The cost of services for the evaluation of shares

	Share valuation	Cost, rub.
	Valuation of shares for a notary (entry into inheritance rights)	from 4000 new price from 1000
	Valuation of blocks of shares of enterprises (JSC, CJSC)	from 40000 new price from 12 000
	Valuation of bank shares
	Bills valuation	negotiable
	Bond valuation	negotiable

* The table shows the standard terms of work. If necessary, the terms can be reduced. The minimum period of work - 1 working day. About the possibility and conditions of work in the shortest possible time - check with your manager.

Valuation of securities is required when:

• transactions for their purchase and sale;>
• enterprise restructuring; (liquidation, merger, absorption or separation of independent enterprises from the holding);
• their inclusion in the authorized capital of another legal entity;
• determining the value of collateral for lending;
• transfer to trust

The cost of services and the list of documents required for the evaluation of shares

To determine the cost of services and the list required documents to evaluate shares, select the section that suits you.

• assessment of shares in enterprises (LLC, OJSC, CJSC) in other cases (except for the entry into inheritance rights)
• Valuation of defaulted enterprises (bankrupt enterprises)

The value (quotations) of shares is determined only by the ratio of supply and demand on the open securities market.

Independent evaluation company shares - a necessary step in order to secure your investment. A fundamental analysis of the situation on the securities market allows the investor to avoid mistakes in the face of constant fluctuations in their prices. This can only be achieved after an evaluation market value.

When share valuation, then the market value is understood as the most probable price at which this object can be alienated on the open market in a competitive environment, when the parties to the transaction act reasonably, having all necessary information, and the value of the transaction price does not affect any.
The basis for evaluating the shares of an enterprise is the determination of their value as a financial instrument that can bring profit to its owner. Ways to generate profit include receiving dividends and increasing the value of shares associated with improving the financial performance of the company, expanding its business and increasing the value of assets. Thus, an independent assessment of shares can be carried out by the following methods: capital market, net assets, dividend.

The most important characteristics that determine the value of a block of securities in assessing the market value of shares are its size, liquidity and the degree of control it provides. For example, the size of the company's shareholding plays a significant role, if the controlling stake is assessed, a premium for the controlling nature is added to the cost of the stake, that is, for the ability to appoint management and manage the company. The premium for control can be 30-40 percent compared to the average price calculated based on the value of the business and the number of shares issued, and the discount for the non-controlling nature of the package can be 20-30 percent. In addition, an important characteristic that significantly affects the market value of a block of shares is the liquidity of the securities being valued. Shares of open joint-stock companies listed on the main stock exchanges have the highest liquidity, and shares of closed joint-stock companies that are not in open circulation have the lowest liquidity.

independent, market valuation shares is one of the increasingly relevant services. According to your order, we will quickly and professionally perform:

• valuation of shares for a notary and for a court;
• assessment of the cost of a block of shares for the division of property;
• valuation of shares for business legacy;
• assessment of the market value of shares upon redemption;
• assessment of the cost of shares of enterprises for additional issues or emissions;
• valuation of the shares of a business for its sale.

Most often, the need to evaluate shares brings clients to the company who want independent, truthful information about the value of the share of the business that is limited to their block of shares. Competently and objectively performed valuation of a block of shares allows you to:

• draw up an inheritance;
• conclude contracts of sale, assignment of debt obligations, transfer to trust management;
• convert categories, contribute to the statutory fund, register as a pledge;
• perform merger/separation operations, liquidation of joint-stock companies, etc.

We are ready to quickly and inexpensively perform the service in cases where the following assessment is required:

• a share for a notary is inexpensive, in case of divorce and division of property between former spouses, as well as an assessment of the “share for entering into an inheritance by law”, if it is necessary to divide shares between several heirs to enable them to sign a voluntary agreement on the division of property and pay compensation.

The terms of the service are minimal, and its price is acceptable for everyone.

The main task for us is a competent assessment of the company's shares, as an instrument intended for profit. Our clients are provided with a competent assessment of shares, the price of which is the most verified management decision that allows the owner to receive income.

According to your order and in accordance with its purpose, the company's specialists will determine the cost of any required type:

• investment;
• balance;
• liquidation;
• market.

The independent valuation of shares performed by us for a notary in Moscow allows us to calculate the amount of the state duty when registering an inheritance and certifying transactions.

Valuation of shares

As a rule, the assessment is carried out by specialists, taking into account industry specifics and using basic indicators:

• the level of dividends received;
• investment component;
• exchange rate differences;
• liquidity and risk level.

You should know that the highest liquidity is in the securities of OJSC, listed on the main stock exchanges, and the lowest is in the securities of CJSC, which are not listed at open auctions.

The valuation of a company's shares can be performed using the following methods:

• discounting (variable dividends);
• profit capitalization (constant or constantly growing dividends);
• coefficient calculation of the dividend (the ratio of the price of analogues to d loss of the business being valued).

Valuation of ordinary shares

The receipt of income from this type of securities is not defined, both in terms of value and amounts. This property makes the task of determining the value quite different from the procedure for preferred assets.

The solution of this problem requires taking into account the degree of uncertainty of the following parameters in the calculations:

• overall financial performance in the foreseeable future;
• dividend growth rate.

When planning investments in such assets, it should be understood that the only basis for preliminary analysis can only be the statistics of past work, and in the future its nature and results may change.

Most often, such assets are valued at intrinsic value. Based on calculations in this case can be taken:

• net asset value;
• liquidation value of the company's assets.

Net worth is the price a buyer is willing to pay for all common securities issued by a JSC. In this case, the buyer must have complete information about the totality of the JSC's assets.

The liquidation value makes it possible to estimate the minimum amount of proceeds of the owner of a package of ordinary securities in the event of its sale. This is the most realistic way.

Preferred assets involve payment at fixed rates and usually within a limited period of time. In an indefinite case current price assets is determined taking into account adjustments for the uncertainty of the market situation and their value in the future.

Valuation of the company's shares - is the study of the market value of the share of the enterprise, which accounts for the considered block of shares. This procedure can be carried out to determine the price of preferred and ordinary securities issued by both closed and open joint-stock companies.

The main way to profit from shares is to receive dividends and financial, economic and strategic development of the company, business expansion and increase in the value of assets. And therefore, when evaluating the company's shares, Active Business Consulting actively uses the method of the capital market, net assets, as well as profit capitalization and cash flow discounting.

What do we mean by company shares?

A share is a security that is evidence of the investment of a share of capital or a certain amount of funds in a joint-stock company, and which, as a result, gives the right to receive profit from the development of the enterprise in the form of dividends.

Unlike other securities that have a fixed income (for example, a bill, a bond) and are redeemed in accordance with the par value at the end of the validity period, the company's shareholders do not bear the obligation to buy back shares. The cost, or, as they say on the stock exchange, the stock quote is set based on the ratio of supply and demand in the open market.

When considering a certain package of securities, it is always possible to distinguish what type it belongs to - majority or minority. Majority - this is a block of shares, characterized by the presence of more than 50% of all shares of the enterprise - this gives the owner the right to manage it and appoint management. Meanwhile, it is worth noting that in practice, when the company's shares are owned by various investors, the threshold that determines whether it is a controlling stake or not may be lower. In some cases, a 30% stake may well be the majority - the division into types is conditional. A minority stake is not a controlling stake, it is below the majority level.

The classification into majority and minority stakes is determined by the fact that, depending on the size of the stake, a premium and a discount for control are carried out. The amount and percentage of the discount or premium is determined by the method used to evaluate the company's shares.

It must also be said that a block of shares has a more real nature of the right than one separate share. But this is where the shortcoming of the package comes from - it is less liquid. An individual share is much easier to sell on the open market. A block of shares is the interest of serious investors who carefully analyze the situation on the market and are able to predict the successful development of the company. And this is another reason why the valuation of the company's shares is a rather demanded service.

When is a company's shares valued?

Valuation of the company's shares carried out in the following cases:

Implementation of transactions for the purchase and sale of shares;

Restructuring of the enterprise - passing the procedure of merger, liquidation, acquisition or separation of business units from the holding structure;

Contribution of a block of shares to the capital of a legal entity;

Determining the value of collateral for obtaining a loan;

Transfer to trust management.

Why is a company's stock valuation necessary?

Valuation of the company's shares is the first step in bringing security to an investment. A fundamental analysis of the market and the financial condition of the company will help eliminate possible errors in the face of constant fluctuations in securities prices. To achieve confidence in the decisions made, to have every reason, and even justification, for investing - these are the advantages that gives valuation of company shares.

What do we mean by valuation of the company's shares?

Valuation of the company's shares is set in order to determine the most probable price at which this object can be sold on the open market in a competitive environment and when both parties act on the basis of their own interests and reasonably, having all the information about the object.

Basis of the procedure valuation of the company's shares is the study of value as a financial instrument capable of making a profit. Shares can bring profit to their owner in the form of dividends and increase in the value of the enterprise - factors associated with business expansion and improved financial performance.

The most influential on the final result valuation of the company's shares factors are the size, degree of control and liquidity of the shares. The degree of control is the premium or discount for the additional rights that a share grants. For example, if the package in question is a controlling stake in an enterprise, then it must be taken into account that it entitles its owner to appoint management and manage the company. The value of the premium for control is about 30 percent compared to the average price of the cost of a block of shares of securities. The discount for a non-control character is about 15-20%. An important characteristic is also the liquidity of securities - the highest performance will have those shares that belong to open joint-stock companies listed on stock exchanges. The least liquidity is the shares of closed companies, which are not present in the open circulation on the market.

The presence of such advantages for shareholders owning a controlling stake makes it impossible to carry out simple calculations for receiving valuation of the company's shares. It is also impossible to determine the value of a company by simply multiplying the actual market value of the shares by their number.

The calculation of the share of property that falls on the considered block of shares is very interesting and useful information for investors and buyers - however, a rather difficult task for independent appraiser. The company "Active Business Consulting" uses an integrated approach to valuation of the company's shares, and guarantees the most accurate result among all possible.

What value can be determined by the valuation of the company's shares?

Nominal value - formed on the basis of official statements about the price of shares to enterprises. Denomination - perhaps the main characteristic of the action. It is on this basis that the approximate (but not exact) value of the security in question can be determined. The par value is the same for all ordinary shares, but does not include preference shares;

Market value - if the shares are placed on the open market, it is set based on the share price on the RZB. In practice, the nominal and market value are not equivalent or even approximately similar - for a developing enterprise, the market value of shares will be higher than for an organization that has problems in financial support. The market value of the company's shares are determined based on the ratio of supply and demand;

The book value is reflected on the balance sheet of the enterprise, and is calculated based on the value of the share capital of the company, equal to the aggregate property complex on the amount of liabilities and capital contributed by the holders of preferred shares.Isolated valuation of company shares to determine the carrying value is not carried out - this is because it largely depends on the accounting policy of the organization. Often, the book value is used as a characteristic of the security of the company's shares;

Liquidation value - this is the price that will be received by the shareholder in the course of the liquidation of the enterprise and the sale at auction or auction of its assets in a short time, the repayment of obligations and the payment of preferred shares;

Investment value is the value that interests the investor the most - it reflects the return and profitability of the stock.

What approaches are used to evaluate the company's shares?

Cost approach. Formed on the principle that the buyer will not pay more than what is necessary to create an equivalent object. Using the cost approach valuation of company shares determines the costs of creating a similar enterprise that will have similar assets and occupy the same position in the market. It also takes into account the reasonable profit of the investor;

Comparative approach. It can only be used on the open market, since it is formed from the method of comparing the objects under consideration with similar objects that were previously sold on the market. To get a result valuation of the company's shares using this approach, it is necessary to have information about the prices of past transactions - unfortunately, the emerging market cannot provide the necessary amount of data for detailed analysis.

income approach. It was formed on the basis of the principle that investors are most interested not in the real value of shares, but in the income and profit that they can bring. It can be assumed that the investor will not buy shares if he learns about the negative forecast for the development of the enterprise.

The company "Active Business Consulting" knows about all the intricacies of the procedure valuation of the company's shares. We are ready to provide all possible assistance in determining the value of shares - and provide all the information for making the right and confident decisions.

Valuation of ordinary shares

Valuation of ordinary shares is a procedure for establishing the value of shares, dividends on which are part of the company's profit, remaining after settlements with owners of preferred shares. The main feature of ordinary shares is that although they have the right to vote at a meeting of shareholders, they do not guarantee their owner dividends on them.

For common stock valuations first of all, an in-depth financial, technological and organizational analysis of the current activities, as well as the development prospects of the organization whose ordinary shares are being evaluated, is carried out. Carried out on the basis of the calculation of the value of the company, common stock valuation also implies the use integrated approach, using various methods for more accurate and better results.

The company "Active Business Consulting" guarantees the high quality of the assessment, which will be carried out truly independently, in compliance with all standards and regulations.

Purposes for which the valuation of ordinary shares is carried out:

To make transactions for the purchase and sale of shares;

For the restructuring of the enterprise (separation, mergers, acquisitions);

For additional issue and placement of shares;

To redeem shares by shareholders;

To attract foreign investment;

For transactions of exchange, donation and inheritance of shares;

To obtain a loan secured by securities.

Why is common stock valuation necessary?

Shares are the financial instrument that can provide a good profit to its owner. Investors and enterprising people are attracted by the fact that in connection with the expansion of the business, the improvement of financial indicators, the value of shares increases - which means that, under the circumstances, you can get a significant profit from previously made investments. Valuation of ordinary shares in this case, it is presented as a procedure that can determine the current value of a business and shares, as well as make a forecast regarding the profitability of its acquisition.

The foundation common stock valuations- this is the determination of the value of a financial instrument capable of making a profit. Dividend increases and share price increases only when the company's financial performance improves, the business expands, and the value of assets increases.

Common stock valuation methodology

Valuation of ordinary shares is carried out using the dividend discount model, a method that is based on determining present value expected cash flows. When considering methods and methods, Active Business Consulting is based on the reason for which the assessment is carried out. For example, it is important for the buyer of ordinary shares to receive a part of the profit and income of the enterprise in the long run, which is expressed in the form of dividends or benefits provided by the company's board (selling products at individual prices). Regarding the seller's side - common stock valuation should be carried out taking into account the loss of future income.

When conducting common stock valuations The following types of value can be defined:

Nominal value. It is based on the officially declared value of the organization. The denomination is main characteristic shares, which determines the approximate value of this security. The sum of the nominal value of the placed shares is the authorized capital of the enterprise, of which only 25% are preferred shares. The par value is the same for all ordinary shares;

The market value is determined based on the stock price on the RZB. In practice, the market value does not match the nominal value, since a profitable enterprise will have a much higher value of shares than an organization that is experiencing problems in financial security and business management. Market value is based on the relationship of supply and demand;

The book value is calculated based on the share capital of the organization, equal to the total of all property assets for the amount of liabilities and capital, which were contributed by the owners of preferred shares. Valuation of ordinary shares their carrying value cannot be carried out in isolation, since the result obtained will be quite approximate. This also happens because, in many respects, the book value of ordinary shares will depend on the accounting policy of the enterprise, which means that it can only be used as an indicator of the provision of shares;

The liquidation value is the price that can be obtained during the liquidation of the enterprise and the sale of its assets at the best prices at auctions and auctions in the shortest possible time after the repayment of obligations and the payment of preferred shares.

The investment cost is common stock valuation, at which the profitability and profitability of the stock are primarily estimated from the point of view of investors.

Valuation of ordinary shares It is also carried out by standard methods:

Cost approach - it is based on the fact that the buyer will not pay an amount more than that for which you can create a similar object. Thus, valuing common stock using the cost method is a calculation of the costs of creating a similar joint-stock company holding similar assets and occupying a similar position in the market. The reasonable profit of the investor is also added to the sum of the total costs;

Comparative approach - is possible only on the open market, since it is based on a comparison of the ordinary shares in question with similar shares of joint-stock companies. And therefore, it is important that the prices of recent transactions are known, which is impossible to do in the absence of sufficient information or in an emerging market only. This approach is based on the assumption that the seller will not sell his shares cheaper than at the price at which transactions with similar indicators have recently taken place.

The income method is based on the interest of investors in the company, as well as the possibility of making a profit from investing money in the ordinary shares in question. It is calculated on the fact that the buyer will not invest in shares if he can not subsequently make a profit from them.

Valuation of ordinary shares not carried out by any method in isolation. As a rule, those methods and techniques are selected that give the clearest idea of ​​the actual cost.

The company "Active Business Consulting" uses only proven by experience and many years of practice methods of determining the price of shares. Turning to us, you receive only reliable information, which you can later use for your investment or management decisions.

For review, you will be interested in the information in the Additional Information section:,.

* - for notaries, social authorities. protection, inheritance and more.

List of documents for stock valuations

• copies of constituent documents (Charter, Memorandum of Association, Registration Certificate)
• copies of prospectuses, reports on the results of the issue of securities
• activities and organizational structure of the company
• copies of lease agreements for real estate (if any)
• data financial statements for the last 3-5 years (or a possible number of previous periods): balance sheet, income statement
• the latest auditor's report (if any auditing)
• statement of fixed assets
• property inventory lists
• data on all assets (real estate, stocks, promissory notes, intangible assets, etc.)
• breakdown of accounts payable
• decoding accounts receivable: by terms of education; by types of accounts receivable; share of doubtful debts
• information on the presence of subsidiaries, holdings (if any), financial documentation on them
• business plan for the next 3-5 years, indicating the planned gross revenue for goods / services, necessary investments, costs, net profit - by years

This list of documents for share valuation is preliminary and can be reduced or expanded after the appraiser has thoroughly familiarized himself with the assignment for share valuation.

Brief information about the share valuation process

Since a share is a legal form for determining a shareholder's share in the authorized capital of a joint-stock company, an independent valuation of shares is the determination of the value of the share of the authorized capital that falls on one share or block of shares.

According to federal law"ON JOINT STOCK COMPANIES" dated December 26, 1995 N 208-FZ can issue shares joint-stock companies of open and closed type. Of course, there is a significant difference between the shares of closed and open joint-stock companies, connected with the peculiarities of their turnover on the securities market. Shares of open joint-stock companies can be sold at lower costs for the seller, that is, they can be sold in less time on the market and with lower costs for the sale itself and the search for a buyer, which has a positive effect on their market value.

For the most part, ordinary shares are presented for evaluation, but preference shares of open and closed joint-stock companies can also be evaluated. When evaluating preferred shares, the difference (compared to an ordinary share) in the rights that a preferred share gives to a shareholder, or vice versa, does not give, is taken into account. This approach reflects the basic axiom of securities valuation: the value of a security is the value of the totality of rights that it gives to its owner.

How are shares valued?

The choice of evaluation method depends on is it listed on stock market this promotion. If the stock being valued is quoted, then for the assessment it is necessary to calculate its weighted average quotation as of the date the value was determined.

If the evaluated shares are not traded on trading floors, the evaluation process becomes much more complicated. Here we are already talking about the assessment of the entire business of the company, and then about determining the share of its value attributable to the evaluated block of shares.

What determines the value of a share?

The basis for the evaluation of shares is the determination of their value as a financial instrument that can bring profit to its owner. Ways to generate profit include receiving dividends and increasing the value of shares associated with improving the financial performance of the company, expanding its business and increasing the value of assets. Thus, the evaluation of shares can be carried out according to the following indicators: capital market, net assets, dividends.

The most important characteristics that determine the value of a shareholding are its size, liquidity And degree of control that it provides. Shares of open joint stock companies listed on the main stock exchanges have the highest liquidity, shares of closed joint stock companies that are not in open circulation have the lowest liquidity.

Additional Information

• Valuation of shares of trading enterprises. When assessing the value of specific enterprises from various sectors of the economy, we try to highlight and generalize the experience that we gain in dealing with our clients.
• Valuation of shares for contribution to the authorized capital. Why did we highlight this topic? Because the shares of enterprises are in constant circulation between various interested parties and are effective tool division of the authorized capital and participation in the enterprise of a large number of owners. The contribution of shares of one enterprise to the authorized capital of another is a form of capital interpenetration and the formation of large holdings and corporations, and the evaluation of shares for these purposes is a mandatory procedure.
• Shareholder Rights and Share Value. The market value of shares depends on the amount of rights that these shares provide to their holders. Shares in controlling stakes are more expensive than in minority ones. Get acquainted with the basic rights of holders of minority stakes and the dependence of the cost of a stake on the degree of influence on the management of a joint-stock company by reading this article.
• Cost methods of stock valuation. Determination of the market value of shares can be carried out in various ways. This article describes the cost approach to share valuation, the principles on which it is based, the procedure for its practical application and the main stages of valuation, and also lists in detail the assets of a joint-stock company that make the main contribution to the value of its shares.
• Comparative methods for calculating the value of shares. These methods are based on comparison of share prices for similar companies. The article provides a model example of using the capital market method to evaluate one share of an open joint-stock company using a comparative multiplier "price/net profit per share".