{"id":2037044,"date":"2023-11-09T12:44:19","date_gmt":"2023-11-09T12:44:19","guid":{"rendered":"https:\/\/www.nimbo.net\/ertragswertverfahren-unternehmensbewertung"},"modified":"2025-08-25T11:43:09","modified_gmt":"2025-08-25T11:43:09","slug":"wycena-spolki-metoda-dochodowa","status":"publish","type":"post","link":"https:\/\/www.nimbo.net\/pl\/wycena-spolki-metoda-dochodowa","title":{"rendered":"Metoda dochodowa wyceny przedsi\u0119biorstwa"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Jak dzia\u0142aj\u0105 metody dochodowe?<\/h2>\n\n<p>W du\u017cym uproszczeniu, metoda dochodowa polega na tym, \u017ce<\/p>\n\n<ul class=\"wp-block-list\">\n<li>szacuje si\u0119 przysz\u0142e zyski,<\/li>\n\n\n\n<li>dyskontuje si\u0119 te zyski,<\/li>\n\n\n\n<li>sumuje si\u0119 zdyskontowane zyski.<\/li>\n<\/ul>\n\n<p>Daje to dzisiejsz\u0105 warto\u015b\u0107 przedsi\u0119biorstwa zgodnie z metod\u0105 dochodow\u0105. Stopa dyskontowa uwzgl\u0119dnia moment uzyskania przychod\u00f3w w przysz\u0142o\u015bci oraz specyficzne ryzyko inwestycji.  <\/p>\n\n<h2 class=\"wp-block-heading\">R\u00f3\u017cne podej\u015bcia do metod dochodowych<\/h2>\n\n<p>Istniej\u0105 r\u00f3\u017cne modele w ramach metody dochodowej. Modele te r\u00f3\u017cni\u0105 si\u0119 pod wzgl\u0119dem przep\u0142yw\u00f3w pieni\u0119\u017cnych, kt\u00f3re s\u0105 dyskontowane. Ponadto r\u00f3\u017cni\u0105 si\u0119 pod wzgl\u0119dem stosowanej stopy dyskontowej.<\/p>\n\n<!-- Include Treeflex CSS -->\n<link rel=\"stylesheet\" href=\"https:\/\/unpkg.com\/treeflex\/dist\/css\/treeflex.css\"\/>\n\n<!-- Custom CSS -->\n<style>\n\/* Set the font for the entire tree *\/\n.tf-tree {\n  font-family: Arial, sans-serif;\n}\n\n\/* Style the nodes *\/\n.tf-tree .tf-nc {\n  border: 2px solid #316987;\n  border-radius: 10px;\n  padding: 15px 20px;\n  background-color: white;\n  color: black;\n  text-align: center;\n  min-width: 250px; \/* Adjust for responsiveness *\/\n  display: inline-block;\n}\n\n\/* Responsive container to handle wide trees *\/\n.tree-container {\n  max-width: 100%; \/* Restrict the width to the parent container *\/\n  overflow-x: auto; \/* Allow horizontal scrolling if necessary *\/\n  padding: 20px 0;\n}\n\n\/* Adjust the tree node size for smaller screens *\/\n@media (max-width: 768px) {\n  .tf-tree .tf-nc {\n    min-width: 150px; \/* Reduce the width for smaller devices *\/\n    padding: 10px 15px; \/* Adjust padding *\/\n    font-size: 14px; \/* Smaller font size *\/\n  }\n}\n<\/style>\n\n<!-- HTML Structure -->\n<div class=\"tree-container\">\n  <div class=\"tf-tree tf-gap-lg\">\n    <ul>\n      <li>\n        <span class=\"tf-nc\">Metody dochodowe<\/span>\n        <ul>\n          <li><span class=\"tf-nc\">Uproszczona metoda dochodowa<\/span><\/li>\n          <li><span class=\"tf-nc\">Metoda Discounted Cash Flow (DCF)<\/span><\/li>\n          <li><span class=\"tf-nc\">Metoda warto\u015bci rezydualnej<\/span><\/li>\n          <li><span class=\"tf-nc\">Wielookresowa dyskontowanie dywidend<\/span><\/li>\n        <\/ul>\n      <\/li>\n    <\/ul>\n  <\/div>\n<\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Uproszczona metoda dochodowa<\/strong><\/h2>\n\n<p><strong>Podej\u015bcie<\/strong>: Metoda ta zak\u0142ada sta\u0142e przep\u0142ywy pieni\u0119\u017cne i jest idealna dla przedsi\u0119biorstw o stabilnej sytuacji dochodowej.<\/p>\n\n<p><strong>Co jest dyskontowane<\/strong>: Reprezentatywny, znormalizowany roczny zysk. Nale\u017cy pami\u0119ta\u0107, \u017ce warto\u015bci ksi\u0119gowe cz\u0119sto wymagaj\u0105 korekty o tak zwane \u201e<a href=\"https:\/\/www.nimbo.net\/pl\/korekty-wartosci-firmy\">add backs<\/a>\u201d. <\/p>\n\n<p><strong>Jak jest dyskontowane<\/strong>: Przy u\u017cyciu stopy kapitalizacji, kt\u00f3ra odzwierciedla ryzyko przedsi\u0119biorstwa i oczekiwania rynku co do zwrotu.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_49c919-34 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_49c919-34{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_49c919-34 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_e7f079-18 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_e7f079-18 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_e7f079-18\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Przyk\u0142ad metody dochodowej<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n<table>\n    <tr>\n        <td>Zysk po odsetkach i podatkach (E)<\/td>\n        <td>500 000<\/td>\n    <\/tr>\n    <tr>\n        <td>Stopa kapitalizacji (i)<\/td>\n        <td>10%<\/td>\n    <\/tr>\n<\/table>\n\n<p>Warto\u015b\u0107 dochodowa W<sub>E<\/sub> jest obliczana jako:<\/p>\n\n<p class=\"formula\">\n    <span>W<sub>E<\/sub><\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">E<\/span>\n        <span class=\"bottom\">i<\/span>\n    <\/span>  =\n    <span class=\"fraction\">\n        <span class=\"top\">500 000<\/span>\n        <span class=\"bottom\">0,10<\/span>\n    <\/span>  = 5 000 000\n<\/p>\n\n<p>Gdzie E to zysk po opodatkowaniu i odsetkach, a i to stopa kapitalizacji.<\/p>\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\">Zalety i wady tej metody <\/h3>\n<style>.kadence-column2032743_584511-a3 > .kt-inside-inner-col{display:flex;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2032743_584511-a3 > .kt-inside-inner-col,.kadence-column2032743_584511-a3 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2032743_584511-a3 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2032743_584511-a3 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2032743_584511-a3{position:relative;}.kadence-column2032743_584511-a3, .kt-inside-inner-col > .kadence-column2032743_584511-a3:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2032743_584511-a3 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2032743_584511-a3 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2032743_584511-a3\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_23066b-35 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_23066b-35 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_23066b-35 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_e35e12-8b .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_e35e12-8b\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Proste zastosowanie, \u0142atwe do zrozumienia i wdro\u017cenia<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_799797-05 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_799797-05\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Zorientowana na przysz\u0142o\u015b\u0107, koncentruje si\u0119 na przysz\u0142ych dochodach i zyskach przedsi\u0119biorstwa, co jest wa\u017cne dla inwestor\u00f3w, kt\u00f3rzy chc\u0105 oceni\u0107 przysz\u0142e zwroty.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_29e100-0d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_29e100-0d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Powszechna praktyka w sektorze M\u015aP, poniewa\u017c maj\u0105 one mniej z\u0142o\u017cone struktury przedsi\u0119biorstw.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_f4b742-e3 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_f4b742-e3\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Akceptowana przez organy finansowe: Metoda ta jest na przyk\u0142ad cz\u0119sto akceptowana przez organy podatkowe w Niemczech, je\u015bli chodzi o wycen\u0119 do cel\u00f3w podatkowych.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_989ee6-a4 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_989ee6-a4\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Dobrze nadaje si\u0119 dla przedsi\u0119biorstw na stabilnych rynkach<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_bddac8-21 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_bddac8-21 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_bddac8-21 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_25a225-52 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_25a225-52\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Przyjmuje si\u0119 proste za\u0142o\u017cenie dotycz\u0105ce przysz\u0142ego dochodu, z\u0142o\u017cono\u015b\u0107 przedsi\u0119biorstwa i jego otoczenia rynkowego nie zawsze mo\u017ce by\u0107 w pe\u0142ni odwzorowana.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_266c79-0d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_266c79-0d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Ryzyko przedsi\u0119biorstwa lub mo\u017cliwe wahania rynkowe s\u0105 pomijane <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_d34d29-f8 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_d34d29-f8\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Dla przedsi\u0119biorstw o silnie wahaj\u0105cych si\u0119 lub szybko rosn\u0105cych dochodach metoda ta jest zbyt sztywna i niedok\u0142adna.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_09697c-48 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_09697c-48\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">B\u0142\u0119dne oszacowania w prognozach dochod\u00f3w i stopie dyskontowej mog\u0105 prowadzi\u0107 do b\u0142\u0119dnych wynik\u00f3w.<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<p><\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Discounted Cash Flow (DCF)<\/strong> Metoda<\/h2>\n\n<p><strong>Podej\u015bcie<\/strong>: Podej\u015bcie DCF prognozuje przysz\u0142e przep\u0142ywy pieni\u0119\u017cne, kt\u00f3re mog\u0105 si\u0119 r\u00f3\u017cni\u0107, i dlatego jest odpowiednie dla przedsi\u0119biorstw, kt\u00f3rych dochody zmieniaj\u0105 si\u0119 w czasie.<\/p>\n\n<p><strong>Co jest dyskontowane<\/strong>: Szacowane przysz\u0142e przep\u0142ywy pieni\u0119\u017cne w okre\u015blonym okresie prognozy.<\/p>\n\n<p><strong>Jak jest dyskontowane<\/strong>: Przy u\u017cyciu Weighted Average Cost of Capital (WACC), kt\u00f3ry odzwierciedla \u015bredni koszt zaanga\u017cowanego kapita\u0142u.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_94e136-8a .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_94e136-8a{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_94e136-8a alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_d8deee-37 .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_d8deee-37 .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_d8deee-37\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Przyk\u0142ad metody zdyskontowanych przep\u0142yw\u00f3w pieni\u0119\u017cnych (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>Wolny przep\u0142yw pieni\u0119\u017cny (FCF) do prognozowania na najbli\u017csze 3 lata<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Prognoza rok 1<\/th>\n <th>Prognoza rok 2<\/th>\n <th>Prognoza rok 3<\/th>\n    <\/tr>\n    <tr>\n        <td>Wolny przep\u0142yw pieni\u0119\u017cny (FCF)<\/td>\n <td>300,000<\/td>\n <td>330,000<\/td>\n <td>360,000<\/td>\n    <\/tr>\n<\/table>\n\n<h4>Obliczanie zdyskontowanych przep\u0142yw\u00f3w pieni\u0119\u017cnych i warto\u015bci ko\u0144cowej<\/h4>\n\n<p>Stopa dyskontowa (r) = 10%<\/p>\n<p>Stopa wzrostu warto\u015bci ko\u0144cowej (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>Obliczanie warto\u015bci ko\u0144cowej (TV)<\/h4>\n\n<p>Warto\u015b\u0107 ko\u0144cowa jest obliczana jako:<\/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>Warto\u015b\u0107 ko\u0144cowa jest nast\u0119pnie r\u00f3wnie\u017c dyskontowana:<\/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>Ca\u0142kowita warto\u015b\u0107 przedsi\u0119biorstwa (Enterprise Value, EV)<\/h4>\n\n<p class=\"formula\">\n  EV = Suma DCF + DCF<sub>TV<\/sub> = 272,727 + 272,727 + 270,676 + 3,451,128 = 4,267,258\n<\/p>\n\n<h4>Obliczanie warto\u015bci kapita\u0142u w\u0142asnego (Equity Value)<\/h4>\n\n<p>Warto\u015b\u0107 kapita\u0142u w\u0142asnego oblicza si\u0119, odejmuj\u0105c zad\u0142u\u017cenie netto od warto\u015bci przedsi\u0119biorstwa:<\/p>\n\n<p class=\"formula\">\n  Warto\u015b\u0107 kapita\u0142u w\u0142asnego = EV &#8211; D\u0142ug + Stan \u015brodk\u00f3w pieni\u0119\u017cnych\n<\/p>\n\n<p>Za\u0142\u00f3\u017cmy, \u017ce przedsi\u0119biorstwo ma 500 000 d\u0142ugu i 200 000 w kasie:<\/p>\n\n<p class=\"formula\">\n  Warto\u015b\u0107 kapita\u0142u w\u0142asnego = 4,267,258 &#8211; 500,000 + 200,000 = 3,967,258\n<\/p>\n\n<p>Warto\u015b\u0107 kapita\u0142u w\u0142asnego wynosi zatem 3,967,258.<\/p>\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\">Zalety i wady tej metody<\/h3>\n<style>.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{display:flex;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col,.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2032743_fd6a9b-e1{position:relative;}.kadence-column2032743_fd6a9b-e1, .kt-inside-inner-col > .kadence-column2032743_fd6a9b-e1:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2032743_fd6a9b-e1 > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2032743_fd6a9b-e1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_fb7fc1-0b ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_fb7fc1-0b ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_fb7fc1-0b kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_492880-8b .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_492880-8b\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Je\u015bli za\u0142o\u017cenia s\u0105 realistyczne, metoda DCF oferuje stosunkowo obiektywn\u0105 i dobrze uzasadnion\u0105 wycen\u0119 przedsi\u0119biorstwa.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_457f68-20 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_457f68-20\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Uwzgl\u0119dnienie przysz\u0142ych strumieni dochod\u00f3w jest szczeg\u00f3lnie przydatne w przypadku przedsi\u0119biorstw o wysokim wzro\u015bcie.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_63b775-ea .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_63b775-ea\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Zorientowana na d\u0142ugoterminowe (przysz\u0142e) trendy<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_1eb522-99 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_1eb522-99 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_1eb522-99 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_f98740-74 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_f98740-74\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Za\u0142o\u017cenie o nieograniczonej \u017cywotno\u015bci przedsi\u0119biorstw jest ma\u0142o realistyczne.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_f5c598-10 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_f5c598-10\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Wycena opiera si\u0119 na za\u0142o\u017ceniach, a nie na faktach, a zatem jest niepewna.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_be6915-63 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_be6915-63\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Obliczenia s\u0105 skomplikowane i wymagaj\u0105 wielu za\u0142o\u017ce\u0144; niewielkie zmiany w za\u0142o\u017ceniach (np. stopy wzrostu, stopy dyskontowe) mog\u0105 prowadzi\u0107 do znacz\u0105cych r\u00f3\u017cnic w wyniku.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_448e0a-ab .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_448e0a-ab\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Nie nadaje si\u0119 dla przedsi\u0119biorstw o wahaj\u0105cych si\u0119 przep\u0142ywach pieni\u0119\u017cnych<\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Metoda warto\u015bci rezydualnej<\/strong><\/h2>\n\n<p><strong>Podej\u015bcie<\/strong>: Metoda ta koncentruje si\u0119 na <strong>zysku rezydualnym<\/strong>, kt\u00f3ry wynika z zysk\u00f3w pomniejszonych o koszty kapita\u0142u w\u0142asnego. Oblicza bezpo\u015brednio warto\u015b\u0107 kapita\u0142u w\u0142asnego, dodaj\u0105c aktualn\u0105 warto\u015b\u0107 ksi\u0119gow\u0105 kapita\u0142u w\u0142asnego i zdyskontowane przysz\u0142e zyski rezydualne. <\/p>\n\n<p><strong>Co jest dyskontowane<\/strong>: Przep\u0142ywy pieni\u0119\u017cne dla wyra\u017anego okresu prognozy oraz dodatkowo warto\u015b\u0107 rezydualna ustalona dla okresu nast\u0119puj\u0105cego po nim.<\/p>\n\n<p><strong>Jak jest dyskontowane<\/strong>: R\u00f3wnie\u017c tutaj cz\u0119sto wykorzystuje si\u0119 WACC, aby zdyskontowa\u0107 zar\u00f3wno przep\u0142ywy pieni\u0119\u017cne, jak i warto\u015b\u0107 rezydualn\u0105 do warto\u015bci bie\u017c\u0105cej.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_1573f8-9b .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_1573f8-9b{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_1573f8-9b alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_399190-4f .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_399190-4f .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_399190-4f\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Przyk\u0142ad metody warto\u015bci rezydualnej<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n\n\n\n    <meta charset=\"UTF-8\"\/>\n    <title>Przyk\u0142adowe obliczenie: Wycena przedsi\u0119biorstwa za pomoc\u0105 metody warto\u015bci rezydualnej<\/title>\n    <style>\n        table {\n            width: 80%;\n            border-collapse: collapse;\n            margin: 20px auto;\n        }\n        th, td {\n            border: 1px solid #444;\n            padding: 8px 12px;\n            text-align: right;\n        }\n        th {\n            background-color: #f2f2f2;\n        }\n        td:first-child, th:first-child {\n            text-align: left;\n        }\n        caption {\n            caption-side: top;\n            text-align: left;\n            font-size: 1.2em;\n            margin-bottom: 10px;\n        }\n    <\/style>\n\n\n\n<h2 style=\"text-align:center;\">Przyk\u0142adowe obliczenie: Wycena przedsi\u0119biorstwa za pomoc\u0105 metody warto\u015bci rezydualnej<\/h2>\n\n<h3>Za\u0142o\u017cenia<\/h3>\n<ul>\n    <li>Stopa dyskontowa (\ud835\udc5f\u2091): 8%<\/li>\n    <li>Pocz\u0105tkowa warto\u015b\u0107 ksi\u0119gowa kapita\u0142u w\u0142asnego (\ud835\udc35\u2080): 1 000 000 \u20ac<\/li>\n    <li>Wynik netto w pierwszym roku (\ud835\udc41\ud835\udc3c\u2081): 150 000 \u20ac<\/li>\n    <li>Okres prognozy: 3 lata<\/li>\n    <li>Stopa wzrostu (\ud835\udc54): 2%<\/li>\n<\/ul>\n\n<h3>Obliczenia<\/h3>\n\n<h4>1. Prognozowane wyniki netto i warto\u015bci ksi\u0119gowe<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Rok 1<\/th>\n        <th>Rok 2<\/th>\n        <th>Rok 3<\/th>\n    <\/tr>\n    <tr>\n        <td><strong>Wynik netto (\ud835\udc41\ud835\udc3c)<\/strong><\/td>\n        <td>150 000 \u20ac<\/td>\n        <td>153 000 \u20ac<\/td>\n        <td>156 060 \u20ac<\/td>\n    <\/tr>\n    <tr>\n        <td><strong>Warto\u015b\u0107 ksi\u0119gowa kapita\u0142u w\u0142asnego (\ud835\udc35)<\/strong><\/td>\n        <td>1 150 000 \u20ac<\/td>\n        <td>1 303 000 \u20ac<\/td>\n        <td>1 459 060 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>2. Obliczenie zysk\u00f3w rezydualnych<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Rok 1<\/th>\n        <th>Rok 2<\/th>\n        <th>Rok 3<\/th>\n    <\/tr>\n    <tr>\n        <td><strong>Zysk rezydualny (\ud835\udc45\ud835\udc3c)<\/strong><\/td>\n        <td>70 000 \u20ac<\/td>\n        <td>61 000 \u20ac<\/td>\n        <td>51 820 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>3. Warto\u015b\u0107 bie\u017c\u0105ca zysk\u00f3w rezydualnych<\/h4>\n<table>\n    <tr>\n        <th><\/th>\n        <th>Rok 1<\/th>\n        <th>Rok 2<\/th>\n        <th>Rok 3<\/th>\n    <\/tr>\n    <tr>\n        <td><strong>Wsp\u00f3\u0142czynnik warto\u015bci bie\u017c\u0105cej<\/strong><\/td>\n        <td>1,08<\/td>\n        <td>1,1664<\/td>\n        <td>1,259712<\/td>\n    <\/tr>\n    <tr>\n        <td><strong>Warto\u015b\u0107 bie\u017c\u0105ca zysku rezydualnego<\/strong><\/td>\n        <td>64 815 \u20ac<\/td>\n        <td>52 293 \u20ac<\/td>\n        <td>41 145 \u20ac<\/td>\n    <\/tr>\n<\/table>\n\n<h4>4. Obliczenie warto\u015bci ko\u0144cowej<\/h4>\n<ul>\n    <li>Rosn\u0105cy zysk rezydualny w roku 4: \ud835\udc45\ud835\udc3c\u2084 = \ud835\udc45\ud835\udc3c\u2083 \u00d7 (1 + \ud835\udc54) = 51 820 \u20ac \u00d7 1,02 = 52 856 \u20ac<\/li>\n    <li>Warto\u015b\u0107 ko\u0144cowa na koniec roku 3: TV = \ud835\udc45\ud835\udc3c\u2084 \/ (\ud835\udc5f\u2091 &#8211; \ud835\udc54) = 52 856 \u20ac \/ (0,08 &#8211; 0,02) = 880 940 \u20ac<\/li>\n    <li>Warto\u015b\u0107 bie\u017c\u0105ca warto\u015bci ko\u0144cowej: PV(TV) = 880 940 \u20ac \/ 1,259712 = 699 632 \u20ac<\/li>\n<\/ul>\n\n<h4>5. Ca\u0142kowita warto\u015b\u0107 przedsi\u0119biorstwa<\/h4>\n<ul>\n    <li>Suma warto\u015bci bie\u017c\u0105cych zysk\u00f3w rezydualnych: 64 815 \u20ac + 52 293 \u20ac + 41 145 \u20ac = 158 253 \u20ac<\/li>\n    <li>Ca\u0142kowita warto\u015b\u0107 bie\u017c\u0105ca zysk\u00f3w rezydualnych wraz z warto\u015bci\u0105 ko\u0144cow\u0105: 158 253 \u20ac + 699 632 \u20ac = 857 885 \u20ac <\/li>\n    <li><strong>Warto\u015b\u0107 przedsi\u0119biorstwa (\ud835\udc49\u2080):<\/strong> \ud835\udc35\u2080 + Ca\u0142kowita warto\u015b\u0107 bie\u017c\u0105ca zysk\u00f3w rezydualnych = 1 000 000 \u20ac + 857 885 \u20ac = <strong>1 857 885 \u20ac<\/strong><\/li>\n<\/ul>\n\n\n\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Wielookresowa dyskontowanie dywidend<\/strong><\/h2>\n\n<p><strong>Podej\u015bcie<\/strong>: Podej\u015bcie to jest odpowiednie dla przedsi\u0119biorstw, kt\u00f3rych dywidendy zmieniaj\u0105 si\u0119 w czasie, szczeg\u00f3lnie dla sp\u00f3\u0142ek notowanych na gie\u0142dzie.<\/p>\n\n<p><strong>Co jest dyskontowane<\/strong>: Prognozowane wyp\u0142aty dywidend, kt\u00f3re mog\u0105 si\u0119 zmienia\u0107 w r\u00f3\u017cnych okresach.<\/p>\n\n<p><strong>Jak jest dyskontowane<\/strong>: Na podstawie koszt\u00f3w kapita\u0142u w\u0142asnego, kt\u00f3re s\u0105 zwykle obliczane za pomoc\u0105 modelu Capital Asset Pricing Model (CAPM), aby odzwierciedli\u0107 ryzyko akcji.<\/p>\n\n<p><strong>Przyk\u0142ad<\/strong>: Dywidendy w wysoko\u015bci 1,00, 1,20, 1,40 przez trzy lata i oczekiwana sta\u0142a dywidenda w wysoko\u015bci 1,50 po tym okresie, przy stopie kosztu kapita\u0142u w\u0142asnego wynosz\u0105cej 5%, prowadz\u0105 do warto\u015bci na akcj\u0119 wynosz\u0105cej oko\u0142o 29,00.<\/p>\n\n<div class=\"wp-block-group notepad has-border-color has-background\" style=\"border-color:var(--global-palette3);border-width:1px;border-radius:10px;padding-top:0;background-image:url(&#039;https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Example-Notepad-Background.png&#039;);background-position:50% 0;background-size:800px;\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-e3e06330 wp-block-group-is-layout-flex\"><style>.kt-svg-icons2032743_fd6f55-c6 .kt-svg-item-0 .kb-svg-icon-wrap{color:var(--global-palette4, #2D3748);font-size:50px;}.wp-block-kadence-icon.kt-svg-icons2032743_fd6f55-c6{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons2032743_fd6f55-c6 alignnone kb-icon-valign-bottom\"><style>.kt-svg-item-2032743_01ef56-ad .kb-svg-icon-wrap, .kt-svg-style-stacked.kt-svg-item-2032743_01ef56-ad .kb-svg-icon-wrap{font-size:40px;}<\/style>\n<div class=\"wp-block-kadence-single-icon kt-svg-style-default kt-svg-icon-wrap kt-svg-item-2032743_01ef56-ad\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fe_edit\"><svg viewBox=\"0 0 24 24\"  fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M20 14.66V20a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2V6a2 2 0 0 1 2-2h5.34\"\/><polygon points=\"18 2 22 6 12 16 8 16 8 12 18 2\"\/><\/svg><\/span><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Przyk\u0142ad wielookresowego dyskontowania dywidend<\/h3>\n<\/div>\n\n\n\n<!-- Link to Google Fonts for Caveat font --><link href=\"https:\/\/fonts.googleapis.com\/css2?family=Caveat&#038;display=swap\" rel=\"stylesheet\"\/><!-- Style to apply the Caveat font only within the .notepad group --><style>.notepad {\n    font-family: 'Caveat', cursive;\n}\n<\/style>\n\n\n\n\n\n\n    \n    \n    <title>Wieloletnie dyskontowanie dywidend<\/title>\n    <style>\n        .formula {\n            font-family: 'Courier New', Courier, monospace;\n        }\n        .fraction {\n            display: inline-block;\n            vertical-align: middle;\n        }\n        .fraction > .top {\n            display: block;\n            text-align: center;\n        }\n        .fraction > .bottom {\n            display: block;\n            text-align: center;\n            border-top: 1px solid #000;\n        }\n    <\/style>\n\n\n\n<h2>Przyk\u0142ad: Wieloletnie dyskontowanie dywidend<\/h2>\n\n<h4>Prognoza dywidend na najbli\u017csze 3 lata<\/h4>\n<table border=\"1\" cellpadding=\"5\" cellspacing=\"0\">\n    <tr>\n        <th>Rok<\/th>\n        <th>Dywidenda (w \u20ac)<\/th>\n    <\/tr>\n    <tr>\n        <td>Rok 1<\/td>\n        <td>1,00<\/td>\n    <\/tr>\n    <tr>\n        <td>Rok 2<\/td>\n        <td>1,20<\/td>\n    <\/tr>\n    <tr>\n        <td>Rok 3<\/td>\n        <td>1,40<\/td>\n    <\/tr>\n    <tr>\n        <td>Od roku 4 (sta\u0142a dywidenda)<\/td>\n        <td>1,50<\/td>\n    <\/tr>\n<\/table>\n\n<h4>Obliczenie zdyskontowanych dywidend<\/h4>\n\n<p>Stopa kosztu kapita\u0142u w\u0142asnego (r) = 5 % lub 0,05<\/p>\n\n<!-- Berechnung der diskontierten Dividenden -->\n<p class=\"formula\">\n D<sub>1<\/sub> = \n    <span class=\"fraction\">\n        <span class=\"top\">Dywidenda<sub>1<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>1<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,00<\/span>\n        <span class=\"bottom\">1,05<\/span>\n    <\/span>  = 0,952 \u20ac\n<\/p>\n\n<p class=\"formula\">\n D<sub>2<\/sub> = \n    <span class=\"fraction\">\n        <span class=\"top\">Dywidenda<sub>2<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,20<\/span>\n        <span class=\"bottom\">(1,05)<sup>2<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,20<\/span>\n        <span class=\"bottom\">1,1025<\/span>\n    <\/span>  = 1,088 \u20ac\n<\/p>\n\n<p class=\"formula\">\n D<sub>3<\/sub> = \n    <span class=\"fraction\">\n        <span class=\"top\">Dywidenda<sub>3<\/sub><\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,40<\/span>\n        <span class=\"bottom\">(1,05)<sup>3<\/sup><\/span>\n    <\/span>  =  \n    <span class=\"fraction\">\n        <span class=\"top\">1,40<\/span>\n        <span class=\"bottom\">1,157625<\/span>\n    <\/span>  = 1,209 \u20ac\n<\/p>\n\n<h4>Obliczenie warto\u015bci ko\u0144cowej (od roku 4)<\/h4>\n\n<p>Warto\u015b\u0107 ko\u0144cowa (TV) jest obliczana za pomoc\u0105 wzoru Gordona na wzrost:<\/p>\n\n<p class=\"formula\">\n  TV = \n    <span class=\"fraction\">\n        <span class=\"top\">Dywidenda<sub>4<\/sub><\/span>\n        <span class=\"bottom\">r<\/span>\n    <\/span> = \n    <span class=\"fraction\">\n        <span class=\"top\">1,50<\/span>\n        <span class=\"bottom\">0,05<\/span>\n    <\/span> = 30,00 \u20ac\n<\/p>\n\n<p>Warto\u015b\u0107 ko\u0144cowa r\u00f3wnie\u017c musi zosta\u0107 zdyskontowana:<\/p>\n\n<p class=\"formula\">\n  Zdyskontowana warto\u015b\u0107 ko\u0144cowa = \n    <span class=\"fraction\">\n        <span class=\"top\">TV<\/span>\n        <span class=\"bottom\">(1 + r)<sup>3<\/sup><\/span>\n    <\/span> = \n    <span class=\"fraction\">\n        <span class=\"top\">30,00<\/span>\n        <span class=\"bottom\">1,157625<\/span>\n    <\/span> = 25,91 \u20ac\n<\/p>\n\n<h4>Ca\u0142kowita warto\u015b\u0107 akcji (suma zdyskontowanych dywidend)<\/h4>\n\n<p class=\"formula\">\n  Warto\u015b\u0107 akcji = D<sub>1<\/sub> + D<sub>2<\/sub> + D<sub>3<\/sub> + Zdyskontowana warto\u015b\u0107 ko\u0144cowa\n<\/p>\n\n<p class=\"formula\">\n  Warto\u015b\u0107 akcji = 0,952 + 1,088 + 1,209 + 25,91 = 29,16 \u20ac\n<\/p>\n\n<p>Obliczona warto\u015b\u0107 akcji wynosi zatem 29,16 \u20ac.<\/p>\n\n\n\n<\/div><\/div>\n\n<h3 class=\"wp-block-heading\">Zalety i wady tej metody<\/h3>\n<style>.kadence-column2032743_04512e-ea > .kt-inside-inner-col{display:flex;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);}.kadence-column2032743_04512e-ea > .kt-inside-inner-col,.kadence-column2032743_04512e-ea > .kt-inside-inner-col:before{border-top-left-radius:15px;border-top-right-radius:15px;border-bottom-right-radius:15px;border-bottom-left-radius:15px;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2032743_04512e-ea > .kt-inside-inner-col{flex-direction:column;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2032743_04512e-ea > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2032743_04512e-ea{position:relative;}.kadence-column2032743_04512e-ea, .kt-inside-inner-col > .kadence-column2032743_04512e-ea:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2032743_04512e-ea > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2032743_04512e-ea > .kt-inside-inner-col{border-top:1px solid var(--global-palette3, #1A202C);border-right:1px solid var(--global-palette3, #1A202C);border-bottom:1px solid var(--global-palette3, #1A202C);border-left:1px solid var(--global-palette3, #1A202C);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2032743_04512e-ea\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_51152c-67:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_51152c-67 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_51152c-67 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_51152c-67 .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_51152c-67 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_51152c-67 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_51152c-67 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_e59636-fb .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_e59636-fb\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Prostota i przejrzysto\u015b\u0107<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_62e1e8-23 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_62e1e8-23\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Procedura uznawana w \u015bwiecie finans\u00f3w<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_e4a520-79 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_e4a520-79\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Oferuje systematyczne i teoretycznie uzasadnione podej\u015bcie <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_df2030-73 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_df2030-73\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-up kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M104 224H24c-13.255 0-24 10.745-24 24v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V248c0-13.255-10.745-24-24-24zM64 472c-13.255 0-24-10.745-24-24s10.745-24 24-24 24 10.745 24 24-10.745 24-24 24zM384 81.452c0 42.416-25.97 66.208-33.277 94.548h101.723c33.397 0 59.397 27.746 59.553 58.098.084 17.938-7.546 37.249-19.439 49.197l-.11.11c9.836 23.337 8.237 56.037-9.308 79.469 8.681 25.895-.069 57.704-16.382 74.757 4.298 17.598 2.244 32.575-6.148 44.632C440.202 511.587 389.616 512 346.839 512l-2.845-.001c-48.287-.017-87.806-17.598-119.56-31.725-15.957-7.099-36.821-15.887-52.651-16.178-6.54-.12-11.783-5.457-11.783-11.998v-213.77c0-3.2 1.282-6.271 3.558-8.521 39.614-39.144 56.648-80.587 89.117-113.111 14.804-14.832 20.188-37.236 25.393-58.902C282.515 39.293 291.817 0 312 0c24 0 72 8 72 81.452z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Oferuje cenne informacje dla inwestor\u00f3w, kt\u00f3rzy chc\u0105 skupi\u0107 si\u0119 na stabilnych przedsi\u0119biorstwach<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2032743_79aa30-69 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2032743_79aa30-69 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:20px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items2032743_79aa30-69 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2032743_7792a1-b9 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_7792a1-b9\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Zale\u017cne od za\u0142o\u017ce\u0144 dotycz\u0105cych przysz\u0142ych dywidend i stopy dyskontowej <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2032743_619579-ef .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2032743_619579-ef\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Inne czynniki zwi\u0119kszaj\u0105ce warto\u015b\u0107, kt\u00f3re nie znajduj\u0105 odzwierciedlenia w dywidendzie, takie jak wysoka lojalno\u015b\u0107 klient\u00f3w, unikalne prawa ochronne i know-how, nie s\u0105 brane pod uwag\u0119. <\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\"><strong>Metody dochodowe w por\u00f3wnaniu z innymi metodami<\/strong><\/h2>\n\n<p>Metoda dochodowa koncentruje si\u0119 na przysz\u0142ych przep\u0142ywach pieni\u0119\u017cnych, a zatem jest zorientowana na przysz\u0142o\u015b\u0107. Jest szczeg\u00f3lnie cenna, je\u015bli chodzi o ocen\u0119 potencja\u0142u wzrostu i trwa\u0142ej rentowno\u015bci przedsi\u0119biorstwa.<\/p>\n\n<p>W przeciwie\u0144stwie do tego, <strong>metoda warto\u015bci substancji<\/strong> mierzy warto\u015b\u0107 przedsi\u0119biorstwa na podstawie jego bie\u017c\u0105cych aktyw\u00f3w pomniejszonych o zobowi\u0105zania. Metoda ta jest cz\u0119sto istotna przy wycenie przedsi\u0119biorstw o du\u017cej intensywno\u015bci aktyw\u00f3w lub w scenariuszach likwidacyjnych. <\/p>\n\n<p>Z kolei <strong>metoda por\u00f3wnawcza<\/strong> wykorzystuje <strong>dane rynkowe<\/strong> do okre\u015blenia warto\u015bci przedsi\u0119biorstwa i por\u00f3wnuje je z niedawno sprzedanymi, podobnymi przedsi\u0119biorstwami. Metoda ta jest silnie uzale\u017cniona od dost\u0119pno\u015bci i por\u00f3wnywalno\u015bci danych rynkowych. (Tutaj NIMBO oferuje <a href=\"https:\/\/www.nimbo.net\/pl\/oblicz-wycene-firmy\">kalkulator wyceny przedsi\u0119biorstwa<\/a>, kt\u00f3ry opiera si\u0119 na aktualnych danych rynkowych dla poszczeg\u00f3lnych kraj\u00f3w).  <\/p>\n\n<p>Metoda <strong>opcji realnych<\/strong> postrzega przedsi\u0119biorstwo z perspektywy przysz\u0142ych opcji strategicznych i jest szczeg\u00f3lnie przydatna w bran\u017cach o du\u017cej niepewno\u015bci i szybkich zmianach.<\/p>\n\n<p>Wreszcie, <strong>podej\u015bcie warto\u015bci likwidacyjnej<\/strong> szacuje kwot\u0119, kt\u00f3r\u0105 w\u0142a\u015bciciele otrzymaliby w przypadku likwidacji przedsi\u0119biorstwa. Podej\u015bcie to jest cz\u0119sto stosowane, gdy przedsi\u0119biorstwa stoj\u0105 w obliczu zamkni\u0119cia i jest silnie zwi\u0105zane z tera\u017aniejszo\u015bci\u0105. <\/p>\n\n<p>Ka\u017cda z tych metod oferuje inne spojrzenie na warto\u015b\u0107 przedsi\u0119biorstwa i mo\u017ce by\u0107 wybrana w zale\u017cno\u015bci od konkretnego kontekstu i celu wyceny.<\/p>\n\n<h2 class=\"wp-block-heading\"><strong>Metody dochodowe w kontek\u015bcie mi\u0119dzynarodowym<\/strong><\/h2>\n\n<p>Na stosowanie metody dochodowej i jej modeli wp\u0142ywaj\u0105 lokalne zwyczaje wyceny i ramy regulacyjne. Spojrzenie na praktyki w r\u00f3\u017cnych krajach pokazuje, jak r\u00f3\u017cnorodne mog\u0105 by\u0107 te podej\u015bcia:<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Europa<\/strong><\/h3>\n\n<p>W <strong>Niemczech<\/strong> uproszczona metoda dochodowa jest preferowan\u0105 metod\u0105, kt\u00f3ra jest szczeg\u00f3lnie stosowana przy wycenie przedsi\u0119biorstw \u015bredniej wielko\u015bci. Podej\u015bcie to jest wspierane przez standardy Instytutu Bieg\u0142ych Rewident\u00f3w. We <strong>W\u0142oszech<\/strong>, <strong>Hiszpanii<\/strong> i <strong>Polsce<\/strong> stosuje si\u0119 podobne metody wyceny, przy czym lokalne GAAPs i wytyczne Unii Europejskiej maj\u0105 wp\u0142yw na konkretne praktyki wyceny. W krajach tych rozpowszechniona jest r\u00f3wnie\u017c metoda DCF, szczeg\u00f3lnie w przypadku wi\u0119kszych, dzia\u0142aj\u0105cych na arenie mi\u0119dzynarodowej przedsi\u0119biorstw.   <\/p>\n\n<p>W <strong>Szwajcarii<\/strong> i <strong>Holandii<\/strong>, z ich silnie zorientowanymi na arenie mi\u0119dzynarodowej gospodarkami, cz\u0119sto dominuje podej\u015bcie DCF, kt\u00f3re jest znane mi\u0119dzynarodowym inwestorom i zgodne z MSSF. W <strong>Szwecji<\/strong> i <strong>Norwegii<\/strong> r\u00f3wnie\u017c mo\u017cna zaobserwowa\u0107 silne preferencje dla DCF, co wynika z przejrzysto\u015bci rynk\u00f3w skandynawskich i dominacji MSSF. <\/p>\n\n<p><strong>Wielka Brytania<\/strong> stosuje podobne standardy wyceny jak USA, z wyra\u017anym sk\u0142onno\u015bci\u0105 do podej\u015bcia DCF. Sprzyja temu zorientowane na rynek spojrzenie i dost\u0119pno\u015b\u0107 szczeg\u00f3\u0142owych informacji finansowych. <\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Ameryka P\u00f3\u0142nocna<\/strong><\/h3>\n\n<p>W <strong>Stanach Zjednoczonych<\/strong> i <strong>Kanadzie<\/strong> DCF jest dominuj\u0105c\u0105 metod\u0105, co jest wspierane przez preferencje dla warto\u015bci dla akcjonariuszy i rozwini\u0119te rynki kapita\u0142owe. US-GAAP i kanadyjskie GAAP zapewniaj\u0105 solidne ramy dla prognozowania przep\u0142yw\u00f3w pieni\u0119\u017cnych i wyceny. <\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Afryka i Bliski Wsch\u00f3d<\/strong><\/h3>\n\n<p>W <strong>Republice Po\u0142udniowej Afryki<\/strong> r\u00f3wnie\u017c stosuje si\u0119 metod\u0119 warto\u015bci dochodowej, przy czym konkretny wyb\u00f3r modelu zale\u017cy od wielko\u015bci i sektora przedsi\u0119biorstwa. Ze wzgl\u0119du na dynamik\u0119 gospodarcz\u0105 i zmienno\u015b\u0107 na niekt\u00f3rych rynkach afryka\u0144skich, uproszczona metoda warto\u015bci dochodowej mo\u017ce by\u0107 tutaj odpowiednia, aby zmniejszy\u0107 ryzyko wyceny. <\/p>\n\n<p>W <strong>Zjednoczonych Emiratach Arabskich<\/strong>, gdzie rynek nieruchomo\u015bci odgrywa du\u017c\u0105 rol\u0119, uproszczona metoda warto\u015bci dochodowej jest szczeg\u00f3lnie rozpowszechniona w wycenie nieruchomo\u015bci, natomiast w sektorze korporacyjnym preferowana jest metoda DCF, aby przyci\u0105gn\u0105\u0107 mi\u0119dzynarodowych inwestor\u00f3w.<\/p>\n\n<h3 class=\"wp-block-heading\"><strong>Oceania<\/strong><\/h3>\n\n<p>W <strong>Australii<\/strong>, z rozwini\u0119tym rynkiem kapita\u0142owym i silnym naciskiem na mi\u0119dzynarodowych inwestor\u00f3w, DCF jest metod\u0105 dominuj\u0105c\u0105, wspieran\u0105 przez stosowanie MSSF.<\/p>\n\n<p>Podsumowuj\u0105c, na rynkach rozwini\u0119tych z siln\u0105 orientacj\u0105 mi\u0119dzynarodow\u0105 i \u0142atwo dost\u0119pnymi informacjami finansowymi, DCF jest metod\u0105 dominuj\u0105c\u0105. Na rynkach, kt\u00f3re charakteryzuj\u0105 si\u0119 silniejszym skupieniem na ma\u0142ych i \u015brednich przedsi\u0119biorstwach oraz lokalnych inwestycjach, uproszczona metoda warto\u015bci dochodowej znajduje cz\u0119stsze zastosowanie. Konkretne modele stosowane w poszczeg\u00f3lnych krajach odzwierciedlaj\u0105 wymagania lokalnych i mi\u0119dzynarodowych inwestor\u00f3w i s\u0105 zale\u017cne od odpowiednich warunk\u00f3w regulacyjnych i specyficznych dla danego rynku.<\/p>\n\n<p>Przegl\u0105d <a href=\"https:\/\/www.nimbo.net\/pl\/bewertungsmethoden-2\">najwa\u017cniejszych metod<\/a> wyceny przedsi\u0119biorstw <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jak dzia\u0142aj\u0105 metody dochodowe? W du\u017cym uproszczeniu, metoda dochodowa polega na tym, \u017ce Daje to dzisiejsz\u0105 warto\u015b\u0107 przedsi\u0119biorstwa zgodnie z metod\u0105 dochodow\u0105. Stopa dyskontowa uwzgl\u0119dnia moment uzyskania przychod\u00f3w w przysz\u0142o\u015bci oraz specyficzne ryzyko inwestycji. R\u00f3\u017cne podej\u015bcia do metod dochodowych Istniej\u0105 r\u00f3\u017cne modele w ramach metody dochodowej. Modele te r\u00f3\u017cni\u0105 si\u0119 pod wzgl\u0119dem przep\u0142yw\u00f3w pieni\u0119\u017cnych, kt\u00f3re&#8230;<\/p>\n","protected":false},"author":1003,"featured_media":2042632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[400060],"tags":[],"class_list":["post-2037044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-kategorii"],"taxonomy_info":{"category":[{"value":400060,"label":"Bez kategorii"}]},"featured_image_src_large":["https:\/\/www.nimbo.net\/wp-content\/uploads\/2023\/11\/Design-ohne-Titel-1.png",1024,1024,false],"author_info":{"display_name":"Marc Uhlmann","author_link":"https:\/\/www.nimbo.net\/pl\/author\/marc"},"comment_info":0,"category_info":[{"term_id":400060,"name":"Bez kategorii","slug":"bez-kategorii","term_group":0,"term_taxonomy_id":2000060,"taxonomy":"category","description":"","parent":0,"count":25,"filter":"raw","cat_ID":400060,"category_count":25,"category_description":"","cat_name":"Bez kategorii","category_nicename":"bez-kategorii","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/posts\/2037044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/users\/1003"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/comments?post=2037044"}],"version-history":[{"count":0,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/posts\/2037044\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/media\/2042632"}],"wp:attachment":[{"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/media?parent=2037044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/categories?post=2037044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/tags?post=2037044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}