УДК 336.781.5:658.14.01


Подкорытов В. Н., Мочалова Л. А. Determination of the discount rate for the conditions of enterprises of the mineral resources sector: argumentative issues // Известия УГГУ. 2019. Вып. 2(54). С. 121-125. DOI 10.21440/2307-2091-2019-2-121-125

The relevance of this study is the need to improve the accuracy of calculations of indicators characterizing the value of companies and the effectiveness of investments in various projects. The discount rate should accurately reflect market trends. The correctly calculated discount rate should play a special role in assessing the market capitalization of enterprises of the mineral resources sector; securities of the largest companies are the most popular among investors.
The aim of the work is a comparative analysis of definitions and methods for calculating the discount rate to identify its basic characteristics that contribute to obtaining an objective value. Results of work and their application. The authors analyzed various definitions of the discount rate and made the following conclusions. The discount rate should be understood as the minimum rate of return which a typical investor can expect while investing his own money in an asset that generates income at the current time (and/or assumes its receipt in the future). At the same time, it is necessary to have alternative (comparable) investment options on the market. Thus, the discount rate is not a return on the asset being valued, but an alternative return. The core statements of the specified definition of the discount rate are as follows: “Minimum rate of return”, “alternative investment options”, “alternative yield”. When taking into account the most significant aspects of this definition, the authors of this paper analyzed the existing methods of its calculation, which are most often used in the framework of the valuation and investment analysis of enterprises of the mineral resources sector. The Capital Assets Assessment Model (CAPM) was highlighted among other models, which most closely matches the specified definition of the discount rate. The model is based, firstly, not on subjectivism when calculating risk premiums, but on statistically confirmed market data; secondly, it takes into account the average market yield, providing for alternative options for capital investment and, accordingly, alternative yield; thirdly, it implies a minimal, reasonable yield barrier for potential investors. In addition, this model applies the coefficient β, which takes into account non-systemic risks of a particular field of activity, allows to consider the peculiarities and specific risks of enterprises of the mineral resources sector. Conclusion. Theory-based definitions of the discount rate (confirmed by statistical data) will allow building viable financial models of companies, which in turn will contribute to increasing the objectivity of investment analysis and valuation.

Keywords: discount rate, enterprise of the mineral resources sector, cumulative building model, capital asset pricing model, investment analysis, company valuation.



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