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Methodological aspects of evaluating a company’s investment attractiveness
- Authors: Nemtseva Y.V.1, Vorozhbickaya Y.V.1
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Affiliations:
- Novosibirsk State University of Economics and Management
- Issue: Vol 29, No 1 (2021)
- Pages: 114-125
- Section: ECONOMIC GROWTH AND SOCIO-ECONOMIC DEVELOPMENT
- URL: https://journals.rudn.ru/economics/article/view/26018
- DOI: https://doi.org/10.22363/2313-2329-2021-29-1-114-125
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Abstract
The actual problems of choosing tools for risk assessment and predicted profitability (attractiveness) of an investment object are studied. There is a close relationship between the financial multipliers DIV/FCF, P/E Shiller, EV/EBITDA and risk indicators, which gives the investor the opportunity to make additional operational forecasts when analyzing an investment project. A number of key financial multipliers (P/S, EV/S, P/OCF, P/FCF) have been identified, and it is not entirely correct to use them as criteria for making an investment decision. The expediency of using the EV/EBITDA multiplier for making forecasts about the volatility of the return on shares of a certain company is justified, since this is the only indicator among the financial multipliers selected for analysis that has a relationship with the beta coefficient. Recommendations for forming a sample of necessary indicators (multipliers) when making investment decisions by various stakeholders are proposed.
About the authors
Yulia V. Nemtseva
Novosibirsk State University of Economics and Management
Author for correspondence.
Email: nemtseva_july@mail.ru
PhD in Economics, Docent of the Department of Corporative Management and Finance
56 Kamenskaya St, Novosibirsk, 630099, Russian FederationYulia V. Vorozhbickaya
Novosibirsk State University of Economics and Management
Email: vorozhbickaya@yandex.ru
2nd-year master’s student of the Department of Corporative Management and Finance
56 Kamenskaya St, Novosibirsk, 630099, Russian FederationReferences
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