Sivitska Y. Business valuation of the integral property complex of the agricultural holding for investment purposes

In the dissertation work the complex theoretical and methodical substantiation of scientific approaches to an estimation of cost of agroholdings is carried out and practical recommendations of definition of their cost for the purpose of the further investment are offered. Based on the generalization of scientific approaches to the specifics of investing in agricultural enterprises of Ukraine, it is established that in attracting investors, especially with foreign capital, it is important to assess the value of business, the vast majority of which are now integral property complexes. It is proved that there is an urgent need to address issues of theoretical and methodological nature that arise in the implementation of evaluation procedures. The paper substantiates the inexpediency of using generally accepted methodological approaches to the valuation of agricultural property and business. It is established that the valuation of the integral property complex of an agricultural holding should be carried out not only on the basis of the purpose of the assessment, but also taking into account the synergetic effect, ie the acquisition of benefits from the integration of the holding. It is proved that the most complete synergetic effect is taken into account when applying a profitable methodological approach. This approach allows you to take into account future cash flows, predict the effectiveness of investments and can be used in the case of estimating the value of business with volatile cash flows, which is especially relevant for domestic agricultural business. It is proved that the build-up method modified is acceptable for use in calculating the discount rate for estimating the value of an agricultural holding for investment purposes. The rationale for calculating all components of the Build-up method modified formula for calculating the discount rate in the process of assessing the value of agricultural holdings for investment, which will contribute to the scientific argumentation of proposals to improve the valuation of agricultural holdings and optimize the valuation procedure. Analysis of the scientific basis and practical application of existing methodological approaches to calculating the value of an agricultural holding for investment revealed that the most effective for this purpose of assessing an agricultural holding is the use of profitable methodological approach, cash flow discounting method and modified cumulative construction method for calculating disco rate. The paper improves the system of factor analysis indicators used to calculate the Company’s Specific Risk Premium (CSRP) in terms of identifying the main factors that have the greatest impact on CSRP: competition, company management, dependence on major employers, financial stability business, location of business. This will increase the accuracy of the calculation of the premium indicator for the specific risk of the agricultural holding and reduce the time spent on market analysis as a necessary element of the report on the assessment of the value of agricultural business. In the process of conducting this study empirically proven and substantiated methodological approaches for: forecasting discounted cash flows; calculation of the premium for specific risk; company beta ratio for agricultural holdings; discount rates for estimating the value of an agricultural holding for investment purposes. The introduction of improved calculation methods will provide a more accurate estimate of the value of the agricultural holding for investment purposes and will reduce the percentage of subjectivity in the calculation of the discount rate by the appraiser. The paper develops recommendations for implementation in practical valuation activities for the procedure of valuation of agricultural holdings for investment purposes. A conceptual model for determining the value of an integral property complex of an agricultural holding for investment purposes has been proposed for implementation in practical appraisal activity.