{"id":7976,"date":"2024-08-09T20:46:40","date_gmt":"2024-08-09T18:46:40","guid":{"rendered":"https:\/\/www.forexsrovnavac.cz\/mag\/?p=7976"},"modified":"2025-01-10T22:36:21","modified_gmt":"2025-01-10T21:36:21","slug":"analyza-akcii-pomoci-precedencni-analyzy-precedent-transactions","status":"publish","type":"post","link":"https:\/\/www.forexsrovnavac.cz\/mag\/analyza-akcii-pomoci-precedencni-analyzy-precedent-transactions\/","title":{"rendered":"Anal\u00fdza akci\u00ed pomoc\u00ed preceden\u010dn\u00ed anal\u00fdzy (Precedent Transactions)"},"content":{"rendered":"

Preceden\u010dn\u00ed transakce (Precedent Transactions)<\/strong> je metoda oce\u0148ov\u00e1n\u00ed, kter\u00e1 analyzuje ceny zaplacen\u00e9 za podobn\u00e9 spole\u010dnosti v minul\u00fdch akvizic\u00edch. Tento p\u0159\u00edstup poskytuje re\u00e1ln\u00e9 tr\u017en\u00ed hodnoty spole\u010dnost\u00ed na z\u00e1klad\u011b dokon\u010den\u00fdch historick\u00fdch obchod\u016f.<\/p>\n

Jak preceden\u010dn\u00ed transakce funguje a u jak\u00fdch spole\u010dnost\u00ed ji vyu\u017e\u00edvat:<\/h2>\n

Tato metoda spo\u010d\u00edv\u00e1 v analyzov\u00e1n\u00ed p\u0159edchoz\u00edch akvizic, f\u00faz\u00ed nebo prodej\u016f spole\u010dnost\u00ed<\/strong>, kter\u00e9 jsou podobn\u00e9 t\u00e9, kterou chcete ocenit. Zohled\u0148uje se \u010das, tr\u017en\u00ed podm\u00ednky a specifick\u00e9 okolnosti ka\u017ed\u00e9 transakce, aby se odvodil n\u00e1sobek (nap\u0159. P\/E, EV\/EBITDA), kter\u00fd se pak aplikuje na c\u00edlovou spole\u010dnost. Preceden\u010dn\u00ed transakce funguj\u00ed p\u0159i oce\u0148ov\u00e1n\u00ed spole\u010dnost\u00ed, kter\u00e9 se \u00fa\u010dastn\u00ed f\u00faz\u00ed a akvizic, a jsou tak\u00e9 relevantn\u00ed pro investory, kte\u0159\u00ed cht\u011bj\u00ed porozum\u011bt tr\u017en\u00edm standard\u016fm a hodnot\u011b potenci\u00e1ln\u00ed akvizice jejich dr\u017een\u00e9 spole\u010dnosti.<\/p>\n

\"\"<\/a>

Proces preceden\u010dn\u00ed anal\u00fdzy<\/p><\/div>\n

Pro\u010d jsou Preceden\u010dn\u00ed transakce tak popul\u00e1rn\u00ed?<\/strong><\/span><\/p>\n

Preceden\u010dn\u00ed transakce jsou popul\u00e1rn\u00ed, proto\u017ee poskytuj\u00ed re\u00e1ln\u00fd tr\u017en\u00ed n\u00e1hled na hodnotu spole\u010dnost\u00ed, zalo\u017een\u00fd na cen\u00e1ch, kter\u00e9 byly skute\u010dn\u011b zaplaceny v minulosti. Tento p\u0159\u00edstup je praktick\u00fd pro investory, kte\u0159\u00ed cht\u011bj\u00ed pochopit, jak\u00e9 hodnoty byly p\u0159isuzov\u00e1ny podobn\u00fdm spole\u010dnostem za podobn\u00fdch tr\u017en\u00edch podm\u00ednek.<\/p>\n

Je d\u016fle\u017eit\u00e9 pomoc\u00ed t\u00e9to anal\u00fdzy oce\u0148ovat akcie a spole\u010dnosti ze stejn\u00e9ho sektoru<\/strong>, proto\u017ee spole\u010dnosti v r\u00e1mci jednoho odv\u011btv\u00ed \u010dasto sd\u00edlej\u00ed podobn\u00e9 ekonomick\u00e9 faktory, obchodn\u00ed modely a r\u016fstov\u00e9 vyhl\u00eddky. Srovn\u00e1v\u00e1n\u00ed spole\u010dnost\u00ed ve stejn\u00e9m sektoru umo\u017e\u0148uje p\u0159esn\u011bj\u0161\u00ed ur\u010den\u00ed jejich relativn\u00ed hodnoty, proto\u017ee bere v \u00favahu specifick\u00e9 tr\u017en\u00ed podm\u00ednky, konkurenci a valuaci. T\u00edm se zvy\u0161uje pravd\u011bpodobnost, \u017ee ocen\u011bn\u00ed bude realistick\u00e9 a relevantn\u00ed pro analyzovanou spole\u010dnost.<\/p>\n

Vzorec pro Preceden\u010dn\u00ed transakce:<\/strong>
\nOce\u0148ov\u00e1n\u00ed se prov\u00e1d\u00ed na z\u00e1klad\u011b historick\u00fdch transak\u010dn\u00edch n\u00e1sobk\u016f, p\u0159izp\u016fsoben\u00e9 pro odv\u011btv\u00ed, tr\u017en\u00ed podm\u00ednky a na\u010dasov\u00e1n\u00ed. Ka\u017ed\u00fd v\u00fdpo\u010det je odli\u0161n\u00fd, pojdme si tedy uv\u00e9st p\u0159\u00edklad v\u00fdpo\u010dtu.\u00a0<\/strong><\/p>\n

P\u0159\u00edklad preceden\u010dn\u00ed anal\u00fdzy pro hodnotu spole\u010dnosti<\/h2>\n

P\u0159edstavme si, \u017ee chceme ocenit spole\u010dnost RetailCo<\/strong>, kter\u00e1 p\u016fsob\u00ed v maloobchodn\u00edm sektoru. Ned\u00e1vno do\u0161lo k n\u011bkolika akvizic\u00edm podobn\u00fdch maloobchodn\u00edch spole\u010dnost\u00ed, a tyto transakce tak chceme vyu\u017e\u00edt k ur\u010den\u00ed hodnoty RetailCo<\/strong>.<\/p>\n

Krok 1: Identifikace relevantn\u00edch transakc\u00ed<\/span><\/strong><\/p>\n

Najdeme t\u0159i ned\u00e1vn\u00e9 transakce v maloobchodn\u00edm sektoru:<\/p>\n

    \n
  1. Akvizice Company X za 1 miliardu USD p\u0159i EBITDA 100 milion\u016f USD (EV\/EBITDA = 10x)<\/li>\n
  2. Akvizice Company Y za 1,5 miliardy USD p\u0159i EBITDA 150 milion\u016f USD (EV\/EBITDA = 10x)<\/li>\n
  3. Akvizice Company Z za 2 miliardy USD p\u0159i EBITDA 200 milion\u016f USD (EV\/EBITDA = 10x)<\/li>\n<\/ol>\n

    Krok 2: V\u00fdpo\u010det pr\u016fm\u011brn\u00e9ho n\u00e1sobku<\/strong><\/span><\/p>\n

    Pr\u016fm\u011brn\u00fd EV\/EBITDA n\u00e1sobek t\u011bchto transakc\u00ed je 10x<\/strong>.<\/p>\n

    Krok 3: Aplikace pr\u016fm\u011brn\u00e9ho n\u00e1sobku na c\u00edlovou spole\u010dnost<\/strong><\/span><\/p>\n

    RetailCo<\/strong> m\u00e1 ro\u010dn\u00ed EBITDA 120 milion\u016f USD. Pou\u017eijeme tedy pr\u016fm\u011brn\u00fd EV\/EBITDA n\u00e1sobek z posledn\u00edch akvizic, kter\u00fd n\u00e1m vy\u0161el 10x:<\/p>\n

    \n

    Odhadovan\u00e1 hodnota RetailCo = 120 mil. USD (EBITDA) \u00d7 10 (n\u00e1sobek EV\/EBITDA) = 1,2 miliardy USD<\/span><\/p>\n<\/div>\n

    Jednoduchost v\u00fdpo\u010dtu:<\/strong> P\u0159esto\u017ee tato metoda vy\u017eaduje p\u0159\u00edstup k \u00fadaj\u016fm o minul\u00fdch transakc\u00edch, poskytuje solidn\u00ed z\u00e1klad pro stanoven\u00ed hodnoty, kter\u00e1 odr\u00e1\u017e\u00ed skute\u010dn\u00e9 tr\u017en\u00ed podm\u00ednky. D\u00edky tomu je popul\u00e1rn\u00ed mezi odborn\u00edky na f\u00faze a akvizice a investory, kte\u0159\u00ed se sna\u017e\u00ed ur\u010dit, jakou cenu by m\u011bli zaplatit za konkr\u00e9tn\u00ed c\u00edlovou spole\u010dnost na z\u00e1klad\u011b minul\u00fdch srovnateln\u00fdch obchod\u016f.<\/p>\n

    Z\u00e1v\u011br<\/h3>\n

    Na z\u00e1klad\u011b preceden\u010dn\u00edch transakc\u00ed by hodnota spole\u010dnosti RetailCo<\/strong> mohla b\u00fdt odhadnuta na 1,2 miliardy USD<\/strong>. Tento p\u0159\u00edstup n\u00e1m umo\u017e\u0148uje ocenit RetailCo<\/strong> v souladu s tr\u017en\u00edmi standardy a podm\u00ednkami, kter\u00e9 byly aplikov\u00e1ny v ned\u00e1vn\u00fdch akvizic\u00edch podobn\u00fdch spole\u010dnost\u00ed.<\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

    Preceden\u010dn\u00ed transakce (Precedent Transactions) je metoda oce\u0148ov\u00e1n\u00ed, kter\u00e1 analyzuje ceny zaplacen\u00e9 za podobn\u00e9 spole\u010dnosti v minul\u00fdch akvizic\u00edch. Tento p\u0159\u00edstup poskytuje re\u00e1ln\u00e9 tr\u017en\u00ed hodnoty spole\u010dnost\u00ed na z\u00e1klad\u011b dokon\u010den\u00fdch historick\u00fdch obchod\u016f. Jak preceden\u010dn\u00ed transakce funguje a u jak\u00fdch spole\u010dnost\u00ed ji vyu\u017e\u00edvat: Tato metoda spo\u010d\u00edv\u00e1 v analyzov\u00e1n\u00ed p\u0159edchoz\u00edch akvizic, f\u00faz\u00ed nebo prodej\u016f spole\u010dnost\u00ed, kter\u00e9 jsou podobn\u00e9 t\u00e9, kterou […]<\/p>\n","protected":false},"author":1,"featured_media":7978,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[194],"tags":[],"class_list":["post-7976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-akcie"],"modified_by":"Krpensk\u00fd Martin","_links":{"self":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/7976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/comments?post=7976"}],"version-history":[{"count":0,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/posts\/7976\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media\/7978"}],"wp:attachment":[{"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/media?parent=7976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/categories?post=7976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.forexsrovnavac.cz\/mag\/wp-json\/wp\/v2\/tags?post=7976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}