Investment attarctiveness of Russian energy business

V. G. Mokhov ; G. S. Chebotareva

Journal of computational and engineering mathematics, Tome 7 (2020) no. 1, pp. 24-31.

Résumé

The liberalization of the Russian energy market intensifies the struggle of companies in this sector to attract large investment capital. However, the practical lack of specific methods for assessing the investment attractiveness of energy companies directly requires adapting already developed approaches to the requirements of this sector. The article is devoted to studying the investment attractiveness of Russian energy companies from the point of view of various methods, as well as the level of loyalty of these methods to the sector. As a methodological basis, three approaches that are most common in practice were proposed: the regulatory approach, the seven-factor model for assessing the return on net assets, and the calculation of economic value added. The studied energy companies were combined into two groups, depending on the type of business: generation, as well as energy service and repair. It allowed us to assess the loyalty level of approaches to these types of business. Research veracity is confirmed by the practical implementation. The results of the study can be used by the management of energy companies, investors and analysts in making financial decisions, as well as in the scientific community for developing specific methodological approaches for assessing the investment attractiveness of energy companies.

Détail

Keywords: energy, investment attractiveness, sustainability, regulatory approach, return on net assets, economic value added, energy generation, energy service, energy repair, modeling.