Оценка стоимости компаний информационно-технологического сектора (ИТ-сектора)
The relevance of the topic is supported by high growth of IT-industry and the tendency of commercializing of innovated products. High demand on IT-services and software was a base of its diversification both for corporate and private clients. Nowadays business valuation of IT-companies plays a supported role for managers in performing operational and strategic goals. Goal of research is developing of effective model of business valuation for IT-companies. Analysis of different valuation methods showed that the best case of business valuation reflects to use different valuation approaches. So the resulting model consists of two parts. For valuation of main operation stream discounted cash model (DCF) is chosen as it reflects the future growth of the company. For valuation of revenue from intangible assets we offered to use the real options approach as it helps decrease uncertain of future fail/success of technological projects and brings additional benefits for flex decisions of managers. For valuation we offer to use Call-option, where intangible asset book value is a current price and expenses of IT-developments are cost of the option. For calculating the premium of option (Pr) Black–Scholes formula is used. Company value is a sum of DCF and Pr. As a checking model in method model of Schwartz and Moon could be used. By changing of entry parameters within the limits of 10% different scenarios are simulated. As a practical example Deutsche Telkom was chosen as it is a good representative of IT-market, who has both IT-business and IT-developments. The calculated value of Deutsche Telekom can be easily compared with market capitalization an expert valuation.