Företagsvärderingen är en viktig process som har stor betydelse vid försäljning, nyemissioner, generationsskiften eller andra affärsmässiga beslut. Vid en värdering gäller det att förstå företagets ekonomi och framtidspotential, men också att tolka marknaden och affärsmodellen. Oavsett om du planerar att sälja ditt företag, ta in investerare eller genomföra ett generationsskifte, är det viktigt att ha en realistisk och välunderbyggd värdering.
Nycklarna till en hög företagsvärdering – ”Långsiktighet är det man vill se”
Företagsvärdering Hur vet man vad bolaget är värt? Och vad kan man göra för att öka värdet? Sofie Gyllenwaldt, värderingsexpert och rådgivare på PwC:s Corporate Finance-avdelning, och Roger Eriksson, företagsmäklare på Exitpartner, ger oss en djupare förståelse för de vanligaste värderingsmetoderna och vad som påverkar värdet mest.

Foto: Adobe Stock/Pressbild.
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Olika skäl till värdering
Det finns flera anledningar till att företag genomför en värdering.
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