Subject. The article focuses on ratios of the market capitalization or enterprise value to balance sheet assets or equity of the twenty five leading publicly traded oil and gas companies within 2008 through 2018. Objectives. The aim of the study is to trace key trends in ratios of the market capitalization or enterprise value to balance sheet assets or equity of corporations in the oil and gas industry, as well as identify the key trends in their changes within the studied period, and establish factors that caused those changes. Methods. For the study, I used the methods of comparative, financial and economic analyses, summarizing financial reporting data. Results. The article establishes that the multipliers studied are acceptable for assessing the value of oil and gas companies, but it is preferable to use asset-based ratios. The multiples of the ratio of market capitalization to assets or market capitalization to equity in the oil and gas industry are characterized by a decrease, and the lack of stability of values does not allow using these ratios for other dates in valuation. It is necessary to analyze in detail the results of financial and economic activities and the structure of assets in order to select an analogue company, especially in times of crisis. There is a country factor in the stock market valuation of oil and gas assets. The influence on the market capitalization of the size of the debt component in the structure of total capital has been established. An increase in the level of debt burden over time was revealed. It is advisable to use an indicator of enterprise value that includes net debt instead of market capitalization when there is a difference in debt burden between the assessed corporation and the analogue company. Conclusions and Relevance. The overall decline in profitability and the increase in debt load in the stock market sector of the global oil and gas industry should be taken into account when using multipliers based on assets and shareholder capital in the assessment of the value of oil and gas corporations through a comparative approach. The findings can be used to appraise the value of oil and gas assets as part of the comparative approach and decide on actions for raising the market capitalization of publicly traded oil and gas corporations.
Ключевые слова: assets, equity, valuation, comparative approach, oil and gas industry
Список литературы:
Kokin A.S., Oskolkov I.M., Syzganova A.A. [Comparative approach to estimation of cost of stocks of the oil and gas companies of Russia on the basis of the fundamental analysis]. Ekonomika: vchera, segodnya, zavtra = Economics: Yesterday, Today and Tomorrow, 2019, vol. 9, no. 1-1, pp. 241–258. URL: Link (In Russ.)
Usmanova A.S., Nesterenko E.A., Taraskin D.S. [Valuation of public companies in Russia by business sector]. Vestnik Saratovskogo gosudarstvennogo sotsial'no–ekonomicheskogo universiteta = Bulletin of Saratov State Socio-Economic University, 2020, no. 2, pp. 103–107. URL: Link (In Russ.)
Ponomareva S.V., Zheleznova I.V. [Features of share buybacks in Russia]. Vestnik Permskogo natsional'nogo issledovatel'skogo politekhnicheskogo universiteta. Sotsial'no-ekonomicheskie nauki = PNRPU Sociology and Economics Bulletin, 2017, no. 2, pp. 165–178. URL: Link (In Russ.)
Khalikova M.A., Belai I.E., Galimzyanov R.N. [The evaluation of a controlling stake of the oil company]. Internet-zhurnal Naukovedenie, 2016, vol. 8, no. 3. (In Russ.) URL: Link
Nazarova V.V., Shevyakina O.R. [Determination of an optimum premium paid in M&A transactions in oil and gas section]. Korporativnye finansy = Journal of Corporate Finance Research, 2015, vol. 9, no. 4, pp. 5–30. (In Russ.) URL: Link
Lipatnikov V.S., Kirsanova K.A. [Assessment of the impact of the adverse economic geopolitical environment on the worth of Russian oil and gas companies]. Upravlencheskie nauki = Management Sciences, 2018, vol. 8, no. 2, pp. 30–43. (In Russ.) URL: Link
Kozlova A.S., Odinokova K.A., Taraskin D.S. [Most popular approaches to valuation of public companies]. Vestnik Saratovskogo gosudarstvennogo sotsial'no-ekonomicheskogo universiteta = Bulletin of Saratov State Socio-Economic University, 2019, no. 1, pp. 105–111. URL: Link (In Russ.)
Skavysh I.A. [The effectiveness of using industry-specific multipliers versus universal multipliers]. Finansovoe pravo i upravlenie, 2017, no. 1, pp. 1–10. (In Russ.) URL: Link
Ivko D.G. [Estimating Russian company value: Risks related to using the method of market multipliers]. Finansy i upravlenie = Finance and Management, 2018, no. 1, pp. 8–22. (In Russ.) URL: Link
Ivko D.G. [Peculiarities of assessing Russian companies' value by using the method of market multipliers]. Finansy i upravlenie = Finance and Management, 2017, no. 1, pp. 34–46. (In Russ.) URL: Link
Minasyan V.B., Ivko D.G. [Model risk analysis of multiplier technology applied at stock valuation of Russian companies]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2019, vol. 23, no. 6, pp. 91–116. (In Russ.) URL: Link
Minasyan V.B. [Assessment of risks arising from the use of multiplier technology to assess the shares]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2018, vol. 22, no. 3, pp. 124–135. (In Russ.) URL: Link
Basiladze G.R. [Comparative analysis of investment appeal of PJSC “Lukoil”, PJSC “Rosneft”, PJSC “Gazprom”]. Gumanitarnye, sotsial'no-ekonomicheskie i obshchestvennye nauki = Humanities, Social-Economic and Social Sciences, 2017, no. 1, pp. 145–147. URL: Link (In Russ.)
Bessonova A.A., Belousova N.D. [Accommodation of free cash flows of physical persons: deposits and securities]. Azimut nauchnykh issledovanii: ekonomika i upravlenie = Azimuth of Scientific Research: Economics and Administration, 2018, vol. 7, no. 2, pp. 48–51. URL: Link (In Russ.)
Kozlova A.S., Taraskin D.S. [Methodology for forming securities portfolio based on risk, yield and fair value of the company]. Vestnik Saratovskogo gosudarstvennogo sotsial'no-ekonomicheskogo universiteta = Bulletin of Saratov State Socio-Economic University, 2018, no. 1, pp. 104–109. URL: Link (In Russ.)
Gurvits Yu.B. [The development of strategy for stock portfolio optimization in oil and gas sector]. Vestnik Moskovskogo universiteta. Ser. 6. Ekonomika = Bulletin of Moscow University. Series 6: Economics, 2017, no. 2, pp. 65–89. URL: Link (In Russ.)
Yurlov F.F., Kornilov D.A., Kornilova E.V., Plekhanova A.F. [Comparative evaluation of efficiency of large companies oil and gas sector]. Vestnik NGIEI = Bulletin NGIEI, 2020, no. 7, pp. 83–92. URL: Link (In Russ.)
Tebekin A.V. [Analysis of the prospects for the implementation of the energy strategy of the Russian Federation in terms of the transportation of energy resources]. Strategii biznesa, 2019, no. 3, pp. 11–21. (In Russ.) URL: Link
Shimko O.V. Analiz rezul'tatov finansovo–khozyaistvennoi deyatel'nosti vedushchikh publichnykh korporatsii neftegazovoi otrasli posle mirovogo finansovogo krizisa [An analysis of the results of financial and economic activities of leading public corporations in the oil and gas industry after the global financial crisis]. Moscow, Nauka Publ., 2019, 339 p.
Shimko O.V. Sovremennye osobennosti otsenki stoimosti neftegazovykh korporatsii sravnitel'nym podkhodom: monografiya [Modern features of valuation of oil and gas corporations by a comparative approach: a monograph]. Moscow, Mezhdunarodnye otnosheniya Publ., 2018, 252 p.
