{"id":2973,"date":"2024-02-04T15:51:32","date_gmt":"2024-02-04T15:51:32","guid":{"rendered":"https:\/\/www.stochrone.com\/?p=2973"},"modified":"2024-02-06T07:56:25","modified_gmt":"2024-02-06T07:56:25","slug":"cegertek-sajat-tokeertek-vagy-vetelar-mennyi-az-annyi-es-ezert-nem-mindegy-melyikrol-beszelunk","status":"publish","type":"post","link":"https:\/\/www.stochrone.com\/en\/cegertek-sajat-tokeertek-vagy-vetelar-mennyi-az-annyi-es-ezert-nem-mindegy-melyikrol-beszelunk\/","title":{"rendered":"C\u00e9g\u00e9rt\u00e9k, saj\u00e1t t\u0151ke\u00e9rt\u00e9k vagy v\u00e9tel\u00e1r? \u2013 mennyi az annyi \u00e9s ez\u00e9rt nem mindegy melyikr\u0151l besz\u00e9l\u00fcnk"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"2973\" class=\"elementor elementor-2973\" 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 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elementor-widget elementor-widget-elementskit-button\" data-id=\"35e0deb\" data-element_type=\"widget\" data-widget_type=\"elementskit-button.default\">\n\t\t\t\t<div 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\">C\u00e9g\u00e9rt\u00e9k, saj\u00e1t t\u0151ke\u00e9rt\u00e9k vagy v\u00e9tel\u00e1r? \u2013 mennyi az annyi \u00e9s ez\u00e9rt nem mindegy melyikr\u0151l besz\u00e9l\u00fcnk<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cfaabd1 elementor-widget elementor-widget-text-editor\" data-id=\"cfaabd1\" 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;\">Ha olvas\u00f3nk kor\u00e1bban m\u00e9g nem foglalkozott a c\u00e9g\u00e9rt\u00e9kel\u00e9s t\u00e9m\u00e1j\u00e1val, akkor a felett\u00e9bbi 3 fogalomr\u00f3l azt gondolhatn\u00e1 els\u0151 r\u00e1n\u00e9z\u00e9sre, hogy ugyanazt jelentik, nincs k\u00f6zt\u00fck k\u00fcl\u00f6nbs\u00e9g. Val\u00f3ban \u00f6sszef\u00fcggenek egym\u00e1ssal, viszont l\u00e9nyegi, kategorikus k\u00fcl\u00f6nbs\u00e9g van k\u00f6zt\u00fck. Cikk\u00fcnkben bemutatjuk, mi\u00e9rt jelent\u0151s a k\u00fcl\u00f6nbs\u00e9g, <strong>mi a c\u00e9g\u00e9rt\u00e9k \u00e9s mennyi\u00e9rt lehet eladni egy c\u00e9get.<\/strong><\/span><\/p><p><span style=\"color: #000000;\">Tapasztalatunk azt mutatja, hogy sok v\u00e1llalkoz\u00f3 a gyakorlatias fogalmaz\u00e1s miatt felcser\u00e9lve \u00e9rti \u00e9s haszn\u00e1lja ezeket a fogalmakat. El\u0151fordulhat, hogy a 3 \u00e9rt\u00e9k megegyezik, azonban ez nagyon ritka. N\u00e9zz\u00fck mi pontosan az \u00f6sszef\u00fcgg\u00e9s. Ehhez el\u0151sz\u00f6r vegy\u00fck \u00e1t a 3 fogalmat leegyszer\u0171s\u00edtve.<\/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-10fe4ae elementor-widget elementor-widget-text-editor\" data-id=\"10fe4ae\" 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<h2><span style=\"color: #000000;\"><strong>Mi a c\u00e9g\u00e9rt\u00e9k, a saj\u00e1t t\u0151ke\u00e9rt\u00e9k \u00e9s a v\u00e9tel\u00e1r?\u00a0<\/strong><\/span><\/h2><p><span style=\"color: #000000;\"><strong>C\u00e9g\u00e9rt\u00e9k<\/strong>: A c\u00e9g\u00e9rt\u00e9k a v\u00e1llalkoz\u00e1s bej\u00e1ratott, fel\u00e9p\u00edtett m\u0171k\u00f6d\u00e9s\u00e9nek az \u00e9rt\u00e9k\u00e9t jelenti. (szaknyelven Enterprise Value, EV), pontosabb ford\u00edt\u00e1sa a v\u00e1llalat\u00e9rt\u00e9k.<br \/><\/span><span style=\"color: #000000;\"><strong>Saj\u00e1t t\u0151ke \u00e9rt\u00e9k:<\/strong> A c\u00e9gben l\u00e9v\u0151 100%-os tulajdonr\u00e9sznek az \u00e9rt\u00e9ke. Fogalmilag tekintve sokkal ink\u00e1bb lenne pontos a \u201ec\u00e9g\u00e9rt\u00e9k\u201d defin\u00edci\u00f3t a saj\u00e1t t\u0151ke\u00e9rt\u00e9kre haszn\u00e1lni.<br \/><\/span><span style=\"color: #000000;\"><strong>V\u00e9tel\u00e1r:<\/strong> az az \u00f6sszeg, amelyet c\u00e9gelad\u00e1s sor\u00e1n a vev\u0151 az elad\u00f3nak fizet.<br \/><\/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-9205e64 elementor-widget elementor-widget-heading\" data-id=\"9205e64\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Mi a k\u00fcl\u00f6nbs\u00e9g a c\u00e9g\u00e9rt\u00e9k \u00e9s a saj\u00e1t t\u0151ke\u00e9rt\u00e9k k\u00f6z\u00f6tt?<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60d7eb4 elementor-widget elementor-widget-text-editor\" data-id=\"60d7eb4\" 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>A c\u00e9g\u00e9rt\u00e9k \u00e9s saj\u00e1t t\u0151ke\u00e9rt\u00e9k k\u00f6z\u00f6tti k\u00fcl\u00f6nbs\u00e9gre e 2 t\u00e9tel ad v\u00e1laszt, a nett\u00f3 hitel- vagy k\u00e9szp\u00e9nz\u00e1llom\u00e1ny, illetve a c\u00e9g forg\u00f3t\u0151k\u00e9je. A c\u00e9g\u00e9rt\u00e9k \u00e9s a saj\u00e1t t\u0151ke\u00e9rt\u00e9k k\u00f6z\u00f6tti k\u00fcl\u00f6nbs\u00e9get ugyanis ez a k\u00e9t t\u00e9tel adja. N\u00e9zz\u00fck meg h\u00e1rom p\u00e9ld\u00e1n kereszt\u00fcl, hogy mi\u00e9rt.<\/p><p><strong>1<\/strong><b>. P\u00e9lda<\/b><\/p><p>Adott egy c\u00e9g, amely \u00e9ves szinten 100 milli\u00f3 forint eredm\u00e9nyt termel. A c\u00e9g\u00e9rt\u00e9kel\u00e9s sor\u00e1n meg\u00e1llap\u00edtjuk, hogy 4x eredm\u00e9ny szorz\u00f3 a re\u00e1lis c\u00e9g\u00e9rt\u00e9k, azaz 4x100m = 400 milli\u00f3 forint a c\u00e9g m\u0171k\u00f6d\u00e9s\u00e9nek az \u00e9rt\u00e9ke. (A c\u00e9g\u00e9rt\u00e9kel\u00e9si m\u00f3dszerekr\u0151l itt \u00edrtunk b\u0151vebben). Van viszont ennek a c\u00e9gnek 300 milli\u00f3 forint hitele. Ha megv\u00e1s\u00e1roljuk a c\u00e9get, akkor a 300 milli\u00f3 forintnyi hitelt m\u00e1r nek\u00fcnk kell visszafizetni, ez\u00e9rt a tulajdonr\u00e9sznek az \u00e9rt\u00e9ke, azaz saj\u00e1t t\u0151ke\u00e9rt\u00e9k ebben az esetben alacsonyabb kell legyen mint a c\u00e9g\u00e9rt\u00e9k. Jelen p\u00e9lda mellett 400mHUF (c\u00e9g\u00e9rt\u00e9k) \u2013 300mHUF (nett\u00f3 hitel\u00e1llom\u00e1ny) = 100mHUF saj\u00e1t t\u0151ke \u00e9rt\u00e9k.<\/p><p><span style=\"font-style: inherit; background-color: var(--ast-global-color-5);\"><b>2. P<\/b><\/span><strong style=\"font-style: inherit; background-color: var(--ast-global-color-5);\">\u00e9lda<\/strong><\/p><p>Vegy\u00fcnk egy m\u00e1sik p\u00e9ld\u00e1t. Szint\u00e9n adott egy c\u00e9g, amely a tev\u00e9kenys\u00e9g\u00e9t megsz\u00fcnteti, ez\u00e9rt a c\u00e9g\u00e9rt\u00e9kel\u00e9st eszk\u00f6zalapon v\u00e9gezz\u00fck el. Meg\u00e1llap\u00edtjuk, hogy 200 milli\u00f3t \u00e9rnek az ingatlanok, ez lesz a c\u00e9g\u00e9rt\u00e9k. Van azonban a c\u00e9g banksz\u00e1ml\u00e1j\u00e1n 500 milli\u00f3 Forint, amely mivel a m\u0171k\u00f6d\u00e9s megsz\u0171nik, nem kapcsol\u00f3dik a m\u0171k\u00f6d\u00e9shez. Mennyit adn\u00e1nk egy olyan c\u00e9g 100%-os tulajdonr\u00e9sz\u00e9\u00e9rt, amelynek az eszk\u00f6zei \u00e9rnek 200 milli\u00f3t, illetve a banksz\u00e1ml\u00e1j\u00e1n el van helyezve 500 milli\u00f3 szabad p\u00e9nzeszk\u00f6z? A tulajdonr\u00e9sz \u00e9rt\u00e9ke meg\u00e1llap\u00edthat\u00f3 jelen p\u00e9lda mellett 200mHUF (c\u00e9g\u00e9rt\u00e9k) + 500mHUF (nett\u00f3 k\u00e9szp\u00e9nz\u00e1llom\u00e1ny) = 700mHUF saj\u00e1t t\u0151ke\u00e9rt\u00e9kk\u00e9nt.<\/p><p><strong style=\"font-style: inherit; background-color: var(--ast-global-color-5);\">3. P\u00e9lda<\/strong><\/p><p>Forg\u00f3t\u0151k\u00e9t n\u00e9zve hasonl\u00f3k\u00e9pp m\u0171k\u00f6dik az \u00f6sszef\u00fcgg\u00e9s a c\u00e9g\u00e9rt\u00e9k \u00e9s a saj\u00e1t t\u0151ke\u00e9rt\u00e9k k\u00f6z\u00f6tt. A c\u00e9g mindennapi m\u0171k\u00f6d\u00e9s\u00e9nek van egy sz\u00fcks\u00e9ges forg\u00f3t\u0151ke szintje. Ha ehhez k\u00e9pest t\u00f6bb az \u00e9rt\u00e9kel\u00e9s id\u0151pontj\u00e1ban a pillanatnyi forg\u00f3t\u0151ke (pl magasabb a megszokottn\u00e1l a k\u00e9szlet\u00e1llom\u00e1ny), az pozit\u00edv ir\u00e1nyba m\u00f3dos\u00edtja a tulajdonr\u00e9sz \u00e9rt\u00e9k\u00e9t, ha viszont a megszokott szinthez k\u00e9pest hi\u00e1ny van (pl. a megszokotthoz k\u00e9pest magasabb a sz\u00e1ll\u00edt\u00f3i k\u00f6telezett\u00e9g), akkor negat\u00edvan befoly\u00e1solja.<\/p><p><\/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-8cc3855 elementor-widget elementor-widget-text-editor\" data-id=\"8cc3855\" 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;\">A c\u00e9g\u00e9rt\u00e9k \u00e9s a saj\u00e1t t\u0151ke\u00e9rt\u00e9k k\u00f6z\u00f6tti k\u00fcl\u00f6nbs\u00e9get teh\u00e1t \u00fagy fogalmazhatjuk meg egyszer\u0171en, hogy a mindennapi m\u0171k\u00f6d\u00e9shez k\u00e9pest t\u00f6bblet p\u00e9nz vagy forg\u00f3t\u0151ke \u00e1llom\u00e1nya van-e a c\u00e9gnek, mely esetben a tulajdonr\u00e9sz \u00e9rt\u00e9ke (saj\u00e1t t\u0151ke\u00e9rt\u00e9k) magasabb mint a c\u00e9g m\u0171k\u00f6d\u00e9s\u00e9nek \u00e9rt\u00e9ke (c\u00e9g\u00e9rt\u00e9k), vagy ellenkez\u0151 esetben a mindennapi m\u0171k\u00f6d\u00e9s fenntart\u00e1s\u00e1hoz tov\u00e1bbi t\u0151k\u00e9t sz\u00fcks\u00e9ges befektetni a tulajdonosnak, mely esetben a tulajdonr\u00e9sz \u00e9rt\u00e9ke (saj\u00e1t t\u0151ke \u00e9rt\u00e9k) alacsonyabb mint a m\u0171k\u00f6d\u00e9s \u00e9rt\u00e9ke, teh\u00e1t a c\u00e9g\u00e9rt\u00e9k.<\/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-e3579a1 elementor-widget elementor-widget-heading\" data-id=\"e3579a1\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Mi a k\u00fcl\u00f6nbs\u00e9g a saj\u00e1t t\u0151ke\u00e9rt\u00e9k \u00e9s a v\u00e9tel\u00e1r k\u00f6z\u00f6tt? <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4fcaf9a elementor-widget elementor-widget-text-editor\" data-id=\"4fcaf9a\" 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;\">Most, hogy \u00e9rtj\u00fck a c\u00e9g\u00e9rt\u00e9k \u00e9s saj\u00e1t t\u0151ke\u00e9rt\u00e9k k\u00f6z\u00f6tti k\u00fcl\u00f6nbs\u00e9get, n\u00e9zz\u00fck meg mi\u00e9rt van k\u00fcl\u00f6nbs\u00e9g a saj\u00e1t t\u0151ke \u00e9rt\u00e9ke \u00e9s a v\u00e9tel\u00e1r k\u00f6z\u00f6tt, ha egyszer ki tudjuk sz\u00e1m\u00edtani a tulajdonr\u00e9sz mennyit \u00e9r sz\u00e1munkra.<\/span><\/p><p><span style=\"color: #000000;\">Ezen a ponton a felsorol\u00e1st kett\u00e9 kell osztani tank\u00f6nyvi tudom\u00e1nyos \u00e9s gyakorlatias csoportra. Tank\u00f6nyvi alapon a v\u00e9tel\u00e1r az\u00e9rt t\u00e9r el leggyakrabban a saj\u00e1t t\u0151ke\u00e9rt\u00e9kt\u0151l, hiszen az \u00e9rt\u00e9kel\u00e9s id\u0151pontja \u00e9s a c\u00e9gelad\u00e1s k\u00f6z\u00f6tt v\u00e1ltoznak a nett\u00f3 hitel\/k\u00e9szp\u00e9nz\u00e1llom\u00e1ny, forg\u00f3t\u0151ke vagy m\u00e1s egy\u00e9b p\u00e9nz\u00fcgyi besz\u00e1mol\u00f3kban l\u00e9v\u0151 t\u00e9telek, amelyek befoly\u00e1solja a v\u00e9gs\u0151 v\u00e9tel\u00e1rat. Ezent\u00fal az is fontos, hogy sok esetben sz\u00fcletik olyan meg\u00e1llapod\u00e1s, amely nem egy egyszer\u0171 ad\u00e1s-v\u00e9tel, hanem egy \u00f6sszetett felt\u00e9telrendszer. Egy c\u00e9g ad\u00e1s-v\u00e9tele sok esetben ig\u00e9nyel komplik\u00e1lt megold\u00e1st, hogy mindk\u00e9t f\u00e9l komfortos legyen az \u00fcgylettel, ez pedig a v\u00e9tel\u00e1rat is \u00e9rinti, legt\u00f6bbsz\u00f6r halasztott kifizet\u00e9s, b\u00f3nusz strukt\u00fara, teljes\u00edtm\u00e9nyhez k\u00f6t\u00f6tt teljes\u00edt\u00e9s, \u00fctemezett kifizet\u00e9s, vagy egy\u00e9b meg\u00e1llapod\u00e1s szerinti konstrukci\u00f3ban.<\/span><\/p><p><span style=\"color: #000000;\">A gyakorlatias \u00e9rvek k\u00f6z\u00f6tt pedig megfogalmazhatjuk, hogy eg\u00e9sz egyszer\u0171en a val\u00f3s\u00e1g azt mutatja, hogy a kalkul\u00e1lt c\u00e9g\u00e9rt\u00e9k \u00e9s saj\u00e1t t\u0151ke \u00e9rt\u00e9k egy kiindul\u00e1si alapk\u00e9nt funkcion\u00e1l a t\u00e1rgyal\u00e1sok sor\u00e1n, sok esetben mindk\u00e9t f\u00e9l alkudozik, m\u00edg meg\u00e9rkeznek a v\u00e9gs\u0151 meg\u00e1llapod\u00e1shoz.<\/span><\/p><p><span style=\"color: #000000;\">Szint\u00e9n fontos, hogy egy-egy c\u00e9g valamekkora r\u00e9szesed\u00e9s\u00e9nek tulajdonl\u00e1sa m\u00e1s-m\u00e1s \u00e9rt\u00e9kekkel b\u00edr egyes befektet\u0151k sz\u00e1m\u00e1ra. P\u00e9ld\u00e1ul, ha egy c\u00e9g megv\u00e1s\u00e1rolja egy versenyt\u00e1rs\u00e1t, akkor nem felt\u00e9tlen\u00fcl sz\u00fcks\u00e9ges mindk\u00e9t c\u00e9gben megtartani a marketing vagy a jogi oszt\u00e1lyt, a k\u00f6lts\u00e9gek racionaliz\u00e1l\u00e1s\u00e1val pedig p\u00e9nzt tud megtakar\u00edtani a v\u00e1s\u00e1rl\u00f3 f\u00e9l. Emiatt a versenyt\u00e1rs megv\u00e1s\u00e1rl\u00e1s\u00e1val nem csak a tulajdonjog \u00e9rt\u00e9k\u00e9t kapja meg, hanem p\u00e9nzt tud a saj\u00e1t m\u0171k\u00f6d\u00e9s\u00e9ben is megtakar\u00edtani \u2013 ezt nevezz\u00fck szinergi\u00e1nak -, ennek a megtakar\u00edt\u00e1snak az \u00f6sszeg\u00e9t pedig ak\u00e1r hajlamos lehet kifizetni v\u00e9tel\u00e1rk\u00e9nt.<\/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-2df7228 elementor-widget elementor-widget-image\" data-id=\"2df7228\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"705\" height=\"691\" src=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/cegertek-sajat-tokeertek-vetelar-1.png\" class=\"attachment-large size-large\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/cegertek-sajat-tokeertek-vetelar-1.png 705w, https:\/\/www.stochrone.com\/wp-content\/uploads\/2024\/02\/cegertek-sajat-tokeertek-vetelar-1-300x294.png 300w\" sizes=\"(max-width: 705px) 100vw, 705px\" \/>\t\t\t\t\t\t\t\t\t\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-89e4b65 elementor-widget elementor-widget-accordion\" data-id=\"89e4b65\" data-element_type=\"widget\" data-widget_type=\"accordion.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-accordion\" role=\"tablist\">\n\t\t\t\t\t\t\t<div class=\"elementor-accordion-item\">\n\t\t\t\t\t<div id=\"elementor-tab-title-1441\" class=\"elementor-tab-title\" data-tab=\"1\" role=\"tab\" aria-controls=\"elementor-tab-content-1441\" aria-expanded=\"false\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon elementor-accordion-icon-left\" aria-hidden=\"true\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-closed\"><i class=\"fas fa-caret-down\"><\/i><\/span>\n\t\t\t\t\t\t\t\t<span class=\"elementor-accordion-icon-opened\"><i class=\"fas fa-caret-up\"><\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-accordion-title\" href=\"\">A defin\u00edci\u00f3szer\u0171 megfogalmaz\u00e1sa az \u00f6sszef\u00fcgg\u00e9snek a k\u00f6vetkez\u0151k\u00e9nt \u00edrhat\u00f3 le: <\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div id=\"elementor-tab-content-1441\" class=\"elementor-tab-content elementor-clearfix\" data-tab=\"1\" role=\"tabpanel\" aria-labelledby=\"elementor-tab-title-1441\"><p>A v\u00e1llalat \u00e9rt\u00e9k\u00e9nek eg\u00e9sz\u00e9t a tulajdon\u00e1ban l\u00e9v\u0151 \u00e9s a m\u0171k\u00f6d\u00e9shez felhaszn\u00e1lt eszk\u00f6z\u00f6k \u00e9s forg\u00f3t\u0151ke piaci \u00e9rt\u00e9k\u00e9nek \u00f6sszege jelenti. Ezek \u00f6sszeg\u00e9t h\u00edvjuk c\u00e9g\u00e9rt\u00e9knek. Azonban ezeket az eszk\u00f6z\u00f6ket a v\u00e1llalatok \u2013 jellemz\u0151en \u2013 k\u00e9tf\u00e9le forr\u00e1sb\u00f3l finansz\u00edrozz\u00e1k: saj\u00e1t t\u0151k\u00e9b\u0151l (tulajdonosi hozz\u00e1j\u00e1rul\u00e1sb\u00f3l) \u00e9s hitelekb\u0151l. Mindezek miatt a tulajdonosok csak a saj\u00e1t t\u0151ke erej\u00e9ig jogosultak a v\u00e1llalat eszk\u00f6zeinek \u00e9s forg\u00f3t\u0151k\u00e9j\u00e9nek aggreg\u00e1lt teljes piaci \u00e9rt\u00e9k\u00e9b\u0151l, amelyet \u00fagy tudunk meg\u00e1llap\u00edtani, hogy a c\u00e9g\u00e9rt\u00e9kb\u0151l kivonjuk a nett\u00f3 ad\u00f3ss\u00e1got. A nett\u00f3 ad\u00f3ss\u00e1g a hitel\u00e1llom\u00e1ny \u00e9s a t\u00e1rsas\u00e1g p\u00e9nzeszk\u00f6zeinek k\u00fcl\u00f6nbs\u00e9ge, ugyanis ut\u00f3bbit a t\u00e1rsas\u00e1g a hitelek visszafizet\u00e9s\u00e9re is fel tudn\u00e1 haszn\u00e1lni.<\/p><p><strong>C\u00e9g\u00e9rt\u00e9k<\/strong>: A c\u00e9g\u00e9rt\u00e9k (szaknyelven Enterprise Value, EV), vagy pontosabb ford\u00edt\u00e1sa a v\u00e1llalat\u00e9rt\u00e9k, a v\u00e1llalat tulajdon\u00e1ban \u00e1ll\u00f3 \u00e9s a m\u0171k\u00f6d\u00e9shez sz\u00fcks\u00e9ges eszk\u00f6z\u00f6k \u00e9s forg\u00f3t\u0151ke \u00f6sszege. Mivel az eszk\u00f6z\u00f6k \u00e9s a forg\u00f3t\u0151ke sz\u00fcks\u00e9ges a c\u00e9g p\u00e9nz\u00e1ramainak megtermel\u00e9s\u00e9hez, \u00edgy ez egyben a m\u0171k\u00f6d\u00e9s \u201e\u00e9rt\u00e9k\u00e9t\u201d is reprezent\u00e1lja.<\/p><p><strong>Saj\u00e1t t\u0151ke \u00e9rt\u00e9k<\/strong>: A m\u0171k\u00f6d\u00e9shez felhaszn\u00e1lt \u00e9s a c\u00e9g tulajdon\u00e1ban l\u00e9v\u0151 eszk\u00f6z\u00f6k \u00e9s forg\u00f3t\u0151ke t\u0151ketulajdonosokra \u2013 vagy egyszer\u0171en tulajdonosokra \u2013 jut\u00f3 \u00e9rt\u00e9ke, amelyet a c\u00e9g\u00e9rt\u00e9k \u00e9s a nett\u00f3 hitel\u00e1llom\u00e1ny k\u00fcl\u00f6nbs\u00e9gek\u00e9nt kapunk meg. Amennyiben tulajdonosk\u00e9nt \u00e9rt\u00e9kes\u00edtj\u00fck a r\u00e9szesed\u00e9s\u00fcnket ennek egy r\u00e9sz\u00e9re \u2013 vagy eg\u00e9sz\u00e9re \u2013 vagyunk jogosultak.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9cecea7 elementor-widget elementor-widget-text-editor\" data-id=\"9cecea7\" 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;\">Most, hogy v\u00e9gig n\u00e9zt\u00fck az \u00f6sszef\u00fcgg\u00e9seket soroljuk fel a fontos tanuls\u00e1gokat.<\/span><\/p><ol><li><span style=\"color: #000000;\">A c\u00e9g\u00e9rt\u00e9k az\u00e9rt nem egyenl\u0151 a saj\u00e1t t\u0151ke\u00e9rt\u00e9kkel, mert a c\u00e9g\u00e9rt\u00e9k csak a m\u0171k\u00f6d\u00e9s \u00e9rt\u00e9k\u00e9t, m\u00edg a saj\u00e1t t\u0151ke\u00e9rt\u00e9k a tulajdonr\u00e9sz \u00e9rt\u00e9k\u00e9t jel\u00f6li. A tulajdonr\u00e9sz \u00e9rt\u00e9ke lehet magasabb vagy alacsonyabb mint a c\u00e9g\u00e9rt\u00e9k, ez pedig att\u00f3l f\u00fcgg, hogy a tulajdonl\u00e1son kereszt\u00fcl a m\u0171k\u00f6d\u00e9sen t\u00fal extra forr\u00e1shoz jutunk, vagy tulajdonosk\u00e9nt tov\u00e1bbi forr\u00e1st sz\u00fcks\u00e9ges fektetn\u00fcnk a c\u00e9gbe.<\/span><\/li><li><span style=\"color: #000000;\">A c\u00e9g\u00e9rt\u00e9k az\u00e9rt nem egyenl\u0151 a v\u00e9tel\u00e1rral, hiszen ahhoz, hogy meghat\u00e1rozzuk mennyit fizess\u00fcnk egy c\u00e9g\u00e9rt, abb\u00f3l \u00e9rdemes kiindulni, hogy a tulajdonl\u00e1s milyen \u00e9rt\u00e9ket k\u00e9pvisel, amelyhez a saj\u00e1t t\u0151ke \u00e9rt\u00e9k\u00e9t sz\u00fcks\u00e9ges kisz\u00e1m\u00edtanunk.<\/span><\/li><li><span style=\"color: #000000;\">A saj\u00e1t t\u0151ke \u00e9rt\u00e9ke \u00e9s a v\u00e9tel\u00e1r pedig az\u00e9rt nem egyenl\u0151, hiszen az \u00e9rt\u00e9kel\u00e9s \u00e9s a kifizet\u00e9s k\u00f6z\u00f6tt m\u00f3dosulhatnak az \u00e9rt\u00e9ket befoly\u00e1sol\u00f3 t\u00e9telek, az \u00fcgylet sok esetben nem egyszer\u0171 ad\u00e1s-v\u00e9tel hanem egy egyedi strukt\u00fara, tov\u00e1bb\u00e1 az \u00fcgyletn\u00e9l helye van az alkunak is, mely t\u00e9nyez\u0151k mind befoly\u00e1solj\u00e1k hol alakul ki a v\u00e9gleg fizetett v\u00e9tel\u00e1r.<\/span><\/li><\/ol><p><\/p><p><span>A Stochrone\u00a0<\/span><a href=\"https:\/\/www.stochrone.com\/en\/cegertekeles\/\"><span>c\u00e9g\u00e9rt\u00e9kel\u00e9si szolg\u00e1ltat\u00e1sa<\/span><\/a><span>\u00a0seg\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<div class=\"elementor-element elementor-element-cae8c02 elementor-button-info elementor-align-left elementor-widget elementor-widget-button\" data-id=\"cae8c02\" 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>Gyakran tal\u00e1lkozunk a c\u00e9g\u00e9rt\u00e9k \u00e9s a v\u00e9tel\u00e1r fogalm\u00e1val c\u00e9gelad\u00e1si helyzetekben, viszont legal\u00e1bb ennyire fontos a saj\u00e1t t\u0151ke\u00e9rt\u00e9k, amely kev\u00e9sb\u00e9 ismert fogalom. Cikk\u00fcnkben bemutatjuk a h\u00e1rom kateg\u00f3ria k\u00f6z\u00f6tti k\u00fcl\u00f6nbs\u00e9geket, melyek ismerete el\u0151ny\u00fcnkre v\u00e1lik c\u00e9g\u00e9rt\u00e9kel\u00e9si \u00e9s c\u00e9gelad\u00e1si helyzetekben.<\/p>","protected":false},"author":1,"featured_media":2993,"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],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>C\u00e9g\u00e9rt\u00e9k, saj\u00e1t t\u0151ke\u00e9rt\u00e9k vagy v\u00e9tel\u00e1r? 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