Яндекс.Метрика

STOCK PRICE VALUATION OF HIGH-TECH ORGANIZATIONS OF THE AGRO-INDUSTRIAL COMPLEX BY A COMPARATIVE METHOD


DOI 10.33305/215-89

Issue № 5, 2021, article № 11, pages 89-97

Section: ABROAD

Language: Russian

Original language title: ОСОБЕННОСТИ ОЦЕНКИ СТОИМОСТИ АКЦИОНЕРНОГО КАПИТАЛА ВЫСОКОТЕХНОЛОГИЧНЫХ ОРГАНИЗАЦИЙ АГРОПРОМЫШЛЕННОГО КОМПЛЕКСА СРАВНИТЕЛЬНЫМ МЕТОДОМ

Keywords: AGRICULTURE, AGRO-INDUSTRIAL COMPLEX, COMPARATIVE METHOD, MULTIPLIERS, RESEARCH AND DEVELOPMENT, SHARE CAPITAL

Abstract: The article deals with the problem of low accuracy in estimating the share capital of high-tech agricultural organizations by a comparative method. Adjustments to multipliers are considered and proposed, which make it possible to significantly increase the accuracy of estimating the value of share capital due to taking into account differences in the level of intangible assets of agro-industrial complex organizations. The efficiency of standard and adjusted multiples was analyzed based on issue-level data on more than one thousand public agricultural companies using regression analysis. The analysis has revealed that adjustment of EV/EBITDA multiple brings the mot sufficient growth of estimation accuracy (5-6‰) for agricultural machinery and fertilizers industries. An adjustment of EV/ASSETS multiple does not lead to any sufficient growth of estimation accuracy. The most sufficient growth of estimation accuracy is observed for the countries with active support of investments in intangible assets (USA, Europe, Japan, China). The next step would be to incorporate the value of marketing assets and difference in accounting standards for intangible assets into valuation multiples for high-tech agricultural companies.

Authors: Smirnov Sergei Dmitrievich, Bulgakov Andrei Leonidovich