{"id":2042863,"date":"2024-06-04T13:36:40","date_gmt":"2024-06-04T13:36:40","guid":{"rendered":"https:\/\/www.nimbo.net\/unternehmenswert-3-mal-ebitda"},"modified":"2025-09-04T11:24:58","modified_gmt":"2025-09-04T11:24:58","slug":"wartosc-firmy-3-razy-ebitda","status":"publish","type":"post","link":"https:\/\/www.nimbo.net\/pl\/wartosc-firmy-3-razy-ebitda","title":{"rendered":"3x EBITDA = warto\u015b\u0107 przedsi\u0119biorstwa?"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Czym jest metoda 3x EBITDA?<\/h2>\n\n<p>Metoda 3-krotnego EBITDA to bardzo uproszczona forma wyceny firmy. Oznacza to: <\/p>\n\n<p><strong>Warto\u015b\u0107 firmy uzyskasz, mno\u017c\u0105c jej EBITDA przez 3. <\/strong><\/p>\n\n<h2 class=\"wp-block-heading\">Jak oblicza si\u0119 EBITDA?<\/h2>\n<style>.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{border-left:4px solid var(--global-palette2, #2B6CB0);}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col,.kadence-column2042745_3672c1-90 > .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-column2042745_3672c1-90 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{flex-direction:column;}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{background-color:rgba(109, 142, 42, 0.1);}.kadence-column2042745_3672c1-90 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2042745_3672c1-90{position:relative;}@media all and (max-width: 1024px){.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{border-left:4px solid var(--global-palette2, #2B6CB0);flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column2042745_3672c1-90 > .kt-inside-inner-col{padding-right:var(--global-kb-spacing-md, 2rem);padding-left:var(--global-kb-spacing-md, 2rem);border-left:4px solid var(--global-palette2, #2B6CB0);flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column2042745_3672c1-90 inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d, .wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"]{margin-bottom:var(--global-kb-spacing-xxs, 0.5rem);font-style:normal;font-family:var( --global-heading-font-family, inherit );text-transform:none;}.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"]{display:flex;gap:0.25em;align-items:baseline;}.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"] .kb-adv-heading-icon svg{width:1em;height:1em;}.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"] .kb-adv-heading-icon{font-size:22px;padding-right:5px;}.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"] mark.kt-highlight{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;}.wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading2042745_e90ce1-2d[data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style><h4 class=\"kt-adv-heading2042745_e90ce1-2d wp-block-kadence-advancedheading kt-adv-heading-has-icon has-theme-palette2-color has-text-color\" data-kb-block=\"kb-adv-heading2042745_e90ce1-2d\"><span class=\"kb-svg-icon-wrap kb-adv-heading-icon kb-svg-icon-ic_clipboard kb-adv-heading-icon-side-left\"><svg viewBox=\"0 0 8 8\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M3.5 0c-.28 0-.5.22-.5.5v.5h-.75c-.14 0-.25.11-.25.25v.75h3v-.75c0-.14-.11-.25-.25-.25h-.75v-.5c0-.28-.22-.5-.5-.5zm-3.25 1c-.14 0-.25.11-.25.25v6.5c0 .14.11.25.25.25h6.5c.14 0 .25-.11.25-.25v-6.5c0-.14-.11-.25-.25-.25h-.75v2h-5v-2h-.75z\"\/><\/svg><\/span><span class=\"kb-adv-text-inner\">Oto jak uzyskasz warto\u015b\u0107: <\/span><\/h4>\n\n\n<figure class=\"wp-block-table is-style-regular\" style=\"margin-top:0;margin-bottom:0\"><table class=\"has-fixed-layout\" style=\"border-width:1px\"><tbody><tr><td><strong>Roczny zysk lub strata<\/strong><\/td><\/tr><tr><td>+ Koszty podatkowe<\/td><\/tr><tr><td>&#8211; Zwroty podatk\u00f3w<\/td><\/tr><tr><td>+ Koszty odsetek<\/td><\/tr><tr><td>&#8211; Przychody z odsetek<\/td><\/tr><tr><td>&#8211; Korekty<\/td><\/tr><tr><td>= <strong>EBIT<\/strong> (zysk przed opodatkowaniem i odsetkami)<\/td><\/tr><tr><td>+ Amortyzacja rzeczowych aktyw\u00f3w trwa\u0142ych<\/td><\/tr><tr><td>+ Amortyzacja warto\u015bci niematerialnych i prawnych<\/td><\/tr><tr><td>= <strong>EBITDA<\/strong> (zysk przed odsetkami, opodatkowaniem, deprecjacj\u0105 i amortyzacj\u0105)<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\">Dlaczego EBITDA?<\/h2>\n\n<p>Wska\u017anik <strong>EBITDA<\/strong> daje dobry wgl\u0105d w rentowno\u015b\u0107 firmy, niezale\u017cnie od koszt\u00f3w finansowania, podatk\u00f3w i amortyzacji.<\/p>\n\n<h2 class=\"wp-block-heading\">Czy 3 to na pewno odpowiedni mno\u017cnik?<\/h2>\n\n<p>Nie. Celem metody mno\u017cnikowej jest por\u00f3wnanie si\u0119 z podobn\u0105 firm\u0105. Dwa g\u0142\u00f3wne czynniki wp\u0142ywaj\u0105ce na mno\u017cnik to bran\u017ca i wielko\u015b\u0107 firmy. Zapoznaj si\u0119 z comiesi\u0119cznie aktualizowan\u0105 <a href=\"https:\/\/www.nimbo.net\/pl\/mnozniki-wyceny\">stron\u0105 przegl\u0105dow\u0105 mno\u017cnik\u00f3w<\/a>. Jednak tak zwane mi\u0119kkie czynniki, takie jak zale\u017cno\u015b\u0107 firmy od obecnego w\u0142a\u015bciciela, wyj\u0105tkowo pozytywne perspektywy wzrostu, pozycja rynkowa itp., lub szczeg\u00f3lne czynniki ryzyka, takie jak na przyk\u0142ad gro\u017c\u0105cy sp\u00f3r prawny, mog\u0105 wymaga\u0107 dostosowania mno\u017cnika.    <\/p>\n\n<h2 class=\"wp-block-heading\">Zalety i wady metody 3x EBITDA<\/h2>\n<style>.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col{display:flex;}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col{padding-top:15px;padding-right:15px;padding-bottom:15px;padding-left:15px;}.kadence-column2042745_5f56a5-bc > .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-column2042745_5f56a5-bc > .kt-inside-inner-col,.kadence-column2042745_5f56a5-bc > .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-column2042745_5f56a5-bc > .kt-inside-inner-col{row-gap:var(--global-kb-gap-none, 0rem );column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col{flex-direction:column;}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column2042745_5f56a5-bc > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column2042745_5f56a5-bc{position:relative;}.kadence-column2042745_5f56a5-bc, .kt-inside-inner-col > .kadence-column2042745_5f56a5-bc:not(.specificity){margin-top:20px;margin-bottom:20px;}@media all and (max-width: 1024px){.kadence-column2042745_5f56a5-bc > .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-column2042745_5f56a5-bc > .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-column2042745_5f56a5-bc\"><div class=\"kt-inside-inner-col\">\n<p><strong>Zalety i wady metody mno\u017cnikowej:<\/strong><\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_8a1fe2-2c:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_8a1fe2-2c 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-items2042745_8a1fe2-2c ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_8a1fe2-2c .kb-svg-icon-wrap{font-size:22px;color:var(--global-palette2, #2B6CB0);}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_8a1fe2-2c ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2042745_8a1fe2-2c 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-items2042745_8a1fe2-2c kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2042745_6dd175-a8 .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-2042745_6dd175-a8\"><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 obliczenia i szybka por\u00f3wnywalno\u015b\u0107 mi\u0119dzy r\u00f3\u017cnymi firmami w tej samej bran\u017cy.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_40b712-13 .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-2042745_40b712-13\"><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\">Skupia si\u0119 na wynikach operacyjnych, daj\u0105c jasny obraz efektywno\u015bci operacyjnej firmy. Ta metoda ignoruje struktur\u0119 kapita\u0142ow\u0105 i r\u00f3\u017cnice podatkowe, kt\u00f3re mog\u0105 si\u0119 r\u00f3\u017cni\u0107 mi\u0119dzy firmami, koncentruj\u0105c si\u0119 zamiast tego na podstawowej dzia\u0142alno\u015bci. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_89111d-e7 .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-2042745_89111d-e7\"><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\">Elastyczno\u015b\u0107 w zastosowaniu: Metod\u0119 mo\u017cna \u0142atwo dostosowa\u0107, zmieniaj\u0105c mno\u017cnik, aby uwzgl\u0119dni\u0107 specyficzne standardy bran\u017cowe lub warunki rynkowe.<\/span><\/li>\n<\/ul><\/div>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_09aa1b-78:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_09aa1b-78 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-items2042745_09aa1b-78 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_09aa1b-78 .kb-svg-icon-wrap{font-size:22px;color:#b9431c;}.wp-block-kadence-iconlist.kt-svg-icon-list-items2042745_09aa1b-78 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items2042745_09aa1b-78 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-items2042745_09aa1b-78 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><style>.kt-svg-icon-list-item-2042745_5de795-ac .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_5de795-ac\"><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\">Standardowy mno\u017cnik trzy mo\u017ce nie odpowiada\u0107 indywidualnym okoliczno\u015bciom firmy lub jej bran\u017cy.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_45a980-9f .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-2042745_45a980-9f\"><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\">Uproszczenie i generalizacja: Wiele czynnik\u00f3w, kt\u00f3re r\u00f3wnie\u017c mog\u0105 wp\u0142ywa\u0107 na warto\u015b\u0107 firmy, jest ignorowanych. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_306267-a1 .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-2042745_306267-a1\"><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\">Ignoruje struktur\u0119 kapita\u0142ow\u0105, czyli nie bierze pod uwag\u0119 wysoko\u015bci zad\u0142u\u017cenia. Wysokie zad\u0142u\u017cenie stanowi wi\u0119ksze ryzyko ze wzgl\u0119du na koszty odsetek i zobowi\u0105zania sp\u0142aty.  <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_d3a52a-4b .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-2042745_d3a52a-4b\"><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\">Pomija inwestycje i mo\u017cliwo\u015bci wzrostu: Firmy, kt\u00f3re mocno inwestuj\u0105 w rozw\u00f3j, mog\u0105 mie\u0107 ni\u017csze bie\u017c\u0105ce EBITDA, ale mog\u0105 mie\u0107 znaczny potencja\u0142 na przysz\u0142o\u015b\u0107. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_7e01bd-9d .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_7e01bd-9d\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Brak uwzgl\u0119dnienia zobowi\u0105za\u0144 podatkowych: Podatki s\u0105 znacz\u0105cym czynnikiem kosztowym dla firm. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_f7a75d-8d .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-2042745_f7a75d-8d\"><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\">Zaniedbanie amortyzacji: Amortyzacja jest wa\u017cnym wska\u017anikiem stanu i warto\u015bci aktyw\u00f3w firmy. <\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_835da0-f3 .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-2042745_835da0-f3\"><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\">Nieodpowiednia dla niekt\u00f3rych bran\u017c: Metoda 3x EBITDA nie nadaje si\u0119 szczeg\u00f3lnie dla bran\u017c o wysokich inwestycjach kapita\u0142owych, wysokiej amortyzacji lub zmiennych przychodach.<\/span><\/li>\n\n\n<style>.kt-svg-icon-list-item-2042745_1749e5-77 .kt-svg-icon-list-text mark.kt-highlight{background-color:unset;font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}<\/style>\n<li class=\"wp-block-kadence-listitem kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2042745_1749e5-77\"><span class=\"kb-svg-icon-wrap kb-svg-icon-fas_thumbs-down kt-svg-icon-list-single\"><svg viewBox=\"0 0 512 512\"  fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"  aria-hidden=\"true\"><path d=\"M0 56v240c0 13.255 10.745 24 24 24h80c13.255 0 24-10.745 24-24V56c0-13.255-10.745-24-24-24H24C10.745 32 0 42.745 0 56zm40 200c0-13.255 10.745-24 24-24s24 10.745 24 24-10.745 24-24 24-24-10.745-24-24zm272 256c-20.183 0-29.485-39.293-33.931-57.795-5.206-21.666-10.589-44.07-25.393-58.902-32.469-32.524-49.503-73.967-89.117-113.111a11.98 11.98 0 0 1-3.558-8.521V59.901c0-6.541 5.243-11.878 11.783-11.998 15.831-.29 36.694-9.079 52.651-16.178C256.189 17.598 295.709.017 343.995 0h2.844c42.777 0 93.363.413 113.774 29.737 8.392 12.057 10.446 27.034 6.148 44.632 16.312 17.053 25.063 48.863 16.382 74.757 17.544 23.432 19.143 56.132 9.308 79.469l.11.11c11.893 11.949 19.523 31.259 19.439 49.197-.156 30.352-26.157 58.098-59.553 58.098H350.723C358.03 364.34 384 388.132 384 430.548 384 504 336 512 312 512z\"\/><\/svg><\/span><span class=\"kt-svg-icon-list-text\">Potencjalne b\u0142\u0119dne interpretacje przep\u0142yw\u00f3w pieni\u0119\u017cnych: EBITDA jest cz\u0119sto u\u017cywana jako zamiennik dla operacyjnych przep\u0142yw\u00f3w pieni\u0119\u017cnych, mimo \u017ce nie odzwierciedla rzeczywistych przep\u0142yw\u00f3w pieni\u0119\u017cnych firmy. Mo\u017ce to prowadzi\u0107 do b\u0142\u0119dnych ocen p\u0142ynno\u015bci i elastyczno\u015bci finansowej. <\/span><\/li>\n<\/ul><\/div>\n<\/div><\/div>\n\n<h2 class=\"wp-block-heading\">Dla jakich bran\u017c metoda 3x EBITDA jest odpowiednia? Dla jakich nie?  <\/h2>\n\n<p>Metoda &#8220;3x EBITDA = warto\u015b\u0107 przedsi\u0119biorstwa&#8221; dobrze sprawdza si\u0119 w dojrza\u0142ych, stabilnych bran\u017cach z przewidywalnymi przep\u0142ywami pieni\u0119\u017cnymi, takich jak dobra konsumpcyjne, handel, telekomunikacja, produkcja przemys\u0142owa i przedsi\u0119biorstwa u\u017cyteczno\u015bci publicznej. Jest mniej odpowiednia dla bran\u017c zmiennych lub wysoce cyklicznych, takich jak technologia, surowce, budownictwo i us\u0142ugi finansowe, poniewa\u017c bran\u017ce te cz\u0119sto charakteryzuj\u0105 si\u0119 nieprzewidywalnymi przychodami i du\u017cymi wahaniami. Dla startup\u00f3w og\u00f3lnie ta metoda jest raczej nieodpowiednia.  <\/p>\n\n<p>Metoda &#8220;3x EBITDA = warto\u015b\u0107 przedsi\u0119biorstwa&#8221; mo\u017ce by\u0107 przydatna jako szybka i prosta regu\u0142a wyceny, ale ma znacz\u0105ce ograniczenia. Jej zastosowanie powinno by\u0107 starannie przemy\u015blane i uzupe\u0142nione innymi metodami wyceny, aby uzyska\u0107 pe\u0142niejszy obraz warto\u015bci firmy. <\/p>\n\n<p><\/p>\n\n<h2 class=\"wp-block-heading\">Jakie inne regu\u0142y kciuka istniej\u0105? <\/h2>\n\n<ol class=\"wp-block-list\">\n<li>W zale\u017cno\u015bci od bran\u017cy, podej\u015bcie <a href=\"https:\/\/www.nimbo.net\/pl\/wartosc-firmy-3-krotnosc-obrotu\">3x przych\u00f3d<\/a> = warto\u015b\u0107 przedsi\u0119biorstwa lub <a href=\"https:\/\/www.nimbo.net\/pl\/logika-wyceny-firmy-3x-zysk\">3x zysk<\/a> = warto\u015b\u0107 przedsi\u0119biorstwa mo\u017ce by\u0107 r\u00f3wnie\u017c sensowne. Szczeg\u00f3\u0142y na ten temat znajdziesz w odpowiednich wpisach na blogu.  <\/li>\n\n\n\n<li>Oblicz \u015bredni\u0105 EBIT (zysku przed opodatkowaniem i odsetkami) z ostatnich trzech lat. Pomn\u00f3\u017c to przez wsp\u00f3\u0142czynnik od 4 (niska warto\u015b\u0107) do 6 (wysoka warto\u015b\u0107). Odejmij d\u0142ugi firmy od obu wynik\u00f3w. Otrzymasz przedzia\u0142, w kt\u00f3rym mniej wi\u0119cej mie\u015bci si\u0119 warto\u015b\u0107 Twojego przedsi\u0119biorstwa.<\/li>\n\n\n\n<li>Zastan\u00f3w si\u0119, jak\u0105 kwot\u0119 nabywca m\u00f3g\u0142by wycofa\u0107 z firmy w nadchodz\u0105cych latach. Ustal cen\u0119 tak, aby mog\u0142a ona zamortyzowa\u0107 cen\u0119 zakupu w ci\u0105gu 4 do 7 lat.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Czym jest metoda 3x EBITDA? Metoda 3-krotnego EBITDA to bardzo uproszczona forma wyceny firmy. Oznacza to: Warto\u015b\u0107 firmy uzyskasz, mno\u017c\u0105c jej EBITDA przez 3. Jak oblicza si\u0119 EBITDA? Oto jak uzyskasz warto\u015b\u0107: Roczny zysk lub strata + Koszty podatkowe &#8211; Zwroty podatk\u00f3w + Koszty odsetek &#8211; Przychody z odsetek &#8211; Korekty = EBIT (zysk przed&#8230;<\/p>\n","protected":false},"author":2,"featured_media":2042753,"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":[400167,400168],"class_list":["post-2042863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-kategorii","tag-ebitda-pl","tag-unternehmenswert-pl"],"taxonomy_info":{"category":[{"value":400060,"label":"Bez kategorii"}],"post_tag":[{"value":400167,"label":"EBITDA"},{"value":400168,"label":"Unternehmenswert"}]},"featured_image_src_large":["https:\/\/www.nimbo.net\/wp-content\/uploads\/2024\/05\/9b9373e5-8c0c-4c03-b9a0-cbd3d3e6da9e.png",1024,1024,false],"author_info":{"display_name":"Bettina Pfeiffer","author_link":"https:\/\/www.nimbo.net\/pl\/author\/bettina"},"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":[{"term_id":400167,"name":"EBITDA","slug":"ebitda-pl","term_group":0,"term_taxonomy_id":2000167,"taxonomy":"post_tag","description":"","parent":0,"count":1,"filter":"raw"},{"term_id":400168,"name":"Unternehmenswert","slug":"unternehmenswert-pl","term_group":0,"term_taxonomy_id":2000168,"taxonomy":"post_tag","description":"","parent":0,"count":2,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/posts\/2042863","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/comments?post=2042863"}],"version-history":[{"count":0,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/posts\/2042863\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/media\/2042753"}],"wp:attachment":[{"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/media?parent=2042863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/categories?post=2042863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nimbo.net\/pl\/wp-json\/wp\/v2\/tags?post=2042863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}