Файл: 33 (384) 2014 Предложен алгоритм фундаментального ана.pdf

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33 (384) – 2014
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Методы анализа
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Abstract
The objective of this article is to consider the issues related to fundamental analysis improvement.
The author offers an algorithm of a fundamental analysis in the interests of long-term investors and company management. The proposed technique for the fundamental analysis includes three components: the analysis of the company’s value, the analysis of the company’s fundamental cost and the analysis of the company’s market capitalization. The author explains the term of “company value” as a category, which is formed by all types of capital, including financial, industrial, human, intellectual, social, networking and natural capital, and which is distributed among all stakeholders, including owners, managers, staff, creditors, customers, suppliers, governments, and the society. The author also explains the rationale behind the composition of input information for the analysis.
The article presents key indicators for the analysis of all types of company capital value, the factors determining the company’s fundamental value, and the indicators, which are based on market capitalization. In addition, the article presents the key indicators of a fundamental analysis for four types of long-term investment, i.e. investing in value, investing in growth, fundamental
Economic analysis: theory and practice
Methods of analysis
ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)
FUNDAMENTAL ANALYSIS OF A COMPANY: FEATURES AND KEY INDICATORS
Vera G. KOGDENKO
investing, and investing in income. The work results include the developed algorithms of company’s profit quality and asset valuation and the algorithms of earnings and dividends per share calculation, expected return on equity, return on borrowed capital, beta coefficient, weighted average cost of invested capital, risk-adjusted return on capital, in particular, the alpha coefficient. The author presents the algorithm for the calculation of free cash flows and the fundamental value of a company. Other results of the study include the consideration of indicators based on market capitalization, i.e. multipliers, indicators of overall profitability, and the presentation of approaches to financial policy formation on the basis of fundamental analysis indicators. The article can be useful for financial experts making decisions related to value management, as well as for long-term investors.
Keywords: fundamental analysis, value, company, market, capitalization, investment strategy, value-based management
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Методы анализа
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Vera G. KOGDENKO
National Research Nuclear University MEPhI,
Moscow, Russian Federation kogdenko7@mail.ru