rsregnskap<\/h4>\n\n<p>\u00c5rsregnskapene for de siste 5 \u00e5rene m\u00e5 v\u00e6re transparent og lett forst\u00e5elige. Omsetningssvingninger, fortjenestefall, merkbare kostnads\u00f8kninger osv. m\u00e5 kunne forklares p\u00e5 en overbevisende m\u00e5te ved foresp\u00f8rsel. Dette skaper tillit og \u00f8ker planleggingssikkerheten.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"namhafte-referenzen-dokumentieren\">Dokumentere anerkjente referanser<\/h4>\n\n<p>Skaff deg referanser fra anerkjente og forn\u00f8yde kunder og legg dem ved salgsdokumentene.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"uberzeugende-formulierung-der-marktvorteile\">Overbevisende formulering av markedsfordelene<\/h4>\n\n<p>Hva gj\u00f8r produktene eller tjenestene unike p\u00e5 markedet? Hva er vanskelig \u00e5 kopiere for konkurrentene? Fokuser p\u00e5 det viktigste og kom til poenget. Legg de formulerte fordelene ved salgsdokumentene.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"plausiblen-wachstumsplan-erstellen\">Utarbeide en plausibel vekstplan<\/h4>\n\n<p>Identifiser realistiske og konkrete potensialer for videre vekst og effektivisering, og vis konkret hvordan disse kan realiseres. Forbered deg ogs\u00e5 p\u00e5 sp\u00f8rsm\u00e5let om hvorfor du ikke allerede har implementert disse selv.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"weiteren-informationsbedarf-des-kaufers-antizipieren-und-vorbereiten\">Antisiper og forbered ytterligere informasjonsbehov fra kj\u00f8peren<\/h4>\n\n<p>Jo st\u00f8rre kj\u00f8perens usikkerheter og tvil er, desto lavere er kj\u00f8pesummen. Skap tillit med godt dokumenterte, klare, fullstendige svar p\u00e5 forventede sp\u00f8rsm\u00e5l.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"ungeregelte-mitarbeiteranspruche-klaren\">Klarlegge uregulerte ansattkrav<\/h4>\n\n<p>Klarlegg og dokumenter alle krav p\u00e5 bonuser, ferier, forventede l\u00f8nns\u00f8kninger osv. Negative overraskelser for selgeren m\u00e5 unng\u00e5s.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"betriebsraumlichkeiten-sichern\">Sikre driftslokaler<\/h4>\n\n<p>\u00d8k planleggingssikkerheten ved \u00e5 sikre leieforholdene for lokalene dine langsiktig, om n\u00f8dvendig med nye forhandlinger med utleieren.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"innerbetriebliche-konflikte-klaren\">Klarlegge interne konflikter<\/h4>\n\n<p>Uenigheter b\u00f8r avklares og d\u00e5rlig stemning i teamet b\u00f8r forbedres. Salgsprosessen og overgangsfasen er krevende, og eieren er avhengig av st\u00f8tte fra de ansatte.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"betriebsraumlichkeiten-vorbereiten\">Forberede driftslokaler<\/h4>\n\n<p>\u00d8yet vurderer ogs\u00e5:<\/p>\n\n<ul class=\"wp-block-list\">\n<li>Rengj\u00f8ring av lokalene<\/li>\n\n\n\n<li>Gjennomf\u00f8ring av n\u00f8dvendige renoveringer<\/li>\n\n\n\n<li>Sikre oppfyllelse av lovkrav<\/li>\n\n\n\n<li>Salg eller avhending av overfl\u00f8dige maskiner og inventar<\/li>\n\n\n\n<li>Rensing av varelageret<\/li>\n<\/ul>\n\n<h4 class=\"wp-block-heading\" id=\"aktualisieren-sie-die-firmenwebsite\">Oppdater selskapets nettside<\/h4>\n\n<p>Unng\u00e5 en utdatert eller uprofesjonell nettside.<\/p>\n\n<h2 class=\"wp-block-heading\">Verdsettelse avhengig av vekstfase<\/h2>\n\n<h3 class=\"wp-block-heading\" id=\"strtps\">Verdsette startups<\/h3>\n\n<p>\u00c5 verdsette startups er enda mer subjektivt enn \u00e5 verdsette etablerte selskaper. Man verdsetter utelukkende et l\u00f8fte for fremtiden. Vi har satt sammen en <a href=\"https:\/\/www.nimbo.net\/no\/kriterier-vurdering-startups\">liste<\/a> med kriterier for verdsettelse.   <\/p>\n\n<h4 class=\"wp-block-heading\" id=\"wichtige-begriffe-pre-money-vs-post-money-bewertung\">Viktige begreper: Pre-Money vs Post-Money verdsettelse<\/h4>\n\n<p>N\u00e5r en startup avslutter en finansieringsrunde, str\u00f8mmer penger inn p\u00e5 startupens bankkonto. Selskapets verdi \u00f8ker dermed med dette bel\u00f8pet. Det er derfor viktig at det ved en verdsettelse er klart om man snakker om en \u201cPre-Money\u201d verdsettelse (verdi f\u00f8r finansieringsrunden) eller \u201cPost-Money\u201d verdsettelse (verdi etter finansieringsrunden).<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"diskontsatzstartup\">Forventet avkastning fra investorer for startups<\/h4>\n\n<p>Startups er risikable investeringer. Derfor forventer investorer h\u00f8y avkastning. Jo tidligere finansieringsfasen, desto st\u00f8rre er risikoen og dermed den forventede avkastningen. Den forventede avkastningen trengs for DCF- og VC-metoden.<\/p>\n\n<p><\/p>\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Finansieringsfase<\/th><th>Forventet avkastning \/ Diskonteringsrente<\/th><th>Forventet tilbakebetaling p\u00e5 5 \u00e5r<\/th><\/tr><tr><td>1 Seed Stage (Etablering)<\/td><td>70-90%<\/td><td>20x<\/td><\/tr><tr><td>2 Start-up Stage (f\u00f8r markedsintroduksjon)<\/td><td>50-70%<\/td><td>10x<\/td><\/tr><tr><td>3 First Stage (Vellykket markedsentr\u00e9)<\/td><td>40-60%<\/td><td>8x<\/td><\/tr><tr><td>4 Second Stage (Ekspansjon)<\/td><td>35-50%<\/td><td>6x<\/td><\/tr><tr><td>5 Later Stage (positiv kontantstr\u00f8m)<\/td><td>30-40%<\/td><td>5x<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<p>Kilde: <a href=\"https:\/\/venturevaluation.com\/wp-content\/uploads\/2011\/12\/Vortrag_IF-Unternehmensbewertung_2012.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Venture Valuation, Vortrag_IF-Unternehmensbewertung_2012.pdf, Folie 29<\/a><\/p>\n\n<h4 class=\"wp-block-heading\" id=\"discounted-cashflow-methode-fur-startups-dcf\">Diskontert kontantstr\u00f8m-metode for startups (DCF)<\/h4>\n\n<p>Den <a href=\"https:\/\/www.nimbo.net\/no\/guide-til-selskapets-verdi#DCF\">ovenfor beskrevne DCF-metoden<\/a> kan anvendes p\u00e5 forretningsplaner for startups. Den brukte diskonteringsrenten er avledet fra investorenes forventede avkastning (se <a href=\"https:\/\/www.nimbo.net\/no\/guide-til-selskapets-verdi#diskontsatzstartup\">tabellen<\/a> ovenfor). <\/p>\n\n<h4 class=\"wp-block-heading\" id=\"venturecapital\">Venture Capital-metoden (VC-metoden)<\/h4>\n\n<p>Denne metoden er enklere enn DCF-metoden. Man bruker den enkle <a href=\"https:\/\/www.nimbo.net\/no\/bewertungsmethoden-2-2#h-die-multiplemethode\">multiplikator-metoden<\/a>. Denne egner seg egentlig kun for etablerte, profitable selskaper. Hvis selskapet enn\u00e5 ikke tjener penger, er det ingenting \u00e5 multiplisere. Derfor forestiller man seg i f\u00f8rste omgang at alt g\u00e5r n\u00f8yaktig som i forretningsplanen. Multiplikator-metoden anvendes deretter p\u00e5 de projiserte tallene for eksempel om 5 \u00e5r. Dette gir den forventede verdien om 5 \u00e5r. Om dette scenariet inntreffer n\u00f8yaktig slik, er naturligvis sv\u00e6rt usikkert. Den fremtidige verdien blir derfor diskontert tilbake til n\u00e5tiden med investorenes avkastningsforventninger (se <a href=\"https:\/\/www.nimbo.net\/no\/guide-til-selskapets-verdi#diskontsatzstartup\">tabellen<\/a> ovenfor).        <\/p>\n\n<p>Eksempel: En startup (First Stage) forventer exit om 5 \u00e5r. Forventet fortjeneste om 5 \u00e5r er 1 million. If\u00f8lge multiplikator-metoden ville selskapet da v\u00e6re verdt 6 millioner. Investorene forventer en \u00e5rlig avkastning p\u00e5 40 %. Selskapets verdi m\u00e5 alts\u00e5 \u00f8ke med 40 % hvert \u00e5r. Det m\u00e5 diskonteres tilbake med f\u00f8lgende beregning: 6,0 millioner \/ (1 + 40 %) ^ 5 = 1,1 millioner. Selskapet f\u00e5r dermed en Post-Money verdsettelse p\u00e5 1,1 millioner.<\/p>\n\n<h2 class=\"wp-block-heading\" id=\"glossar-wichtige-begriffe-in-der-unternehmensbewertung\">Ordliste: Viktige begreper innen selskapsverdsettelse<\/h2>\n\n<h4 class=\"wp-block-heading\" id=\"dcf\">DCF<\/h4>\n\n<p>St\u00e5r for \u201cDiscounted Cash Flow\u201d. DCF-metoden er en ofte brukt verdsettelsesmetode.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"derivativer-firmenwert\">Derivativ selskapsverdi<\/h4>\n\n<p>Den derivative selskapsverdien er differansen mellom den faktiske kj\u00f8pesummen for et selskap og den faktiske substansverdien. Verdien avbildes i regnskapet til et selskap som har kj\u00f8pt et annet selskap. Det tilsvarer fra et regnskapsmessig synspunkt \u201cGoodwill\u201d og \u201cselskapsverdi\u201d. Hvis verdien ikke oppst\u00e5r gjennom en kj\u00f8pesum, men er estimert, snakker man om \u201corigin\u00e6r selskapsverdi\u201d.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"enterprise-value\">Enterprise Value<\/h4>\n\n<p>Selskapets totalverdi fra egenkapital- og fremmedkapitalgivernes synspunkt. I motsetning til Equity Value trekkes ikke fremmedkapitalen fra. Verdien tillater en sammenligning mellom selskaper med ulike kapitalstrukturer.<\/p>\n\n<h4 class=\"wp-block-heading\">Equity Value<\/h4>\n\n<p>Verdien fra egenkapitalgivernes synspunkt. Equity Value tilsvarer Enterprise Value minus fremmedkapital pluss kontantreserver.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"firmenwert\">Selskapsverdi<\/h4>\n\n<p>I praksis sidestilles denne verdien ofte med selskapets totalverdi. Fra et regnskapsmessig synspunkt snakker man om \u201cselskapsverdi\u201d kun om den delen som ved et salg overstiger substansverdien (se \u201csubstansverdi\u201d). Synonymt med \u201cGoodwill\u201d og \u201cderivativ selskapsverdi\u201d.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"goodwill\">Goodwill<\/h4>\n\n<p>Se \u201cDerivativ selskapsverdi\u201d.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"immaterielle-werte\">Immaterielle verdier<\/h4>\n\n<p>Immaterielle eiendeler er aktiva som er oppf\u00f8rt i et selskaps balanse, men som ikke er fysisk gripbare. Dette inkluderer for eksempel patenter, varemerker og lisenser. Summen utgj\u00f8r selskapets immaterielle verdi.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"materieller-wert\">Materiell verdi<\/h4>\n\n<p>Fysisk gripbare eiendeler som for eksempel maskiner og varelager.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"originarer-firmenwert\">Origin\u00e6r selskapsverdi<\/h4>\n\n<p>Den origin\u00e6re selskapsverdien er differansen mellom den selv-estimert totale selskapsverdien og substansverdien. Den kan ikke avbildes i regnskapet. I motsetning til den derivative selskapsverdien er verdien ikke avledet fra en faktisk salgspris, men er estimert. Den kan derfor heller ikke balansef\u00f8res.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"pre-money-valuation\">Pre Money Valuation<\/h4>\n\n<p>Refererer til verdien av en startup f\u00f8r opptak av en ytterligere finansieringsrunde.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"post-money-valuation\">Post Money Valuation<\/h4>\n\n<p>Refererer til verdien av en startup <strong>etter<\/strong> at nye penger har str\u00f8mmet inn i selskapet.<\/p>\n\n<h4 class=\"wp-block-heading\" id=\"substanzwert\">Netto aktivaverdi<\/h4>\n\n<p>Se <a href=\"https:\/\/www.nimbo.net\/no\/guide-til-selskapets-verdi#Substanzwertmethode\">Substansverdimetoden<\/a>.<\/p>\n\n<h2 class=\"wp-block-heading\" id=\"fragen\">Ofte stilte sp\u00f8rsm\u00e5l<\/h2>\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1649236458513\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hva kjennetegner et godt verdsettelsesverkt\u00f8y for selskapsverdsettelse?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Det b\u00f8r v\u00e6re godt strukturert, lett forst\u00e5elig og etterpr\u00f8vbart, ta hensyn til ulike bransjer og selskapsst\u00f8rrelser, og baseres p\u00e5 aktuelle markedsdata. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1649252586190\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Er online selskapsverdsettelser egnet for alle?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Med mindre annet er uttrykkelig nevnt, er de IKKE egnet for en f\u00f8rste indikasjon av startups, raskt voksende selskaper og selskaper som g\u00e5r med tap eller er lite l\u00f8nnsomme. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1649252998470\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Beregne verdien av et selskap: Hvilken er den beste metoden?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>De enkelte metodene har styrker og svakheter. Man b\u00f8r ikke stole kun p\u00e5 \u00e9n metode. En blanding av forskjellige metoder, gjennomspilt flere ganger med varierende scenarier, gir en f\u00f8lelse av den mulige spennvidden for selskapets verdi. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1643642373080\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Kan jeg beregne selskapets verdi med en tommelfingerregel?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Beregne selskapets verdi tommelfingerregel 1. Multipliser gjennomsnittlig EBIT for de siste tre \u00e5rene \u00e9n gang med fire og \u00e9n gang med seks. Trekk selskapets gjeld fra resultatene. Du f\u00e5r et spenn der selskapets verdi omtrent befinner seg.  <\/p>\n<p>Beregne selskapets verdi tommelfingerregel 2: Vurder hvor mye en kj\u00f8per kunne ta ut i fortjeneste fra selskapet de neste \u00e5rene. Sett prisen slik at kj\u00f8pesummen kan amortiseres innen 4 til 7 \u00e5r. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1663415500203\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hvordan h\u00e5ndterer man eiendommer ved fastsettelse av selskapets verdi?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Hvis man \u00f8nsker \u00e5 beregne verdien av et selskap som eier eiendommer, blir disse vanligvis vurdert separat og deretter lagt til. Ofte blir eiendommene skilt ut ved et salg og deretter leid ut til kj\u00f8peren. I dette tilfellet justeres selskapets historiske finansielle tall ved \u00e5 trekke fra en hypotetisk, markedsmessig leieinntekt. Utgifter til vedlikehold av eiendommen kan derimot legges til fortjenesten. Er du usikker p\u00e5 om du skal selge eiendommen sammen med selskapet? En liste over <a href=\"https:\/\/www.nimbo.net\/unternehmen-mit-immobilie-verkaufen\">faktorene<\/a> som m\u00e5 tas i betraktning.      <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1712576435996\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hva legger investorer spesielt vekt p\u00e5 ved selskapsvurdering?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p><a href=\"https:\/\/www.nimbo.net\/no\/selskapsvurdering-investorer-kritiske-faktorer\">Lenke<\/a> til listen med de 10 kritiske faktorene investorer legger vekt p\u00e5 ved en selskapsvurdering<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1712914538583\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hva er annerledes ved vurdering av et franchise-selskap? <\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Her vurderes ikke bare et enkelt selskap, men et helt system. Vi har samlet de <a href=\"https:\/\/www.nimbo.net\/no\/verdsettelse-av-franchisebedrifter\">viktigste punktene<\/a>.  <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1712926212800\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hva er Add Backs? <\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Add-backs er justeringer i selskapets verdivurdering som gj\u00f8res for \u00e5 oppn\u00e5 et mer rettferdig resultat. Hvilke typer add-backs som anvendes, kan variere fra sak til sak, avhengig av selskapets individuelle omstendigheter.  <a href=\"https:\/\/www.nimbo.net\/no\/add-backs-bedriftsverdi\">En oversikt<\/a><\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1712928463551\" class=\"rank-math-list-item\">\n<h4 class=\"rank-math-question \">Hvilke n\u00f8kkeltall gir informasjon om et selskaps resultater?<\/h4>\n<div class=\"rank-math-answer \">\n\n<p>Et selskaps ytelse kan vurderes ved hjelp av en rekke n\u00f8kkeltall som gjenspeiler ulike aspekter av selskapet. Til oversikt over de <a href=\"https:\/\/www.nimbo.net\/welche-kennzahlen-geben-auskunft-ueber-die-leistungsfaehigkeit-eines-unternehmens\">viktigste n\u00f8kkeltallene<\/a> <\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>\u00abHvor mye er bedriften min egentlig verdt?\u00bb \u2013 Dette sp\u00f8rsm\u00e5let opptar mange gr\u00fcndere, enten det gjelder salg, arveplanlegging eller strategiske beslutninger. I denne omfattende veiledningen finner du alt du trenger \u00e5 vite om beregning av bedriftens verdi \u2013 praktisk og med eksempler. Innholdsfortegnelse Den rette tankegangen En bedriftsvurdering er ikke vitenskap, men fortellingen om en&#8230;<\/p>\n","protected":false},"author":1003,"featured_media":2042561,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"right","_kad_post_sidebar_id":"sidebar-primary","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[400153],"tags":[],"class_list":["post-2041821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leitfaden-no"],"taxonomy_info":{"category":[{"value":400153,"label":"Leitfaden"}]},"featured_image_src_large":["https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/Design-ohne-Titel.png",1023,1024,false],"author_info":{"display_name":"Marc Uhlmann","author_link":"https:\/\/www.nimbo.net\/no\/author\/marc"},"comment_info":0,"category_info":[{"term_id":400153,"name":"Leitfaden","slug":"leitfaden-no","term_group":0,"term_taxonomy_id":2000153,"taxonomy":"category","description":"","parent":0,"count":3,"filter":"raw","cat_ID":400153,"category_count":3,"category_description":"","cat_name":"Leitfaden","category_nicename":"leitfaden-no","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/www.nimbo.net\/no\/wp-json\/wp\/v2\/posts\/2041821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nimbo.net\/no\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nimbo.net\/no\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/no\/wp-json\/wp\/v2\/users\/1003"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/no\/wp-json\/wp\/v2\/comments?post=2041821"}],"version-history":[{"count":0,"href":"https:\/\/www.nimbo.net\/no\/wp-json\/wp\/v2\/posts\/2041821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/no\/wp-json\/wp\/v2\/media\/2042561"}],"wp:attachment":[{"href":"https:\/\/www.nimbo.net\/no\/wp-json\/wp\/v2\/media?parent=2041821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nimbo.net\/no\/wp-json\/wp\/v2\/categories?post=2041821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nimbo.net\/no\/wp-json\/wp\/v2\/tags?post=2041821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}