{"id":10520,"date":"2023-01-16T23:24:00","date_gmt":"2023-01-16T23:24:00","guid":{"rendered":"https:\/\/lep-elevate.si\/?page_id=10520"},"modified":"2023-06-30T05:51:53","modified_gmt":"2023-06-30T05:51:53","slug":"case-studies","status":"publish","type":"page","link":"https:\/\/lep-elevate.si\/sl\/case-studies\/","title":{"rendered":"\u0160tudije primerov"},"content":{"rendered":"<div data-elementor-type=\"wp-page\" data-elementor-id=\"10520\" class=\"elementor elementor-10520\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a3d367b elementor-section-full_width elementor-section-stretched elementor-section-height-default elementor-section-height-default qodef-elementor-content-no\" data-id=\"a3d367b\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6615587\" data-id=\"6615587\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-f0b7202 elementor-section-boxed elementor-section-height-default elementor-section-height-default qodef-elementor-content-no\" data-id=\"f0b7202\" 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<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-82ce1fe\" data-id=\"82ce1fe\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ad95524 elementor-widget elementor-widget-image\" data-id=\"ad95524\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 22-05-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"516\" src=\"https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-2.png\" class=\"attachment-large size-large wp-image-12185\" alt=\"\" srcset=\"https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-2.png 1412w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-2-300x151.png 300w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-2-1024x516.png 1024w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-2-768x387.png 768w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-2-18x9.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-0605237\" data-id=\"0605237\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6871494 elementor-widget elementor-widget-heading\" data-id=\"6871494\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 22-05-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">V zadnjih 20 letih so svetovalci pri zdru\u017eitvah in prevzemih ustvarili 3,2 milijarde EUR dodatne vrednosti za prodajalce<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a8108ba elementor-widget elementor-widget-text-editor\" data-id=\"a8108ba\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 22-05-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Empiri\u010dna \u0161tudija, opravljena na vzorcu 104 transakcij M&amp;A v Sloveniji v obdobju 20 let, med letoma 2000 in 2019, je pokazala, da so M&amp;A transakcije, pri katerih so finan\u010dni svetovalci na strani prodajalca bili anga\u017eirani, prinesle skupno vrednost podjetij (enterprise value oz. EV) v vi\u0161ini 8,1 milijarde EUR, medtem ko je bila pri transakcijah brez njihovega anga\u017eiranja skupna vrednost 4,9 milijarde EUR. Tako je v Sloveniji v 20-letnem obdobju<strong> dodana vrednost finan\u010dnih svetovalcev prodajalcem kapitalskih dele\u017eev zna\u0161ala 3,2 milijarde EUR.<\/strong><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-fc0e267 elementor-section-boxed elementor-section-height-default elementor-section-height-default qodef-elementor-content-no\" data-id=\"fc0e267\" 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<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-2cafbd7\" data-id=\"2cafbd7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-412899d elementor-widget elementor-widget-image\" data-id=\"412899d\" 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\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"488\" src=\"https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-1.png\" class=\"attachment-large size-large wp-image-12184\" alt=\"\" srcset=\"https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-1.png 1495w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-1-300x143.png 300w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-1-1024x488.png 1024w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-1-768x366.png 768w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-1-18x9.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-96c4157\" data-id=\"96c4157\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-9d02066 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"9d02066\" 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<p>Pri opazovanju mnogokratnikov vrednotenja je sodelovanje finan\u010dnega svetovalca na prodajni strani pomenilo, da so bile v mediani relativne vrednosti podjetij z upo\u0161tevanjem kazalnikov dobi\u010dkonosnosti (EBIT, EBITDA) vi\u0161je kot v primerih, ko so lastniki opravili transakcijo brez sodelovanja svetovalca:<\/p><ul style=\"list-style-type: square;\"><li><strong>15,7x EV \/ EBIT<\/strong> v primerjavi z 9,4x EV \/ EBIT brez finan\u010dnega svetovalca<\/li><li><strong>9,1x EV \/ EBITDA<\/strong> v primerjavi s 7,1x EV \/ EBITDA brez finan\u010dnega svetovalca<\/li><li>in nekoliko ni\u017eji <strong>0,9x EV \/ prihodki<\/strong> v primerjavi z 1,0x EV \/ prihodki brez finan\u010dnega svetovalca (predvsem zaradi nerentabilne narave podjetij oz. podjetij, ki so bile v te\u017eavah)<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-0aac246 elementor-section-boxed elementor-section-height-default elementor-section-height-default qodef-elementor-content-no\" data-id=\"0aac246\" 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<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ef99d59\" data-id=\"ef99d59\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6977d11 elementor-widget elementor-widget-image\" data-id=\"6977d11\" 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\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"497\" src=\"https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-3.png\" class=\"attachment-large size-large wp-image-12186\" alt=\"\" srcset=\"https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-3.png 1495w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-3-300x145.png 300w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-3-1024x497.png 1024w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-3-768x372.png 768w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-3-18x9.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-c98ed29\" data-id=\"c98ed29\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e6d4fc8 elementor-widget elementor-widget-text-editor\" data-id=\"e6d4fc8\" 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<p>Premija za sodelovanje finan\u010dnih svetovalcev je povzro\u010dila za 66 % vi\u0161jo vrednost EV \/ EBIT<\/p><ul style=\"list-style-type: square;\"><li><strong>dose\u017eena 66 % vi\u0161ja EV \/ EBIT<\/strong> (oz. za 6,3-kratnik vi\u0161ja stopnja)<\/li><li><strong>28 % vi\u0161ja dose\u017eena EV \/ EBITDA <\/strong>(ali za 2,0-kratnik stopnja)<\/li><li>in <strong>10% <\/strong>zmanj\u0161anje <strong>EV \/ Revenue<\/strong> EV \/ prihodkov (oz. za -0,1-kratnik ni\u017eja stopnja), kot je bilo opisano, predvsem zaradi nedonosne narave podjetij oz. podjetij, ki so bila v te\u017eavah)<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-0ce45ff elementor-section-boxed elementor-section-height-default elementor-section-height-default qodef-elementor-content-no\" data-id=\"0ce45ff\" 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<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-1cde22e\" data-id=\"1cde22e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3b306a5 elementor-widget elementor-widget-image\" data-id=\"3b306a5\" 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\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"497\" src=\"https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-4.png\" class=\"attachment-large size-large wp-image-12187\" alt=\"\" srcset=\"https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-4.png 1494w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-4-300x146.png 300w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-4-1024x497.png 1024w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-4-768x373.png 768w, https:\/\/lep-elevate.si\/wp-content\/uploads\/2023\/06\/Case-study-SI-4-18x9.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-38b79c3\" data-id=\"38b79c3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-af89f55 elementor-widget elementor-widget-text-editor\" data-id=\"af89f55\" 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<p>V empiri\u010dni \u0161tudiji so bile nadalje opazovane zna\u010dilnosti transakcij zdru\u017eitev in prevzemov v razvijajo\u010dem se gospodarstvu, ki je pre\u0161lo iz gospodarstva s centralnim na\u010drtovanjem v tr\u017eno gospodarstvo, hkrati pa je bilo podvr\u017eeno tudi mednarodnim gospodarskim ciklom, vklju\u010dno z obdobji ekspanzije, recesije in gospodarskega okrevanja.<\/p><p>Analiza je pokazala, da so bila podjetja prodana po vi\u0161jih ve\u010dkratnikih vrednotenja v primeru, da:<\/p><ul><li><strong>je bilo podjetje znatno zadol\u017eeno<\/strong> (v primerjavi z nizko zadol\u017eenostjo)<\/li><li><strong>se je transakcija zgodila v obdobju gospodarske<\/strong> <strong>ekspanzije<\/strong> (v primerjavi z obdobjem okrevanja)<\/li><li><strong>je bilo podjetje zelo dobi\u010dkonosno<\/strong> (v primerjavi z nizko dobi\u010dkonosnim)<\/li><\/ul><p>\u010ceprav so relativni mnogokratniki vrednotenja lahko koristni pri zagotavljanju splo\u0161ne analize vrednotenja podjetja, se priporo\u010da navzkri\u017eno preverjanje dobljenega vrednotenja z drugimi fundamentalnimi analizami, saj je vsako podjetje edinstveno in na vrednotenje vplivajo razli\u010dni dejavniki (poleg dobi\u010dkonosnosti, \u010dasovnega obdobja, zadol\u017eenosti in poslovnega sektorja, ki so bili upo\u0161tevani v \u0161tudiji).<\/p><p>Z veseljem smo vam na voljo za posredovanje ve\u010d informacij o vrednotenju in dodani vrednosti, ki vam jo lahko prinesejo na\u0161e storitve finan\u010dnega svetovanja!<\/p><p>\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ad8e13d elementor-widget elementor-widget-halstein_core_button\" data-id=\"ad8e13d\" data-element_type=\"widget\" data-widget_type=\"halstein_core_button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<a class=\"qodef-shortcode qodef-m  qodef-button qodef-layout--filled-one  qodef-html--link\" href=\"https:\/\/calendly.com\/lep-elevate\/\" target=\"_self\" data-hover-color=\"#7F37BB\" data-hover-background-color=\"#02010100\" data-hover-border-color=\"#7F37BB\" style=\"color: #FFFFFF;background-color: #7F37BB\">\n\t<span class=\"qodef-m-text\">Kontakt<\/span>\n<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60afdd0 elementor-widget elementor-widget-text-editor\" data-id=\"60afdd0\" 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<p>Prenesite \u0161tudijo:<a href=\"http:\/\/www.cek.ef.uni-lj.si\/magister\/lep4094-B.pdf\" target=\"_blank\" rel=\"noopener\">\"Vrednost svetovalcev lastnikom podjetij v procesu prodaje lastni\u0161kega dele\u017ea\"<\/a>&#8220;<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>In the last 20 years M&#038;A advisors created EUR 3.2 bn additional value to the sellers An empirical study done on the sample of 104 M&amp;A transactions in Slovenia in the span of 20 years, between 2000 and 2019, showed that M&amp;A transactions in which sell-side financial advisors have retained, resulted in the aggregated enterprise [&hellip;]<\/p>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-10520","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/lep-elevate.si\/sl\/wp-json\/wp\/v2\/pages\/10520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lep-elevate.si\/sl\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/lep-elevate.si\/sl\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/lep-elevate.si\/sl\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lep-elevate.si\/sl\/wp-json\/wp\/v2\/comments?post=10520"}],"version-history":[{"count":55,"href":"https:\/\/lep-elevate.si\/sl\/wp-json\/wp\/v2\/pages\/10520\/revisions"}],"predecessor-version":[{"id":12845,"href":"https:\/\/lep-elevate.si\/sl\/wp-json\/wp\/v2\/pages\/10520\/revisions\/12845"}],"wp:attachment":[{"href":"https:\/\/lep-elevate.si\/sl\/wp-json\/wp\/v2\/media?parent=10520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}