Metode procene vrednosti akcija i kreiranje vrednosti za akcionare
METHODS FOR SHARE VALUES ASSESSMENT AND SHAREHOLDER VALUE CREATION

Summary/Abstract: This paper analyzes the methods of determining the value of the shares, which are among the most used financial instruments. The company's shares are transferable in the capital market, according to the regulations of a particular state, where the price is for med according to the principles of supply and demand. The interest of the investor will depend on a number of parameters-the length of the stock owning, its affinity to the shares of renowned companies that give stable dividends, the tendency to risk with new, growing companies, and the affinities for the shares of companies that are planning serious investment ventures, etc. Despite the fact that there are certain visible value parameters, such as bookkeeping or market price, they are often insufficient top properly evaluate the value and possible profit for investors who opt for their purchase. Therefore, models for evaluating higher or lesser complexity of the discounting dividends, discounting cash flows, as well as series of relative valuation models have been developed. These valuations are important during the life of a joint stock company, during the first emission, subsequent recapitalization, as well as when making investment decisions on the secondary stock market.

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