An enterprise (business) is the most complex object of appraisal, requiring the appraiser, in addition to mastering all the methods of appraisal itself, also a certain knowledge of the basics of investment and macroeconomic analysis, and familiarity with different methods of market research.

As market relations develop, the need for an independent assessment will increase. Already exist legal requirements for conducting independent evaluation in a number of cases. Thus, according to the Federal Law "On appraisal activity in Russian Federation"assessment of objects owned in whole or in part by the Russian Federation, constituent entities of the Russian Federation, or municipalities, is obligatory upon their privatization, transfer to trust management or lease, sale, nationalization, redemption, transfer as a contribution to authorized capitals. the same federal law cases of mandatory assessment property in the context litigation. Both the judiciary and the parties involved in the proceedings have already realized the importance of an independent appraisal examination for an objective examination and making an informed decision on a wide range of arbitration and civil claims.

The Law of the Russian Federation "On Joint Stock Companies" also requires an assessment market value share capital by independent appraisers in certain situations. For example, this procedure is provided for in case of additional issue, buyback of shares, etc.

One of the features of the modern Russian economy is the presence of a large number of inefficient enterprises, often with large tangible assets. The restructuring of such enterprises is a rather complicated process, in which there is room for an independent assessment. Indeed, an assessment of an enterprise is necessary to select a reasonable direction for its restructuring; in the process of assessment, alternative approaches to enterprise management are identified and it is determined which one will provide the enterprise maximum efficiency, and, consequently, a higher market price, which is the main goal of the owners and the task of management firms in a market economy.

Independent evaluation various kinds value of enterprises (market, recovery, liquidation) plays a significant role in the functioning of the financial institutions of the market - banks, insurance companies, stock exchanges. For example, banks are often interested in assessing the market value of the collateral or in determining the liquidation value of the enterprise - the borrower; when concluding insurance contracts and paying compensation, insurance companies have to determine the replacement cost of objects; Stock exchanges and other participants in the stock market rely on data from an independent valuation of an enterprise when determining exchange rates for its shares.

The growing flow of foreign investment in the Russian economy also contributes to an increase in demand for the services of independent appraisal organizations. Investors, most of whom are from Western Europe and the United States, bring with them their understanding of the culture and methodology of the investment process, in which the role of independent appraisers is much more significant than in representing them. Russian colleagues. But, despite the formation of conditions conducive to increasing the role of an independent assessment of enterprises among other mechanisms market economy However, there are many obstacles in the way of business valuation development. The main obstacles are the unavailability of the necessary information on the parameters of purchase and sale transactions of enterprises in various industries (and often the absence of the transactions themselves) and the opacity of the system for maintaining financial records at enterprises. In addition, the general volatility of the economy and the lack of historical information on the business being valued often makes any predictions about possible results unreliable. economic activity one enterprise or another. All this imposes serious restrictions on the applicability modern approaches to business valuation, for example, such as a comparative and income approach, and the experience of Russian appraisers in the field of business valuation mainly comes down to the use of traditional cost methods for the domestic economy.

It can be said that the quality of business valuation as a market service (and hence the demand for this service) in Russia will depend on the further improvement of all mechanisms of the stock market, increasing its activity, the formation of the mergers and acquisitions market, the emergence of available flows of necessary market information and general stabilization of the economic situation in the country.

Valuation of a company is necessary in a variety of situations when: buying an enterprise or a large block of its shares, attracting investors, analyzing the quality of management, obtaining loans. The economic literature describes in detail the existing methods for assessing the value of a company, however, in their practical application, it is often allowed serious mistakes leading to negative consequences. In this article, we will look at the most common mistakes in estimating the value of a company, as well as ways to minimize them.

Wrong choice of approach to valuation

In world practice, there are three main approaches to determining the value of a company: profitable, comparative and costly. Each of them is based on different points of view on the formation of business value. Results from these approaches are reconciled by calculating a weighted average. At the same time, the greatest weight should be assigned to the approach, the application of which uses the most complete and reliable information.

Example 1

Assume that for the valuation of the holding company "X" as the main approach used income approach. The activity of this company is to manage blocks of shares. The bulk of revenue is generated by individual production companies that are part of the holding. At the same time, the predominant part of their net profit is reinvested. As a result of the activity, the income of the parent company turned out to be small, which affected the result of applying the approach. Since this approach was used as a priority, the calculated value of the company turned out to be underestimated.

To avoid errors in the calculation of the value of companies, it is necessary to take into account the compliance of the approaches used with the objectives of the assessment and the degree of reliability of the information used in each of the approaches.

First of all, when choosing a priority approach, one should take into account way to benefit the owner of the business. If the owner makes a profit directly from the sale of goods or services, then the income approach will be a priority. For asset management companies, as in the example above, it makes more sense to use cost approach.

By using income approach it is possible to justify the value of the business, but not to carry out its initial assessment, which is discussed in the negotiation process. Cost approach also does not allow to determine the exact amount, since the cost of most assets is understated relative to the cost of creating similar assets. Comparative approach preferable when evaluating enterprises, transactions with shares or shares of which are regularly made on the stock exchange or over-the-counter market. However, it is also very prone to errors when using it. The fact is that each business has many unique characteristics, so complete and reliable databases of real sales are needed, which most appraisers do not have.

Each activity should use any of the above principles for choosing one or another approach to estimating value, other than those that obviously cannot be applied in specific conditions. At the same time, the following should be recognized: in practice, priority is given to data obtained using the income approach (in the market ready business the investor pays for the income).

Note. The underlying market information used in each approach does not correlate with the underlying market information used in the other approaches, and therefore each approach produces a unique result.

Mistakes when using the income approach

Often in our country, the income approach is applied incorrectly. The main difficulty in using this approach lies in the fact that enterprises apply various schemes for minimizing tax liabilities, as a result of which the enterprise's reporting does not reflect its actual financial position. Almost every company has certain ways of avoiding taxes, which are problematic to take into account when assessing. When analyzing the income of an enterprise, first of all, it is necessary to find out the real price of selling products that are not included in the balance sheet, and when analyzing expenses, take into account the actual cost of acquiring raw materials and materials, as well as the real wages. IN this case the accuracy of the estimate will depend on how well the evaluator understands the status quo. Therefore, it will be beneficial for business owners to provide the appraiser with additional information that goes beyond the official one. Otherwise, the value of the company will be significantly underestimated.

The value of the company determined by the income method, shows how much the buyer will have to pay so that the income from the transaction is equal to his costs. This amount is the upper limit from which to trade. When calculating the final price, the reasons why the enterprise may not reach this limit are discussed, and depending on the significance of these reasons, the price is reduced.

The income approach cannot be applied to unprofitable enterprises. Exceptions can be:

• new companies, which are sometimes valued using profit forecasts;
• unprofitable enterprises, considered taking into account the benefits that a specific investor can receive from their ownership (synergy effect, more rational use of certain assets, etc.).

It should be borne in mind that the assessment using the income approach is carried out on the basis of not only the income of the enterprise, but also other economic benefits received by the owner from owning the business.

In addition, in practice, problems often arise related to the calculation of the cost of a business. discounted method cash flows . Due to the lack of complete information, many companies everywhere use a simplified version of the calculation of cash flow, which leads to a distortion of the estimate. For example, a company's cash flow is often taken as the amount of its net profit after tax and depreciation accrued over a certain period. This may not take into account the need for funding. current assets company, capital expenditures are forgotten, and atypical one-time income and expenses that arose in the current period may be included in profit, which generally distorts the amount of cash flow and the result of the assessment.

Measure a business with a metric reduced net income possible, but not in every industry. For example, in the jewelry industry, the amount of working capital is twice the amount of capital investments, and if you do not take into account the change in working capital in the company's cash flow, then you can get a result that is far from the real one. However, when calculating the future value of, for example, a consulting company, a simplified approach may be justified.

Thus, when calculating the value of a company using the discounted cash flow method, it is necessary to strictly follow the method of calculating cash flow accepted in international financial practice. If it is impossible to obtain reliable information about all components of the company's cash flow, other approaches to valuation should be used, for example, comparative.

For your information. The availability of information on the structure of the cash flow of peer enterprises can help calculate the approximate amount of cash flow for the company being valued.

Very often in valuation practice there are errors associated with incorrect forecasting of future cash flows. Often, when forecasting revenues, business salespeople tend to talk about high sales growth rates, keeping silent about the fact that the company has poorly developed strategy, marketing and assortment management. In addition, companies with a pronounced seasonality of activity may either underestimate or overestimate their need for working capital in certain periods. This is due to the fact that to calculate the change in the need for financing the production and financial cycle, balance sheet data at the beginning and end of the financial year are used. Meanwhile on new year holidays and periods of summer holidays in many sectors of the consumer market, there are recessions or, conversely, peaks of activity. Accordingly, the levels of inventories, receivables and payables during this period are not representative of the normal state of their business.

To avoid errors in the calculation of the forecast cash flow, it is necessary to check the forecasts of the state of the markets in which the company operates. The volume of income planned to be received in future periods must be clearly related to reasonable ideas about the volume of sales and the level of prices for the relevant products (services) in these periods. expedient building a scenario forecast of income. If the business of the company being valued is subject to strong seasonal fluctuations, then it is recommended to evaluate the change in the need for financing the production and financial cycle on a monthly basis.

Mistakes when using a comparative approach

Comparative approach is a general method of determining the value of a company and/or its equity, which uses one or more methods based on comparing the company with similar investments already sold. This approach includes the capital market method, the transaction method and the industry coefficient method.

Comparative approach is a procedure for comparing actual sales of similar properties that have taken place.

This assessment approach is based on principle of substitution, according to which, in the presence of several goods or services with relatively equal consumer value (utility), the most common and in demand will be the product with the lowest price. The comparative approach is based on the collection of information about similar offers and sales for subsequent comparison, which allows you to determine the necessary market adjustments for significant factors. Sales information is compared with the object under consideration according to the essential characteristics identified in this object. The peculiarity of applying this approach to enterprises is that when buying and selling a company, the buyer receives a minimum of information about the transaction. Accordingly, even if the value of the sold analogue enterprise is known, it is difficult to say what specific factors formed it, whether there were any “pitfalls” and mutual obligations of the seller and buyer hidden from prying eyes. Also, this approach has limited application due to the uniqueness and specifics of enterprises. The problem is that, unlike most other products, an enterprise cannot be accurately compared - revenues depend on the unique characteristics of the company, few companies have enough common economic features.

We have to admit that it is especially difficult for businesses to find relevant information about the cost of an analogue. Estimating the value of your business by the sale price of a similar neighboring business, it is easy to make a mistake. Even if the transaction price and total sales are known, other key data (such as the level of profitability of the business) are often not available. And small variations of this indicator can significantly change the final price.

Comparative Approach to Valuation involves multiplying certain indicators of peer companies (sales volumes, profits, net assets or non-financial performance indicators) by a certain multiplier that reflects the ratio between the indicator under consideration and the value of the company. The multiplier can be industry-specific or calculated for individual peer companies.

Note. Currently, the owners of domestic companies often use multipliers used in Western markets. But, as the experience of domestic appraisal firms shows, they do not work in Russia.

For example, the value of telecommunications companies can be determined based on data on the number of telephone lines owned by the company. While cellular companies when buying operators mobile communications First of all, the number of acquired subscribers is taken into account.

Example 2

One of the existing Russian market mobile operators as the main characteristic of the company's valuation widely uses such an indicator as the cost of one subscriber (the amount of the transaction per one subscriber by the acquired company). The motivation for using this indicator is as follows. Firstly, the indicator is simple and convenient, and secondly, it reflects the structure of the client base of cellular companies, which is quite homogeneous and consists mostly of individuals. In addition, the cost of connecting a subscriber to mobile operator the same. While the client base of wireline operators is much more heterogeneous. Here, the main subscriber and the main source of income is business sector. In addition, the costs of connecting a subscriber seriously depend on his location, connection method, etc. So, in order to connect a new area (if we are talking about the residential sector), you need to lay several kilometers of cable, put up a station, build a distribution network, negotiate with the developer, etc. Therefore, such an indicator as the cost per subscriber is much less suitable for characterizing the acquisitions of wired telecom operators. In order to realistically evaluate acquisitions of wireline operators, it is necessary to take the discounted cash flow method as a basis and be based on a business model designed for 5-10 years.

Within the framework of the comparative method, the main industry multipliers are evaluated: annual profit, capacity for the production of finished products, and revenue. Then the estimate obtained using the multiplier is adjusted for certain premiums (discounts) behind:

• the urgency of the transaction;
• company's opacity (highest);
• quality of management;
• geographical position;
• marketing positions;
• legal structure.

To assess premiums (discounts), lawyers, tax consultants, that is, specialists in specific risks, are hired. As a result of the correction, the final price may differ from the original one by more than 20%.

Example 3

Suppose a decision is made to use the comparative approach to assess the value of small businesses (less than $500,000). At the same time, the appraiser has at his disposal a detailed database that includes information (on more than 350 such companies) that have changed their owners over the past three years. This approach will give good results: in 80% of cases, a business is sold for a certain price. However, if there are less than 100 analogues in the database, it does not make sense to use it. In this case, the error rate is too high.

The selection of a suitable analogue for a medium-sized and non-public company is a problem in developed markets as well. Outside the stock market, the information is fragmentary; in fact, it is possible to use information about 5-6 acquisitions. Based on the obtained price multiplier, the exact value of the company can be estimated at a stretch. So you can get only a general idea of ​​the order of its values.

Note. The comparative approach can be used only by those companies that have extensive experience in selling existing companies (and only to determine the payback period of investments).

Thus, in order to avoid errors when using a comparative approach, it is necessary to assess the homogeneity of the industry in terms of the size of enterprises, their technical equipment and financial condition. When choosing indicators for comparison, you need to check whether there is a connection between them and the capitalization of companies in the industry or their selling prices (according to data on completed transactions).

Mistakes when using the cost approach

Cost approach(asset-based) - a general method for determining the value of an enterprise and (or) its equity, which uses one or more methods based directly on the calculation of the value of the company's assets less liabilities.

Valuation using the cost approach involves the use of various methods:

• comparative unit cost method- valuation of property based on the use of single adjusted aggregated cost indicators for the creation of analogues. Its essence is as follows: for the object to be evaluated, an analogue object is selected that is very similar to the object being evaluated in almost all characteristics, materials used and manufacturing technology. The cost of a unit of measurement of an analogue object is multiplied by the number of units of the object being evaluated;
• lumped element cost method is to evaluate the property based on the value of the cost of creating its main elements. The method uses data on the cost of various elements, that is, the components of a building or structure (element costs). The calculation of elemental costs includes, for example, the breakdown of the building into its component parts, the establishment of the average cost for these parts;
• quantitative analysis method consists in evaluating the object on the basis of a full estimate of the costs of its reproduction. For example, the cost of construction is determined by summing up all the costs of erecting or installing the components of a building (in this case, indirect and direct costs must also be taken into account). In order to apply this method, it will be necessary to compile a list of all materials and equipment, calculate the labor costs required to install each element, take into account indirect, overhead costs and the developer's profit.

In practice, when applying quantitative analysis method errors may occur due to incorrect selection of data on the cost of units of comparison in buildings that do not correspond to the type of the object of assessment. This method is quite laborious, its application is based on compiling a list of all materials and equipment, calculating the labor costs required for the installation of each element, which requires the involvement of qualified estimators;

• index method consists in determining the replacement cost of the object being valued by multiplying the book value by the corresponding revaluation index. Indexes for the revaluation of fixed assets are approved by the Government of the Russian Federation and are periodically published in the press.

The main feature of applying the cost approach for enterprises is that the book value of the company's assets and their actual value are very different. Therefore, when analyzing assets, it is necessary to evaluate them at market value. As a rule, this significantly increases the value of assets. First of all, it concerns machinery and equipment. In many small companies, a significant amount of fully functional equipment has zero residual value, and the market value of this equipment can be quite significant. When analyzing inventories, it is necessary to discard their illiquid part, and when evaluating receivables, it is necessary to discard the bad part.

Valuation Reliability costly approach largely depends on the completeness and reliability of economic information from the sub-sector to which the property being valued belongs ( economic structure prices for products of the sub-sector, established indicators of profitability of sales, some cost standards, etc.).

Errors when calculating discounts

By purchasing less than 100% of the shares, the owner receives a certain amount of rights (property rights and rights to manage the company), which is limited compared to the rights of the sole owner of the business. This means that the buyer does not have full control over the business, so he has the right to demand a reduction in the price of such a package compared to the value of 100% of the company's equity. In this regard, when calculating the value of blocks of shares, a discount is applied on insufficient degree control.

The reason for applying the allowance for insufficient liquidity is the high risk of not receiving dividends and other income from holding securities (shares), caused by internal problems of the company or the state of the industry.

It is difficult to accurately determine the size of such discounts, since full information about the level corporate governance companies and policies regarding minority shareholders are not always available.

When selling non-controlling stakes on the open market (a ready-made business market that uses non-fund mechanisms for the alienation of companies), the discount can be very large - up to 90%. For this reason, it is recommended that either the entire business or a controlling stake be put up for sale. Otherwise, the probability of a successful search for a buyer is very small.

It is important. When preparing transactions related to the sale and purchase of blocks of shares (stakes in the authorized capital) of a company, it is necessary to analyze in detail the restrictions on the rights of the owner of such a block, determined by law and the charter of the company.

Significant attention should be paid to the analysis of the possibility of selling a block of shares. It is necessary to check the presence of transactions with the shares of the company in the existing trading systems, evaluate the potential attractiveness of shares or shares in the OTC market, as well as the transparency of the corporate governance system and the risk of non-receipt of income. Based on the results of the analysis, it is advisable to determine acceptable discounts for insufficient liquidity and the degree of control in this case. Moreover, in the practice of valuation activities, such discounts are applied sequentially: first, a discount for control, then - for insufficient liquidity.

There are certain levels of control: if 75% (or more) of voting shares are purchased, then the buyer acquires virtually complete control over the situation in the company and discounts are hardly appropriate. The second level (25%) is a blocking stake, which makes it possible to reject decisions that do not suit. In our opinion, if we are talking about buying a stake in excess of 25%, the discount will be very small or not at all.

Currently, there is no common method for calculating the discount. Preferred shares, as well as small blocks of shares that do not give the opportunity to vote and are less liquid, should be traded at a discount of 20-25% (excluding dividends in the value of the package). But since the dividend yield on common and preferred shares is different, this discount needs to be adjusted. The amount of the adjustment is determined as the difference between the dividend yields of preferred shares and ordinary shares times four (assuming the expected difference continues in the coming years). This premium will partially offset the discount associated with insufficient liquidity and control.

You should also pay attention to what packages other shareholders have. If there are no owners of more than 25% of the shares among them and the probability of their occurrence is low, there is no reason for concern.

Another issue that needs to be addressed is company reputation. In Russia, one can already quite clearly understand which companies recognize the rights of minority shareholders and which do not.

Let's consider the mistakes that often occur when estimating the value of small companies.

Mistakes in valuing small companies

This type of error can be divided into three groups.

The first group of errors related to the nature of enterprises. For example, small companies are owned by a fairly narrow circle of people who are often united by either family or friendship. This circumstance can be decisive in building a business management system and its reporting. Such enterprises suffer from the lack of many documents that allow them to evaluate their real profits, do not have strategic development plans, and such companies do not even need to disclose objective information about their activities.

The actual results of the enterprise are reflected in its management reporting. Business brokers are oriented to its data in their valuation activities. From the point of view of Russian legislation, an assessment carried out in this way cannot be considered fully legitimate:

• Firstly, consulting company acts as a stakeholder: it determines the price for which you can really sell the business;
• Secondly, most entrepreneurs are not interested in voicing information about their real income.

Therefore, the results of the assessment and the indicators on which it is based are referred to in the conclusions of business brokers only as an expert opinion.

Because the value of a business is based on how much profit it can generate under the direction of a potential buyer, accurate forecasting becomes hypothetical. Small companies as profit producers are exceptionally unstable. Therefore, there are no guarantees that the business will develop and function successfully when the owner changes. In practice, there are many examples of the fact that sales and revenues of the company increased several times after the change of owner-manager. And sometimes you have to admit that in the past successful companies fail.

Note. Business brokers value an enterprise at present use, taking into account the revenue it generates here and now (this figure is discounted). At the same time, the prospects of the company are taken into account, but only as one of the factors affecting its value.

The second group of errors arising in the evaluation of an existing business is due to an attempt to apply some popular formulas to this process. Here the most common are: error types:

• mismatch error- dangerous due to the fact that many experts consider this method the most convenient for assessing existing enterprises. The problem is that, unlike most other goods, a business as an object of sale cannot be exactly compared - revenues depend on the unique characteristics of the company, few companies have a sufficient number of common economic features;
• odds error- entered into domestic practice from Western textbooks, the methods described in which are rarely applicable in Russian conditions. For example, some English consultants propose to determine the cost of a supermarket according to the scheme "the cost of existing inventory + monthly sales volume." The cost of a cafeteria and a small restaurant in the US is usually equal to 3-4 months of sales. However, in Russia, business profits are not directly dependent on turnover (this indicator is individual for each enterprise).

IN currently the development of the main coefficients that can be used in business valuation is underway. This is one of the factors that can confirm the correctness of the valuation of the company, carried out by the income method;

• addition error- occurs when the value of a company is determined as the sum of the values ​​of its assets. The difficulty here arises when assessing goodwill - an intangible asset that can be the most valuable of all the components of the enterprise's property. The inapplicability of this approach can be illustrated by the example of enterprises that represent "cash flow". Let's say one of the largest Russian sellers of equipment for office printing is put up for sale. The value of its assets is rather low, but the availability of exclusive distribution rights for the products of leading Western manufacturers and a permanent client base makes the company's value ($450,000) quite consistent with the requirements of investors. If the company put up for sale owns real estate, the latter is valued separately. This indicator is added to the value of the business received income method. This is explained by the fact that real estate currently acts as a highly liquid asset. A similar scheme is used if the company being sold owns expensive high-tech equipment. In addition, a similar model is applied when selling trading companies having significant volumes of commodity balances. This raises the question of determining their liquidity. Therefore, one has to resort to the use of certain coefficients.

TO third group of errors only one applies fallacy of subjectivity(occurs most often). A small business is often a kind of extension of its owner, experiencing a certain emotional attachment to him, which makes it difficult to objectively assess the company and leads to overpricing. Often the seller includes non-economic factors in the value of the business: his own, not confirmed by any figures, idea of ​​the company's place in the market, his expectations for the future, etc. Therefore, the seller this business do not try to determine its final cost yourself. Timely appeal to specialists will allow you to carry out the sale more efficiently and avoid disappointments in the process of finding an investor.

Summary

In conditions of financial instability in the market, it is becoming increasingly difficult to assess the value of a business. Existing methods are far from perfect, so financiers have a lot of problems associated with the evaluation process. Using the accumulated experience and own practice in company valuation, you can significantly reduce the risk of errors in the future.

E. A. Veselkova, economist

5.1. Modified Income Capitalization Methods

The capital asset method does not take into account the value of tangible and intangible assets. It measures the efficiency of the use of all assets in terms of their ability to generate income. The more justified the values ​​of the cash flow and the capitalization rate, the more weight the assessment obtained by this method will have for the potential buyer. In most cases, in practice, the profit of the last reporting year is chosen as the capitalized value. The capitalization rate R is the rate of expected return. The capitalization rate is usually derived from the discount rate by subtracting the expected CAGR in earnings or cash flow.

The general formulas for determining the value of a business and the capitalization rate are valid under the following assumptions:

1. The expected income from the business is constant.
2. The term for obtaining such income is indefinitely long (i.e. tends to infinity).

These assumptions and, accordingly, the basic capitalization model are more suitable for theoretical understanding of the essence of the capital assets method. In the practice of business valuation, special cases of the capitalization method (Gordon, Inwood, Hoskhald, Ring models) are used more, depending on the compliance with the assumptions regarding the uniformity and duration of income received by the enterprise (see: Table 5.1 and formulas 5.1-5.4 below) .

Accepted assumptions			Calculation modelbusiness value
Regarding the uniformity of business income	Regarding the procedure for reinvesting income	Regarding the duration of receipt of income from the business
			base model
Business revenues are distinctly variable, but growth rate is constant	The capital return amount is reinvested at the rate of return on capital	The period of receipt of income is not limited	Gordon Model
Expected business returns are constant in each period	The capital return amount is reinvested at the rate of return on capital		Inwood method
Expected business returns are constant in each period	The capital return amount is reinvested at the risk-free rate	The period of receipt of income is limited	Hoskald method
Income stream is expected to decline systematically	Reimbursement of the principal amount of investments is carried out in equal parts	The period of receipt of income is limited	Ring Method

Gordon Model

Hoskald model

Where: R biz. – reasonable market value of the existing enterprise (business);

D year. - annual profitability of the business by the end of the period;

R - discount rate;

Long-term growth rate of cash flow or earnings;

Other business – average annual business income;

– the future value of each ruble initially invested in the business being valued;

The use of real options can be successfully carried out in the conditions of the Russian economy, since their use does not require a specialized exchange platform where options would be actively traded. To use real options to give flexibility to projects, you need to mutual agreement parties to enter into a fixed-term contract. At the same time, each of the parties remains a winner: the one who has a long position (the ability to choose between execution and non-execution of the contract) has the opportunity to adjust his decisions depending on the prevailing conditions for a fee acceptable to him, and the one who has a short position (obligation exercise the option if the other party so desires), receives additional funds for the conclusion of the contract.

Such options provide various kinds of flexibility and, based on this, the following main types of real options are distinguished:

• options to exit the project (Abandonment Options);
• options for temporary suspension or deferral of project development (Options to Defer Development);
• options to expand the project (Options to Expand);
• Switching Options.

This classification is not exhaustive and in practice it is possible to use other types of real options. The following is a description of the above types of options.

Option to terminate operations similar to a put option on stocks. If the first period ends unfavorably, then the decision maker has the right to abandon the project. When the present value of the assets falls below their salvage value (sales price), the act of terminating the project is equivalent to exercising the put option. And since the salvage value serves as a floor to the cost of the project, the option to terminate has value. Therefore, a project that can be terminated costs more than a similar project that does not provide this opportunity.

Option to defer development or deferral of investment in tangible assets in a form similar to a call option on stocks. For example, a tenant of undeveloped oil field has the right to “purchase” the developed deposit by paying the development costs. However, the tenant may delay development until oil prices rise. In other words, the management option created by the acquisition of an undeveloped field is a deferral option. The expected development costs can be thought of as the exercise price of a call option. The net income from production is the opportunity cost of deferring investment. If such costs are too high, then the decision maker may prefer to exercise the option, i.e., start developing the field.

If we are talking about a temporary suspension of the project, then the option will have a form similar to the form of the option to suspend the business, with the only difference that the assets are not sold, but leased, for example.

Option to switch (change activity) most general type options. Essentially, a project change option is a portfolio of options consisting of both options to buy (“call”) and to sell (“put”). For example, the ability to resume operations on a currently frozen project is similar to a call option, and to suspend operations (close the enterprise) in adverse circumstances is a put option. The cost of resuming or stopping can be thought of as the strike price of a call or put option. A project that allows you to go from active to completely stop it (or transfer operations from one enterprise to another, etc.) costs more than the same project, but does not have such flexibility. A flexible production system capable of producing two products serves good example this type of option.

The literature describes various ways to determine the value of real options and evaluate their impact on the cost of projects. In the work of S. V. Valdaitsev, a method for comparing indicators of the net present value of the project is proposed (NPV) without providing for a real option in it and for the case when such an option is planned. The difference is understood as a measure of the effectiveness of a real option. It simultaneously serves as a measure of increasing the value of the company as a result of the use of a real option, since it is competitive advantage companies. At the same time, the NPV indicator is a weighted average of three indicators - NPV project expected in cases where optimistic (NPV opt), most possible (NPV n.v.) and pessimistic (NPV dog) project implementation scenarios.

The NPV opt indicator (for the option of using a real option) is calculated as a weighted average (according to the probabilities of the same scenarios) value, but for the case of a pessimistic project scenario, instead of the NPV pes indicator, the NPV opt. pes indicator is taken into account, which reflects:

• cash flow dp t pes, which will appear on the project by the time the real option is exercised;
• expenses C opt(price of a real option) to purchase the specified option;
• exercise price of a real option, i.e. gross income or revenue In opt from its performance.

Indicators NPV wholesale And NPV n.v. are simply reduced by the cost of the option that will not be exercised.

Thus:

The formulas use the risk-free rate R, since the risks of the project have already been taken into account by the scenario method, and the exercise of the option is considered reliable 3 .

This method has the following drawback: the option price (the value of the option contract) is used in the calculations. It is logical to assume that it makes sense to acquire such a contract only if the benefit from its acquisition exceeds the costs of its acquisition. The measure of efficiency, as mentioned above, is determined by NPV indicators for two options - with and without an option. And it (a measure of efficiency), in turn, cannot be calculated without knowing the option price. Thus, a "vicious circle" is obtained and the calculations are purely theoretical.

Also, other methods for determining the value of a real option are proposed in the literature, for example, based on a binomial model (two options for the development of market conditions are considered - favorable and unfavorable). Consider a project deferral option that allows management to wait a year and then, under favorable circumstances, carry out the project, and under unfavorable circumstances, simply lose this opportunity when the option expires. Let's say the risk-free interest rate is 8%. The decision tree for this project describes it as follows.

Fig.5. Decision tree with defer option

It depicts three options for the development of events: the immediate implementation of the project, the abandonment of it and the delay. How should we value the option that gives us the right to defer? The valuation process proceeds by creating a portfolio of directly observable securities whose prices, as well as rates of return, are known, and the payment flows for which exactly reproduce the payment flows inherent in our decision tree. Since the market prices of securities are known to us, we can determine the value of the deferral option. The equivalent portfolio will consist of m shares of value S equal to, say, $28, and debt obligations of $ B. with a risk-free interest rate R f . We can learn the number m and the cost B from two equations with two unknowns, which also reflect the nature of the change in the economic situation. The coefficients d and u characterize the unfavorable and unfavorable state of the economy, respectively, in which the share price will change and amount to uS =50 dollars, dS =20 dollars.

The equations look like this:

m (uS) - (1+ R f)*B = $72.56– for a favorable state of the economy,

m (dS) – (1+ R f)*B = $0- for the unfavorable state of the economy.

Solving these equations, we get that B = 44.79 dollars, and m = 2.24 shares. Now it is necessary to determine the value of the equivalent portfolio, which corresponds to the value of the deferral option:

MS - B \u003d 2.42 * 28 dollars. - 44.79 dollars. = $22.97

Thus, if the option is worth less than $22.97. it should be purchased. This model gives an answer to the question up to what point the acquisition of a real option is profitable, which distinguishes it from the previous model. The value of efficiency is determined, as in the previous model, by the difference between different NPV values. Here, this amount will be $28.97 = $22.97 - (-6), where (-6) is the NPV of the project without purchasing the deferral option.

This example was considered in the work of T. Copeland and T. Koller, but a similar approach is also considered in the work of V. A. Vorontsovsky “Risk Management”, where this model is used to determine the value of a land plot.

It should also be pointed out that some sources of literature indicate certain disadvantages of using real options on the asset side.

The full application of the real options methodology aims to increase the organizational flexibility of the company, which implies a fundamental revision of business approaches. The use of real options actually changes the process of forming a company's strategy. Flexibility is undoubtedly an advantage when implementing one or more investment projects. But “when the whole strategy of a company is based on the principle of flexibility, the probability of unsuccessful implementation of such a strategy can be high” 4 .

The formation of a strategy in the form of a portfolio of real options can first of all lead to a weakening of the "commitment" of the staff. The success of a new idea in a company depends very much on the motivation of the main “players”. Having a leader who is fully committed to the project is very often one of the critical factors in the successful completion of a project. Any project that contains real options that allow for the postponement of vital decisions for the project will imply a weakened "commitment" on the part of key participants. When using the real options methodology, the company declares that it will not currently accept final decision on the project, but will keep the project in a state of readiness for a certain time, which will be necessary to clarify the situation in the market. The staff who work on such a project will not be fully committed to a cause whose future is yet to be determined. Thus, one of the consequences of the use of real options in practice can be a weakening of the strategic focus of the company and the company's management needs to clearly understand under what conditions the application of the real options technique can increase the total value of the company.

5.4. Application of valuation methods in Russian conditions

IN modern Russia The market for independent appraisal services began to take shape actively in the early 1990s. XX century, with the revival of the institution of private property. The first few years before the adoption of the law "On appraisal activities in the Russian Federation" appraisers worked, as they say, who is in what much. There was no regulatory framework for the assessment, there were no approved standards, no clear requirements for the content of the report and the methods used. The situation with the assessment of the market value was bad. What could be said about the value of, for example, a business, when the ruble exchange rate changed several times a day, and the entrepreneur had no idea what he would do next week. At first, no one required special education from the appraiser. Any citizen who completed a one-two-week course and received a certificate could engage in the assessment. Although this was not required. Many newly minted appraisers, taking advantage of the uncertainty of the situation, issued instead of reports brief references, and the methods of determining the value were very far from scientific.

Even at that time, competent and conscientious specialists worked in the appraisal, who perceived the appraisal not as a way to make money quickly, but as a new promising profession. Almost all of them are in business today. By the second half of the 1990s. According to our estimates, there were about three to four thousand small appraisal firms on the appraisal market, and by the end of 2000, according to the Russian Society of Appraisers, the number of firms increased to 15 thousand. Public appraisal organizations, in the absence of a regulatory framework, tried to somehow influence the quality of appraisal services, but the documents they adopted were purely advisory in nature, and few people followed them.

On July 29, 1998, the Federal Law “On Valuation Activities in the Russian Federation” was adopted, introducing the basic concepts of valuation activities, the grounds and conditions for the implementation and regulation of valuation activities.

True, by this time a significant part of the country's most valuable assets was already in the hands of private owners. The volume of appraisal work fell in 1998 to a critical level. The reason for this was the abolition of mandatory revaluation, as well as the decline in market activity on the eve of the famous August crisis. The crisis led to a new round of redistribution of property, as a result of which the number of orders began to grow slowly but steadily. At the same time, the volume of valuation work for the purpose of revaluation of fixed assets remained at a low level, but the number of orders for other types of valuation increased.

Have been published:

• Decree of the Government of the Russian Federation of July 6, 2001 No. 519 “On Approval of Valuation Standards”, which introduced valuation standards that are mandatory for use by valuation entities,
• Decree of the Government of the Russian Federation of June 7, 2002 No. 395 “On Licensing Valuation Activities”, which introduced a provision on licensing valuation activities.

According to the Decree "On Approval of Valuation Standards", the appraiser:

1. Collects and processes:

• title documents, information about the encumbrance of the object of assessment with the rights of other persons;
• data accounting and reporting related to the object of assessment;
• information about technical and performance characteristics object of assessment;
• information necessary to establish quantitative and quality characteristics valuation object in order to determine its value, as well as other information related to the valuation object.

2. Identifies and analyzes the market to which the object of assessment belongs, its history, current conditions and trends, as well as analogues of the object of assessment, and justifies their choice.

3. Carries out the necessary calculations of one or another type of value of the appraised object, taking into account the obtained quantitative and qualitative characteristics of the appraised object, the results of the analysis of the market to which the appraised object belongs, as well as circumstances that reduce the likelihood of receiving income from the appraised object in the future (risks), and other information.

4. When conducting an assessment, it is obliged to use (or justify the refusal to use) the cost, comparative and income approaches to assessment.

5. The right to independently determine, within the framework of each of the assessment approaches, specific assessment methods.

The appraiser must adhere to the following steps when conducting an appraisal:

• conclusion of an appraisal agreement with the customer;
• establishment of quantitative and qualitative characteristics of the object of assessment;
• analysis of the market to which the object of assessment belongs;
• selection of the method (methods) of assessment within each of the approaches to assessment and the implementation of the necessary calculations;
• summarizing the results obtained within the framework of each of the approaches to the assessment, and determining the final value of the value of the object of assessment;
• preparation and transfer to the customer of the assessment report.

The appraiser, on the basis of the results obtained within the framework of each of the approaches to the assessment, determines the final value of the value of the appraisal object. The final value of the appraisal object indicated in the appraisal report drawn up in the manner and on the basis of the requirements established by the Federal Law "On appraisal activities in the Russian Federation" must be expressed in rubles as a single value, unless otherwise provided in the appraisal agreement .

The Decree "On Licensing Valuation Activities" sets out the requirements and conditions for the implementation of valuation activities:

1. Compliance by the licensee with the requirements of legislative and other regulatory legal acts of the Russian Federation on issues of valuation activities.
2. Availability in the state legal entity at least one employee for whom this legal entity is the main place of work, having the appropriate qualification in the field of valuation activities, obtained in accordance with professional qualifications agreed with the authorized government of the Russian Federation body for monitoring the implementation of valuation activities in the Russian Federation educational programs and supported by a certificate of education.
3. Availability individual entrepreneur the relevant qualification in the field of appraisal activities, obtained in accordance with professional educational programs agreed with the authorized government of the Russian Federation body for monitoring the implementation of appraisal activities in the Russian Federation and confirmed by a document on education.
4. Raising at least 1 time in 3 years qualifications in the field of appraisal activities of an employee (employees) of a legal entity and an individual entrepreneur.
5. Licensee civil liability insurance by concluding an insurance contract for a specific type of appraisal activity (depending on the appraisal object) or under a specific appraisal contract.
6. Providing, at the request of the licensing authority, documents and information necessary to monitor compliance with license requirements and conditions.

The license is issued for 5 years. The term of the license may be extended at the request of the licensee. Renewal of the license is carried out in the manner established for reissuing a license. Re-issuance of a license is carried out within 10 days from the date of receipt by the licensing authority of the relevant application.

As a result of these changes, there was a very significant reduction in the number of appraisers, mainly due to those who did not consider appraisal a priority activity (auditors, consultants, realtors, etc.). The appraisal firms that remained on the market united and amalgamated, acquired licensed specialists in their staff and sent the rest of the employees to receive specialized education. And most importantly, there was a desire to improve the quality of appraisal services. Public appraisal organizations try to track the facts of unfair performance by appraisers of work under the contract.

Many of them were founded in 1993& #8212; 1999, which means they have stood the test of time. Nevertheless, young firms appear (Intelis-Otsenka, founded in January 2005), which seek to conquer the business valuation market.

One way or another, there are difficulties that arise when determining the value of a business in terms of regulation, such as:

• approaches and methods used in business valuation in the Western market, which have proven themselves, cannot always be used in Russia without adequate adaptation;
• none of the Russian self-regulatory organizations in the Russian Federation has professional standards business valuation. This is especially strange due to the presence of national specifics due to the fact that the objects of business valuation in our country and abroad have significant differences.

It is worth noting that the ability to apply all the above methods is not enough, you need to know where and which methods will give the most reliable and fastest results. In addition, the valuation methods used in world practice make it possible to determine the market value fairly quickly and reliably. Among them, I would like to single out the most universal and effective - this is a comparative method (the method of an analogue company). With its help, knowing the value of similar property, the appraiser can make a preliminary assessment within a short period of time, which can be beneficial for both parties. It is used very widely in most of the developed countries of the world. However, Russia is still very young in terms of market relations. For this reason, the application this method in Russia is limited by available information about analogues. It is necessary to weed out analogue companies due to their characteristics (significant fluctuations in the market value of shares, seasonal dependencies), to be able to average and predict them in a certain way.

As for the income approach, this is the most subjective method, since it is based on the prediction of the medium-term prospect of cash flows, which depend, for example, on the level of inflation, changes in legislation, etc. Also, the methodology for calculating the discount rate is subjective, and professional appraisers do not consensus on what discount rate should be applied in a particular case. In principle, the discount rate is determined by the level of return that an investor can expect in the future, given certain risks. Accordingly, the calculation of the value of the income approach is extremely sensitive to changes in many factors independent of the appraiser, due to which it is impossible to reasonably predict the future development of the situation. Therefore, it is difficult for the appraiser to achieve accurate results in the appraisal.

Most appraisal companies rarely apply the cost approach to business valuation due to the huge labor intensity and often low cost of the contracts offered. Ignoring the cost approach leads to cost distortion, but it gives a direct indication of the potential production capacity at the enterprise and is less subjective than other methods. In Russian conditions, the method is not ideal, because there are large distortions in the values ​​of assets and liabilities in accounting.

Let's summarize the shortcomings of business valuation methods (in order to offer something new, you should figure out what shortcomings are found when using the above valuation methods):

1. Difficulty in finding information and cumbersome calculation. Using business valuation on a regular basis should be as simple as possible, and the result should be clear.
2. The presence of a large number of adjustments related to opacity financial statements. Management should use data to evaluate management accounting, which must be adapted for evaluation.
3. Complexity long term planning makes it difficult to use income valuation methods. Mostly a retrospective of actual data for past periods is used. In this regard, it is necessary to develop a methodology for determining the growth rate of cash flows or make forecasts for up to five years.
4. Accounting valuation of assets leads to an underestimation of the value of net assets. A market revaluation of all fixed assets and, if required, intangible assets is required.
5. Lack of an adequate basis for comparison with analogues. Tasks and requirements for business valuation should become the basis for solving the following tasks:
   1. Development of plans and strategies for the development of the enterprise;
   2. Evaluation of management effectiveness;
   3. Evaluation of the effectiveness of the company's activities;
   4. Determining the real value of one share.

The business valuation must meet the following requirements:

- simplicity;

- visibility;

- validity;

- periodicity;

- informative.

5.5. Russian specifics, peculiarities of the assessment of Russian companies

In understanding and applying the value of an enterprise in Russia, its own characteristics stand out. Russian specificity is primarily determined by the following points:

1. Many Russian companies, even when formally open joint-stock companies are not yet interested in having their shares actually placed on the stock market. This is due both to the fact that they prefer to be quite informationally closed, and to the fact that for their development they still have enough sources of self-financing of investments in combination with the use of loans from affiliated banks.

Under these conditions, assessing the effectiveness of management based on changes in the observed or predicted market price of the shares of such companies is practically impossible. At the same time, when implementing fairly large investment projects at their initial stages, managers feel the need to report to shareholders in such a way as to show them that a temporary decrease in the company's profits (until the mentioned projects had time to give returns, requiring large expenditures) is not only natural, but and justified. The only way to demonstrate their effectiveness during such periods for managers may just be an attempt to present their activities to shareholders from the point of view of the concept of enterprise value management - proving to shareholders that as a result of the successful implementation of investment projects carried out at the enterprise, the “true” market value of the enterprise has already increased and continues to grow. grow. This is often an effective way to convince shareholders to agree that the company will not generate profits for some time (due to the continuation of large capital investment stages in investment projects), rather than proving what specific expected future profits the company will be able to provide.

At the same time, the calculation is made that at least some of the major shareholders will support the managers, because as a backup option for themselves, they can always plan to exit the enterprise, on their own - not through the stock market - by finding another strategic investor who is ready to purchase a package from them. shares. Of course, for them then the argument about the increase in the possible contractual price (on the basis of the business valuation presented by managers) for the block of shares being sold will be very effective.

What has been noted becomes even more relevant if one considers that Russia today is still characterized by a frequent change of strategic investors (large shareholders) of enterprises due to the ongoing “redistribution of property”. However, the same effect arises due to intense mergers in the process of actively building new industrial groups that ensure the production of products that have not yet been produced in Russia, but are being developed on the initiative of foreign capital coming to the country.

2. Due to the lack of a developed stock market in Russia (sufficiently large, with low transaction costs, reliable and fast mechanisms for transferring ownership of shares in the process of making changes to the relevant shareholder registers), a specific market for the purchase and sale of property complexes is rapidly developing in the country. In light of this, a fairly real alternative to the sale of large blocks of shares as a way to exit the enterprise is the separation of local businesses from the developed business (for the production and / or marketing of part of the products) and the sale of all assets of the spun-off enterprise.

Enterprise value management then turns into cost management not of the company's shares, but of its property complex, understood as the totality of all tangible and intangible assets that ensure the release and sale of the relevant products.

3. It is no secret to anyone that in Russia bankruptcy procedures often also serve the market for the sale of property complexes - with the difference that the form of "purchase and sale" in this case turns out to be specific: through the purchase of a property complex within, as a rule, the procedure of bankruptcy proceedings, which is forcibly introduced at the insistence of creditors at a bankrupt enterprise.

It is clear that in this case the property complex will be sold at a lower price, at a sort of "liquidation value" - although in reality no one was going to "disassemble" the valuable property complex and subsequently sell it in parts; it will be exploited.

In anticipation of such situations, management of the value of an operating enterprise by its managers, in fact, is carried out in the interests of any creditor planning to purchase the property complex of a bankrupt at a reduced price as part of the bankruptcy proceedings. The maximization of utility for him will be achieved precisely because he will be able to acquire a value-maximized business at a lower price.

Of course, the scheme briefly described here is close to criminal, since it assumes that managers who maximize the value of the company's property complex on the eve of its bankruptcy in order to sell it in reality in the near future at a much lower price as part of the bankruptcy proceedings do not act in the interests of the owners of the company, but in the interests of third parties. In addition, in this scheme, as a rule, the so-called fictitious bankruptcy will be applied, under which the company will be “substituted”, using, for example, the so-called simplified bankruptcy procedure.

4. Due to the significant information secrecy, even those Russian companies, whose shares are liquid, in Russia, quite often, serious underestimations or overestimations are typical stock market these companies. Therefore, the management of the value of such enterprises should be focused not so much on the current or forecast market price of their shares, but on maximizing their estimated reasonable market value, at which, if desired, large shareholders can still sell their shares, revealing the internal information of the company to potential buyers.

Therefore, simpler, albeit approximate, but more reliably verifiable methods are needed for assessing at least the direction of changes in the value of an enterprise that occur as a result of the actions of managers - especially as a result of their decisions on capital-intensive investment projects, as well as decisions in the course of managing these projects.

1. Valdaytsev S. V. Business valuation and cost management of the enterprise. – M.: UNITI-DANA, 2001. - (pp. 498-517).
2. Valdaytsev S. V. Enterprise value management: common features and Russian specifics / financial world. - St. Petersburg: Publishing House of St. Petersburg. un-ta, 2002.
3. Gerasimov N. Application of the Olsen model in company valuation.
4. Kozlov K. Salun V. How much does a closed company cost? // Stocks and bods market. - 1999. - No. 16.
5. Kozyr Yu. Some aspects of the application of the real options model.

Classical approaches to business valuation for Russian enterprises (in Russian conditions) are accompanied by certain difficulties due to objective reasons. These include:

• underdevelopment the Russian stock market, as a result of which there is no information on the market quotation of the securities of most enterprises;
• informational secrecy Russian stock market - in some cases it is impossible to obtain public financial statements even of open joint-stock companies, which makes it difficult to collect information on peer companies. Thus, the use of a comparative (market) approach to the valuation of an enterprise in our country is limited due to the impossibility of obtaining reliable information for comparison in sufficient volume;
• complexity of application net asset method due to the large size of the enterprises themselves; measured in hundreds and thousands of items, the range of products manufactured by Russian industrial enterprises complicates the search for analogues of the enterprise being assessed not only in our country, but also abroad;
• most of the enterprises assessed show a profit close to zero, which is a consequence of income tax evasion or they are generally unprofitable, which is a consequence of the general state of the economy in the country or inefficient management. Thus, it becomes impossible to use cash flow discounting method;
• in an inflationary economy, it is most suitable for assessing an enterprise discounted cash flow method, since the percentage of inflation is taken into account in the discount rate. This is possible if inflation rates are predictable and the economy is functioning normally. However, it is very problematic to predict the flow of net income from the activities of an enterprise for several years in advance in an unstable economy.

A distinctive feature of the Russian economy and currently continues to be its instability. The risks faced by entrepreneurs in Russia exceed the average values ​​typical for countries with developed market relations. The situation is aggravated by rather high (but by the standards of developed market countries) inflation rates, which lead to the fact that the insignificant information that can be obtained (or that is available) to assess the value of an enterprise reflects the business in "distorted mirrors". Inflationary processes affect the position of the enterprise: the value of the property of the enterprise is underestimated; the accumulation of money for capital investments becomes impossible; dominated by the short-term interests of management and owners.

When evaluating Russian enterprises, it is of particular importance evaluation date. Linking the valuation to time is especially important when, on the one hand, the market is oversaturated with pre-bankruptcy property, and, on the other hand, lacks investment resources. The Russian economy is characterized by an excess of supply of all assets, including real estate, over effective demand. This imbalance in the supply side directly affects the expected value of the property offered for sale. It should be borne in mind that the price of property in a balanced market does not coincide with the price in a market depression. Property owners and investors are interested in exactly the price that will be offered in a particular market, at a particular moment and under specific conditions. Buyers seek to reduce the chance of losing their money and require certain guarantees. Therefore, in assessing the value of an enterprise, it is necessary to take into account all risk factors, including the risk of inflation and bankruptcy.

Pricing and valuation are interrelated and interdependent. The pricing mechanism and the price system formed on its basis are of a general nature, and therefore the pricing that forms flail, and valuation, which results in value, cannot be opposed to each other, but must be considered as related professions that study adjoining categories in the conditions of existing commodity-money relations. However, the features of assessment as a profession should be considered in more detail.

In modern conditions, business valuation is a necessary step for the further development of an economic entity. This is due to the fact that the assessment allows you to determine how effectively the company operates in the market environment and, if there are problems, to quickly eliminate them and thereby increase the stability of the business.

The development of a market economy has led to the formation of enterprises of various forms of ownership. The owners have the opportunity to advance the available free cash in the business, to carry out its sale. Thus, business has become a kind of commodity that must have a price.

Business valuation in Russia is understood as the professional activity of subjects of valuation activities aimed at establishing a market, cadastral, liquidation, investment or other valuation of value in relation to objects of valuation

Also, business valuation is a procedure for calculating the market value of an economic entity, taking into account its assets and financial results, which is carried out by specialized organizations or authorities.

To date, ensuring sustainable business development is associated with an analysis of the business processes occurring at the enterprise, an analysis of the strengths and weaknesses of the subject, as well as monitoring the competitive environment.

Considering the business valuation models, it can be noted that initially they were focused on the “hard” scenario of the development of an economic entity and practically did not take into account the specifics of the “problems of the cognizing subject” - the flexibility or quality of managerial decisions.

Analyzing the existing methods for assessing the value of a business, it should be noted that many of them do not take into account the market mechanism that is inherent in certain countries, this statement is true for the Russian Federation.

Among the national features of business valuation in the Russian Federation, the following can be noted:

1. Inefficient operation of the stock market, which leads to errors in the results of evaluating certain processes. In Russia, I have formed a system of indicators that allows me to fully assess the trends in this area.
2. There is a high level of uncertainty in the market, the presence of which is due to the unpredictability of price changes in the long term.

Valuation activity is an important component of the process of reforming the country's economy and the formation of a rule of law state. This type of activity makes it possible to form the information basis for the restructuring of the economy and ensure the formation of a competitive market environment. Through the assessment, objective information about the economic processes taking place in the economy is formed.

To date, the following problems of valuation activities in the Russian Federation can be distinguished.

1. The valuation system is not associated with the system of accounting and taxation, which does not allow the formation of a harmonious system for estimating the value of an economic entity.
2. Lack of a clear system of interaction between auditors, appraisers and financial advisors.
3. Poorly designed evaluation methodology

Today, however, business valuation methods are being modernized. In addition to traditional approaches, new methods based on the use of various financial instruments are being introduced.

A real option is recognized as an effective tool for business growth in modern conditions. Often a real option is understood as the practice of applying the theory of financial options to the management of real assets. The essence of this method of estimating the value of a business is to evaluate, calculate the optimal cost and determine the prospects for the development of an existing business. Valuation of the business value using the real option method allows making the necessary adjustments to the value of the business previously valued under the hard scenario.

We will develop a business valuation model using the real options method. The data is presented in Figure 1.

Figure 1. Real options business valuation model

In accordance with the figure, it can be concluded that the initial step in assessing the value of a business is to determine the objectives of the assessment. It is the goals that set the vector of analysis and justify the use of certain assessment methods.

Based on the results of the assessment, a report is drawn up, according to which it is possible to determine the possible reserves for the development of the subject, which will contribute to the growth of its value.

The assessment methodology needs to be improved, as well as to adapt the improved methods to the realities of Russian companies. As methods for improving the analysis methodology, we can propose to create an approach that would combine the analysis of the internal environment of the company and external components. This would allow taking into account more factors when evaluating a business, and the investigator would more accurately and fully determine the value of the company.

The following long-term goals for the development of valuation activities in the Russian Federation can be distinguished:

1. The short-term goal is the formation of a complete regulatory and legal framework that will provide comprehensive regulation of valuation activities and the activities of appraisers.
2. The strategic goal is to form such a system of valuation activities that could adapt to changing conditions and develop under the influence of various factors. This would ensure the provision of high-quality business valuation services, which would improve the level of business valuation in Russia and make it competitive in comparison with the international level.

Among the innovations in valuation activities in 2018, it is planned to create a professional standard for appraisers, which has already been put on public display. This standard assumes the appearance of ancillary activities in the implementation of the assessment. Certain requirements will be imposed on the level of education of assistants by the appraiser.

In order to determine the cost of objects of the 1st category of complexity, an employee must have a higher education or a specialized education of the same level. Work experience of at least a year.

To evaluate an object of the 2nd category of complexity, employees must have a specialized higher education at the level of a master's degree or a specialist, or a non-profile education of a bachelor's degree or a specialist.

Changes will also be made to metrological research activities in the field of business valuation.

Employees holding managerial positions will be required to have at least 3 years of work experience in managerial positions.

Also among the innovations, it can be noted that assessors must pass the exam before April 1, 2018. Experts estimate that a total of 22,000 people should complete this training in 2018.

Thus, valuation activity is developing, changes are being made to the legal framework governing this type of activity.

Bibliography:

1. Federal Law “On Appraisal Activities in the Russian Federation” dated July 29, 1998 N 135-FZ [Electronic resource] Access mode: http://www.consultant.ru/document/cons_doc_LAW_19586/ (date of access: 02/02/2018).
2. Gorbunova M.A., Masalskaya M.A. Business valuation: theoretical and practical aspects // Synergy of Sciences. - 2017. - No. 12 - P.21-30
3. Parshkova E.A. Business valuation and cost management // Scientific community of students of the XXI century. Economic sciences: Sat. Art. by mat. LIII Intern. stud. scientific-practical. conf. No. 5(53).
4. Markova E.V., Verevichev I.I. The problem of assessing the growth of business value using real options // Fundamental research. - 2017. - No. 6 - P.149-153