УДК 338.24.01


Маркелова Юлия Сергеевна
Тольяттинский государственный университет

В статье рассматриваются основные методы оценки стоимости компании. Также в работе рассматриваются различные методы оценки, например доходный метод, затратный метод, сравнительный и рыночный метод. Рассматриваются различные показатели, используемые в процессе оценке стоимости, например доходы от обычных видов деятельности, выручка от продажи продукции и услуг и т. д. Рассматривается такой показатель как ставка дисконтирования используемая при дисконтированном методе оценки стоимости компании. Также в статье рассматривается модель Гордона.

Ключевые слова: доходный подход к оценке стоимости предприятия, затратный метод оценки стоимости предприятия, метод отраслевых коэффициентов, метод рынка капиталов, метод сделки, модель Гордона, сравнительный подход к оценке стоимости предприятия, стоимость бизнеса


Markelova Julia Sergeevna
Togliatti State University
postgraduate student

The article considers the main methods of valuation of the company. Also in the work various methods of estimation are considered, for example the income method, the cost method, the comparative and the market method. We consider various indicators used in the valuation process , for example, income from ordinary activities, proceeds from the sale of products and services, and so on.We consider such an indicator as the discount rate used for the discounted valuation method of the company. Also in the article the Gordon model is considered.

Keywords: business value, capital market method, comparative approach to enterprise value estimation, cost-based method of enterprise valuation, Gordon model, income approach to enterprise value appraisal, sector coefficient method, transaction method


Библиографическая ссылка на статью:
Маркелова Ю.С. On the question of methods for assessing the value of an enterprise // Современные научные исследования и инновации. 2017. № 10 [Электронный ресурс]. URL: http://web.snauka.ru/issues/2017/10/84556 (дата обращения: 08.11.2017).

In the process of the assessment, the enterprise is an object over which research will be conducted to determine its utility for its owners (founders). In this case, the value of the object is expressed, the magnitude of which is determined by the efforts of the owners in organizing their activities. Therefore, when determining the value of an enterprise, the methods of calculating the cost are necessary.

According to Nikolai Chebotarev, three methods (approach) for assessing the value of an enterprise are singled out:

- profitable;

- comparative (market) [1, p 21].

Each of these three methods allows us to determine the cost factor that underlies this method.

According to Anastasia Gryaznova and Maria Fedotova, in assessing the income approach, income is the basis, as the main factor that determines the value of the value of the object.An income approach is a definition of the current market value of future revenues that are expected to bring use and possible further sale of the property.

The income method based on the analysis and assessment of income (income) implies a set of methods for calculating the value of enterprises, real estate, etc., which can be attributed to the objects of civil turnover. At the same time, this method is based on determining future incomes, which the evaluated object can give to its owner after carrying out the evaluation procedure. At the same time, the assessment provides for the conversion (recalculation) of the future profitability of the enterprise in the indicator of the current value at the date of the valuation.

Profitable method can not be better taken into account the main purpose of the enterprise – making a profit. From this perspective, it is most preferable for business valuation, as it reflects the prospects for the development of the enterprise and future expectations. In addition, he takes into account the economic obsolescence of objects, and also through the discount rate takes into account the market aspect and inflation trends.

The cost of an enterprise depends on many factors, the most important of which are the revenues received by the owner.

The following indicators are used in assessing the enterprise:

- income from ordinary activities;

- proceeds from the sale of products, services;

Gross profit

Profit before tax

- profit from ordinary activities;

Net profit

With the income method, the following categories are of great importance.

Profit, which is found by subtracting costs from revenue.

Costs that represent the cash costs of doing business.

The income of the organization, which is recognized as an increase in economic benefits as a result of the receipt of assets in the form of cash, other property or settlement of obligations, leading to an increase in the organization’s capital. The enterprise’s revenues are divided into income from ordinary activities, operating income, non-operating income and extraordinary.

Also, within the framework of this method, the concept of “cash flow” which is equivalent to the concept of “cash income” becomes important .To calculate the money income, all incoming streams are counted with a plus sign, and outgoing ones with a minus sign.

In modern practice, distinguish capital cash flow; equity cash flow, or cash flow for equity; free cash flow, or cash flow for the entire invested capital.

The application of the revenue approach involves the use of two methods:

1)          an approach that implies the capitalization of cash flows;

2)          an approach that involves discounting the company’s cash flow.

If we talk about each of the above methods, then by the method of capitalization of income, the market value of the enterprise is calculated by the formula, which is represented by the formula (1):

PCK = CP / KK, (1)

Where RGC is an indicator of the company’s market value;

KK – coefficient of capitalization;

CP is the aggregate indicator reflecting the net present value income.

This method implies the calculation of the indicator reflecting the ratio of current income and profit margins of the enterprise (organization).

As for the method of discounting cash flows, it is based on the forecast of cash flows from the business in question. These flows are discounted at a discount rate, which corresponds to the discount rate required by the investor [ 2 , p .2.1.

The above approach involves the use of such a parameter as the rate of return on invested capital. This indicator determines the correlation between the market value of the company and the cash flow of the enterprise, which are determined for each of the intervals in the forecast period and the terminal value at the end of the period in which the forecast was made.

At the same time, the discounted value of the enterprise is calculated as follows (2).

Market value of the enterprise = The amount of discounted cash flows from the economic activity of the enterprise + a residual indicator (terminal value of the enterprise at the end of the period (2)

To determine the indicator, the amount of cash flow uses indirect and direct calculation methods.When calculating indirectly, cash flows are analyzed in the lines of business. The indirect method is convenient for calculations in which it is required to know the volume of use of profit and the amount of investment of money.

The use of the direct method is based on the assessment of the cash flow process, in accordance with the organization’s accounting data using the articles of the parish and the expense in the organization’s accounting.

In the case of calculating cash flow using an indirect method, the following methodology for the analysis of cash flows by an indirect method should be followed. ”

The concept of an enterprise, organization and company’s value in the post – forecast period is based on the assumption that an enterprise, organization or a company is capable of generating a profit (cash flow) at the end of the forecast period.At the same time , proceed from the assumption that after the end of the forecast period, the cash flow of the enterprise, organization or company will become stable, and in the future receipts (cash flow) will be stable with constant long-term growth rates and there will be incomes that are continuous and endless.

In the case of using the Gordon model, the capitalization of the annualized income indicator of the post – forecast period is calculated using the capitalization ratio indicator in the company’s cost indicators.This ratio is calculated as the difference between the discount rate and the indicator of long-term growth.

If the long-term growth rate indicator has zero values, then the value of the capitalization coefficient will be equal to the discount rate indicator.

It should be noted that the concept of using the Gordon model is based on the assumption of a stable cash flow in the post-forecast period and assumes that the depreciation and capitalization ratio do not differ.

The procedure for determining the final cost using the Gordon model will be in accordance with the following formula:

Future value = Discounted cash afterwards) / discount rate taking into account long-term growth rates, (3)

The cost of an enterprise, organization or company calculated for a post-breakthrough period should be brought to the current value, taking into account the discount rate, according to a procedure similar to the procedure for discounting cash flows in the forecast period.

Let’s briefly consider the procedure for calculating the present value of the future cash flow and the value of enterprises in the post-forecast period.

In order to determine the indicator of the preliminary value of the enterprise value, the indicators of the current value of the projected cash flow values ​​of the enterprise and the indicator reflecting the current value of the business for the post-forecast period are summarized.

Therefore, the approach based on the analysis of the company’s income, determines the indicator of the current value of the enterprise, organization and company by summing up the future discounted, through the discount method, flows from the activities of the enterprise.

It should be noted that the income method with the use of discounting the amount of cash flows of an enterprise, organization is a theoretically grounded method that allows to measure the indicator of the market value of a functioning enterprise, organization or company.

This method is used in more than eighty percent of cases in the evaluation of enterprises and companies with an average size in the developed economies.Discounting cash flows as a method of assessing the value of a business is the only valuation method that is used that is based on the forecast of the development of the market for products (services) of the evaluated enterprise, which allows satisfying the interests of the potential investor (s).

Now let’s talk about costly and comparative approaches to the valuation of business.

The cost method considers an enterprise, organization and / or a company as a property complex used for entrepreneurial activity. This approach allows us to value the enterprise taking into account the costs of its creation.

In other words, the owner of the enterprise in the case of selling the property in a free market must fully cover its own costs. These costs are associated with the creation or acquisition of an enterprise, putting it into operation taking into account the time factor and changing economic conditions.

The book value of the assets and liabilities of the entity, organization and / or company is not always equal to the market value due to the inflation factor, changes in the market situation, and imperfection of accounting methods.Therefore, the company’s balance sheet is adjusted and prices brought to market conditions, which makes it possible to increase the level of validity of evaluation results. To do this, the actual costs of creating and putting into operation of the enterprise are determined through the use of accounting data. The cost of acquiring the appropriate types of resources is calculated based on the market situation or by special methods.

This approach is difficult to apply for the evaluation of unique objects that have historical value.

According to Nikolai Chebotarev, the cost-based approach is based on the following principles:

- the principle of using substitution;

- the principle of meaning the most effective use of real estate, equipment (property);

- the principle of balance;

- the principle associated with economic magnitude;

- the principle associated with economic division.

In practical activities, the cost method is implemented in practice through two methods (approaches):

First, it is a method based on the use of the enterprise’s net assets indicator;

Secondly, it is a method associated with the use of the enterprise’s liquidation value indicator.

Author Rynova GN proposes the following procedure for calculating using the net asset value method:

- the company’s real estate is valued at a reasonable market value;

- the objective value of the indicator is determined by the market value of machinery and equipment;

- identification and valuation of intangible assets is carried out;

- there is a determination of the market value of financial investments both long-term and short-term;

- the transfer of inventory to the current value;

- accounts receivable are assessed;

- there is an estimation of expenses of the future periods;

- the company’s liabilities are transferred to the present value;

- the value of equity is determined by subtracting the present value of all liabilities from the reasonable market value of the assets .

Estimation of the liquidation value index is usually carried out in the following cases:

First, the enterprise is at the stage of bankruptcy and there are objective doubts about the ability of the organization or enterprise to successfully carry out further activities;

Secondly, the cost of the enterprise calculated by the liquidation method will be higher than if it is calculated by other methods.

Now let’s talk about a comparative approach to the valuation of the company.

A comparative (market) approach is useful when there is an active market for comparable property objects. The accuracy of the assessment depends on the quality of the information collected, because when using this valuation method, the appraiser must collect reliable information about recent sales of similar items. The quality of the information collected is based on the following data :

- physical characteristics;

- time and conditions of sale;

If we talk about the stages of valuation under a comparative approach, Galina Ronova identifies such stages as:

- selection of analogical enterprises;

- calculation of price multipliers;

- determination of the final value of the value by weighing the intermediate results.

According to Anastasia Gryaznova and Maria Fedotova, the methods of the comparative approach are:

- the capital market method;

- method of the transaction;

- method of sectoral coefficients.

A comparative approach to valuation is a set of methods for determining the value of an evaluation object based on a comparison of this object with objects of a similar purpose (comparison objects or analogical objects) sold or put up for sale in the past, given transaction prices or offer prices known for these objects.

A prerequisite for the application of a comparative approach in assessing the company’s value is the availability of reliable and accessible to the evaluation of objective data on the parameters and the price of companies of analogs in the same market.

“The capital market method” determines the value, based on the price at which such public companies are traded on public stock exchanges. “ The application of this method is possible if there is reliable financial information about the analogical companies and the prices of their shares on the stock market. As of the valuation date, information is being sought on the sale of shares of analogical companies in quotation systems or on the availability of indicative quotations.

The method of transactions (comparison of sales) allows you to determine the value of the company on the basis of a comparison with the analogical companies whose shareholdings were purchased during the recent period.

The method of branch coefficients is based on the analysis of sales of shares in a particular industry, according to which a certain relationship between the selling price and some indicator is derived. Such industry coefficients are calculated on the basis of long statistical observations of the prices of sales of companies and their most important production and financial characteristics. In Russia, this method has not received sufficient dissemination due to the lack of necessary information, which requires a long-term monitoring of the market. ”

In the case of the use of transaction methods and the capital market, at the first stage, the selection of analogue enterprises is made on the basis of an analysis of the comparability criterion.

At the same time, comparable companies can include those that carry out their activities in the same direction as the company’s valuation, which is produced.

To comparable companies, it is necessary to include those companies that carry out their activities in the same industry as the company being valued and conduct similar activities.

The comparison of companies is carried out using the data of financial statements and analytical indicators calculated on its basis.

In this case, the corresponding multipliers are calculated. Further, the selected multiples are applied to the relevant indicators that reflect the financial results of the organization, enterprise, or company.

Using a comparative approach allows you to compare a business (enterprise) with a similar enterprise or enterprises that perform the same type of activity in a particular market segment. This is possible on the basis of a comparative analysis of the main indicators, such as revenue, net profit, expenses, the value of business reputation, and so on.

So, all the approaches (methods) of estimating the value of an enterprise considered by us are interrelated with each other. Their use and application is determined by the specific purpose of the user (the owner), which is expressed in obtaining the result that he will need and is important in terms of continuing in the implementation of this activity.

Thus, we examined the methods for estimating the value of an enterprise. Now we will consider the information and analytical basis of the company’s valuation.

  1. N.F. Chebotarev  Estimation of enterprise (business) value [Electronic resource]: textbook / NF Chebotarev. – 3rd ed. – Moscow: Dashkov and Co., 2015. – 252 p.
  2. Damodaran A. Investment valuation [Electronic resource]: tools and methods for valuing any assets / Asvat Damodaran-M: Alpina Pablisher, 2014.- 1320 c.
  3. P.V.Sinichkin Investigation of the appropriateness of applying traditional approaches to evaluation in relation to non-public companies // Bulletin of the Saratov State Social and Economic University. – 2015. – No. 5 (59). – P. 170-174.
  4. E.V.Sokolov Forecasting and valuation of the enterprise’s value [Electronic resource]: textbook / Sokolov EV, Pilyugina AV- Moscow: Moscow State Technical University named after N.E. Bauman, 2014.- 88 c.

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