{"id":2927,"date":"2024-02-04T16:51:51","date_gmt":"2024-02-04T16:51:51","guid":{"rendered":"https:\/\/www.stochrone.com\/?p=2927"},"modified":"2024-06-14T08:06:33","modified_gmt":"2024-06-14T07:06:33","slug":"a-cegertekeles-3-modszere-egyszeruen","status":"publish","type":"post","link":"https:\/\/www.stochrone.com\/en\/a-cegertekeles-3-modszere-egyszeruen\/","title":{"rendered":"A c\u00e9g\u00e9rt\u00e9kel\u00e9s 3 m\u00f3dszere egyszer\u0171en \u2013 Hogyan sz\u00e1m\u00edthat\u00f3 a c\u00e9g\u00e9rt\u00e9k?"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"2927\" class=\"elementor elementor-2927\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1177251 elementor-section-full_width elementor-section-height-default elementor-section-height-default\" 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class=\"elementor-widget-container\">\n\t\t\t<div class=\"ekit-wid-con\" >\t\t<div class=\"ekit-btn-wraper\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.stochrone.com\/en\/kapcsolat\/\" class=\"elementskit-btn  whitespace--normal\" >\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\tContact\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n        <\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6302444 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6302444\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ca63be4\" data-id=\"ca63be4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5ceeb12 elementor-widget elementor-widget-heading\" data-id=\"5ceeb12\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">A c\u00e9g\u00e9rt\u00e9kel\u00e9s 3 m\u00f3dszere egyszer\u0171en \u2013 Hogyan sz\u00e1m\u00edthat\u00f3 a c\u00e9g\u00e9rt\u00e9k?<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c2487d6 elementor-widget elementor-widget-text-editor\" data-id=\"c2487d6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><span style=\"color: #000000;\">Sz\u00e1mos blogposzt sz\u00e1mol be a c\u00e9g\u00e9rt\u00e9kel\u00e9s, a c\u00e9g\u00e9rt\u00e9k sz\u00e1m\u00edt\u00e1s lehets\u00e9ges megk\u00f6zel\u00edt\u00e9seir\u0151l, azonban kev\u00e9s f\u00f3kusz\u00e1l a m\u00f3dszertanok magyar\u00e1zat\u00e1ra, a fontos \u00f6sszef\u00fcgg\u00e9sekre. Cikk\u00fcnkben bemutatjuk, mi\u00e9rt haszn\u00e1land\u00f3 egy-egy megk\u00f6zel\u00edt\u00e9s, mik a c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszerek alapjai.<\/span><\/p>\n<h2><span style=\"color: #000000;\"><strong>J\u00f6vedelem alap\u00fa c\u00e9g\u00e9rt\u00e9kel\u00e9s <\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">A j\u00f6vedelem alap\u00fa, hivatalosan diszkont\u00e1lt cashflow (DCF) n\u00e9vre hallgat\u00f3 c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszer a legsz\u00e9lesebb k\u00f6rben alkalmazott \u00e9s elfogadott megk\u00f6zel\u00edt\u00e9s.<\/span><\/p>\n<blockquote>\n<p><span style=\"color: #000000;\"><strong><span style=\"color: #0000ff;\">\u201e<\/span><\/strong>Ma annyi\u00e9rt \u00e9r a c\u00e9g, amennyi profitot a j\u00f6v\u0151ben termelni fog, viszont sz\u00fcks\u00e9ges a j\u00f6v\u0151h\u00f6z kapcsol\u00f3d\u00f3 bizonytalans\u00e1gokat figyelembe venni \u00e9s valamelyest kiigaz\u00edtani ezt az \u00f6sszeget.<span style=\"color: #0000ff;\"><strong>\u201d<\/strong><\/span><\/span><\/p>\n<\/blockquote>\n<p><span style=\"color: #000000;\">A diszkont\u00e1lt cashflow m\u00f3dszertan a c\u00e9g\u00e9rt\u00e9ket a profit termel\u0151 k\u00e9pess\u00e9ge \u00e9s az ehhez kapcsol\u00f3d\u00f3 kock\u00e1zatok, illetve a p\u00e9nz id\u0151\u00e9rt\u00e9k\u00e9nek (<a href=\"https:\/\/www.stochrone.com\/en\/10-millio-ma-vagy-10-millio-holnap-a-penz-idoerteke\/\">err\u0151l r\u00e9szletesebben itt \u00edrtunk<\/a>) figyelembev\u00e9tel\u00e9vel hat\u00e1rozza meg.<\/span><\/p>\n<p><span style=\"color: #000000;\">Leegyszer\u0171s\u00edtve, a DCF m\u00f6g\u00f6tt az a logika, \u00fagy k\u00f6zel\u00edti meg a c\u00e9g\u00e9rt\u00e9ket, hogy ha van egy c\u00e9g\u00fcnk, ami \u00e9vente kisz\u00e1m\u00edthat\u00f3an X milli\u00f3 Forint profitot termel \u00e9s eladjuk ezt a c\u00e9get, akkor az \u00e9ves X milli\u00f3 profitot az \u00faj tulajdonosnak fogja majd termelni, teh\u00e1t a c\u00e9g\u00e9rt\u00e9k egy olyan egyszeri \u00f6sszeg, ami\u00e9rt lemondunk a j\u00f6v\u0151beli profitokr\u00f3l. Logikusan ez az egyszeri \u00f6sszeg annyi, amennyit sz\u00e1munkra is termelne a c\u00e9g, viszont ezt sz\u00fcks\u00e9ges valamelyest kiigaz\u00edtani a j\u00f6v\u0151h\u00f6z kapcsol\u00f3d\u00f3 bizonytalans\u00e1gok, \u00fczleti kock\u00e1zatok, illetve a p\u00e9nz id\u0151\u00e9rt\u00e9ke miatt. (<a href=\"https:\/\/www.stochrone.com\/en\/reszletesen-a-jovedelemalapu-diszkontalt-cashflow-dcf-cegertekelesrol\/\">r\u00e9szletesen itt \u00edrtunk a DCF c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszerr\u0151l.<\/a>)<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/jovedelem-alapu-cegertekeles-300x115.png\" alt=\"jovedelemalapu-cegertekeles\" width=\"650\" height=\"249\" class=\"aligncenter wp-image-2930\" srcset=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/jovedelem-alapu-cegertekeles-300x115.png 300w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/jovedelem-alapu-cegertekeles-1024x392.png 1024w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/jovedelem-alapu-cegertekeles-768x294.png 768w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/jovedelem-alapu-cegertekeles-1536x588.png 1536w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/jovedelem-alapu-cegertekeles.png 1560w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><\/p>\n<p><span style=\"color: #000000;\">El\u0151nye, hogy a t\u00f6bbi c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszerhez k\u00e9pest ez a legink\u00e1bb szem\u00e9lyre szabhat\u00f3. Nem a m\u00faltbeli teljes\u00edtm\u00e9nyen alapszik, hanem a c\u00e9g j\u00f6v\u0151beli kil\u00e1t\u00e1saira alapozza a c\u00e9g\u00e9rt\u00e9ket. Emellett ez a c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszertan a legalkalmasabb arra, hogy az \u00e9rt\u00e9kelend\u0151 c\u00e9g egyedis\u00e9ge (pl. az ipar\u00e1gin\u00e1l gyorsabb n\u00f6veked\u00e9s, alacsony k\u00f6lts\u00e9gszint, beruh\u00e1z\u00e1sok gyors megt\u00e9r\u00fcl\u00e9se) a legink\u00e1bb megmutatkozzon a c\u00e9g\u00e9rt\u00e9kben. Szint\u00e9n kiemelj\u00fck, hogy a j\u00f6vedelemalap\u00fa \u00e9rt\u00e9kel\u00e9s alapj\u00e1t egy r\u00e9szletes \u00fczleti terv kell, hogy k\u00e9pezze, amely a c\u00e9g\u00e9rt\u00e9k mellett tov\u00e1bbi hasznos p\u00e9nz\u00fcgyi t\u00e1mpontokat ad a c\u00e9g tulajdonos\u00e1nak strat\u00e9giai d\u00f6nt\u00e9sek meghozatal\u00e1ban (pl. esetleges likvidit\u00e1si probl\u00e9m\u00e1k, k\u00f6lts\u00e9gszintek alakul\u00e1sa, hat\u00e9konys\u00e1gn\u00f6vel\u00e9si lehet\u0151s\u00e9gek). A j\u00f6vedelemalap\u00fa \u00e9rt\u00e9kel\u00e9s elv\u00e9gz\u00e9s\u00e9vel lehet\u0151s\u00e9g ny\u00edlik t\u00f6bbf\u00e9le szcen\u00e1ri\u00f3 vizsg\u00e1l\u00e1s\u00e1ra is, \u00edgy bemutathat\u00f3, hogy mennyi lenne a c\u00e9g\u00e9rt\u00e9k, ha egy esetleges k\u00f6lts\u00e9ghat\u00e9konys\u00e1g-n\u00f6veked\u00e9s ut\u00e1n a jelenlegi profit k\u00e9tszeres\u00e9t vagy adott esetben a csak jelenlegi profit fel\u00e9t termeln\u00e9 a c\u00e9g.<\/span><\/p>\n<p><span style=\"color: #000000;\">H\u00e1tr\u00e1nya, hogy elk\u00e9sz\u00edt\u00e9se id\u0151ig\u00e9nyes \u00e9s az el\u0151rejelz\u00e9sekhez bizonytalans\u00e1g kapcsol\u00f3dik, ez\u00e9rt kulcsfontoss\u00e1g\u00fa az \u00e9rt\u00e9kel\u00e9st v\u00e9gz\u0151 szakember felk\u00e9sz\u00fclts\u00e9ge.<\/span><\/p>\n<h2><span style=\"color: #000000;\"><strong>\u00d6sszehasonl\u00edt\u00f3 szorz\u00f3sz\u00e1mos c\u00e9g\u00e9rt\u00e9kel\u00e9s<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000;\">Az \u00f6sszehasonl\u00edt\u00f3 szorz\u00f3sz\u00e1mos c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszer (\u201eMultiples valuation\u201d), a DCF megk\u00f6zel\u00edt\u00e9s mellett a m\u00e1sik leggyakrabban alkalmazott m\u00f3dszertan. N\u00e9pszer\u0171s\u00e9g\u00e9nek oka, hogy k\u00f6nnyen \u00e9s gyorsan elv\u00e9gezhet\u0151, azonban sz\u00e1mos esetben vitathat\u00f3, hogy meg tudja-e ragadni a c\u00e9g egyedi tulajdons\u00e1gait, el\u0151nyeit \u00e9s n\u00f6veked\u00e9si kil\u00e1t\u00e1sait. &nbsp;<\/span><\/p>\n<blockquote>\n<p><span style=\"color: #000000;\"><strong><span style=\"color: #0000ff;\">\u201e<\/span><\/strong>Ha egy versenyt\u00e1rsunk a mi c\u00e9g\u00fcnkh\u00f6z hasonl\u00f3 \u00fczleti \u00e9s p\u00e9nz\u00fcgyi eredm\u00e9nyek mellett 500 milli\u00f3 forint\u00e9rt adta el a c\u00e9g\u00e9t, akkor a mi c\u00e9g\u00fcnk is 500 milli\u00f3t \u00e9r.<span style=\"color: #0000ff;\"><strong>\u201d<\/strong><\/span><\/span><\/p>\n<\/blockquote>\n<p><span style=\"color: #000000;\">Ak\u00e1r az ingatlan\u00e9rt\u00e9kel\u00e9sn\u00e9l, a szorz\u00f3sz\u00e1mos c\u00e9g\u00e9rt\u00e9k sz\u00e1m\u00edt\u00e1s alapja is az \u00f6sszehasonl\u00edt\u00e1s. A m\u00f3dszertan abb\u00f3l indul ki, hogy a piac hat\u00e9konyan \u00e1raz hasonl\u00f3 befektet\u00e9si lehet\u0151s\u00e9geket, ez\u00e9rt a saj\u00e1t c\u00e9g\u00fcnk \u00e9rt\u00e9k\u00e9t is a piaci \u00e1raz\u00e1shoz m\u00e9rten \u00e9rdemes meghat\u00e1rozni.<\/span><\/p>\n<p><span style=\"color: #000000;\">A szorz\u00f3sz\u00e1mos c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszer egy c\u00e9g \u00e9rt\u00e9k\u00e9t m\u00e1s c\u00e9gek p\u00e9nz\u00fcgyi eredm\u00e9ny\u00e9vel \u00e9s c\u00e9g\u00e9rt\u00e9k\u00e9vel \u00f6sszehasonl\u00edtva hat\u00e1rozza meg. Azt vizsg\u00e1lja, hogy az \u00e9rt\u00e9kelend\u0151 t\u00e1rsas\u00e1ghoz hasonl\u00f3 c\u00e9geknek a p\u00e9nz\u00fcgyi eredm\u00e9ny\u00fckh\u00f6z k\u00e9pest h\u00e1nyszorosa a c\u00e9g\u00e9rt\u00e9k\u00fck. Ezt h\u00edvjuk szorz\u00f3sz\u00e1mnak, vagy eredm\u00e9nyszorz\u00f3nak. (Ha p\u00e9ld\u00e1ul adott egy c\u00e9g, amelynek 100 milli\u00f3 Forint az \u00e9ves \u00fczemi eredm\u00e9nye, a c\u00e9g\u00e9rt\u00e9ke pedig 500 milli\u00f3 Forint, akkor egy 5x \u00fczemi eredm\u00e9ny szorz\u00f3r\u00f3l besz\u00e9l\u00fcnk.) Az \u00e9rt\u00e9kel\u00e9shez haszn\u00e1lt szorz\u00f3sz\u00e1m alapjak\u00e9nt leggyakrabban EBITDA (leegyszer\u0171s\u00edtve \u00fczemi eredm\u00e9ny + \u00e9rt\u00e9kcs\u00f6kken\u00e9s), EBIT (\u00fczemi eredm\u00e9ny), \u00e1rbev\u00e9tel \u00e9s ad\u00f3zott eredm\u00e9ny haszn\u00e1lata a megszokott.<\/span><\/p>\n<p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/szorzoszamos-cegertekeles.png\" alt=\"szorzoszamos-cegertekeles\" width=\"656\" height=\"422\" class=\"aligncenter wp-image-2931 size-full\" srcset=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/szorzoszamos-cegertekeles.png 656w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/szorzoszamos-cegertekeles-300x193.png 300w\" sizes=\"(max-width: 656px) 100vw, 656px\" \/><\/p>\n<p><span style=\"color: #000000;\">Az \u00e9rt\u00e9kel\u00e9s sor\u00e1n els\u0151 l\u00e9p\u00e9sk\u00e9nt olyan hasonl\u00f3 t\u00e1rsas\u00e1gokat gy\u0171jt\u00fcnk \u00f6ssze (szakzsargonban peer-group), amelyek c\u00e9g\u00e9rt\u00e9ke l\u00e1that\u00f3. Bel\u0151l\u00fck k\u00e9pz\u0151dik az \u00f6sszehasonl\u00edt\u00e1si alap. Honnan gy\u0171jthet\u0151ek ilyen c\u00e9gek? Erre k\u00e9t lehet\u0151s\u00e9g k\u00edn\u00e1lkozik. Egyik a nyilv\u00e1nos piac, amely a t\u0151zsd\u00e9n kereskedett r\u00e9szv\u00e9nyt\u00e1rsas\u00e1gokat jelenti. Ezeknek a c\u00e9geknek a pillanatnyi r\u00e9szv\u00e9ny\u00e1r\u00e1n \u00e9s a negyed\u00e9vente k\u00f6zz\u00e9tett p\u00e9nz\u00fcgyi eredm\u00e9nyeik alapj\u00e1n k\u00f6nnyen meghat\u00e1rozhat\u00f3, aktu\u00e1lisan milyen szorz\u00f3sz\u00e1mmal \u00e9rt\u00e9keli \u0151ket a piac. M\u00e1sik lehet\u0151s\u00e9g\u00fcnk a z\u00e1rt piac, amely a kor\u00e1bban eladott c\u00e9gek piac\u00e1t jelenti (\u201etranzakci\u00f3s piac\u201d). C\u00e9gelad\u00e1sokra, felv\u00e1s\u00e1rl\u00e1sokra f\u00f3kusz\u00e1l\u00f3 adatb\u00e1zisokb\u00f3l meghat\u00e1rozhat\u00f3, hogy milyen szorz\u00f3sz\u00e1m mellett \u00e9rt\u00e9kes\u00edtett\u00e9k v\u00e1llalkoz\u00e1sukat a c\u00e9gtulajdonosok.<\/span><\/p>\n<p><span style=\"color: #000000;\">Az \u00f6sszehasonl\u00edt\u00e1s alapj\u00e1n azt n\u00e9zz\u00fck meg, hogy az \u00f6sszehasonl\u00edt\u00e1si alapban \u00e1tlagosan milyen szorz\u00f3sz\u00e1mot fizettek (eredm\u00e9nykateg\u00f3ri\u00e1nk\u00e9nt k\u00fcl\u00f6n-k\u00fcl\u00f6n) az adott c\u00e9g\u00e9rt, majd a c\u00e9g\u00fcnk megfelel\u0151 eredm\u00e9nykateg\u00f3ri\u00e1j\u00e1t megszorozzuk ezzel a szorz\u00f3sz\u00e1mmal. Ha p\u00e9ld\u00e1ul a k\u00f6zelm\u00faltban eladtak 5 hozz\u00e1nk hasonl\u00f3 c\u00e9get \u00e1tlagosan az \u00e9ves \u00fczemi eredm\u00e9ny\u00fck 4-szeres\u00e9\u00e9rt, akkor re\u00e1lisan a mi c\u00e9g\u00fcnk \u00e9rt\u00e9ke is az \u00fczemi eredm\u00e9ny\u00fcnk 4-szerese.<\/span><\/p>\n<p><span style=\"color: #000000;\">Megjegyz\u00e9sk\u00e9nt, ahogyan a j\u00f6vedelmez\u0151s\u00e9gi megk\u00f6zel\u00edt\u00e9sn\u00e9l, \u00fagy a szorz\u00f3sz\u00e1mos \u00e9rt\u00e9kel\u00e9sn\u00e9l is a megt\u00e9r\u00fcl\u00e9s, mint szempont. Ha p\u00e9ld\u00e1ul adott egy c\u00e9g, amelyet az ad\u00f3zott eredm\u00e9ny\u00e9nek az 5-sz\u00f6r\u00f6s\u00e9\u00e9rt lehet felv\u00e1s\u00e1rolni, az gyakorlatilag azt jelenti, hogy az ad\u00f3zott eredm\u00e9nyb\u0151l 5 \u00e9v alatt t\u00e9r\u00fcl meg a kifizetett c\u00e9g\u00e9rt\u00e9k.<\/span><\/p>\n<p><span style=\"color: #000000;\">A m\u00f3dszertan el\u0151nye, hogy gyorsabban elv\u00e9gezhet\u0151, mint egy j\u00f6vedelmez\u0151s\u00e9gi \u00e9rt\u00e9kel\u00e9s, ez\u00e9rt kiindul\u00e1si alapot biztos\u00edthat az \u00e9rt\u00e9kel\u00e9shez. H\u00e1tr\u00e1nya, hogy mivel nincs k\u00e9t pontosan ugyanolyan c\u00e9g, ez\u00e9rt az \u00f6sszehasonl\u00edt\u00e1s sem tud teljesen pontos k\u00e9pet mutatni.<\/span><\/p>\n<p><span style=\"color: #000000;\">(R\u00e9szletesen a szorz\u00f3sz\u00e1mos c\u00e9g\u00e9rt\u00e9kel\u00e9sr\u0151l.)<\/span><\/p>\n<h2><span style=\"color: #000000;\"><strong>Es<\/strong><\/span><span style=\"color: #000000;\"><strong>zk\u00f6zalap\u00fa c\u00e9g\u00e9rt\u00e9kel\u00e9s<\/strong><\/span><\/h2>\n<p><span style=\"color: #000000; font-style: inherit; font-weight: inherit; font-family: var( --e-global-typography-text-font-family ), Sans-serif; background-color: var(--ast-global-color-5);\">Az eszk\u00f6zalap\u00fa c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszer a vagyonelemek \u00e9rt\u00e9k\u00e9t \u00e9rtelmezi c\u00e9g\u00e9rt\u00e9kk\u00e9nt. A sz\u00e1m\u00edt\u00e1s elv\u00e9gz\u00e9se fontos, legt\u00f6bbsz\u00f6r a c\u00e9g minim\u00e1lis \u00e9rt\u00e9k\u00e9nek kijel\u00f6l\u00e9s\u00e9re szolg\u00e1l.<\/span><\/p>\n<blockquote>\n<p><span style=\"color: #000000;\"><strong><span style=\"color: #0000ff;\">\u201e<\/span><\/strong>Annyit \u00e9r a c\u00e9g is, amennyit a tulajdonolt eszk\u00f6zei k\u00fcl\u00f6n-k\u00fcl\u00f6n \u00e9rnek.<strong><span style=\"color: #0000ff;\">\u201d<\/span><\/strong><\/span><\/p>\n<\/blockquote>\n<p><span style=\"color: #000000;\">Az eszk\u00f6zalap\u00fa c\u00e9g\u00e9rt\u00e9k sz\u00e1m\u00edt\u00e1si megk\u00f6zel\u00edt\u00e9sek a vagyoni helyzetb\u0151l indulnak ki. T\u00f6bb m\u00f3dszer tartozik a csoporthoz, amelyek m\u00e1s szemsz\u00f6gb\u0151l vizsg\u00e1lj\u00e1k az eszk\u00f6z\u00f6k \u00e9rt\u00e9k\u00e9t. Az\u00e9rt haszn\u00e1ljuk legt\u00f6bb esetben a c\u00e9g minim\u00e1lis \u00e9rt\u00e9k\u00e9nek a kijel\u00f6l\u00e9s\u00e9re, hiszen a m\u00f3dszertan nem sz\u00e1mol a c\u00e9g bej\u00e1ratott m\u0171k\u00f6d\u00e9s\u00e9vel, csup\u00e1n a vagyonelemeket veszi figyelembe.<\/span><\/p>\n<p><span style=\"color: #000000;\">R\u00f6viden a 2 leggyakrabban haszn\u00e1lt eszk\u00f6zalap\u00fa c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszerr\u0151l:<\/span><\/p>\n<p><span style=\"color: #000000;\">Nett\u00f3 eszk\u00f6z\u00e9rt\u00e9k \/ likvid\u00e1ci\u00f3s \u00e9rt\u00e9kel\u00e9s<\/span><br><span style=\"color: #000000;\">A nett\u00f3 eszk\u00f6z\u00e9rt\u00e9k (\u201eNet Asset Value\u201d), vagy likvid\u00e1ci\u00f3s \u00e9rt\u00e9kel\u00e9s a leggyakrabban alkalmazott eszk\u00f6zalap\u00fa m\u00f3dszer. A m\u00f3dszer a felsz\u00e1mol\u00e1ssal el\u00e9rhet\u0151 \u00e9rt\u00e9ket mutatja meg, amelyet \u00e9rdemes a c\u00e9g minim\u00e1lis \u00e9rt\u00e9k\u00e9nek kezelni. Gyakorlatilag azt sz\u00e1m\u00edtjuk ki, hogy amennyiben eladn\u00e1nk a c\u00e9g \u00f6sszes eszk\u00f6z\u00e9t, majd kifizetn\u00e9nk a tartoz\u00e1sokat, mennyink maradna. Az\u00e9rt ez a minim\u00e1lis \u00e9rt\u00e9ke a c\u00e9gnek, hiszen nem \u00e9ri meg olcs\u00f3bban eladni ann\u00e1l, amennyit mi is el tudn\u00e1nk \u00e9rni a felsz\u00e1mol\u00e1ssal. Az \u00e9rt\u00e9kel\u00e9st \u00fagy v\u00e9gezz\u00fck el, hogy az eszk\u00f6z\u00f6k becs\u00fclt piaci \u00e1r\u00e1b\u00f3l kivonjuk a kapcsol\u00f3d\u00f3 k\u00f6telezetts\u00e9gek (tartoz\u00e1sok) \u00f6sszeg\u00e9t. Fontos megjegyezni, hogy a m\u00f3dszertann\u00e1l nem az eszk\u00f6z\u00f6k m\u00e9rlegben szerepl\u0151 \u00e9rt\u00e9k\u00e9t haszn\u00e1ljuk, hanem azok becs\u00fclt piaci \u00e1r\u00e1t, amely sz\u00e1mos esetben elt\u00e9r a k\u00f6nyvekben kimutatott sz\u00e1mviteli \u00e9rt\u00e9kekt\u0151l.<\/span><\/p>\n<p><span style=\"color: #000000;\">Helyettes\u00edt\u00e9si \/ reprodukci\u00f3s \u00e9rt\u00e9k<\/span><\/p>\n<p><span style=\"color: #000000;\">A helyettes\u00edt\u00e9si vagy reprodukci\u00f3s \u00e9rt\u00e9k azt mutatja meg, mennyibe ker\u00fclne a c\u00e9g eszk\u00f6zeit ma \u00fajb\u00f3l l\u00e9trehozni, reproduk\u00e1lni. Olyan esetekben haszn\u00e1ljuk, amikor az eszk\u00f6z\u00f6k \u00e9rt\u00e9kes\u00edt\u00e9se neh\u00e9z \u00e9s lass\u00fa folyamat, a potenci\u00e1lis \u00e9rdekl\u0151d\u0151k sz\u0171ke miatt, ez\u00e9rt neh\u00e9z piaci \u00e1rat k\u00f6tni hozz\u00e1juk.<\/span><\/p>\n<p><span style=\"color: #000000;\">Az eszk\u00f6zalap\u00fa megk\u00f6zel\u00edt\u00e9s el\u0151nye, hogy objekt\u00edv alapot k\u00e9pez az \u00e9rt\u00e9kel\u00e9shez, h\u00e1tr\u00e1nya viszont, hogy a bej\u00e1ratott m\u0171k\u00f6d\u00e9s \u00e9rt\u00e9k\u00e9t nem veszi figyelembe az eszk\u00f6z\u00f6kn\u00e9l.<\/span><\/p>\n<h3><span style=\"color: #000000;\"><strong>\u00d6sszefoglal\u00f3<\/strong><\/span><\/h3>\n<p><span style=\"color: #000000;\">Cikk\u00fcnkben \u00e1tvett\u00fck a h\u00e1rom leggyakrabban alkalmazott c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszer alapjait, f\u00f3kusz\u00e1lva a m\u00f3dszertanok logikai alapjaira, f\u0151 \u00f6sszef\u00fcgg\u00e9seire. A j\u00f6vedelmez\u0151s\u00e9gi DCF \u00e9rt\u00e9kel\u00e9s a v\u00e1rhat\u00f3 j\u00f6v\u0151beli profitokb\u00f3l \u00e9s a hozz\u00e1 kapcsol\u00f3d\u00f3 kock\u00e1zatokb\u00f3l sz\u00e1m\u00edtja a c\u00e9g\u00e9rt\u00e9ket. A szorz\u00f3sz\u00e1mos \u00e9rt\u00e9kel\u00e9s m\u00e1s c\u00e9gekkel val\u00f3 \u00f6sszehasonl\u00edt\u00e1sb\u00f3l sz\u00e1m\u00edtja a c\u00e9g\u00e9rt\u00e9ket. Az eszk\u00f6zalap\u00fa m\u00f3dszer pedig a tulajdonolt eszk\u00f6z\u00f6k piaci \u00e1r\u00e1t veszi az \u00e9rt\u00e9kel\u00e9s alapj\u00e1ul.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a href=\"https:\/\/www.stochrone.com\/en\/cegertekeles\/\">A Stochrone c\u00e9g\u00e9rt\u00e9kel\u00e9si szolg\u00e1ltat\u00e1sa<\/a> seg\u00edt, hogy c\u00e9gtulajdonosk\u00e9nt pontos k\u00e9pet kapjon c\u00e9ge p\u00e9nz\u00fcgyi \u00e9rt\u00e9k\u00e9r\u0151l, a c\u00e9g\u00e9rt\u00e9k n\u00f6vel\u00e9s lehet\u0151s\u00e9geir\u0151l. Keresse szak\u00e9rt\u0151inket bizalommal.<\/span><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1bc5a61 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1bc5a61\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4e0370b\" data-id=\"4e0370b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-405ca8b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"405ca8b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"make-column-clickable-elementor elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-0bb3b48\" style=\"cursor: pointer;\" data-column-clickable=\"https:\/\/www.stochrone.com\/cegertekeles\" data-column-clickable-blank=\"_self\" data-id=\"0bb3b48\" data-element_type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f9d16f2 elementor-widget elementor-widget-heading\" data-id=\"f9d16f2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/www.stochrone.com\/en\/cegertekeles\/\">Ismerje meg c\u00e9g\u00e9rt\u00e9kel\u00e9si szolg\u00e1ltat\u00e1sunkat<\/a><\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-c14392c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c14392c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-3c65c44\" data-id=\"3c65c44\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-59f07c7 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"59f07c7\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a href=\"https:\/\/www.stochrone.com\/en\/blog\/\" class=\"elementor-button-link elementor-button elementor-size-lg\" role=\"button\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon elementor-align-icon-left\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-reply\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"elementor-button-text\">Vissza a blogra<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Ismerje meg egyszer\u0171en a legfontosabb c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszerek magyar\u00e1zat\u00e1t. Bemutatjuk, mi alapj\u00e1n \u00e9s hogyan hat\u00e1rozhat\u00f3 meg a c\u00e9g\u00e9rt\u00e9k. <\/p>","protected":false},"author":1,"featured_media":849,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}}},"categories":[30,32],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A c\u00e9g\u00e9rt\u00e9kel\u00e9s 3 m\u00f3dszere egyszer\u0171en \u2013 Hogyan sz\u00e1m\u00edthat\u00f3 a c\u00e9g\u00e9rt\u00e9k? | Stochrone<\/title>\n<meta name=\"description\" content=\"Ismerje meg egyszer\u0171en a legfontosabb c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszerek magyar\u00e1zat\u00e1t. Bemutatjuk, mi alapj\u00e1n \u00e9s hogyan hat\u00e1rozhat\u00f3 meg a c\u00e9g\u00e9rt\u00e9k.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.stochrone.com\/a-cegertekeles-3-modszere-egyszeruen\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A c\u00e9g\u00e9rt\u00e9kel\u00e9s 3 m\u00f3dszere egyszer\u0171en \u2013 Hogyan sz\u00e1m\u00edthat\u00f3 a c\u00e9g\u00e9rt\u00e9k? | Stochrone\" \/>\n<meta property=\"og:description\" content=\"Ismerje meg egyszer\u0171en a legfontosabb c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszerek magyar\u00e1zat\u00e1t. Bemutatjuk, mi alapj\u00e1n \u00e9s hogyan hat\u00e1rozhat\u00f3 meg a c\u00e9g\u00e9rt\u00e9k.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.stochrone.com\/a-cegertekeles-3-modszere-egyszeruen\/\" \/>\n<meta property=\"og:site_name\" content=\"Stochrone\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-04T16:51:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-14T07:06:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2022\/01\/businessvaluation_750xx2121-1193-0-111.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"421\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.stochrone.com\/#organization\",\"name\":\"Stochrone\",\"url\":\"https:\/\/www.stochrone.com\/\",\"sameAs\":[],\"logo\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.stochrone.com\/#logo\",\"inLanguage\":\"en-GB\",\"url\":\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2020\/03\/stochrone1.2.1.png\",\"contentUrl\":\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2020\/03\/stochrone1.2.1.png\",\"width\":300,\"height\":300,\"caption\":\"Stochrone\"},\"image\":{\"@id\":\"https:\/\/www.stochrone.com\/#logo\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.stochrone.com\/#website\",\"url\":\"https:\/\/www.stochrone.com\/\",\"name\":\"Stochrone\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.stochrone.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.stochrone.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.stochrone.com\/a-cegertekeles-3-modszere-egyszeruen\/#primaryimage\",\"inLanguage\":\"en-GB\",\"url\":\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2022\/01\/businessvaluation_750xx2121-1193-0-111.jpg\",\"contentUrl\":\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2022\/01\/businessvaluation_750xx2121-1193-0-111.jpg\",\"width\":750,\"height\":421},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.stochrone.com\/a-cegertekeles-3-modszere-egyszeruen\/#webpage\",\"url\":\"https:\/\/www.stochrone.com\/a-cegertekeles-3-modszere-egyszeruen\/\",\"name\":\"A c\u00e9g\u00e9rt\u00e9kel\u00e9s 3 m\u00f3dszere egyszer\u0171en \u2013 Hogyan sz\u00e1m\u00edthat\u00f3 a c\u00e9g\u00e9rt\u00e9k? | Stochrone\",\"isPartOf\":{\"@id\":\"https:\/\/www.stochrone.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.stochrone.com\/a-cegertekeles-3-modszere-egyszeruen\/#primaryimage\"},\"datePublished\":\"2024-02-04T16:51:51+00:00\",\"dateModified\":\"2024-06-14T07:06:33+00:00\",\"description\":\"Ismerje meg egyszer\u0171en a legfontosabb c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszerek magyar\u00e1zat\u00e1t. 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