• Mersida Jandrić, PhD student University of Belgrade, Faculty of Agriculture, Belgrade
  • Vladimir Zakić University of Belgrade, Faculty of Agriculture, Zemun


The goal of the paper is to do research of adequacy of the discounting method apply of future results for the evaluation of capital value in dairy industry, on an individual case. Appraisal of the capital value is a complex procedure of researching, studying, analysing and evaluating numerous factors, which have an effect on an enterprise’s value. The appraisal of the dairy capital value from the Pester plateau was presented in the paper. Need for assessment was the change of the dairy’s ownership structure. The selected value context in evaluating the enterprise value was “a fair value”, while there was applied an output approach i.e. the future results discounting method, because it was about an enterprise that continued to operate. Discounting the future expected outputs represents a current value of future expected outputs with a discount rate, which reflects uncertainty resulted by the expected yields. According to this paper’s results, there has been established that the discounting methods of DCF future results can successfully apply in the dairy capital evaluation that continued to operate.


Download data is not yet available.


1. Andrić, J., Vasiljević Z., Sredojević, Z. (2005). Investments, Fundamentals of Planning and Analysis, University of Belgrade, Faculty of Agriculture, Belgrade [in Serbian: Investicije, Osnove planiranja i analize, Univerzitet u Beogradu, Poljoprivredni fakultet, Beograd]
2. Vukelić, G. (1998). Valuation of Agricultural Enterprise Value, Endowment Andrijević, Belgrade [in Serbian: Procena vrednosti poljoprivrednog preduzeća, Zadužbina Andrijević, Beograd]
3. Gogić, P. (1990). Determination of the effectiveness of raising long-term farms using dynamic methods for evaluating the investment, Economics of Agriculture, No.6, 207-218, Beograd [in Serbian: Utvrđivanje efektivnosti podizanja dugogodišnjih zasada primjenom dinamičkih metoda za ocjenu investicije, Ekonomika poljoprivrede, Beograd]
4. Gogić, P. (2014). Cost theory with calculations in the production and processing of agricultural products, University of Belgrade, Faculty of Agriculture, Belgrade, [in Serbian: Teorija troškova sa kalkulacijama u proizvodnji i preradi poljoprivrednih proizvoda, Univerzitet u Beogradu, Poljoprivredni fakultet, Beograd]
5. Ivanović, S. (2006). Determination of the yield value of the cow’s milk, Economic of Agriculture, 53(4), 1039 – 1053, Beograd, [in Serbian: Utvrđivanje prinosne vrednosti staje za muzne krave. Ekonomika poljoprivrede]
6. Ivanović, S., Pajić, M., Miodragović, R. (2006). Analysis of silage combine yield value on family farms, Economic of Agriculture, Belgrade, 53(4), 1039 - 1053 [in Serbian: Analiza prinosne vrednosti silažnog kombajna na porodičnim gazdinstvima. Ekonomika poljoprivrede, Beograd]
7. Jandrić, M., Živković, D., Jelić S., Rajić, Z. (2014). Economic profitability of milk production and possibility of organic system development on Pešter for rural development cause, 10.7251/AGSY14041051J, Fifth International Scientifc Agricultural Symposium „Agrosym 2014“
8. Jandrić, M.,Vasiljević, Z., Kovačević, V. (2015). Financing the dairy sector in rural areas of the Republic of Serbia: Pester region example, Journals ,,Agriculture & Forestry”, Vol.61 Issue 1:273- 278, DOI:1017707/Agricult Forest. 61.1.34, Biotehnical Faculty of the University of Montenegro
9. Jandrić, M., Rajić, Z., Živković, D. (2016). Economic business analysis of daires from Pešter area, Book of proceedings (2651-2658), Agrosym, Bosnia and Herzegovina
10. Leko, V., Vlahović, A., Poznanić, V. (1997).,Capital appreciation, Economic Institute, Belgrade [in Serbian: Procena vrednosti kapitala, Ekonomski institut, Beograd]
11. Rodić, J., Filipović M. (2010). Company Value Evaluation, Asimex doo, Belgrade [in Serbian: Procena vrednosti preduzeća, Asimex doo, Beograd]
12. Tica, N. (1993). Evaluation of the Value of Agricultural Land, Bookkeeping and Practice, No.6, Belgrade [in Serbian: Procena vrednosti poljoprivrednog zemljišta, Knjigovodstvo i praksa, br.6, Beograd]
13. Tica, N. (1993)., Determining the yield value of the milking herd, Economic of agriculture, 40 (1-2), 47-53, Belgrade, [in Serbian: Utvrđivanje prinosne vrednosti muznog stada, Ekonomika poljoprivrede, 40 (1-2), 47-53, Beograd]
14. Zakić, V., Kovačević, V., Damnjanović, J. (2017). Signifcance of financial literacy for the agricultural holdings in Serbia, Economics of Agriculture, vol. 64, no. 4, Institute of Agricultural Economics, pp. 1687-1702, ISSN 0352- 3462, UDC: 657.2.016:631.11(497.11)
15. Zarić, V., Vasiljević, Z., Petković., D, Raketić., B. (2012). Attitudes and expectations of the producers with Pešteri on the production and marketing of milk and dairy products, 47 th Croacian and 7 th Internacional Symposium on Agriculture, Book of proceedings (235-238), Opatija, Croatia [in Serbian: Stavovi i očekivanja proizvođača s Pešteri o proizvodnji i plasmanu mlijeka i mliječnih proizvoda, 47 th Croacian and 7 th Internacional Symposium on Agriculture, Book of proceedings (235-238), Opatija, Croatia]
How to Cite
JANDRIĆ, Mersida; ZAKIĆ, Vladimir. APPRAISAL OF THE DAIRY CAPITAL VALUE ON THE TERRITORY OF THE PESTER PLATEAU. Economics of Agriculture, [S.l.], v. 65, n. 2, p. 673-682, june 2018. ISSN 2334-8453. Available at: <>. Date accessed: 24 sep. 2020. doi:
Original scientific papers