The article considers the use of company value analysis for economic justification of the choice of directions for business development. The company value analysis is based on income forecasting. The authors outline the features of income modelling for these purposes. They consider various ways of forecasting the income of an enterprise for the purpose of economic justification of development options based on annual and quarterly values. The article suggests that the current pandemic situation in the world has significantly affected the performance and development prospects of almost every company making it harder to forecast the performance based on retrospective data due to dramatic changes in income caused by the socio-economic environment in the world. The authors arrived at the conclusion that each specific scenario requires the use of a number of forecast options and selection of the most appropriate forecasting model with regard to every particular situation. In conclusion, it was pointed out that the value analysis of the company gives evident results and can be considered as an effective tool for economic justification of the choice of directions for business development.

The article considers the issues related to assessment and management of company value. It justifies the need for applying economic-mathematical modeling for company valuation in order to let companies manage their values. The authors propose models for calculating cash flow based on income and investment flows, calculating weighted average price of invested capital based on equality of the results of applying discounted cash flow method and economic value added method to company valuation, and calculating the factors affecting income and investment flows based on structural shifts method taking into account deviations from the average. The developed models of cash flows and calculation of weighted average cost of invested capital have been tested using actual data from three Russian hightech companies. The sampling included a wide range of companies with revenues over two billion rubles: an industry leader, a company in the middle of the range, and a company at the lower boundary of the range. The calculations made it possible to analyze and compare the key performance indicators of the enterprises: rate of return, Tobin's ratio, fundamental value, equity share in capitalized value, effective income tax rate, etc. Classification of indicators according to the levels of their factorial influence on the final company value figures has been developed. The study has led to a conclusion that there is a need to employ the company's value analysis for interpreting results of companies' financial and economic activities, since the calculations performed have allowed assuming that conventional indicators of financial and economic analysis cannot fully evaluate a company's performance. The proposed models for assessing and managing companies' values make it possible to carry out theoretical calculations automatically.

<p align="justify">В статье рассматриваются подходы к оценке фундаментальной стоимости крупных российских добывающих компаний для цели их приватизации. Приводятся особенности применения традиционных стандартов оценки бизнеса, демонстрируются их недостатки применительно к добывающим компаниям. Оцениваются возможности использования различных методик в современной экономической ситуации, выделяются наиболее предпочтительные. Получение точной аналитической оценки фундаментальной стоимости добывающей компании сталкивается с серьёзными трудностями, что делает необходимым применение современных рыночных способов приватизации. </font>

The article shows the necessity and importance of forming a rating of financial performance of companies. The goals and problems of rating companies according to the criterion of financial efficiency are formulated. The indicator (Tobin’s coefficient) used in world practice for rating companies in terms of financial efficiency is presented and an algorithm for its calculation in relation to the peculiarities of Russian financial statements is presented. The financial performance rating is based on the methodology for assessing the company’s value. The main inaccuracies that are present in the calculations of the cost of companies in the Russian scientific and practical literature are noted. In this regard, the algorithms for calculating the key indicators that form the value of the company’s value have been refined. The results of calculating the rating of financial performance for twelve leading Russian companies engaged in industrial production in the field of mechanical engineering according to their financial statements for 2020 are presented. The calculation results are analyzed in comparison with the rating of companies in terms of annual revenues, total assets and return on equity.

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