Beleggen in parkeergarages: hoe bepaal ik de waarde? - parkeer24
Beleggen in parkeergarages: hoe bepaal ik de waarde? - parkeer24
Beleggen in parkeergarages: hoe bepaal ik de waarde? - parkeer24
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VII<br />
<strong>Beleggen</strong> <strong>in</strong> <strong>parkeergarages</strong> 2009<br />
3.5 CONCLUSIE .............................................................................................................................................. 40<br />
4 WAARDERINGSMETHODEN ............................................................................................................... 41<br />
4.1 DE COMPARATIEVE BENADERING ............................................................................................................ 41<br />
4.2 DE INKOMSTENBENADERING ................................................................................................................... 42<br />
4.2.1 Bruto AanvangsRen<strong>de</strong>ment (BAR)-metho<strong>de</strong> .................................................................................. 43<br />
4.2.2 Netto AanvangsRen<strong>de</strong>ment (NAR)-metho<strong>de</strong> .................................................................................. 44<br />
4.2.3 Discounted Cashflow (DCF)-metho<strong>de</strong> .......................................................................................... 44<br />
4.2.4 IRR-metho<strong>de</strong> .................................................................................................................................. 50<br />
4.2.5 WOZ waar<strong>de</strong>r<strong>in</strong>gsmetho<strong>de</strong> ............................................................................................................ 50<br />
4.3 DE KOSTENBENADERING ......................................................................................................................... 53<br />
5 TOEPASBAARHEID WAARDERINGSMETHODEN ........................................................................ 54<br />
5.1 DE COMPARATIEVE BENADERING ............................................................................................................ 54<br />
5.2 DE INKOMSTENBENADERING ................................................................................................................... 56<br />
5.2.1 BAR-metho<strong>de</strong> ................................................................................................................................. 56<br />
5.2.2 NAR-metho<strong>de</strong> ................................................................................................................................ 57<br />
5.2.3 DCF-metho<strong>de</strong> ................................................................................................................................ 57<br />
5.3 DE KOSTENBENADERING ......................................................................................................................... 59<br />
5.4 CONCLUSIE .............................................................................................................................................. 59<br />
6 CASE STUDIE ........................................................................................................................................... 63<br />
6.1 INLEIDING ................................................................................................................................................ 64<br />
6.2 KERNGEGEVENS ...................................................................................................................................... 64<br />
6.3 WAARDE VAN DE ONDERNEMING ............................................................................................................ 64<br />
6.4 WAARDE VAN DE EXPLOITATIE................................................................................................................ 65<br />
6.5 WAARDE VAN HET ONROEREND GOED .................................................................................................... 67<br />
6.6 CONTROLE OP BASIS VAN EEN KAPITALISATIEMETHODE ......................................................................... 68<br />
7 CONCLUSIE EN AANBEVELINGEN ................................................................................................... 69<br />
7.1 CONCLUSIE .............................................................................................................................................. 69<br />
7.1.1 Beantwoord<strong>in</strong>g van <strong>de</strong> <strong>de</strong>elvragen ................................................................................................ 69<br />
7.1.2 Beantwoor<strong>de</strong>n van <strong>de</strong> centrale vraag ............................................................................................ 71<br />
7.2 AANBEVELINGEN ..................................................................................................................................... 73<br />
7.2.1 Transparantie ................................................................................................................................ 73<br />
7.2.2 Risicoprofiel .................................................................................................................................. 73<br />
7.2.3 <strong>Beleggen</strong> <strong>in</strong> <strong>parkeergarages</strong>: markt <strong>in</strong> volle ontw<strong>ik</strong>kel<strong>in</strong>g ............................................................ 74<br />
BIBLIOGRAFIE ................................................................................................................................................. 75<br />
BIJLAGEN .......................................................................................................................................................... 77<br />
Jouke Schnei<strong>de</strong>r