{"id":2947,"date":"2024-02-03T12:07:17","date_gmt":"2024-02-03T12:07:17","guid":{"rendered":"https:\/\/www.stochrone.com\/?p=2947"},"modified":"2024-02-06T07:56:14","modified_gmt":"2024-02-06T07:56:14","slug":"reszletesen-a-jovedelemalapu-diszkontalt-cashflow-dcf-cegertekelesrol","status":"publish","type":"post","link":"https:\/\/www.stochrone.com\/en\/reszletesen-a-jovedelemalapu-diszkontalt-cashflow-dcf-cegertekelesrol\/","title":{"rendered":"R\u00e9szletesen a j\u00f6vedelemalap\u00fa diszkont\u00e1lt cashflow DCF c\u00e9g\u00e9rt\u00e9kel\u00e9sr\u0151l"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"2947\" class=\"elementor elementor-2947\" 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-aa42c3f elementor-section-full_width elementor-section-height-default 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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\">R\u00e9szletesen a j\u00f6vedelem alap\u00fa diszkont\u00e1lt cashflow DCF c\u00e9g\u00e9rt\u00e9kel\u00e9sr\u0151l <\/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;\">Kor\u00e1bbi blogposztunkban bemutattuk a <a href=\"https:\/\/www.stochrone.com\/en\/a-cegertekeles-3-modszere-egyszeruen\/\">3 legfontosabb c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszer alapjait<\/a>, jelen cikkben a j\u00f6vedelem alap\u00fa c\u00e9g\u00e9rt\u00e9kel\u00e9st mutatjuk be m\u00e9lyebb szakmai tartalommal.<\/span><\/p><p><span style=\"color: #000000;\">A j\u00f6vedelem alap\u00fa diszkont\u00e1lt cashflow m\u00f3dszertan a c\u00e9g\u00e9rt\u00e9ket a c\u00e9g j\u00f6v\u0151beli profit termel\u0151 k\u00e9pess\u00e9ge \u00e9s az ahhoz kapcsol\u00f3d\u00f3 kock\u00e1zatok, illetve a p\u00e9nz id\u0151\u00e9rt\u00e9k\u00e9nek figyelembev\u00e9tel\u00e9vel hat\u00e1rozza meg. A c\u00e9g\u00e9rt\u00e9k sz\u00e1m\u00edt\u00e1shoz az \u00e9rt\u00e9kelend\u0151 c\u00e9g j\u00f6v\u0151ben v\u00e1rhat\u00f3 profitjait diszkont\u00e1ljuk a t\u0151kek\u00f6lts\u00e9g\u00e9vel.<\/span><\/p><p><span style=\"color: #000000;\">Bontsuk le elemekre a megfogalmaz\u00e1st, hogy pontosan \u00e9rts\u00fck miben \u00e1ll a DCF c\u00e9g\u00e9rt\u00e9kel\u00e9s.<\/span><\/p><p><span style=\"color: #000000;\">Ahogy a diszkont\u00e1lt cashflow megnevez\u00e9s sugallja, az \u00e9rt\u00e9kel\u00e9si megk\u00f6zel\u00edt\u00e9snek k\u00e9t f\u0151 komponense van. A Cashflow (I) \u00e9s a diszkontr\u00e1ta (II). N\u00e9zz\u00fck milyen szempontokat fontos szem el\u0151tt tartani.<\/span><\/p><h2><span style=\"color: #000000;\"><strong>(I) Cashflow: <\/strong><\/span><\/h2><h2><span style=\"color: #000000;\"><strong>A j\u00f6vedelmez\u0151s\u00e9gi c\u00e9g\u00e9rt\u00e9kel\u00e9s sor\u00e1n mi\u00e9rt cashflowt haszn\u00e1lunk \u00e9s nem ad\u00f3zott eredm\u00e9nyt?<\/strong><\/span><\/h2><p><span style=\"color: #000000;\">A j\u00f6vedelmez\u0151s\u00e9gi c\u00e9g\u00e9rt\u00e9kel\u00e9s p\u00e9nz\u00fcgyi szempontot alkalmaz, a c\u00e9g val\u00f3s p\u00e9nztermel\u0151 k\u00e9pess\u00e9g\u00e9re alapoz. Az ad\u00f3zott eredm\u00e9ny ezzel szemben sz\u00e1mviteli szab\u00e1lyok alapj\u00e1n sz\u00e1m\u00edt\u00f3dik, amely nem pontosan fedi a val\u00f3s p\u00e9nz\u00fcgyi eredm\u00e9ny\u00e9t a c\u00e9gnek.<\/span><\/p><p><span style=\"color: #000000;\">Az \u00e9rt\u00e9kel\u00e9sben cashflowk\u00e9nt azt a tiszta profitot haszn\u00e1ljuk, amelyet a c\u00e9g a m\u0171k\u00f6d\u00e9s\u00e9vel termel. Ehhez kiindul\u00e1si alapnak a sz\u00e1mviteli kimutat\u00e1sokat vessz\u00fck, azonban a val\u00f3s p\u00e9nzmozg\u00e1s meghat\u00e1roz\u00e1s\u00e1hoz bizonyos korrekci\u00f3kat v\u00e9gz\u00fcnk a sz\u00e1mviteli eredm\u00e9nykateg\u00f3ri\u00e1kon.<\/span><\/p><h3><span style=\"color: #000000;\"><strong>Hogyan sz\u00e1m\u00edtjuk a cashflowt?<\/strong><\/span><\/h3><p><span style=\"color: #000000;\">A szakzsargonban k\u00e9t cashflow kateg\u00f3ri\u00e1t k\u00fcl\u00f6nb\u00f6ztet\u00fcnk meg, az FCFF (Free Cashflow to Firm) \u00e9s FCFE (Free Cashflow to Equity) kateg\u00f3ri\u00e1t. Az FCFF az a tiszta profit, amelyhez a c\u00e9g \u00f6sszes t\u0151kejuttat\u00f3ja* hozz\u00e1f\u00e9r, m\u00edg az FCFE kiz\u00e1r\u00f3lag a tulajdonosok sz\u00e1m\u00e1ra hozz\u00e1f\u00e9rhet\u0151 tiszta profit. Az FCFF az az \u00e9ves m\u0171k\u00f6d\u00e9ssel megtermelt p\u00e9nz\u00e1ram (tiszta profit), amelyb\u0151l levonjuk a beruh\u00e1z\u00e1sokra ford\u00edtott \u00f6sszeget. Ezt az\u00e9rt nevezz\u00fck az \u00f6sszes t\u0151kejuttat\u00f3 sz\u00e1m\u00e1ra hozz\u00e1f\u00e9rhet\u0151 \u00f6sszegnek, hiszen szabadon haszn\u00e1lhatjuk arra, hogy a hitelez\u0151knek megfizess\u00fck a t\u0151ke- \u00e9s kamattartoz\u00e1st, a tulajdonosoknak pedig osztal\u00e9kot fizess\u00fcnk. Az FCFE kiz\u00e1r\u00f3lag a c\u00e9g tulajdonosai sz\u00e1m\u00e1ra megtermelt p\u00e9nz\u00e1ram (tiszta profit, l\u00e9nyeg\u00e9ben amit osztal\u00e9kk\u00e9nt ki tudnak fizetni). Az FCFE-t \u00fagy sz\u00e1m\u00edtjuk, hogy az FCFF-b\u0151l levonjuk az idegen t\u0151kejuttat\u00f3k sz\u00e1m\u00e1ra fizetend\u0151 \u00f6sszegeket (k\u00f6lcs\u00f6n\u00f6k, hitelek, kamatoz\u00f3 k\u00f6telezetts\u00e9gek, k\u00f6tv\u00e9ny tulajdonosok sz\u00e1m\u00e1ra fizetend\u0151 \u00f6sszegek). Gyakorlatilag az az \u00f6sszeg, amely megmarad, miut\u00e1n az \u00e9ves profitb\u00f3l kifizett\u00fck a beruh\u00e1z\u00e1sokra ford\u00edtott \u00f6sszeget, valamint az idegen t\u0151kejuttat\u00f3k k\u00f6telezetts\u00e9geit.<\/span><\/p><p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/fcff-fcfe-1024x294.png\" alt=\"fcff-fcfe\" width=\"1024\" height=\"294\" class=\"aligncenter wp-image-2949 size-large\" srcset=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/fcff-fcfe-1024x294.png 1024w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/fcff-fcfe-300x86.png 300w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/fcff-fcfe-768x221.png 768w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/fcff-fcfe-1536x441.png 1536w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/fcff-fcfe-2048x588.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><strong style=\"color: #000000; font-style: inherit; font-family: var( --e-global-typography-text-font-family ), Sans-serif; background-color: var(--ast-global-color-5);\"><br \/><\/strong><\/p><h2><strong style=\"color: #000000; font-style: inherit; font-family: var( --e-global-typography-text-font-family ), Sans-serif; background-color: var(--ast-global-color-5);\">(II) Diszkontr\u00e1ta a j\u00f6vedelmez\u0151s\u00e9gi c\u00e9g\u00e9rt\u00e9kel\u00e9sben:<\/strong><\/h2><h3><span style=\"color: #000000;\"><strong>Mire haszn\u00e1ljuk a diszkontr\u00e1t\u00e1t?<\/strong><\/span><\/h3><p><span style=\"color: #000000;\">A diszkontr\u00e1t\u00e1t arra haszn\u00e1ljuk, hogy a j\u00f6v\u0151beli profitok mai \u00e9rt\u00e9k\u00e9t (jelen\u00e9rt\u00e9k\u00e9t*) meghat\u00e1rozzuk.<\/span><\/p><h3><span style=\"color: #000000;\"><strong>Mi\u00e9rt van sz\u00fcks\u00e9g erre? Mi\u00e9rt nem lehet csak sim\u00e1n \u00f6sszeadni a j\u00f6v\u0151beli profitokat?<\/strong><\/span><\/h3><p><span style=\"color: #000000;\">A p\u00e9nz id\u0151\u00e9rt\u00e9ke miatt (<a href=\"https:\/\/www.stochrone.com\/en\/10-millio-ma-vagy-10-millio-holnap-a-penz-idoerteke\/\">itt \u00edrtunk err\u0151l r\u00e9szletesen<\/a>), hiszen ha v\u00e1laszthatunk ak\u00f6z\u00fcl, hogy kapjunk 100 milli\u00f3 forintot ma vagy kapjunk 100 milli\u00f3 forintot 1 \u00e9v m\u00falva, akkor nyilv\u00e1nval\u00f3an az el\u0151bbi mellett fogunk d\u00f6nteni. Ennek oka, hogy ha a 100 milli\u00f3t ma megkapjuk, akkor azt befektetve 1 \u00e9v m\u00falva m\u00e1r 100 + x milli\u00f3 Forintunk lesz. Ugyanezen az elven ma el\u00e9g ~90 milli\u00f3, hogy az \u00f6sszeg befektetve 1 \u00e9v m\u00falva 100 milli\u00f3 Forintunk legyen. Teh\u00e1t ha a v\u00e1llalkoz\u00e1s 1 \u00e9v m\u00falva 100 milli\u00f3 Forintot termel annak jelen\u00e9rt\u00e9ke csak ~90 milli\u00f3. Ebb\u0151l az okb\u00f3l kifoly\u00f3lag nem lehet a c\u00e9g j\u00f6v\u0151beli profit v\u00e1rakoz\u00e1sait \u201ecsak sim\u00e1n\u201d \u00f6sszeadni, hanem sz\u00fcks\u00e9ges ezeknek a p\u00e9nz\u00f6sszegeknek a mai \u00e9rt\u00e9k\u00e9t sz\u00e1m\u00edtani, azaz diszkont\u00e1lni. Erre szolg\u00e1l a diszkontr\u00e1ta.<\/span><\/p><h3><span style=\"color: #000000;\"><strong>Mit haszn\u00e1lunk diszkontr\u00e1tak\u00e9nt?<\/strong><\/span><\/h3><p><span style=\"color: #000000;\">Diszkontr\u00e1t\u00e1nak a c\u00e9gt\u0151l elv\u00e1rt hozamszintet haszn\u00e1ljuk, amelyet a szakzsargonban s\u00falyozott \u00e1tlagos t\u0151kek\u00f6lts\u00e9gnek (Weighted average cost of capital, WACC) nevez\u00fcnk.\u00a0 Mi\u00e9rt van ez? Az\u00e9rt, mert a c\u00e9g m\u0171k\u00f6d\u00e9s\u00e9t finansz\u00edrozni kell, ehhez t\u0151k\u00e9t k\u00f6t\u00fcnk le. A t\u0151k\u00e9t viszont nem csak a c\u00e9gbe fektethetn\u00e9nk, hanem m\u00e1s alternat\u00edv\u00e1kba is. Vegy\u00fck alternat\u00edv\u00e1nak p\u00e9ld\u00e1ul az \u00e1llampap\u00edr hozam\u00e1t. A t\u0151k\u00e9nk befektet\u00e9sekor d\u00f6nthet\u00fcnk arr\u00f3l, hogy a c\u00e9gbe, vagy \u00e1llampap\u00edrba fektess\u00fcnk. Ha az \u00e1llampap\u00edr 10%-ot hoz, akkor csak akkor van \u00e9rtelme a c\u00e9g\u00fcnkbe fektetni, ha a c\u00e9gben ugyanannyi kock\u00e1zat mellett enn\u00e9l magasabb hozamot \u00e9rhet\u00fcnk el. A t\u0151kek\u00f6lts\u00e9g teh\u00e1t az az elv\u00e1rt hozamszint, amelyet a befektet\u0151k elv\u00e1rnak az\u00e9rt cser\u00e9be, hogy a t\u0151k\u00e9j\u00fcket a v\u00e1llalkoz\u00e1sunkba \u00e9s nem m\u00e1s alternat\u00edv\u00e1ba fektetik.<\/span><\/p><h2><span style=\"color: #000000;\"><strong>Hogyan sz\u00e1m\u00edthat\u00f3 eg\u00e9sz pontosan a diszkontr\u00e1ta? <\/strong><\/span><\/h2><p><span style=\"color: #000000;\">A diszkontr\u00e1ta (legt\u00f6bb esetben) 2 r\u00e9szb\u0151l \u00e1ll, amely a k\u00e9t t\u0151kejuttat\u00f3 hozamelv\u00e1r\u00e1s\u00e1t t\u00fckr\u00f6zi. Ennek oka, hogy egy c\u00e9gtulajdonos \u00e9s egy hitelez\u0151 m\u00e1s hozamot v\u00e1r a befektet\u00e9s\u00e9t\u0151l, azaz a t\u0151k\u00e9j\u00fckn\u00e9k m\u00e1s a k\u00f6lts\u00e9ge.<\/span><\/p><p><span style=\"color: #000000;\">Az idegen t\u0151kejuttat\u00f3k hozamelv\u00e1r\u00e1sa egyszer\u0171en elmagyar\u00e1zhat\u00f3, hiszen a t\u0151kek\u00f6lts\u00e9g\u00fck nem m\u00e1s, mint a kamat (k\u00f6tv\u00e9nytulajdonosok eset\u00e9n pedig a kupon). Leegyszer\u0171s\u00edtve, ha van 100 Forint hitel\u00fcnk, ami\u00e9rt 10 Forint kamatot fizet\u00fcnk, akkor az idegen t\u0151ke k\u00f6lts\u00e9ge 10%.<\/span><\/p><p><span style=\"color: #000000;\">A saj\u00e1t t\u0151ke tulajdonosok hozamelv\u00e1r\u00e1s\u00e1nak sz\u00e1m\u00edt\u00e1sa enn\u00e9l \u00f6sszetettebb. Nagy vonalakban bemutatva a l\u00e9nyeg, hogy a saj\u00e1t t\u0151kejuttat\u00f3k hozamelv\u00e1r\u00e1sa a kock\u00e1zatmentes hozam* \u00e9s a kock\u00e1zati fel\u00e1r \u00f6sszege. A kock\u00e1zati fel\u00e1r \u00f6sszeg\u00e9t jellemz\u0151en piaci kock\u00e1zatra \u00e9s m\u00e9ret kock\u00e1zatra szok\u00e1s bontani. Gyakorlatilag a saj\u00e1t t\u0151ke k\u00f6lts\u00e9ge az a hozamszint, amelyet v\u00e1rnak a saj\u00e1t t\u0151ke tulajdonosai (c\u00e9gtulajdonosok, r\u00e9szv\u00e9nyesek) az\u00e9rt cser\u00e9be, hogy a t\u0151k\u00e9j\u00fcket a v\u00e1llalkoz\u00e1sba fektetik \u00e9s nem kock\u00e1zatmentes eszk\u00f6zbe.<\/span><\/p><p><span style=\"color: #000000;\">A t\u0151kek\u00f6lts\u00e9get az\u00e9rt h\u00edvjuk s\u00falyozott \u00e1tlagos t\u0151kek\u00f6lts\u00e9gnek, mert a finansz\u00edroz\u00e1s ar\u00e1ny\u00e1ban vessz\u00fck figyelembe a k\u00e9t t\u0151kejuttat\u00f3 hozamelv\u00e1r\u00e1s\u00e1t. Ha pl. 70% a saj\u00e1t t\u0151ke ar\u00e1nya, \u00fagy a s\u00falyozott \u00e1tlagos t\u0151kek\u00f6lts\u00e9g sz\u00e1m\u00edt\u00e1s\u00e1hoz a saj\u00e1t t\u0151kejuttat\u00f3k hozamelv\u00e1r\u00e1s\u00e1t 70%-os s\u00fallyal, az idegen t\u0151kejuttat\u00f3k\u00e9t 30%-os s\u00fallyal vessz\u00fck figyelembe.<\/span><\/p><p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/diszkontrata-wacc-1024x639.png\" alt=\"diszkontr\u00e1ta-wacc\" width=\"1024\" height=\"639\" class=\"aligncenter wp-image-2954 size-large\" srcset=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/diszkontrata-wacc-1024x639.png 1024w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/diszkontrata-wacc-300x187.png 300w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/diszkontrata-wacc-768x479.png 768w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/diszkontrata-wacc.png 1111w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p><h2><span style=\"color: #000000;\"><strong>Most, hogy \u00e1tn\u00e9zt\u00fck a legfontosabb komponenseket, n\u00e9zz\u00fck meg mik\u00e9nt \u00e9p\u00fcl fel a j\u00f6vedelmez\u0151s\u00e9gi DCF c\u00e9g\u00e9rt\u00e9kel\u00e9s.<\/strong><\/span><\/h2><p><span style=\"color: #000000;\">Ahhoz, hogy a diszkont\u00e1lt cashflow m\u00f3dszerrel a c\u00e9g\u00e9rt\u00e9ket meghat\u00e1rozzuk a c\u00e9g j\u00f6v\u0151beli tiszta profitj\u00e1t sz\u00fcks\u00e9ges a diszkontr\u00e1ta seg\u00edts\u00e9g\u00e9vel jelen\u00e9rt\u00e9kre sz\u00e1m\u00edtani. Ehhez a k\u00e9t komponenst fogjuk kisz\u00e1m\u00edtani. A cashflow sz\u00e1m\u00edt\u00e1s\u00e1t k\u00e9t r\u00e9szre bontjuk, egy \u201eimplicit\u201d el\u0151rejelz\u00e9si id\u0151szakra, amely jellemz\u0151en a k\u00f6vetkez\u0151 5 \u00e9vet jelenti, illetve egy folytat\u00f3lagos \u00e9rt\u00e9kre. Az el\u0151rejelz\u00e9si id\u0151szakban v\u00e1rhat\u00f3 cashflow kisz\u00e1m\u00edt\u00e1s\u00e1hoz \u00fczleti tervet sz\u00fcks\u00e9ges k\u00e9sz\u00edteni, amelyet ebb\u0151l hat\u00e1rozzuk meg. A folytat\u00f3lagos \u00e9rt\u00e9kre t\u00f6bb elfogadott k\u00e9plet van, legt\u00f6bbsz\u00f6r az el\u0151rejelz\u00e9s id\u0151szak\u00e1nak utols\u00f3 \u00e9v\u00e9re \u00e9p\u00fcl egy n\u00f6veked\u00e9si r\u00e1ta, vagy szorz\u00f3sz\u00e1m. Mivel ezek a tervezett p\u00e9nz\u00e1ramok j\u00f6v\u0151beli \u00f6sszegek, ez\u00e9rt ezeket sz\u00fcks\u00e9ges a diszkontr\u00e1ta felhaszn\u00e1l\u00e1s\u00e1val jelen\u00e9rt\u00e9kre sz\u00e1m\u00edtani. Ehhez a kor\u00e1bban bemutatott diszkontr\u00e1t\u00e1t haszn\u00e1ljuk, amelyhez a c\u00e9g s\u00falyozott \u00e1tlagos t\u0151kek\u00f6lts\u00e9g\u00e9t sz\u00fcks\u00e9ges kisz\u00e1m\u00edtani. A t\u0151kefinansz\u00edroz\u00e1s ar\u00e1ny\u00e1ban \u00e9s a hozamelv\u00e1r\u00e1st ismerve ki tudjuk sz\u00e1m\u00edtani a diszkontr\u00e1t\u00e1t. A j\u00f6v\u0151beli szabad p\u00e9nz\u00e1ramokat elosztva a diszkontr\u00e1t\u00e1val megkapjuk a c\u00e9g\u00e9rt\u00e9ket.<\/span><\/p><p><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/jovedelemalapu-dcf-cegertekeles.png\" alt=\"jovedelemalapu-dcf-cegertekeles\" width=\"785\" height=\"670\" class=\"aligncenter wp-image-2953 size-full\" srcset=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/jovedelemalapu-dcf-cegertekeles.png 785w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/jovedelemalapu-dcf-cegertekeles-300x256.png 300w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/jovedelemalapu-dcf-cegertekeles-768x655.png 768w\" sizes=\"(max-width: 785px) 100vw, 785px\" \/><\/p><h2><span style=\"color: #000000;\"><strong>Mi a j\u00f6vedelemalap\u00fa c\u00e9g\u00e9rt\u00e9kel\u00e9s el\u0151nye?<\/strong><\/span><\/h2><p><span style=\"color: #000000;\">A j\u00f6vedelemalap\u00fac\u00e9g\u00e9rt\u00e9kel\u00e9s 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 a j\u00f6vedelemalap\u00fa c\u00e9g\u00e9rt\u00e9kel\u00e9s a legalkalmasabb m\u00f3dszer 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) megmutatkozzon a c\u00e9g\u00e9rt\u00e9kben. Szint\u00e9n kiemelj\u00fck, hogy a j\u00f6vedelemalap\u00fa c\u00e9g\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. A j\u00f6vedelemalap\u00fa c\u00e9g\u00e9rt\u00e9kel\u00e9s abban is seg\u00edt, hogy l\u00e1that\u00f3 legyen, mit sz\u00fcks\u00e9ges tenni ahhoz, hogy a c\u00e9g\u00e9rt\u00e9k n\u00f6vekedjen, \u00edgy felhaszn\u00e1lhat\u00f3 strat\u00e9giai tervez\u00e9sre is.<\/span><\/p><h3><span style=\"color: #000000;\"><strong>\u00d6sszefoglal\u00f3<\/strong><\/span><\/h3><p><span style=\"color: #000000;\">A j\u00f6vedelemalap\u00fa diszkont\u00e1lt cashflow c\u00e9g\u00e9rt\u00e9k sz\u00e1m\u00edt\u00e1s \u00f6sszetett, sok t\u00e9nyez\u0151s m\u00f3dszertan. A k\u00e9t f\u0151 t\u00e9nyez\u0151je a v\u00e1rhat\u00f3 j\u00f6v\u0151beli p\u00e9nz\u00e1ramok, illetve a c\u00e9g t\u0151kek\u00f6lts\u00e9ge. A m\u00f3dszertan apr\u00f3l\u00e9koss\u00e1g\u00e9rt cser\u00e9be a legsz\u00e9lesebb k\u00f6rben alkalmazhat\u00f3 megk\u00f6zel\u00edt\u00e9s, amely a jelenlegi c\u00e9g\u00e9rt\u00e9ken t\u00fal k\u00e9pes v\u00e1laszt adni arra is, hogy a c\u00e9g \u00e9rt\u00e9ke mik\u00e9nt n\u00f6velhet\u0151, mennyit \u00e9rne a c\u00e9g\u00fcnk, ha a jelenlegi profit k\u00e9tszeres\u00e9t termeln\u00e9. A j\u00f6vedelem alap\u00fa c\u00e9g\u00e9rt\u00e9kel\u00e9st legf\u0151k\u00e9ppen azon v\u00e1llalkoz\u00f3k sz\u00e1m\u00e1ra javasoljuk, akik c\u00e9ge bej\u00e1ratott, profit\u00e1bilis m\u0171k\u00f6d\u00e9ssel rendelkezik.<\/span><\/p><p><span style=\"color: #000000;\">A Stochrone <a href=\"https:\/\/www.stochrone.com\/en\/cegertekeles\/\"><span style=\"color: #0000ff;\">c\u00e9g\u00e9rt\u00e9kel\u00e9si szolg\u00e1ltat\u00e1sa<\/span><\/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><h3><span style=\"color: #000000;\"><strong>Fogalomt\u00e1r:<\/strong><\/span><\/h3><p><span style=\"color: #000000;\">*<strong>T\u0151kejuttat\u00f3<\/strong>: T\u0151kejuttat\u00f3nak h\u00edvjuk azokat a szerepl\u0151ket, akik a v\u00e1llalkoz\u00e1s finansz\u00edroz\u00e1s\u00e1ban r\u00e9szt vesznek. K\u00e9t nagy t\u00edpusuk van, a saj\u00e1t t\u0151ke \u00e9s idegen t\u0151ke juttat\u00f3. Saj\u00e1t t\u0151ke juttat\u00f3k a c\u00e9g tulajdonosai (adott esetben r\u00e9szv\u00e9nyesei), m\u00edg idegen t\u0151kejuttat\u00f3k a hitelez\u0151k \u00e9s k\u00f6tv\u00e9ny tulajdonosok.<\/span><\/p><p><span style=\"color: #000000;\">*<strong>Jelen\u00e9rt\u00e9k<\/strong>: A j\u00f6v\u0151ben \u00e9rkez\u0151 p\u00e9nz\u00f6sszeg mai \u00e9rt\u00e9k\u00e9t jelen\u00e9rt\u00e9knek, idegen n\u00e9ven Present Value, PV h\u00edvjuk.<\/span><\/p><p><span style=\"color: #000000;\">*<strong>Kock\u00e1zatmentes hozam:<\/strong> kock\u00e1zatmentes hozam (szakzsargonban risk-free rate) az a hozamszint, amelyet kock\u00e1zatv\u00e1llal\u00e1s n\u00e9lk\u00fcl kapunk. Erre az \u00e1llampap\u00edrt szok\u00e1s v\u00e1lasztani eszk\u00f6zk\u00e9nt, hiszen az \u00e1llampap\u00edr hozam\u00e1nak fizet\u00e9s\u00e9re a kibocs\u00e1t\u00f3, azaz az \u00e1llam k\u00f6telezetts\u00e9get v\u00e1llal.<\/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<div class=\"elementor-element elementor-element-2b1c38c elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"2b1c38c\" 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\t<\/div>\n\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>A j\u00f6vedelemalap\u00fa DCF c\u00e9g\u00e9rt\u00e9kel\u00e9s a leggyakrabban haszn\u00e1lt c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszer. Cikk\u00fcnkben bemutatjuk a diszkont\u00e1lt cashflow c\u00e9g\u00e9rt\u00e9kel\u00e9s r\u00e9szleteit. <\/p>","protected":false},"author":1,"featured_media":3024,"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":"disabled","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 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