Stanovení Gordonovy růstové konstanty na příkladu konkrétního podniku

The Gordon model implies that price change is influenced by the expected dividend, discount rate and growth rate of dividends. The model is widely applied due to its ability to predict future dividends and evaluate the appropriate level of stock prices. However, the Gordon growth model has several disadvantages, among which are the fact that it calculates with an expected dividend, expected growth rate and is limited solely to companies paying a dividend. The article further describes several models based on the Gordon model. These are the single-stage model, two-stage model, three-stage model, H-model and profit models. The Gordon model is, however, extremely sensitive to input data, especially the expected growth rate of dividends (predicted growth rate of the company), referred to as g. The application part of the article deals with specific cases of determining this parameter, which is a key aspect of the valuation, which significantly influences the final value of the company, i.e. even individual stocks. A detailed strategic, market and macroeconomic analysis of a model company is performed, as well a detailed internal analysis of the model company including the evaluation of company plans. Subsequently, options of determining the expected growth rate g are stated.