Independent valuation of shares - services for assessing the value of shares of enterprises and companies. Valuation of securities for a notary when registering an inheritance. What affects the market value of shares
Cost of stock valuation services
| Stock Valuation | Cost, rub. | |
| Valuation of shares for a notary (entry into inheritance rights) |
from 4000 new price from 1000 |
|
 |
Valuation of stakes in enterprises (OJSC, CJSC) |
from 40000 new price from 12 000 |
| Valuation of bank shares | ||
 |
Valuation of bills | Negotiable |
 |
Bond valuation | Negotiable |
* The table shows the standard time frames for work. If necessary, the deadlines can be reduced. The minimum period for carrying out work is 1 working day. Please check with your manager about the possibility and conditions of carrying out work in the shortest possible time.
Valuation of securities is required when:
- carrying out transactions for their purchase and sale;>
- enterprise restructuring; (liquidation, merger, acquisition or separation of independent enterprises from the holding);
- introducing them into the authorized capital of another legal entity;
- determining the value of collateral for lending;
- transfer to trust management
Cost of services and list of documents required for stock valuation
To determine the cost of services and the list of necessary documents for stock valuation, select the section that suits you.
- valuation of shares in enterprises (LLC, OJSC, CJSC) in other cases (except for entering into inheritance rights)
- Assessment of defaulted enterprises (bankrupt enterprises)
The price (quotations) of shares is determined only by the ratio of supply and demand on the open securities market.
An independent assessment of a company's shares is a necessary step in order to secure your investment. A fundamental analysis of the situation on the securities market allows an investor to avoid mistakes in the face of constant price fluctuations. This can only be achieved after an assessment of market value.
When is it carried out? stock valuation, then the market value is understood as the most probable price at which a given object can be alienated on the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and the value of the transaction price is not reflected in any way.
The basis for evaluating the shares of an enterprise is to determine their value as a financial instrument capable of generating profit for its owner. Ways to make a profit include receiving dividends and increasing the value of shares associated with improving the company's financial performance, expanding its business and increasing the value of assets. Thus, an independent assessment of shares can be carried out using the following methods: capital market, net assets, dividend.
The most important characteristics that determine the value of a stock of securities when assessing the market value of shares are its size, liquidity and the degree of control it provides. For example, the size of the company's shareholding plays a significant role; if a controlling stake is assessed, a premium for the controlling nature is added to the value of the stake, that is, for the ability to appoint management and manage the company. The premium for control can be 30-40 percent compared to the average price calculated based on the value of the business and the number of shares issued, and the discount for the non-controlling nature of the stake can be 20-30 percent. In addition, an important characteristic that significantly affects the market value of a block of shares is the liquidity of the securities being valued. The shares of open joint-stock companies listed on the main stock exchanges have the highest liquidity, and the shares of closed joint-stock companies that are not publicly traded have the lowest liquidity.
Independent, market valuation of shares is one of the increasingly popular services. According to your order, we will quickly and professionally carry out:
- valuation of shares for a notary and for the court;
- assessment of the value of a block of shares for the division of property;
- valuation of shares for business inheritance;
- assessment of the market value of shares upon repurchase;
- assessment of the value of enterprise shares for additional issues or issues;
- valuation of business shares for its sale.
Most often, the need to evaluate shares brings clients to the company who want to receive independent, truthful information about the value of that share of the business that is limited to the package they own. A competent and objective assessment of the block of shares allows in the future to:
- register an inheritance;
- enter into agreements of purchase and sale, assignment of debt obligations, transfer to trust management;
- convert categories, contribute to the authorized capital, register as collateral;
- carry out merger/division operations, liquidation of joint stock companies, etc.
We are ready to quickly and inexpensively perform the service in cases where the following assessment is required:
- a share for a notary is inexpensive, in case of divorce and division of property between former spouses, as well as an assessment of “share for entry into inheritance by law”, if it is necessary to divide shares between several heirs to enable them to sign a voluntary agreement on the division of property and pay compensation.
The time required to complete the service is minimal, and its price is acceptable for everyone.
The main task for us is the competent assessment of the company's shares as an instrument intended to make a profit. Our clients are provided with a competent assessment of shares, the price of which is the most verified management decision, allowing the owner to receive income.
Based on your order and in accordance with its purpose, the company’s specialists will determine the cost of any required type:
- investment;
- balance;
- liquidation;
- market
Our independent valuation of shares for a notary in Moscow allows us to calculate the amount of state duty when registering an inheritance and certifying transactions.
Stock valuation
Assessment, as a rule, is carried out by specialists taking into account industry characteristics and using basic indicators:
- level of dividends received;
- investment component;
- exchange rate differences;
- liquidity and risk level.
You should know that the highest liquidity is for JSC securities listed on the main exchanges, and the lowest is for JSC securities that are not publicly traded.
The valuation of a company's shares can be performed using the following methods:
- discounting (variable dividends);
- capitalization of profits (constant or constantly growing dividends);
- coefficient calculation of dividends (ratio of prices of analogues to income of the business being valued).
Valuation of common shares
The receipt of income from this type of securities is not determined, both in size and in amounts. This property makes the task of determining value completely different from the procedure for preferred assets.
The solution to this problem requires taking into account the degree of uncertainty of the following parameters in the calculations:
- general financial results in the projected future;
- dividend growth rate.
When planning investments in this kind of assets, you should understand that the only basis for preliminary analysis can only be statistics of past work, and in the future its nature and results may change.
Most often, such assets are valued at intrinsic value. The calculations in this case can be based on:
- net worth;
- liquidation value of the company's assets.
Net value is the price that a buyer is willing to pay for all ordinary securities issued by a joint stock company. In this case, the buyer must have complete information about the totality of the assets of the joint-stock company.
Liquidation value makes it possible to estimate the minimum amount of proceeds of the owner of a block of ordinary securities in the event of its sale. This method is the most realistic.
Preferred assets require payment at fixed rates and usually within a limited period of time. In the open-ended case, the current price of assets is determined taking into account adjustments for the uncertainty of the market and their value in the future.
Cons AG offers professional stock valuations. This procedure is one of our specialized services. Many years of experience in this area allows us to evaluate a block of shares in a short time and at a fairly low price. Consulting service available.
Conditions for evaluating shares: price, terms, features
We offer really favorable conditions:
- Valuation of shares for entry into inheritance rights:
- 2,000 rubles - for quoted securities;
- 2,500 rubles - for unquoted ones.
- Valuation of shares for legal entities:
- minority stake - 20,000 rubles;
- blocking and controlling stake - according to the business valuation tariff.
Price - from 2,000 to 2,500 rubles | Execution time - 30 min | Delivery of the Report - 300 rub.
Based on the results of the procedure, you will receive an Assessment Report. The document will comply with 135-FZ On Valuation Activities and Federal Valuation Standards FSO 1,2,3,8. You will be able to provide the Report to the notary and use it to calculate the fee. The contents of this document are described below.
After submitting the relevant documents, the market valuation procedure will take 20 minutes for quoted shares, up to 40 minutes for unquoted shares. You can send us copies of documents by e-mail, and then come for the finished report.
Delivery of assessment results within Moscow is also possible. The cost of the service is 300 rubles.
Valuation of a block of shares: main features
An analysis of both the product and part of the company’s capital is expected. Today, the examination of the value of securities is an assessment of bonds, checks, privatization documents, bills of exchange and other property. An analysis is carried out not only of the price, but also of the financial and other rights received by the future owner along with these documents. The procedure determines both the cost and the control rights exercised by this paper.
Most often, the procedure for assessing the value of shares is ordered in connection with entering into an inheritance, that is, taking securities into ownership. In this case, analysis is necessary for notarization. The market valuation of a block of shares for inheritance is a more formal procedure than the analysis of securities for business activities, and accordingly, it is cheaper.
The work is carried out in strict accordance with legal norms.
What does a Stock Valuation Report include and what does it look like?
The result of the procedure is a Report. This is a document of evidentiary value, it complies with the current legislation of the Russian Federation. In terms of volume, the Share Valuation Report takes 40–80 pages. It includes:
- company description;
- competitor and market analysis;
- the calculation part - determining the value of the company using 3 approaches: comparative, profitable and costly. An exception is the valuation of a minority stake. The cost approach is not used here, which involves calculating the market value of all property on the company’s balance sheet. It is not easy for a minority shareholder to obtain detailed information on this issue;
- harmonization of results obtained within the framework of different approaches to calculation. Conclusions.
For legal entities, assessing the market value of shares can be decisive when concluding transactions. The financial performance and even the viability of the enterprise depend on how skillfully it is carried out. That is, the valuation of company shares is an important procedure that must be entrusted to professionals.
Cons AG LLC guarantees the accuracy of calculations and conclusions. We have been working since 1999 and have earned a reputation as a conscientious company.
Note: the reliability of the market valuation of shares indirectly depends on how complete the information is provided to our specialists.
The liability of Kons AG LLC to clients is insured. We work for results.
Call for more information about an independent stock valuation.
What are the features of stock valuation for inheritance? How to carry out a market assessment of stock returns? Where can I get a stock valuation done inexpensively for a notary?
At first glance, to an ordinary person, all this talk about stocks may not seem particularly necessary or interesting. We are not some kind of oligarchs! I dare to assure you that this is a mistaken opinion.
After all, your well-being and financial freedom depend on how well you understand financial instruments, one of which is stocks. What if, for example, your grandmother left you an inheritance in shares?! Then knowledge on this issue will definitely come in handy!
Convinced?! Then, let's begin!
1. What is stock valuation and when might it be needed?
I immediately propose to define the concept of “action”.
Promotion- this is a type of security, in other words, a document that determines your right to a share of the income or property of the enterprise that issued these same shares. Moreover, the size of your share is determined based on the type of shares and the quantity that you are fortunate to own.
Now you probably have a reasonable question: “Why do enterprises give the right to a share in them to you and me?” Everything is very simple. As a rule, an enterprise makes a decision on issuing securities if additional money is needed, for example, to expand production or modernize it.
Of course, you can borrow money. There are many banks and they all vied with each other to offer “very favorable lending conditions.” You can also borrow from friends. But all this is not just debt, but debt with interest.
Since childhood, we have heard that “free cheese is only in a mousetrap”! So, in order not to fall into this debt mousetrap, the company issues shares. It's better to allocate a share of future income than to pay hefty interest now.
Moreover, the company does not risk anything, since it retains most of the issued securities for itself (the so-called controlling stake), which means that all strategic decisions are made by the owners of this important stake. When deciding whether to buy shares or not, we ourselves accept responsibility for the expected risks, and therefore, if something happens, we have no one to blame.
This is a procedure for determining the real value of securities by competent organizations or specific specialists.
Very often, shares are valued when registering an inheritance. The amount of state duty paid depends on the estimated value of the inherited shares.
Valuation of shares is also necessary when obtaining a loan, in the case where securities are used as collateral. A similar procedure is also required when making purchase and sale transactions.
Additional material is in the publication "".
2. What are the types of stock prices - 5 main types
Shares have several types of value. Let's take a closer look at each of them.
Type 1. Nominal value
Nominal value is the value calculated by dividing the authorized capital of a joint-stock company by the number of shares issued by this enterprise into circulation.
Example
Let’s assume that the company “Horns and Hooves,” which has an authorized capital (officially confirmed in its balance sheet) of 10 million rubles, has issued 50 thousand shares. By simple arithmetic we get: 10,000,000 rubles. /50,000 pcs. =200 rub.
This is the nominal value of the securities of the Horns and Hooves company.
Important! The very name of the value “nominal” tells us that this type of value is not decisive for ordinary buyers. At par, shares are purchased only by the founders, and then only until the securities are placed on the stock exchange.
For you and me, their market price is more important.
View 2.
Market value is the price at which a stock "trades" on the stock exchange. Its value is not constant and depends on demand, supply and liquidity. The change in the market price is clearly demonstrated by the graph of changes in the market price of Gazprom shares.
The market capitalization (market value) of a particular company depends on the market value of assets.
Type 3. Book value
Book value is determined by dividing a company's "net assets" by the number of shares of that same company.
Example
Let’s say our company “Horns and Hooves” has assets on its balance sheet (administrative buildings, workshops, equipment, vehicles, cash in accounts and on hand, etc.) in the amount of 100 million rubles.
But the same company also has liabilities in the amount of 80 million rubles. (calculations for taxes, wages, debt for materials to suppliers, etc.). In total, the company has 50 thousand shares issued.
This means that if the company suddenly decides to pay off all its obligations using existing cash and selling other liquid assets, it will have “net assets” in the amount of 20 million rubles on its balance sheet after the calculations have been made. And then the book value of one share will be: 20,000,000 rubles / 50,000 pcs. = 400 rub.
Book value is also called book value, since it is at this value that shares are reflected in the company’s balance sheet.
View 4. Liquidation value
Liquidation value is the cost at which settlements with shareholders will be made in the event of liquidation of the joint stock company.
Liquidation value is calculated only after the shareholder company has completely ceased its actual activities.
It is important to remember that the liquidation value of common shares is determined by subtracting the liquidation value of preferred shares from the company's assets remaining for these payments.
Type 5. Investment cost
When talking about investment value, it should not be confused with market value. We have already said that market value is the price at which they are willing to buy it on the stock exchange. But the investment value of securities is their yield and profitability from the investor’s point of view.
An investor, when deciding to invest in certain intangible assets, tries to calculate the benefits of future ownership of these securities, taking into account expected dividends, capital gains of the shareholder company and possible risks.
Read the article on a related topic - “”.
3. How to estimate the value of shares - 7 simple steps
An expert step-by-step guide will help you carry out the assessment procedure correctly.
Step 1. Select an appraisal company
Shares in the modern world have become widespread. Now you can increasingly hear that they are given as gifts or inherited. However, it is very difficult for an uninitiated person to understand all the intricacies of asset valuation. In this case, as always, professionals - appraisal companies specializing in the securities market - will come to the rescue.
Important! Starting from 2006, a license is not required for appraisal activities. However, this does not mean that assessment can be carried out by anyone. Evaluating company must be a member of an SRO (self-regulatory organization of appraisers) and insure its activities against possible risks.
Of course, the law does not prohibit individual appraisers from conducting their activities privately, but it should be remembered that not all organizations accept the reports of such specialists. It is not uncommon for notaries to not accept such appraisal reports. Be careful!
Step 2. Order the service
Step 3. Agree on deadlines
As a rule, the assessment is done in a short time from 1 hour to 4-5 days. The law does not regulate this aspect. The terms are agreed upon by the parties when drawing up the agreement and depend on the type of shares, the completeness of the documents provided, and the availability of information necessary for the assessment.
Step 4. Conclude an agreement
When concluding an appraisal agreement, be careful and take your time. Do not hesitate to ask for documents confirming the authority of the persons signing the agreement. This can save you from unnecessary expenses and litigation.
Step 5. Pay for the service
The service under the appraisal agreement is paid in standard ways: cash or non-cash. The basis for payment by non-cash method will be an invoice. However, sometimes, if the customer is an individual, the company does not issue an invoice, and the service is paid according to the details from the contract.
Step 6. Collect and submit the necessary documents
Without a full package of documents, the result of the process will not be objective.
The table provides a list of the main documents required to evaluate shares as part of their inheritance:
№ Type of document provided Purpose of provision 1 Passport Identification 2 Death certificate of the share owner Confirmation of the right to evaluate 3 Title documents for shares Determine copyright holder 4 Constituent documents (and their copies) Getting the information you need 5 Extract from the depository To determine the number of shares owned by the deceased 6 Additional documents At the request of the appraiser The report contains from 20 to 80 sheets. In it, the appraiser expresses his opinion on the value of assets, based on in-depth analysis and calculations. The report is bound, stapled, pages are numbered, signed by an expert, and certified by a seal.
On the website, everyone can receive online advice from professional lawyers. No more than 15 minutes separate you from quality legal assistance 24/7.
Most of these consultations are provided by specialists free of charge. And only in the most difficult cases may a paid consultation be required, which you can also receive remotely on the service.
The company's lawyers will help you prepare any document from a contract to a claim. Make an application, analyze offers from lawyers from all over Russia, choose the most profitable ones and start cooperation.
Uphill is a large consulting company that carries out all types of appraisal work throughout the Russian Federation. Specialists carry out reports not only according to Russian, but also to international assessment standards. In addition, Uphill experts can easily prepare an assessment report in foreign languages. You will not see old, irrelevant market reviews in the company's reports, only the latest statistics and analytics.
Pleasant “little things” from the Uphill company:
- flexible pricing:
- discounts and bonuses for clients;
- the ability to travel to the assessment site on weekends;
- free delivery of reports to clients;
- assessment times are 2 times lower than the industry average;
- free consultations and express analysis.
You will find more information on the procedures in the special material on our website.
To ensure an objective and complete assessment, follow our expert advice.
Tip 1. Contact trusted companies
When choosing goods and services, many people like to follow the advice of their friends, family and friends. And as practice shows, in most cases this is justified.
It is the experience of friends who have already gone through the securities or real estate procedure that will allow you to contact a trusted company, where the result will not disappoint your expectations.
Tip 2. Analyze reviews of companies
Before choosing an appraisal company, we recommend reading reviews about it. Fortunately, now that the Internet has firmly established itself in all spheres of human life, this is very easy to do.
Just type in a search engine: “Appraisal company NN reviews” and millions of results for every taste are at your disposal. You can narrow your search by selecting the desired region or even city.
However, when analyzing reviews of companies, do not forget the folk wisdom: “Trust, but verify.” Gather all your knowledge about the companies you like, weigh everything again and only then make your choice.
Tip 3. Consult with specialists before contacting an appraisal company
To avoid possible inconsistencies when submitting documents for assessment, we recommend that you first consult with specialists.
They will analyze the package of documents you have prepared and, if necessary, help you correct errors in a timely manner and tell you which documents are missing. This approach will allow you to save not only time, but also nerves.
You can learn more about the promotions from the video.
The growing modern investment business is impossible without such a procedure as the valuation of enterprise shares. This process is complex and time-consuming, but let's try to consider everything in order. First, let's figure out what securities are and what their role is for modern business.
What are shares
In a broad sense, shares are securities that indicate the contribution of a certain amount of funds to the authorized capital of an enterprise, occupying both a small and a significant part of it, and which, due to the successful activities of a business representative, allow their holder to make a profit.
This type of obligation does not have a clear fixed nominal rate and can change depending on fluctuations in indicators such as supply and demand, therefore market valuation of shares is a fairly popular and useful procedure in the modern market.
It is also worth noting that from the point of view of legal obligations, the holder of a package of share documents has more powers than the owner of several units of such securities. Therefore, it is extremely important to predict their value in the long term, especially when it comes to large business investments.
The need for securities valuation
So, we have found out how important mutual securities are in modern entrepreneurship, and now let’s take a closer look at why we need to calculate their value and why this procedure is needed.
An assessment of the market value of a block of shares is extremely necessary in the following cases:
- when transferring the rights of temporary management of securities to a trustee;
- when receiving bank borrowed funds and accordingly assessing the value of equity capital;
- when acquiring shares in the authorized capital of another business entity;
- when carrying out any procedures including restructuring of an enterprise (change of form of activity, merger, liquidation and acquisition);
- as well as during the procedure for buying and selling securities, which occurs most often.
After carrying out such an operation, the risk of concluding unprofitable deals from the point of view of business investment policy is significantly reduced. Stock valuation is the first step towards being transparent and understanding how the stock market is doing.
From a legislative point of view
In the modern financial market, a situation often arises in which available funds are accumulated by certain business representatives, but the need for investment arises from completely different business entities, which entails an uneven distribution of funds. For this purpose, there is state regulation of the movement of securities to facilitate uninterrupted financial circulation, which is guided by the Law of the Russian Federation “On the Securities Market” No. 93 of April 22, 1996, as well as the Law of the Russian Federation “On Joint Stock Companies” No. 208 of December 26, 1995.
According to these regulations, the valuation of shares is carried out in the cases described above, and is a procedure not only for determining their net value, but also for identifying their position in the modern market. This process is fully guided by legislation at every stage.
Types of securities value
The valuation of shares of a business entity largely depends on their types of value, which differ as follows:
- nominal – represents the ratio between the total value of the authorized capital and the number of issued securities;
- emission value – the price that is established at the time of initial issue;
- balance sheet - determined in the same way as nominal, but at the same time the volume of obligations of the business entity is subtracted from the amount of the authorized capital and is used for reflection in accounting and financial accounting;
- liquidation - not used until the enterprise ceases to carry out its operating activities, represents the amount of the company's assets after the repayment of all liabilities;
- investment - determined by the investor based on many factors and represents a value that would satisfy demand in the stock market;
- calculated – is the result of an analysis based on changes in stock exchange prices;
- market – the real price at which a security is sold on the stock exchange.
Since the last indicator is the most significant in the investment activity of an enterprise, we will dwell on it in more detail.
How is the market value of shares formed?
No matter how paradoxical it may sound, shares for sale are valued only if they have their own market value, which is not inherent in all share documents. Securities endowed with this property, as a rule, are subject to circulation on the stock market on an ongoing basis, and they must have market quotations, which are determined by professional stock market participants. In addition, blocks of such shares participate in real transactions in which independent sellers and buyers are involved in conditions of open information and a competitive environment.
The market value of these securities depends on the following indicators:
- size of the package being evaluated;
- the conditions under which share capital is distributed;
- the presence of a premium (in the case of a control factor of the package) or a discount (if the size of the package is insufficient for control) when purchasing securities.
Approaches to assessment
Valuation of OJSC shares is a rather individual process, so there are several approaches to this procedure:
- Expensive. It is used if a legal entity acquires securities of an enterprise that is unable to compete with the shareholder and produces similar products. Therefore, in this case, the buyer, as a rule, is not willing to pay much for an equivalent business, hence the cost is determined.
- Comparative. Based on information about those transactions that were carried out previously with the participation of similar business entities. As a rule, this approach is applied only in the case of securities trading on the open market.
- Profitable. Based on the buyer’s interest in the profit that he can receive from purchasing a package of securities. Agree, no one is interested in investing in a business that has a negative reputation in a competitive market.
Stock Valuation Methods
The approaches described above are just a general qualification of the types of determining the value of securities. In addition to this classification, there are methods for evaluating shares, which are selected depending on the results of the analysis of the financial activities of the business entity.
Here are the main methods:
- use of a mathematical weighing procedure;
- analysis of the capital market and resulting transactions;
- discounted cash flow method;
- capitalization of income streams;
- value of net current assets.
Stages of stock valuation
An assessment of the market value of shares as a result of using the above approaches and methods should show the final value, which will be the result of this labor-intensive process, and it is divided into the following stages:
- Determining the target orientation of the assessment procedure and the cost standard that depends on it. In addition, at the first stage, the amount of information that is publicly available and the percentage of securities being assessed are analyzed.
- The position of a business entity in the market is analyzed taking into account the industry factor, including the prospects for the business direction.
- At this stage, the appraiser, based on the information received, determines the methodology by which he will work further.
- The quality and completeness of the information provided and its sufficiency for further assessment are determined.
- Based on the obtained indicators, income forecasts for future periods are made.
- The assessment specialist makes a conclusion about whether the enterprise is capable of carrying out further economic activities, or whether it is on the verge of liquidation.
As a result, we have complete and comprehensive information not only about the value of the shares, but also about the overall picture of the state of the shareholder’s business.
How to make investments profitable?
Undoubtedly, the valuation of stocks and bonds is an indispensable process in the modern investment market, but purchasing securities correctly also costs a lot. We all understand that this is a risky business, therefore, when investing your funds in someone else’s business, you should also conduct your own, static assessment.
As for risks, they may depend on many factors. For example, the assessment results did not show positive efficiency in a specific investment project. However, this does not mean at all that the rights in this transaction are worthless; you should consider it from the other side - analyze the option characteristics and decide what can be corrected.
In any case, the process of purchasing securities can be divided into stages and monitor how the company will behave in the future in a competitive environment.
Immediate prospects in the field of assessment of the Central Bank
Unfortunately, at the moment, in the modern domestic stock market, stock valuation is far from a coherent process. And alas, this is due to an imperfect regulatory mechanism, which, with some effort, could adequately regulate the relations between participants in the procedure for buying and selling securities.
The realities of modern domestic business are as follows: shareholders continue to falsify the financial results of the enterprise, while artificially changing the prices of securities on the stock market, which does not indicate their real value, but the inability to choose the right marketing policy.