• Valuation & Business Planning

Valuation & Business Planning

BDO Serbia renders asset and equity valuation services for different purposes, adhering to International Valuation Standards and utilising widely accepted methods and up-to-date publications and databases designed for professional appraisers. In addition, BDO provides detailed feasibility studies on clients' projects (including market research, financial analysis and financial plan), as well as business planning services, i.e. developing of business plan documents for fundraising or debt restructuring. These documents are often a prerequisite for approval of funds by banks, government development institutions (FZR), international development institutions (EBRD, IFC), venture capital funds, etc.

Our valuation team gathers experienced professionals who, through continuous education and regular attendance to seminars, keep the pace with latest trends and developments in the valuations field. Our appraisers are members of relevant associations such as the American Society of Appraisers and National Association of Valuers of Serbia. Bearing in mind that valuation profession is science as much as it is art, our dedication and experience, as well as proactive and creative approach, are key for every particular valuation assignment. BDO Serbia has vast experience in valuing:

  1. Equity interests and financial instruments (stakes, shares, other securities);
  2. Tangible assets (property, plant and equipment, investment property, biological assets);
  3. Intangible assets (brands, patents, licences, goodwill, etc.); 
  4. Lost profits and/or economic damages;
  5. Investment projects (investment/feasibility studies);

Appraisals are being done for many different purposes. Our valuation team has performed numerous valuations for the following purposes:

  1. Financial reporting in accordance with:
    • IAS 16 – Property, plant and equipment
    • IAS 40 – Investment property
    • IAS 38 – Intangible assets
    • IAS 36 – Impairment of assets (impairment tests)
    • IFRS 3 – Business combinations (purchase price allocations)
    • IFRS 13 – Fair value measurement
  2. Buying-out of dissenting shareholders in accordance with the Company Act (articles 474, 475, 259);
  3. Buying-out/squeeze-out of minority shareholders in accordance with the Company Act (articles 515, 516, 522, 475, 259);
  4. Stock issuance, convertible bonds and warrants in accordance with the Company Act (articles 260, 263);
  5. Capital contributions in accordance with the Company Act (articles 51, 52, 57)
  6. Asset and equity stake acquisition considerations in M&A transactions;
  7. Determining share exchange ratios for mergers/divisions of companies;
  8. Tax purposes;
  9. Fairness opinions;
  10. Strategic decisions.

High-quality valuation service can result in proper price received or paid in a transaction. Well prepared and documented conclusions about value assist our clients to better understand their income streams, deal value and/or tax effects. In addition, our valuation reports help clients to better implement their strategies, strengthen market position and protect investments. Whatever the reason is behind the need of valuation service, BDO Serbia possesses the knowledge and experience required for providing substantiated and thorough conclusions. Our experience has been additionally expanded through privatisation process, which enables us to provide top quality service.

Recent projects

Equity and Stock Valuations

Year Company Location Sector Industry
2016 AXA Non-life Insurance ado Belgrade, Serbia Financials Insurance
2016 AXA Life Insurance ado Belgrade, Serbia Financials Insurance
2016 Mlekara Sabac ad Sabac, Serbia Manufacturing Dairy
2016 Medela ad Vrbas, Serbia Manufacturing Confectionary
2015 Hemofarm ad Vrsac, Serbia Manufacturing Pharmaceuticals
2015 Rubin ad Krusevac, Serbia Manufacturing Production of grape and wine
2015 Chip Card ad Belgrade, Serbia       Financials Transaction processing
2015 Luka Dunav ad Pančevo, Serbia Transport River port
2012/2014 Banka Poštanska štedionica ad   Belgrade, Serbia Financials Banking
2014 Politika ad Belgrade, Serbia Manufacturing Publishing and printing
2012/2013 Alltech Serbia ad Senta, Serbia Manufacturing Yeast manufacturing
2012/2013/2014 NLB banka ad Belgrade, Serbia Financials Banking
2012/2013/2014 Jugoinspekt ad Belgrade, Serbia Services Inspection bodies
2012 Trayal ad Kruševac, Serbia Manufacturing Manufacturing of tyres
2012 Hladnjača Apatin ad Apatin, Serbia Manufacturing Frozen food
2012 Soko Štark ad Belgrade, Serbia Manufacturing Confectionary

 

Valuations for Financial Reporting

Year Company Location Sector Industry
2015 (FY 2014) Luka Dunav ad Pančevo, Serbia Transport River port
2015 (FY 2014) Milan Blagojević ad Smederevo, Serbia Manufacturing Heating bodies
2014 Superprotein ad Zrenjanin, Serbia Manufacturing Cattle food
2014 Magnavita holding ad Zrenjanin, Serbia Manufacturing Cattle food
2010-2014 Dalewest ltd Nicosia, Cyprus Wholesale Passenger vehicles
2013 Rafinerija nafte Brod Brod, RS Manufacturing Oil refining
2013 Štampa sistem ad Belgrade, Serbia Retail Retail shops

 

Asset Valuations

Year Subject Location Sector Industry
2016 Capital Plaza Podgorica, Montenegro Real Estate Insurance
2016 Mlekara Sabac ad Sabac, Serbia Manufacturing Dairy
2015 Hotel Mogren Budva, Montenegro Leisure Hotels
2014 Hotel Budva Budva, Montenegro Leisure Hotels
2014 Aluminium Plant Podgorica, Montenegro Manufacturing Pure metals
2014 Atel doo Kovin, Serbia Agriculture Stock & crop farming
2013 Andrićgrad doo Višegrad, RS Leisure  
2013 Morka Gora doo Mokra Gora, Serbia Nature park  

 

Business Plans

Year Company Location Sector Industry
2015 Bauxite Mines Nikšić, Montenegro Manufacturing Metallurgy
2015 Aluminium Plant Podgorica, Montenegro Manufacturing Pure metals
2014 mts banka Belgrade, Serbia Financials Banking
2014 Albus ad Novi Sad, Serbia Manufacturing Chemicals
2014 Pekarska industrija ad Pančevo, Serbia Manufacturing Food