Prinosni vs tržišni modeli vrednovanja preduzeća
Yield vs market models for company valuation

Summary/Abstract: Valuation of a company involves processes that begin with the collection of information important for determining the company value, and end with reaching a conclusion about the value of the company. All the processes that precede the conclusion of the value imply the use of different models for company valuation, within the framework of three generally accepted valuation approaches. The estimated value of the company depends on many factors, so no conclusion about the value of the company can be reached in one way. In practice, there is no equal estimated value, when several different methods are used. At the end of the valuation process, the appraiser should make a final conclusion about the value based on the applied approaches and methods, as well as his professional judgement. The aim of this paper is to compare the two most commonly used valuation approaches, the income and the market approach. With the income approach, the focus will be on the discounted cash flow model and the discounted dividend model, on the other hand, the representative of the market approach will be presented multiplier models.

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