Методический инструментарий оценки инвестиционного проекта по моделям FCFF и FCFE

Abstract

Maintaining the competitiveness of enterprises is impossible without the implementation of investment projects. The current global situation, which requires enterprises to use modern solutions aimed at the Russian economy development in the face of sanctions dictates the necessity to develop investment activity. The study substantiates the need to develop methodological tools for evaluating an investment project. Based on the analysis of scientific literature and the systematization of the best practices, the author developed the most complete methodological toolkit for evaluating investment projects according to the FCFF and FCFE models, which allows increasing the assessment objectivity to make the most informed management decisions both on the part of an investment project initiator and on the part of an investor. The following key aspects formed the basis of the developed methodological toolkit for evaluating investment projects: checking a project for feasibility; reasonable choice of the discount rate taking into account a chosen model (FCFF or FCFE); taking into account the specifics of building a cash flow depending on the chosen model (FCFF or FCFE); the exclusion of “double counting”; correct accounting for inflation when forecasting cash flows; the compliance with the relevance principle when forecasting cash flows; taking into account risk and uncertainty when forecasting cash flows; the assessment of the investment project effectiveness; the analysis and assessment of risks from the perspective of various stakeholders (an initiator, an owner, a creditor, the state). The application of the proposed methodological toolkit will make it possible to take into account key aspects when forecasting cash flows, when choosing a discount rate, and when conducting an assessment, and thus will allow project initiators and owners to increase the investment portfolio efficiency due to the most objective assessment of projects.