Факторы стоимости компании продовольственного сектора (на примере ПАО "Черкизово")
The present paper contains a valuation of the PAO “Group “Cherkizovo”. The importance of this problem can be explained by the following reasons: analysis of efficiency of food companies is extremely important in the situation of food embargo, and the market value is an integral indicator of efficiency. In addition, PAO “Group “Cherkizovo” is one of the leading companies of the Russian agriculture and food industry and plays an important part on the food market. Valuation is based on cash flow analysis as other methods could not be implemented (either there were no necessary information or these methods did not correspond to the specificity of the problem). Cash flows were calculated on the basis of forecasted cashflows. The analysis demonstrated that the financial situation of the company is stable and that investors valuate it above the minimum value.
This volume examines the complex international system of the twenty first century from a variety of perspectives. Proceeding from critical theoretical perspectives and incorporating case studies, the chapters focus on broad trends as well as micro-realities of a Post-Westphalian international system. The process of transformation and change of the international system has been an ongoing cumulative process. Many forces including conflict, technological innovation, and communication have contributed to the creation of a transnational world with political, economic, and social implications for all societies. Transnationalism functions both as an integrative factor and one which exposes the existing and the newly emerging divisions between societies and cultures and between nations and states. The chapters in this volume demonstrate that re-thinking fundamental assumptions as well as theoretical and methodological premises is central to understanding the dynamics of interdependence.
In the present paper we have hypothesized an explanation for the fact that the evaluation
of the social impact of law is modeled predominantly by the economic efficiency concept.
Considering the early stages of the concept’s development, we try to make it more
intelligible to the European lawyers.
> Georgia. Georgia's $16 bln economy saw strong annual growth in 2010-12 of around 6-7%, but in 2013 growth slowed to 3.2%, which is still good but not enough for an economy with a GDP per capita of around $3,600. Indeed, over the year, Georgia - which depends heavily on capital inflows - failed to utilize its competitive advantage of lower unit labor costs than in other countries in the region, such as Turkey and Bulgaria. > Turkey. The Turkish economy performed well in 1H14 as industrial output rose 3.8% y-o-y (down from 5.3% y-o-y in 5m14). GDP climbed 4.3% y-o-y in 1Q14, and we estimate 2Q14 to show GDP growth just below 4.0%. We expect 3.7% for 2014 as a whole, which is a bit stronger than we expected early in the year. > Bulgaria. Similar to some other smaller economies in the region, Bulgaria benefited from a recovery in the Eurozone that was characterized by ECB President Mario Draghi on August 7 as "moderate and uneven." Bulgarian GDP picked up to around 1.4% y-o-y in 1H14 (1.2% in 1Q14 and 1.6% in 2Q14). Given that Bulgaria's currency is pegged to the euro, the country was unable to extract benefits from this recovery to the same extent as some other countries, such as Turkey, Hungary or Romania, whose monetary policy and exchange rates are more independent. In 2H14, Bulgaria will face additional pressure from potentially slower growth in the EU as policy makers in the West and Russia continue experiments with sanctions.
Electron bunching processes in a carcinotrode (backward_wave oscillator with self_modulation of electron emission) operating in the high_efficiency regime determined previously are investigated. The possibility of obtaining an efficiency of about 80% is explained from the physical viewpoint.
There is by now a large literature arguing that auctions with a variety of after-market interactions may not yield an efficient allocation of the objects for sale, especially when the bidders impose strong negative externalities upon each other. In this note, we argue that these inefficiencies can be avoided by asking bidders prior to the auction to submit any publicly observable payment they would like to make. These payments, so-called flexible entry fees, do not affect the allocation decision of the auctioneer. We show that auctions with flexible entry fees have a fully revealing equilibrium where bidders signal their type before the auction itself takes place.
The main purpose of this monograph is to identify the key factors of risk man- agement efficiency of firm, whose management is able to increase the investment attractiveness of the business in general, as well as the formation of an effective or- ganizational risk management model that allows, on the one hand - to provide reliable protection for companies against unexpected losses, on the other hand - to make a risk management tool for the creation of corporate value. This monograph presents the organization of risk management in accordance with the latest regulatory require- ments. In the monograph authors provide a developed methods for evaluating the effectiveness of existing mechanisms of risk management, based on a representative theoretical review of the scientific literature of leading researchers in the field of risk management and internal control. In addition, an algorithm for evaluating the econom- ic and investment efficiency of the risk management is given, that takes into account the existing methods of performance evaluation, as well as recommendations on the organization of internal compliance as a tool ensuring the consistency of individual and corporate interests of the company. Most of the conclusions and positions pre- sented in the book, confirmed by empirical calculations on the example of Russian and international companies.
Smoking is a problem, bringing signifi cant social and economic costs to Russiansociety. However, ratifi cation of the World health organization Framework conventionon tobacco control makes it possible to improve Russian legislation accordingto the international standards. So, I describe some measures that should be taken bythe Russian authorities in the nearest future, and I examine their effi ciency. By studyingthe international evidence I analyze the impact of the smoke-free areas, advertisementand sponsorship bans, tax increases, etc. on the prevalence of smoking, cigaretteconsumption and some other indicators. I also investigate the obstacles confrontingthe Russian authorities when they introduce new policy measures and the public attitudetowards these measures. I conclude that there is a number of easy-to-implementanti-smoking activities that need no fi nancial resources but only a political will.
One of the most important indicators of company's success is the increase of its value. The article investigates traditional methods of company's value assessment and the evidence that the application of these methods is incorrect in the new stage of economy. So it is necessary to create a new method of valuation based on the new main sources of company's success that is its intellectual capital.