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2013, br. 3-4, str. 160-170
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Određivanje stope rasta kao inputa diskontnih modela vrednovanja akcija
Determination of growth rates as an input of the stock discount valuation models
Ključne reči: diskontni modeli za vrednovanje akcija; stopa rasta; istorijska stopa rasta; stopa rasta zasnovana na proceni analitičara; fundamentalna stopa rasta
Keywords: stock discount valuation models; growth rate; historical growth rate; growth rate based on assessment of the analytics; fundamental growth rate
Sažetak
Prilikom određivanja vrednosti akcija pomoću različitih diskontnih modela za vrednovanje, jedan od važnih inputa predstavlja očekivana stopa rasta dividendi, zarada, novčanih tokova i drugih bitnih parametara preduzeća. Stopa rasta se može odrediti na tri osnovna načina, i to: putem ekstrapolacije istorijskih podataka, zatim profesionalnom ocenom analitičara koji prate poslovanje preduzeća, kao i na osnovu fundamentalnih pokazatelja preduzeća. Cilj ovog rada jeste da prikaže teorijsku osnovu i praktičnu primenu navedenih metoda određivanja stope rasta, te da ukaže na njihove prednosti, odnosno nedostatke.
Abstract
When determining the value of the stocks with different stock discount valuation models, one of the important inputs is expected growth rate of dividends, earnings, cash flows and other relevant parameters of the company. Growth rate can be determined by three basic ways, and those are: on the basis of extrapolation of historical data, on the basis of professional assessment of the analytics who follow business of the company and on the basis of fundamental indicators of the company. Aim of this paper is to depict theoretical basis and practical application of stated methods for growth rate determination, and to indicate their advantages, or deficiencies.
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