| Abstract [eng] |
In order to estimate company's value clearly and objectively it is necessary to analyze business environment, forecast company’s prospect and future cash flows; to make complex calculations, which require great efforts of knowledge and practice. In the process of comprehensive valuation, which is based on methodological references of business valuation, value of the particular company is set in the most précised way. The result, which also includes company's internal and external factors of business environment, gives plenty of useful information to the concerned parties. In Lithuania, at the present time, the practice of business valuation is in the development level, which is based on the practice of other countries and consideration of standards of International and European business valuation. The development of business valuation system, the creation of specialized data bases, the spreading of methodological editions, the arrangement of public instructions and consultations for Lithuanian businessmen would provide wider range of opportunities and possibilities to develop their activities in Lithuania as well as in European Union. The important information would reach Lithuanian and other countries investors. The object of graduation paper is the theoretical analysis and adaptation of business valuation methods in the practice during the AB „Pieno žvaigždės“ business activity valuation. The target of task is to analyze the methods of business valuation. In bases of theoretical analysis, to estimate the business value of „Pieno Žvaigždės“, applying methods of income, property and market approaches. Reaching the set target, the following tasks were made: to define main determinations, related with business evaluation; to mark out mostly used approaches of the business valuation; to analyze the principles, reasons and particular cases of business valuation; to produce the process of business valuation; to analyze the main business valuation approaches, their opportunities of the practical application, advantages and disadvantages; to estimate the business value of AB „Pieno Žvaigždės“. Graduation paper is composed from three main parts. The first part contains information: provided theoretical aspects of business evaluation; presented the main definitions, approaches of business valuation, principles, targets and process. The second part includes the analysis of business valuation approaches. It takes analysis of income, property and market approaches methods. The third part leads to the practical application of analyzed methods. AB „Pieno Žvaigždės“ business value was estimated by balance sheet, multiples and discounted cash flow methods. The volume is 80 pages; it contains 54 pages of explanatory part. There were provided 20 tables, 10 pictures, and 7 appendixes. There were used 68 individual sources of literature. In the theoretical part of graduation paper the main literature of business valuation were analyzed and systematized for effective application to AB „Pieno žvaigždės“ business valuation. The results, gained from the process of valuation, are assigned to the needs of external and internal users. The heads of the enterprise can use gained information in the process of planning company's activities, consolidate competitive positions, optimized costs, and making strategic decisions. Shareholders are informed about company's financial state, future dividends, and profit for one stock. Potential investors could use the analysis as a base for decisions, connected with buying company’s stocks. Financial institutions receive information about company's present and possible situation in the market. |
