TFL Vsebine / Revija SIR*IUS

Green bonds, greenium and consequences for corporate valuation

V prispevku obravnavamo zelene obveznice (green bonds) z vidika, ki je relevanten za pooblaščene ocenjevalce vrednosti. Temeljna vprašanja so: 1) ali zelena oznaka nosi materialno finančno vsebino, 2) kakšna je vrednost zelene premije (greenium) in 3) ali in kakšen vpliv ima na ocenjevanje vrednosti podjetij. Na podlagi pregleda znanstvene literature ugotavljamo, da zelena premija sicer obstaja, a je precej skromna (praviloma od 2 do 15 bazičnih točk na sekundarnem trgu), časovno spremenljiva in odvisna od tržnega segmenta. Regulativni okvir evropskega standarda zelene obveznice (Uredba 2023/2631, v veljavi od decembra 2024) povečuje transparentnost in primerljivost. Za ocenjevalce vrednosti podjetij je zelena premija potencialno materialna pri strošku dolžniškega kapitala, posredno pa vpliva tudi na strošek lastniškega kapitala in s tem na tehtano povprečje stroškov kapitala (WACC). V prispevku predstavimo in predlagamo konkretne usmeritve za prakso ocenjevanja vrednosti podjetij.

This paper discusses green bonds from a perspective relevant to certified valuers. The fundamental questions are: 1) Does the green label carry a material financial content, 2) what is the value of the green premium (greenium), and 3) whether and what impact it has on the valuation of companies. Based on a review of scientific literature, we conclude that the green premium does exist, but is quite modest (typically from 2 to 15 basis points on the secondary market), time varying, and dependent on the market segment. The regulatory framework of the European green bond standard (Regulation 2023/2631, in force since December 2024) increases transparency and comparability. For business valuers, the green premium is potentially material in terms of the cost of debt capital, and indirectly also affects the cost of equity capital and thus the weighted average cost of capital (WACC). In this paper, we present and propose concrete guidelines for the practice of business valuation.