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Оценка инвестиционной привлекательности фондовых рынков стран БРИКС
The proposed article contains an analytical assessment of the financial performance of companies in the BRICS countries in comparison with those of the largest companies from developed countries. An assumption is made about the current underestimated value of companies from the BRICS countries, which is verified by comparing the financial multipliers of companies with the dynamics of macroeconomic indicators of the BRICS countries, taking into account the prospects for their future changes. At the company level, the most relevant indicators for potential investors were used: profitability, dividends, revenue, while for the country level, PMI, GDP, unemployment indicators and inflation were used. The thesis about the prospects for a synergistic effect from the economic interaction of the BRICS countries is discussed. Taking as a basis the calculations of the forecast for the development of the financial markets of the Russian Federation until 2020, the authors built an econometric model, focusing on up-to-date data with a long time range, as well as on indicators that have a greater correlation with the stock indices of the BRICS countries. A comparative analysis of the debt burden, GDP indices, unemployment, consumer demand (durable goods and consumer goods turnover), inflation indices (PPI, CPI), allowed the authors to assume that the potential for future aggregate real GDP growth (aggregated for all BRICS countries) will have more sustainable and long-term dynamics. The interpretation of the obtained results includes the expectation of growth not only for the BRICS economies, but also for aggregated stock indices, which in themselves are independent investment instruments. This means that in the short term (2-3 years) investment capital has a reasonable chance for a good investment idea, based on the growth potential of the BRICS indices. It is concluded that it is also important for investors to search for specific companies in various sectors of the economy.