'

karanik@auth.gr
+30 6932 880888

 ()

:
.




4
 1: ,
, ,

1. ( )
2. (.. )
3.
4.
5. ,
6. ,
7. ..


The cornerstone of every valuation




.


,


,





:


,
.
.
.

.

.

.


?
?

???
 ...
 ...

.

,

,
.
 ...

.

.


.
 ...

100.000 10%
1 100.000+ (100.000*10/100)=100.000*(1+0,1)=110.000
2
110.000+(110.000*10/100)=100.000*(1+0,1)+100.000*(1+0,1)*
0,1=100.000*(1+0,1)*(1+0,1)=100.000*(1+0,1)^2
 ...

:
Cn C0 * (1 i) n

:
Cn, n ,
C0, ,
i, ,
n, .

(1+i)n .


500.000
5% 10 .

Cn, ,
C0, 500.000 ,
i, 5% 0,05,
n, 10.

Cn C0 * (1 i) n 500.000 * (1 0,05)10 814.447

500.000
5% 10 814.444 .
 ( ) .


.
. :
Cn 1
Cn C0 * (1 i) n C0 C n *
(1 i) n (1 i) n

1
C0 Cn *
(1 i) n


.
1 .
(1 i) n
 ...

500.000
10 7%.

1 1
C0 Cn * 500.000 * 10
254.175
(1 i) n
(1 0,07)
254.175 .
 ...

 ...

(Future Value)
( n )
()
i.
 ...

10.000
5 10%.

61.051 .


.

.
( )
(), ,

( ).

,


.


.

.
.


.
.

.


.

.

,

.

, , , , ,
, .

.


,
,
.

.



.
,
.

. ,

.


.


,
.

.

(4)
:

.
.

.
,
.
.

.

.


.
n .
.
.
.
, .
.
.
n .
(yield).


(yield).
:
,

,
,
,
,

:
: 3,5%
: 2,5%
: 2,0%
: 4,0%
: 3,0%
( 3% 7%)

R = 3,5 + 2,5 - (4,0 - 2,0) + 3,0 = 7,0% ????



(Yields)


Yield


.

.

.

(Income method of
Valuation)
, Yield Y (

)
V :

V=/Y


100.000 Yield 7,1%
:

(I) (Y) (V)

100.000 0.071= 1.408.450,70 ~ 1.400.000


,
.

;;


1. ,

: I=100.000 Y1=7,1%, Y2=7,5%.

V=I/Y :
V1= 1.400.000 V2= 1.300.000

2.

;;

,
.


4.000.000 .
2 :

1. .
4,5%, 180.000.

2. Logistics ... 9,0%,

360.000 .

3.
;;


Barcelona FC FC

vs


( 2009)

1.

. : 5,5% - 7,5%
:5,5% - 7,0%
:5,7% - 7,0%
:5,3% - 7,0%
:6,0% - 7,2%
:5,8%-7,0%


: 6,0% - 7,0%
Mediterranean Cosmos: 5,5% - 6,8%

. 26 :5,4% - 6,8%
: 6,0% - 7,3%
City Gate:6,0% - 7,0%


2.

. : 4% - 6%
: 4% - 6%
: 4,5% - 6,5%
: 4,5% - 6,5%
: 5,0% - 7,0%
: 5,0% - 7,0%
. ; 5,0% - 6,5%


( . ):5,0% - 7,0%
. (. ):5,5% - 7,0%
(. ):5,5% - 7,0%
(. ):5,0% - 6,5%
(. ): 5,5% - 7,0%
. (. ): 6,0% - 7,0%
. (. ): 6,5% - 7,0%


: 6,5% - 7,5%
: 6,0% - 7,0%
: 6,5% - 7,0%
(. ):6,5% - 7,5%
(. ): 6,0% - 7,0%
. (. . ):6,0% - 7,5%


3. /Logistics

.. (): 7,5% - 9,0%

.. : 8,0% - 9,0%

.. : 8,0% - 9,0%


(Direct Method),

.


.

V

R .


.

7% 6%
:

1%
14,29% .

.


300 2
800 2.

150
/.. 12
/.., 6%
4% ,
.


I1 300 *12 *150

VK 9.000.000
R1 0,06

I2 800 *12 *12

VO 2.880.000
R2 0,04

9.000.000
2.880.000 .

V = 9.000.000 + 2.880.000 = 11.880.000



!!!
.


!!!
.


..: XXXXXXXXXXXX

17 XXXXXXXXXXXX

XXXXXXXXXXXX
. XXXXXXXXXXXX XXXXXXXXXXXX
XXXXXXXXXXXX 6 & XXXXXXXXXXXX
142 34
T.: 210 XXXXXXXXXXXX
Fax: 210 XXXXXXXXXXXX

( ), XXXXXXXXXXXX
. __ & XXXXXXXXXXXX XXXXXXXXXXXX,

XXXXXXXXXXXX,

,

:


Royal Institution of
Chartered Surveyors (R.I.C.S.)
Incorporated Society of Valuers and Auctioneers (I.S.V.A.).

International Valuation Standards Committee

European Group of Valuers of Fixed Assets.

,
, ,
( - ) .

.
, .


XX XXXX .
, -
.

.
.
, , , , .

. , . ,
, (, ), , , , , ,
) . 904 . . 52.691 .
.
XXXXXXXXXXXX . XX XXXXXXXXXXXX
(, ), .
1923,
. , XXXXXXXXXXXX, XXXXXXXXXXXX, XXXXXXXXXXXX,
XXXXXXXXXXXX XXXXXXXXXXXX,


XXXXXXXXXXXX .

XXXXXXXXXXXX XXXXXXXXXXXX
. XXXXXXXXXXXX
.

XXXXXXXXXXXX ,
(, , .).

.

,
, .
XXXXXX . (, , .)
.
300 .
, ,
( , , , ,
...), .




, .

, , ,
. , ,
,
.

OY

.
XXXX 2
. , XXXXXXXXXXXX
XXXX, .
, 273,90 ..,
XXXXXXXXXXXX, . , XXXXXXXXXXXX,
, XXXXXXXXXXXX ( .
XXXXXXXXXXXX, XXXXXXXXXXXX).
. XXXXXXXXXXXX, . . ; 277,81 ..,



....: XXXXXXXXXXXX 230 ..

.
,
, 273,90 ..

. 1
189,45 .. 108,39 .. 2
62,72 .. XXXXXXXXXXXX.
XXXXXXXXXXXX.

1 XXXX
. ,
XXXXXXXXXXXX.
.

(, , , internet, , , ).
XXXXXXXXXXXX .
.
,
, ( ),

, .
( ) .
2
, .
,
:

,
XXXXXXXXXXXX ( XXXXXXXXXXXX).


.

. ,
.
:
.. 138/13-3-1981
: 2000 ..
: 150 .. 1979
..: 60%
.. : 70%
..: 1,20

,
273,90 * 1,20 = 328,68 ..
189,45+62,72 = 252,17 .. ( ).
76,51 .. .
.

( , , ,


internet ...) ).

, ,
2.000/.. 3.500/..,
, ( ), 5.000/..
10.000/.. ( , , ),
.

, 4/.. 7/..
40/.. 50/.. , ,
, , , , , .

, XXXXXXXXXXXX, , 150 .. , 1.200.000,00 (
8.000/..).
, , 80 .., 400.000,00 (5.000/.. ).

, , 50 .., 2.000 ( 40/..
/ ).

, XXXXXXXXXXXX, 60 .., , 3.200 (
53/.. ).

&

, :

:

, , , , , ...

o .
o .
o .
o .
o .

, , 2.142.900,00,
2.100.000,00 ( ).

, , 10.714,00 , 11.000 (
).

( )

:


, -
.
.

, 6,0% 7%, .
, , ,
, 6,5%.

, ( )
6,5% :

x 12 11.000 x 12 .
= = --- = 2.030.769,23
6,5%

, , , 2.030.769,23,
2.000.000,00 ( ).

..

.


.


. ,

2007,
59.000,00.

.


, ,
,

(+2*) 2.100.000 + 2 2.000.000

= =- = 2.033.333
3 3

, , 2.033.333,00 + 59000 ( ) =
2.092.333,00 2.100.000,00 ( ).

, 11.000 ( ).


, .

, .
, ,
. ,
, ,
. .

XXXXXXXXXXXX

ATM, Msc, PhD

:
)
)

,
:

1=2=3=4=...==

r

:


.


( n ).

:

:
V, ,
1,2,...,t,,An, ,
n, ,
r, ,
S, n
,


:

.
.

.

.
.


150 ..
.

:
100 .. 10 1.500
4%.
r=5%.


R=5%.

1.500 100 ..
1.500
4%.


:
1.500 / 100 .. = 15 /..

15 / .. * 12 = 180 /..


,
n= 10 ,
i ,
r 5%,
S
(10 ).


S 10
:
S= I/R = 256,2/0,05 = 5.124 /..

1642,7+2246,9 = 3.889,6 /

150*3889,6=583.440


200.000
6% 10 .
management 3% .
3.000
+2%.
20.000
.
, , , . 20.000
+3%.
8%,
7%

.






,

.

.



.


.
:
(Net Present Value NPV)
(Internal Rate of Return
IRR)


.
.
-
.
.
.
.
.


.
(PV) (A) (S)

(r) (C)


(PV) < 0
(PV) > 0


500.000
:

1 70.000

2 90.000

3 120.000

4 160.000

5 180.000


4,0%
10,0%.
.

1 70.000

2 90.000

3 120.000

4 160.000

5 180.000


r=10,0-
4,0=6,0%

.

1 70.000 0,9434 66.038

2 90.000 0,8899 80.091
3 120.000 0,8396 100.752
4 160.000 0,7920 126.720
5 180.000 0,7472 134.496
508.097


NPV = 508.097 - 500.000 = 8.097

.

1 70.000 0,9434 66.038

2 90.000 0,8899 80.091
3 120.000 0,8396 100.752
4 160.000 0,7920 126.720
5 180.000 0,7472 134.496
508.097


(A) (S)

(C) (r)


(A) (S)

(C) (r)

(r)



600.000
60.000
5% .
10 500.000 .
10%.