Tema ovog rada jest prosječni ponderirani trošak kapitala ili skraćeno WACC (weighted average cost of capital). U radu je dana teorijska podloga razumijevanja samog koncepta mjerenja ponderiranog prosječnog troška kapitala. Pitanja kojima se bavi rad jesu; Na koji način tvrtke prikupljaju novac? Koja su pravila i načela koja poduzeća primjenjuju u svom poslovanju? Koja su očekivanja investitora? Kako se procjenjuje prosječni trošak kapitala? Koje su prednosti i nedostaci primjene WACC-a kao diskontne stope? Koliki je prosječni ponderirani trošak kapitala industrije vina u RH? Prosječni ponderirani trošak kapitala jest mjera kojom se utvrđuje prosječni trošak financiranja tvrtke. Kao što je objašnjeno u radu, tvrtke se financiraju iz dva izvora i to vlastitim kapitalom i zaduživanjem. Kroz rad je prikazan postupak izračuna WACC-a, što nikako nije jednostavan posao, pobliže su objašnjeni zasebni dijelovi formule za izračun WACC-a te je detaljno obrađen svaki korak u izračunavanju. Rad se ponajviše bavi tržišnim rizikom, koji je uz beta-u najvažniji faktor za izračun prosječnog ponderiranog troška kapitala. U drugom dijelu, rad se bavi izračunom WACC-a na konkretnom primjeru, točnije na vodećih 10 vinarskih poduzeća u Republici Hrvatskoj i na cjelokupnoj industriji RH. Ono što je bitno, a prikazano je kroz primjere, jest razlika u izračunu WACC-a za dionička društva odnosno društva čiji su VP uvršteni na burzi i za društva s ograničenom odgovornošću, čiji papiri se ne nalaze na tržištima kapitala. Cilj koji se nastojao ispuniti ovim radom jest pobliže objasniti sam koncept ponderiranog prosječnog troška kapitala, te prikazati izračun WACC-a na konkretnom primjeru i time ukazati na važnost njegove primjene u suvremenom menadžmentu.

The theme of this paper is the weighted average cost of capital or. The paper presents a theoretical background understanding the concept of measuring the weighted average cost of capital. The issues addressed are following; how does the company collect the money? What are the rules and principles that companies apply to doing business? What are the expectations of investors? An estimated average cost of capital? What are the advantages and disadvantages of applying WACC as the discount rate? What is the average weighted cost of capital of wine industry in Croatia? Weighted average cost of capital is a measure establishing the average cost of financing the company. As explained in the paper, the company is financed from two sources and that is, its own capital and borrowing. Through the work is shown the process of calculating the WACC, which is not an easy job, are explained in more detail for the number of formulas for the calculation of WACC and elaborated in detail each step in the calculation. The paper deals with the area of finance focused on risk, and particularly market risk, which is next to the beta, the most important factor for the calculation of the weighted average cost of capital. In the second part, the paper deals with the calculation of WACC on a concrete example, namely the leading 10 wine producing companies in the Republic of Croatia and the whole industry. What is important, and is demonstrated through examples, is the difference in the calculation of the WACC for joint stock companies or companies whose securities are listed on the stock exchange and to a limited liability company, whose papers are not in the capital markets. The goal we tried to achieve with this paper is to explain the concept of weighted average cost of capital, and the calculation of WACC on a concrete example and thus emphasize the importance of its application in contemporary management.