Moscow, Moscow, Russian Federation
VAK Russia 5.2.1
VAK Russia 5.2.3
VAK Russia 5.2.4
VAK Russia 5.2.5
VAK Russia 5.2.6
VAK Russia 5.2.7
UDC 33
CSCSTI 06.00
Russian Classification of Professions by Education 38.00.00
Russian Library and Bibliographic Classification 1
Russian Trade and Bibliographic Classification 8
BISAC BUS BUSINESS & ECONOMICS
The article presents the results of a comprehensive cost assessment of the largest Russian truck manufacturer. The relevance of the research is due to the need for an objective assessment of the value of a business in the context of the volatility of financial markets and the specifics of the Russian industrial sector. The work uses three main approaches to valuation: profitable (the discounted cash flow method and the capitalization method), comparative (the method of analog companies) and costly (the method of net assets and liquidation value). Based on the results obtained, a sensitivity analysis, stress testing of the model, as well as an assessment of the impact of intangible factors, including brand value and ESG risks, were carried out. Recommendations are proposed to improve the accuracy of the assessment in an unstable macroeconomic environment and sanctions restrictions. It is concluded that it is necessary to integrate industry adjustments when calculating the discount rate for industrial enterprises.
business valuation, discounted cash flows, WACC, multipliers, company value, KAMAZ, revenue approach, comparative approach, cost approach, cost management
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