The cost of assessment services

	Estimation of stocks	Cost, rub.
	Estimation of shares for notary (entry into the rights of inheritance)	from 4000 new price OT. 1000
	Evaluation of enterprise stake packages (OJSC, CJSC)	from 40000 new price OT. 12 000
	Estimation of bank shares
	Assessment of bills	Contractual
	Assessment of bonds	Contractual

* The table shows the standard deadlines for the work. If necessary, the time can be reduced. The minimum period of work is 1 working day. On the possibility and conditions of work in the minimum time - check with your manager.

Evaluation of securities is required when:

• implementation of transactions on their purchase - sale;\u003e
• restructuring of the enterprise; (liquidation, merger, absorption or allocation of independent enterprises from the holding);
• making them to the authorized capital of another legal entity;
• determining the value of the pledge when lending;
• transmission to trust management

Cost of services and a list of documents required to evaluate shares

To determine the cost of services and the list necessary documents To assess the shares, select the section that suits you.

• estimation of shares in enterprises (LLC, JSC, CJSC) in other cases (except for the entry into the rights of inheritance)
• Evaluation of default enterprises (bankrupt enterprises)

Unlike financial instruments with a fixed profitability (bills and bonds), which, after the expiration of the term, are certainly repaid in accordance with the rates, the obligations to redeem the securities from their shareholders of the corporation are not carried.

The cost (quotes) of shares is determined only by the relationship and supply ratio on the open market of securities.

Independent score Stakes of the enterprise - the necessary stage in order to protect your investment. The fundamental analysis of the situation in the securities market allows the investor to avoid mistakes in conditions of constant fluctuation of prices on them. This can be achieved only after the assessment market value.

When carried out estimation of the value of sharesThe market value is understood as the most likely price at which this object can be alienated in the open market in the context of competition, when the parties of the transaction are reasonable, having all the necessary information, and at the magnitude of the transaction price is not reflected any.
The basis for assessing the shares of the enterprise is to determine their value as a financial instrument that can make profit its owner. The methods of incurred profits include obtaining dividends and the increase in the value of the action associated with improving the company's financial performance, expanding its business and an increase in the value of assets. Thus, an independent assessment of shares can be carried out by the following methods: the capital market, net assets, dividend.

The most important characteristics that determine the cost of the securities package when evaluating the market value of shares are its size, liquidity and degree of control that it provides. For example, the size of the company's stake package plays a significant role if the control packet is estimated, the premium is added to the package for the package, that is, for the ability to assign a guide and manage the company. The magnitude of the control premium can be 30-40 percent compared with the average price calculated on the basis of the cost of the business and the number of issued shares, and the discount for not the control nature of the package can be 20-30 percent. In addition, an important characteristic that significantly affects the market value of a package of shares is the liquidity of the estimated securities. The highest liquidity is the shares of open joint-stock companies, which are listed on the main exchange sites, and the smallest liquidity - shares of closed joint-stock companies that are not present in the open circulation.

Independent market assessment Shares is one of the more increasing the relevance of the services. At your order, we will quickly and professionally completed:

• evaluation of shares for notary and for the court;
• assessment of the value of the package of shares for the property section;
• estimation of stocks for business inheritance;
• assessment of the market value of shares when redeeming;
• assessment of the value of the shares of enterprises for additional issues or emissions;
• evaluation of business stocks for its sale.

Most often, the need to evaluate the shares leads to a customer company who wants to obtain independent, truthful information about the value of the share of business, which is limited to the package belonging to them. Competently and objectively performed assessment of the share package allows for further:

• make inheritance;
• enter into contracts of purchase and sale, assignment of debt obligations, transfer to trust management;
• convert categories, make to the authorized capital, place in pledge;
• perform merge / separation operations, liquidation of JSC, etc.

We are ready to fully and cheaply fulfill the service in cases where the following rating is required:

• the action for the notary is inexpensive, upon divorce and the division of property between the former spouses, as well as the assessment of the "action to enter into inheritance by law", if necessary, section the shares between several heirs to provide the possibility of signing a voluntary agreement on the division of property and payment of compensation.

Terms of implementation of the service are minimal, and its price is acceptable.

The main task for us is the competent assessment of the company's shares, as a tool intended for profit. Our clients are granted a competent assessment of stocks, the price of which is the maximum verified management solution, which allows the owner to receive income.

At your request and in accordance with its purpose, the company's experts will define the cost of any required type:

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

The independent assessment of shares for the notary in Moscow allows us to calculate the size of the state duty in the design of the inheritance and the certificate of transactions.

Estimation of the value of shares

Evaluation, as a rule, is made by specialists, taking into account industry characteristics and the use of basic indicators:

• level of dividends obtained;
• investment component;
• course difference;
• liquidity and risk levels.

It should be known that the highest liquidity of the securities of the OJSC, which is listed on the main exchanges, and the lowest - in open bidding of securities of CJSC.

Evaluation of the company's shares can be performed using the following methods:

• discounting (variables dividends);
• capitalization of profits (permanent or constantly growing dividends);
• the coefficient calculation of the dividend (the ratio of the price of analogs to d okhodov estimated business).

Evaluation of ordinary shares

Receipt of income for this type of securities is not defined, both in magnitude and by sums. This property makes the task to define the cost completely different from the privileged assets procedure.

The solution to this task requires to take into account the degree of uncertainty of the following parameters in the calculations:

• general financial results in the forecast future;
• the growth rate of dividends.

Planning investments in this kind of assets, it should be understood that only the statistics of the previous work can be the only basis for preliminary analysis and in the future its nature and results may change.

Most often, such assets are estimated at internal value. As the basis of calculations in this case can be taken:

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

The net value is a price, to pay the buyer for all issued JSC ordinary securities. The buyer at the same time must have full information about the aggregate of Assets of JSC.

The liquidation cost makes it possible to estimate the minimum amount of revenue of the owner of the package of ordinary securities in case of its sale. This method is most real.

Preferred assets suggest paying for fixed rates and, as a rule, in a limited period of time. In an indefinite case current price Asset is determined taking into account the amendments to the uncertainty of the situation and their cost in the future.

Assessment of the company's shares - This is the study of the market value of the share of the enterprise to which the stake in the share is considered. This procedure can be carried out to determine the price of preferred and ordinary securities that are issued, both closed and open joint-stock companies.

The main way of obtaining profits from shares is to obtain dividends and financial, economic and strategic development of the company, business expansion and an increase in the value of assets. And therefore, appreciating the promotions of the enterprise, the company "Active Business Consultation" actively uses the capital market method, net assets, and capitalization of profits and discount cash flows.

What do we understand under the shares of the enterprise?

The action is a valuable paper that is a certificate of investing the share of capital or a certain amount of funds to the joint-stock company, and which as a result gives the right to receive a profit from the development of the enterprise in the form of dividends.

Unlike other securities with a fixed return (for example, a bill, bond) and redeemed in accordance with the rates at the end of the term, the obligations to redeem shares shareholders of the enterprise are not carried. Cost, or as it is customary to speak on the stock exchange, the quotation of shares is established on the basis of the ratio of supply and demand in the open market.

When considering a certain package of securities, you can always allocate to which kind it belongs to a majority or minoritarian. Majoritarian is a package of shares characterized by the presence of more than 50% of all stock shares - this gives the owner the right to manage them and assign a guide. Meanwhile, it is worth noting that in practice when various investors are owned by the company's shares, the threshold determines whether this is a package of shares or not, maybe lower. In some cases, a 30% stake in shares may well be a majority - separation on species is conditional. The minority package of shares is not the control, below the majoritarian level.

Classification for majority and minority stakes are due to the fact that, depending on the size of the package, a premium and discount for control are carried out. The amount and percentage of discount or premium is determined by the method of assessing the shares of the enterprise.

It should also be said that the share package has a more realistic nature of the right than one separate action. But from this it follows the lack of a package - it is less liquidid. A separate share is much easier to sell on the open market. A package of shares is the interest of serious investors who carefully analyze the situation in the market and able to predict the successful development of the company. And this is another reason why the assessment of the company's shares is a fairly popular service.

In what cases is the assessment of the company's shares?

Assessment of the company's shares It is carried out in the following cases:

Implementation of transactions for the sale of shares;

Restructuring of the enterprise - the passage of the merger procedure, liquidation, absorption or the allocation of business units from the holding structure;

Making a package of shares in the capital of a legal entity;

Determination of the value of the pledge for a loan;

Transfer to trust management.

What is the assessment of the company's shares?

Assessment of the company's shares - This is the first step towards bringing security in investment. The fundamental analysis of the market and financial condition of the enterprise will eliminate possible errors in conditions of constant fluctuation of prices for securities. Achieve confidence in decisions, have all the grounds, and even justifications, for investment - these are the advantages that gives assessment of the company's shares.

What do we understand under the assessment of the company's shares?

Assessment of the company's shares It is set with the goal to determine the most likely price in which this object can be implemented on the open market in the context of the existence of competition and when both sides act on their own interests and reasonably, having all information about the object.

Basis of procedure estimates of the shares of the enterprise It is a study of value as a financial instrument capable of making a profit. Shares can make a profit to their owner in the form of dividends and increasing the cost of the enterprise - factors related to business expansion and improving financial indicators.

Most influential on the final result estimates of the shares of the enterprise Factors are the size, degree of control and liquidity of shares. The degree of control is a premium or discount for additional rights that shares provide. For example, if the package in question is the control in the enterprise, then it is necessary to take into account that it gives the right to its owner to assign a manual and manage the company. The magnitude of the control premium is about 30 percent compared with the average price of the value of the package of securities. The discount of not the control is about 15-20%. An important characteristic is also the liquidity of securities - the highest indicators will have the shares that belong to open joint-stock companies listed on stock exchanges. The smallest liquidity is the shares of closed societies that are not present in the open circulation in the market.

The presence of such advantages from shareholders owning a controlling stake makes it impossible to conduct simple calculations upon receipt estimates of the shares of the enterprise. It is also impossible to determine the value of the company, only multiplied by the actual market value of the shares on their number.

The calculation of the share of property that falls on the package in question is very interesting and useful information For investors and buyers - however, a rather difficult task for independent appraiser. The company "Active Business Consultation" uses an integrated approach to assessment of shares of the companyAnd guarantees the most accurate result among all possible.

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

Nominal value - emerging based on official statements about the price of shares to enterprises. The nominal is perhaps the main characteristic of the action. It is according to it that can be determined (but not accurate) the cost of the security under consideration. The nominal value is equivalent to all ordinary shares, but does not take into account preferred shares;

Market value - if stocks are posted on the open market, it is established on the basis of the course of shares on RCB. In practice, the nominal and market value is not equivalent or even approximately similar - the developing enterprise the market value of the shares will be higher than the organization that has problems in financial support. The market value of the company's shares is determined on the basis of the ratio of supply and suggestions;

Balance value is reflected on the balance sheet of the enterprise, and is calculated on the basis of the company's share capital value equal to the aggregate property complex on the amount of obligations and capital made by the owners of preferred shares. Increased assessment of the company's shares By definition of the book value is not carried out - this is because it largely depends on the organization's accounting policy. Often the book value is used as a characteristic of the provision of shares of the enterprise;

The liquidation cost is the price that will be received by the shareholder in the implementation of the procedure for the liquidation of the enterprise and sales sales or the auctions of its assets in a short time, repayment of obligations and the implementation of payments for preferred shares;

Investment cost is the cost that is most interested in the investor - it reflects the profitability and profitability of shares.

What approaches are used to assess the shares of the enterprise?

Cost approach. It is formed from the principle that the buyer will not pay the amount more than the one necessary for the creation of an equivalent object. Using the cost approach assessment of the company's shares Determines the cost of creating a similar enterprise, which 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 comparison method of the objects under consideration with similar objects implemented on the market earlier. For results estimates of the shares of the enterprisewith this approach, it is necessary to have information about the prices of these transactions - unfortunately, the developing market cannot provide the desired amount of data for detailed analysis.

Profitable approach. Formed on the basis of the principle that investors are most interested in the real value of the shares, but that 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 of the company's development.

The company "Active Business Consultation" knows about all the intricacies of the procedure estimates of the shares of the enterprise. We are ready to provide accomplishments in determining the value of shares - and provide all the information to take faithful and confident decisions.

Evaluation of ordinary shares

Evaluation of ordinary shares It is a procedure for establishing the value of shares, dividends on which is part of the company's profits remaining after settlements with the owners of preferred shares. The main feature of ordinary shares is that even though they have the right to vote at the shareholders meeting, but do not guarantee their distribution owner on them.

For estimates of ordinary shares First of all, an in-depth financial, technological and organizational analysis of current activities is carried out, as well as the prospects for the development of the organization, whose ordinary shares are estimated. Carried out on the basis of calculating the cost of the company, evaluation of ordinary shares Also implies use comprehensive approach, with the use of various methods to achieve a more accurate and qualitative result.

The company "Active Business Consultation" guarantees high quality assessment, which will be carried out indeed independently, in compliance with all standards and standards.

Objectives for which the assessment of ordinary shares is performed:

To make transactions on the purchase and sale of shares;

For the restructuring of the enterprise (separation, merger, absorption);

For additional emission and placement of shares;

To repurchase shares by shareholders;

To attract foreign investment;

To make transactions of exchange, donation and inheritance of shares;

To obtain a loan secured by securities.

Why do I need an assessment of ordinary shares?

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 business, improving financial indicators, the value of the shares increases - and therefore, during the circumstance, it is possible to obtain a weighty profit from previously made investments. Evaluation of ordinary sharesin this case, it seems that the procedure capable of determining the current value of business and shares, as well as make a forecast regarding the indicators of the profitability of its acquisition.

The foundation estimates of ordinary shares - This is determined by the value of the financial instrument capable of making a profit. Increased dividends and the rise in the value of the action occurs only when the company's financial performance improves, business expands, the cost of assets increases.

Methodology for assessing ordinary shares

Evaluation of ordinary shares It is carried out using a dividend discount model - a method that is based on the definition current value expected cash flows. When considering methods and methods, the Company "Active Business Consultation" is based on the reason why evaluated. For example, for a buyer of ordinary shares is important to get part of the profit and income of the enterprise in the future, which is expressed in the form of dividends or benefits provided by the Board of the Company (selling products according to individual rates). Regarding the part of the seller - evaluation of ordinary shares Must be carried out taking into account the loss of future revenues.

When conducting estimates of ordinary shares You can define the following types of value:

Nominal value. It is based on an official value announced. Nominal is the main characteristic Shares based on the approximate value of this security. The sum of the nominal value of the posted shares is the authorized capital of the enterprise, of which only 25% are preferred shares. The nominal value is equivalent to all ordinary shares;

The market value is determined based on the course of shares on RCB. In practice, the market value does not coincide with the nominal, since a profitable enterprise has the value of the shares much higher than that of the organization, which is experiencing problems in financial support and jurisdiction. Market value is based on the relationship between supply and demand;

Balance value is calculated on the basis of the equity of the organization, equal to the combination of all property assets on the amount of obligations and capital, which made owners of preferred shares. Assessment of ordinary shares In their book value, it is impossible to carry out insulatory, since the result obtained will be quite approximate. This is also because in many ways the balance of ordinary shares will depend on the company's accounting policy, and therefore can only be used as an indicator of shares;

The liquidation cost is the price that can be obtained during the procedure for eliminating the enterprise and the sale of its assets at the most favorable prices at the auction and auctions in the shortest possible time after the repayment of obligations and the implementation of payments for preferred shares.

Investment cost is that assessment of ordinary sharesAt which it is estimated primarily for the profitability and profitability of the action from the point of view of investors.

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

The cost approach is based on the fact that the buyer will not pay the amount more than that which you can create a similar object. Thus, the assessment of ordinary shares using the cost method is to count the cost of creating a similar joint Stock Companyhaving such assets and occupying a similar position in the market. To the sum of total costs is also added to the reasonable profit of the investor;

A comparative approach is possible only on the open market, since it is based on comparing the ordinary shares under consideration with similar shares of joint-stock organizations. And therefore, it is important that the prices of recent transactions are known that it is impossible to do in the absence of sufficient information or on only the developing market. This approach is based on the assumption that the seller will not sell its shares cheaper than at the price that recently took place with similar indicators.

The income method is based on the interest of investors to the company, as well as the possibility of obtaining profits from the investment in the ordinary shares under consideration. It is designed for the fact that the buyer will not invest in stocks if the profit will not be able to recover subsequently.

Evaluation of ordinary shares Not carried out by any method is isolated. As a rule, those methods and techniques that give the most clear idea of \u200b\u200bthe actual cost are selected.

The company "Active Business Consultation" uses only proven experience and many years of practice. Ways to determine the share price. Turning to us, you only receive reliable information that you can subsequently use for your investment or management decisions.

To get acquainted, you will be interested in information in the Additional Information section: ,.

* - for notaries, organs of social. protection, inheritance and other.

List of documents forestimates of shares

• copies of constituent documents (Charter, Constituent Agreement, registration certificate)
• copies of emission prospectuses, reports on the results of the issue of securities
• activities and organizational structure of the company
• copies of leases for real estate (if any)
• data accounting reporting Over the past 3-5 years (or the possible number of previous periods): Balance, profit and loss statement
• the last conclusion of the auditor (if an audit was conducted)
• statement of fixed assets
• inventory property lists
• data on all assets (real estate, reserves, bills, intangible assets, etc.)
• decoding accounts payable
• deciphering receivables: in terms of education; by types of receivables; Share of dubious debt
• information about the presence of subsidiaries, holdings (if any), financial documentation on them
• business plan for the next 3-5 years, indicating the planned gross revenue by goods / services, the necessary investment, costs, net profit - by year

This list of documents for assessing shares is preliminary and can be reduced or expanded after a detailed acquaintance of the appraiser with a task to assess shares.

Summary of stock evaluation process

Since the action is a legal form to determine the shareholder's share in the authorized capital of the joint-stock company, the independent assessment of the shares is the determination of the value of the share of share capital, which falls on one share or a package of shares.

According to Federal Law "On Joint-Stock Companies" from 26.12.1995 N 208-FZ release shares can Joint-stock companies open and closed type. Of course, there is a significant difference between the shares of closed and open joint-stock companies associated with the peculiarities of their turnover in the securities market. Shares of open joint-stock companies can be sold with lower costs for the seller, that is, they can be sold and for less exposure time on the market and at lower costs for the sale itself and the search for the buyer, which has a positive effect on their market value.

In most part, ordinary shares are presented to the assessment, but preferred shares of open and closed joint-stock companies may also be assessed. When evaluating preferred shares, the difference (compared to the shares of ordinary) in the rights that the privileged action gives a shareholder, or vice versa does not give. This approach reflects the main axiom of securities assessment: the cost of securities is the cost of the set of rights that it gives to its owner.

How is stock assessment?

The choice of the evaluation method depends on cotes Lee stock market This action. If the estimated stock is quoted, then it is necessary to calculate the weighted average of its quotation at the date of determination of the cost.

If the estimated shares do not turn on trading platforms, the evaluation process is significantly complicated. Here we are already talking about the assessment of the company's entire business, and then about determining the share of its value percentage of the shares.

What does the share of the action depend on?

The basis for evaluating the shares is the definition of their value as a financial instrument that can make a profit of its owner. The methods of incurred profits include obtaining dividends and the increase in the value of the action associated with improving the company's financial performance, expanding its business and an increase in the value of assets. Thus, the assessment of shares can be carried out in the following indicators: the capital market, net assets, dividends.

The most important characteristics that define the cost of the package of shares are its size, liquidity and degree of controlwhich it provides. The highest liquidity is the shares of open joint-stock companies, which are listed on the main stock exchanges, the smallest - shares of closed joint-stock companies that are not present in the open circulation.

Additional Information

• Estimation of stocks of trade enterprises. Conducting an assessment of the value of specific enterprises from various spheres of economy We are trying to allocate and summarize that experience that we are in communicating with our customers.
• Estimation of shares for a contribution to share capital. Why did we allocate this topic? Because stocks of enterprises are in constant circulation between different stakeholders and are effective tool Separation of authorized capital and participation in the enterprise of a large number of owners. The introduction of shares of one enterprise to the authorized capital of another is the form of the interpenetration of capital and the formation of large holdings and corporations, and the assessment of shares for these purposes is a mandatory procedure.
• Rights of shareholders and the cost of shares. The market value of shares depends on the amount of rights that these shares provide their holders. Shares in control packages are more expensive than minoritarian. Get acquainted with the basic rights of minority packages holders and the dependence of the cost of the package on the degree of impact on the management of the joint-stock company, after reading this article.
• Personal methods for assessing stocks. The determination of the market value of shares can be carried out in various ways. This article tells about cost approach The assessment of the shares, the principles on which it is based, the procedure for its practical application and the main assessment stages, and the assets of the joint stock company are listed in detail, which give the main contribution to the value of its shares.
• Comparative methods for calculating the cost of shares. These methods are based on the comparison of prices of shares on similar companies. The article provides a model example of the use of the capital market method to assess one share of an open joint-stock company using a comparative multiplier "price / net profit per share."