Automation of Business Valuation of Open Joint-Stock Companies in the Real Sector of the Economy

Student: odoevskii ivan

Faculty: HSE Tikhonov Moscow Institute of Electronics and Mathematics (HSE MIEM)

Educational Programme: Applied Mathematics (Bachelor)

Year of Graduation: 2022

The object of the research are Russian companies in the real sector of the economy. The purpose of the work is to automate the assessment of the intrinsic value of these companies and the subsequent comparison of the cost of equity with their market capitalization. In this work the valuation was carried out according to the discounted cash flow model. The cash flow here is the free cash flow to the firm (FCFF). The paper considers the time period of 2016–2020. To automate business valuation process, a Python program was developed to download data of market quotes and financial statements of the companies and evaluate the intrinsic value of the downloaded data. Based on the results of the work, an underestimation of the Russian market at the beginning of 2021 was revealed, and ways to improve the model used for automation were identified.

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