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Список литературы по оценке бизнеса > Оценка стоимости бизнеса: основные аспекты
Комиков С.В. Оценка стоимости бизнеса: основные аспекты // Евразийское Научное Объединение. 2020. № 1-3 (59). С. 154-156.
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Фрагмент работы на тему "Оценка стоимости бизнеса: основные аспекты"1 www.esa-conference.ru УДК 338.22.021.4 Valuations methodology: main aspects Komikov S., PhD student Financial University under the government of Russian Federation, Moscow Abstract. The article describes main valuation approaches, like cost approach, income approach and market approach. Each of them has it’s own strength and weaknesses, but none of them is used without of verification of the results using the other methods. Moreover, there is a brief introduction legal aspects of valuation process. Keywords: valuation, cost approach, precedent transactions, market approach, valuation standards, multipliers, dividend discount model. Оценка стоимости бизнеса: основные аспекты Комиков С.В., аспирант ФГОБУ ВО «Финансовый университет при Правительстве Российской Федерации», Москва Аннотация. В данной статье описываются основные подходы к оценке стоимости бизнеса, такие как: до- ходный, затратный, сравнительный. Описываются ограничения в применении каждого из методов и способы верификации результатов, полученных в результате оценки. Кроме того, в статье рассматриваются право- вые нюансы, возникающие в процессе нахождения стоимости бизнеса. Ключевые слова: оценка стоимости компании, доходный подход, сравнительный подход, затратный под- ход, стандарты оценки, мультипликаторы, модель дисконтирования дивидендов. In the theory and practice of business valuation, there are 3 standard approaches used: Cost, market and income. Cost approach sets that business value is considered in terms of costs incurred. The main idea is that the book value of assets and liabilities of the company does not correspond to market value due to inflation, changes in market conditions or accounting methods used. Therefore, to determine the market value of the company, balance sheet items must be adjusted and reflected at real market values. After that the adjusted balance sheet assets are reduced by the current value of all liabilities. This leads to the market value of the company's equity. The cost-based approach is based on the principle of substitution, which consists in the fact that a rational buyer does not pay an amount greater than the cost of creating an object that is comparable in terms of characteristics and functional purpose. In the case of applying the cost approach, the appraiser somehow relies on the accounting and reporting indicators in his calculations, therefore, it should be borne in mind that the book value of the company's property can be significantly distorted due to the influence of capital expenditures, revaluation results, various methods of accounting for assets and liabilities, the consequences of changes in the accounting policies of the company, the application of tax payment optimization schemes, etc. In addition, financial statements often do not reflect assets that, due to their value (potential profitability), can have significant market value. As a rule, such objects include various types of intangible assets: trademarks, patents, know-how, etc. The scope of the cost approach lies in assessing the market value of a company's equity based on the idea of a hypothetical sale of its assets. More important that the results of applying the cost-based approach methods for valuation in cases when: a controlling stake is being evaluated; the company has significant tangible assets; it is possible to identify and evaluate intangible assets; the company is a holding or investment; a significant part of the company's assets are financial assets (in particular, investments in subsidiaries and affiliates); estimated residual value. The comparative approach is used to assess the market value of a company on the basis of actual stock market data on its quotes and peer companies, as well as on the basis of actual information on transactions with blocks of shares of the valued company and comparable companies outside the stock market, including information on mergers and acquisitions. There are 2 main reasons why this approach can be used. The first reason is that the price is actually generated by the market, and share prices of similar companies can be seen. In the presence of a developed financial market, the actual purchase price of the company as a whole or one share most integrally takes into account the numerous factors affecting the value of the company. Such factors include the ratio of supply and demand for this type of business, level of risk, development prospects of the industry, specific features of the company, etc. Secondly, the comparative approach is based on the principle of alternative investments. The specifics of a particular business interest an investor only from the perspective of income prospects. The desire to get the maximum return on placed investments (with adequate risk and free allocation of capital) ensures equalization of market prices. Thirdly, the company's share price reflects its economic and financial capabilities, market position, development prospects. Consequently, in similar companies the correlation between the price and the most important financial parameters should coincide. A distinc- 2 www.esa-conference.ru tive feature of these financial parameters is their decisive role in the formation of income received by the investor. In the framework of the comparative approach, it is customary to single out: market approach, precedent transactions, multiples approach. The market apprщach (peer company) is applicable if there is financial information about peer companies whose shares are traded on the stock market. As of the valuation date, information is being searched for on the sale of shares of peer companies in quotation systems or on the availability of indicative quotes. The precedent transactions (sales comparison) allows you to determine the value of a company based on a comparison with peer companies whose shareholdings were acquired during the recent period. The method of multiples is based on an analysis of stock sales in a particular industry, which shows a certain relationship between the sale price and some indicator. Such industry coefficients are calculated on the basis of lengthy statistical observations of company sales prices and their most important production and financial characteristics. In Russia, this method has not received sufficient distribution due to the lack of necessary information that requires long-term market monitoring. When applying market approach and the precedent transactions, an appropriate selection of peer companies is first made on the basis of the comparability criterion. Comparable companies can be considered those that operate in the same industry as the company being evaluated, and conduct similar activities. The analysis of comparable companies is also carried out on the basis of historical reporting data and financial and production indicators calculated on them. For each company from the sample, price multipliers are calculated. After calculating the price of multipliers for each company the appropriate analog multiplier for the object is selected on the basis of risk assessment analysis. Financial characteristics of the company being evaluated and compare them with the characteristics of companies - analogues. Then, the selected multiplier is applied to the respective financial indicators of the company being evaluated. The value of the value obtained in this way must be adjusted taking into account other factors, the most typical of which are the following: premium for the availability of control; discount for lack of liquidity; the presence of non-core assets, etc. The income approach is based on the principle that the current value of a company is the present value of the net income associated with it. Within its framework, it is customary to single out methods: dividend; direct capitalization; DCF ( DDP). In order to evaluate a share in a dividend method, it is necessary to estimate the cost of equity (discount rate), expected payout ratios and expected growth rates of earnings per share over time. Using the direct capitalization method, a certain normalized level of continuously changing incomes (with the same growth rate) can be capitalized. The market value of a company is defined as the ratio of the revenue stream to the capitalization ratio under the assumption that in the foreseeable future business revenue will remain at approximately the same level or will vary linearly. In the framework of the DDP method, the appraiser discounts future cash flows or income from the projected activities of the company, bringing them to their present value. When using this method, the following factors are taken into account: cash flows that the owner of the asset expects to receive in the future; the timing of receipt of these cash flows; risk borne by the owner of the assets. To determine the present value of future income, a comprehensive analysis of the financial activities of the company is required , including analysis of income, expenses, investments, capital structure, value of the company after the end of the forecast period and discount rate. According to experts, in most cases, applying the income approach to assess medium and large companies, this method is used. Assessing the value of a business using the DDP method involves the following steps: determining the time for generating income; forecasting future earnings; assessment of the risk associated with generating income. The amount of future income reduced to the current value serves as a guide to how much a potential investor is willing to pay for the company being valued. The main indicator of the DCF method is a purely monetary the stream that is calculated as the difference between cash inflows and outflows over time. Cash flow can be calculated as: cash flow to equity; cash flow on invested capital or non-debt cash flow. Based on the cash flow to equity, the market value of the company's equity is determined. The cash flow to equity reflects in its structure the planned method of financing start-up and subsequent investments in the company. For each future period, it takes into account the expected: increase in long-term debt of the company (loans and credits); reduction of company liabilities (outflow of funds to repay the bulk of the debt of previously taken loans); payment of interest on loans in the order of their current servicing. This cash flow is discounted at a discount rate that reflects the cost of raising equity (required by a typical investor). The non-debt cash flow does not reflect the planned movement and cost of the loan funds used to finance the company. It also does not take into account the amount of interest payments on the loan and the increase or decrease in debt. This type of flow is considered in order to determine the effectiveness of capital investment as a whole. The resulting total values are compared with the total investment in the business, regardless of their origin. Discounting debt-free cash flow produced by the discount rate that reflects the weighted average cost of raising the company's capital. Thus, various approaches can be used in the evaluation process, but the solution of the question of the relative importance of cost indicators obtained on the basis of various methods should be determined on the basis of the justified judgment of the appraiser, which is formalized by weighing the values determined as a result of using two or more methods. The solution of the question of how to give more weight to value estimates and how to weigh each method in relation to the others is the key at the final stage of the evaluation process. Typically, a income approach is best for evaluating the value of revenue-generating companies. Its meaning is to determine the current value of future income from the activities of the company. It is based on the assumption that 3 www.esa-conference.ru a potential investor will not pay for this business an amount greater than the current value of future income from this business. In world practice, in the income approach, the DDP method is used more often than others, since it more accurately determines the value of the business, better reflects the investor's position regarding the profitability, prospects and risks of the business. In all transactions, the buyer always seeks to ensure that the current value of the expected income is equal to or higher than the price paid, while the seller always seeks to ensure that the current value of the expected income is equal to or less than the transaction price, so the buyer and seller must agree on the only common basis for the amount equal to the present value of the expected future benefits of ownership of the property. The advantage of using the comparative approach is that the appraiser focuses on actual market quotes and really completed transactions with blocks of shares. At the same time, the use of the result obtained in the framework of the comparative approach imposes a number of significant restrictions (in particular, differences in the level of risks, rate of return, accounting standards, etc.). When calculating the cost of equity of the company under the cost approach, the appraiser analyzes and determines the market value each of the company's assets, setting the current value of all liabilities, taking into account the characteristics inherent in a particular business. In conclusion, I would like to note that it is impossible to clearly and accurately say how to evaluate the value of the company. It is impossible to write a guide to action on its assessment - everywhere there is a specificity. Each company requires an individual approach, and only general valuation standards are applicable here. Everything comes with experience, both at the legislative (state) level, and within each individual company. Valuation legislation is evolving. Valuation companies in Russia and abroad are also developing. New methods, ideas, trends and innovations are emerging, allowing to improve the mechanism for assessing the value of companies. References: 1. Оценка стоимости бизнеса : учебник / коллектив авторов ; под редакцией проф. М.А.Эскиндарова, проф. М.А. Федотовой – 2-е издание., стер. – М. : КНОРУС, 2016. – 320 с. – (Бакалавриат) 2. Бусов, В.И. Оценка стоимости предприятия (бизнеса): Учебник для академического бакалавриата / В.И. Бусов, О.А. Землянский. - Люберцы: Юрайт, 2016. - 382 c. 3. Баркин О.Г., Волкова И.О., Кожуховский И.С. и др. ; Нац. исслед. ун-т «Высшая школа экономики». — М.: Изд. дом Высшей школы экономики, 2014. — 45, [3] с. — 1000 экз. — ISBN 978-57598-1159-6 (в обл.) 4. Касьяненко, Т.Г. Оценка стоимости бизнеса: Учебник для академического бакалавриата / Т.Г.Касья- ненко, Г.А. Маховикова. - Люберцы: Юрайт, 2016. - 412 c. Другие книги из этого разделаКлассификация основных подходов к оценке стоимости бизнеса (предприятия)Ключевые проблемы использования инструментов оценки стоимости бизнесаОсобенности оценки стоимости бизнеса в современных условиях развития экономики РоссииКлассификация основных подходов к оценке стоимости бизнеса (предприятия)Ключевые проблемы использования инструментов оценки стоимости бизнесаОсобенности оценки стоимости бизнеса в современных условиях развития экономики России