.!. "#$%&'(
65
 !" 330.564.224:332.64 
 .!. "#$%&'(
©
)*+,-. /0)!1)/0! 2.34!4.56+")/7  !3,+/.
 !"#$"%& '(#)*#'(+ *#,#-!. /%01)1%23).'& 4/5-4/)&()6 *#75( 8!(+ '935'(15""#
1!:5 '(#)*#'() %;()1#1 <(). 4/5-4/)&()6, 4#';#,+;9 1#0");%5( ')"5/=5()$5';)6 <>>5;( (/5.
'#'(%1,&23).: 4/%1% '#8'(15""#'() "% )*935'(1# 4/5-4/)&()&, 4/%1% )'4#,+0#1%")& %;()1#1
) 4/5-4/)")*%(5,+';). '4#'#8"#'(56 )")?)%()1"!. (#4-*5"5-75/#1.
@/5-,#75""%& *5(#-);% #?5";) '(#)*#'() 8)0"5'% %;(9%,+"% 4/) 4#,9$5")) ;/5-)(#1 "%
/5%,)0%?)2 1!'#;#-#.#-"!. 15"$9/"!. 4/#5;(#1 ) 4/#=/%** /%01)()& 4/5-4/)&()6.
A,2$51!5 ',#1%:  !"#$" !% &#'() *, #(+) !#,#"((-. /0")1!, $)!"2- ",)(1#  !"#-
$" !# &#'() *, 3# !-) *1!#+-.
# $%&'()*++ ,-+.) /0-0% ./-(,(1( 23($(./4+&3(1( 3-/0/&% &5(6/5%&7
$+&'%$8%-'$%) &/'9%:/). ;$(1/+ .(5(8<+ -%0,/,%=*/+&) >-+8>-/)'/) /.+-
=' ,<&(39= -+$'%?+57$(&'7 / $+ ('3%0%5/&7 (' %.?/:/(0$<@ >-(1-%.. -%0-
,/'/). A968%)&7 , 8(>(5$/'+57$(. 3-+8/'$(. B/$%$&/-(,%$//, ($/ >(&'+-
>+$$( 0%5(6/5/ , ?%$3/ ?(57C9= 4%&'7 8(51(&-(4$<@ %3'/,(, / /&4+->%5/
,(0.(6$(&'/ >-+8(>5%'<.  4-+8/'+5/ >($/.%=', 4'( &'(/.(&'7 %3'/,(,
>-+8>-/)'/) .$(1( $/6+, 4+. &'(/.(&'7 >-+8>-/)'/) 3%3 /.9*+&',+$$(1(
3(.>5+3&%.
D%$3/ +*+ $+(@('$( -%&&.%'-/,%=' , 3%4+&',+ (?E+3'% 0%5(1% .(5(8<+
-%0,/,%=*/+&) >-+8>-/)'/) 3%3 /.9*+&',+$$<+ 3(.>5+3&<. F'( (?9&5(,5+-
$( -)8(. B%3'(-(,: ,(->+-,<@, '%3/+ >-+8>-/)'/) /.+=' 3(-('39= /&'(-/=
(($%, 3%3 >-%,/5(, &(&'%,5)+' 2–3 1(8%); ,(-,'(-<@, -%&4+'$<G >+-/(8 ,&+@
/$,+&'/:/($$<@ >-(+3'(, >-+8>-/)'/) $+ 935%8<,%+'&) , 2–3 1(8%, 4'(
$+ >(0,(5)+' 8(&'(,+-$( (:+$/'7 -+%57$9= 2BB+3'/,$(&'7 /$,+&'/:/($$<@
>-(1-%..; ,-'-+'7/@, 3(-('3%) /&'(-/) 23&>59%'%:/($$(G &'%8// /$,+&'/:/-
($$<@ >-(+3'(, $+ >(0,(5)+' (:+$/'7 :/35/4$(&'7 ?/0$+&%, B%3'/4+&3/+
'+.>< +1( -(&'%, 9-(,+$7 -/&3% 8+G&',/G '(>-.+$+86+-(,; ,-4+',+-'<@,
&5(6$( ,<),/'7 / (:+$/'7 B%3'(-< 3($39-+$:// $% -<$3+.
# '( 6+ ,-+.) B/$%$&(,<+ &>+:/%5/&'< >-/0$%=' $+(&>(-/.(+ >-+-
/.9*+&',( ,<&(3('+@$(5(1/4$<@ -%0,/,%=*/@&) >-+8>-/)'/G. H$/ /.+='
/$'+-+&$<+ /8+/, >-(C5/ >-+8<$,+&'/:/($$9= &'%8/=, (?+&>+4/5/ $%4%57-
$(+ B/$%$&/-(,%$/+ /$,+&'/:/($$<@ >-(+3'(, / 4%&'/4$( -+%5/0(,%5/ /@
23&>59%'%:/($$9= &'%8/=. I&5/ >-/ 2'(. (?+&>+4+$% ,<&(3%) -+$'%?+57-
©
B9'%;#1 C.D., 2011 
B9'%;#1 C#/)' D1%"#1)$ – --/ <;#". "%9;, $,.-;#/. EF  5'498,);) C5,%/9'+, 4/#>. ;%>5-/!
*5"5-7*5"(% C5,#/9'';#=# "%?)#"%,+"#=# (5.")$5';#=# 9")15/')(5(%, e-mail: b-99@yandex.ru
)*$+,-& ./!.0. 1'2-%34,'-5&','6-7*$&-* ,%#&-. 2012. 8 13 (37) 
66
$(&'7 3%>/'%5%, '( 2'( &,/8+'+57&',9+' ( $%5/4// -+83(1( / :+$$(1( -+&9--
&% – >-+8>-/$/.%'+57&3/@ &>(&(?$(&'+G 9 94-+8/'+5+G, 4'( &,/8+'+57&',9+',
, &,(= (4+-+87, ( :+5+&((?-%0$(&'/ -%0,/'/) $(,<@ .+'(8(, (:+$3/ .(5(8(-
1( ?/0$+&%.
# &9*+&',9=*+G >-%3'/3+ (&$(,$(G &(&'%,5)=*+G >-/ (>-+8+5+$//
&'(/.(&'/ ?/0$+&% 85) 0%5(1(,(G 8+)'+57$(&'/ ),5)+'&) (:+$3% ('8+57$<@
%3'/,(,. J(15%&$( «K$&'-93:// >( (:+$3+ >-+8>-/)'/G 3%3 /.9*+&',+$$<@
3(.>5+3&(, (?/0$+&%)» (8%5++ – K$&'-93:/)), &'(/.(&'7 >-+8>-/)'/) >-/$/-
.%+'&) -%,$(G ,+5/4/$+ 4/&'<@ %3'/,(, [1]. #+5/4/$% 4/&'<@ %3'/,(, (>-+-
8+5)+'&) 3%3 -%0$/:% .+689 &9..(G ,&+@ %3'/,(, / (?)0%'+57&', >-+8>-/-
)'/), ('-%6+$$<@ , ?9@1%5'+-&3(. ?%5%$&+. L%&4+'< ,<>(5$)='&) >( &(&'()-
$/= $% >+-,(+ 4/&5( .+&):%, , 3('(-(. >-(,(8/'&) (:+$3%, >( B(-.95+
J4.% = M – H,
18+     J4.% – &'(/.(&'7 4/&'<@ %3'/,(,, &'%$8%-'$%) &'(/.(&'7 >-+8>-/)'/)
>( /$&'-93://, 8+$. +8.;  
M – %3'/,< >-+8>-/)'/), 8+$. +8.;
H – (?)0%'+57&',% >-+8>-/)'/), 8+$. +8.
HB/:/%57$%) .+'(8/3% >(0,(5)+' , &'(/.(&'$(G B(-.+ ('-%0/'7 >-%,%
&(?&',+$$(&'/ $% /.9*+&',( >-+8>-/)'/). H8$%3( ($% $+ 94/'<,%+' '-/ &9-
*+&',+$$<@ B%3'(-%. #(->+-,<@, >+-/(8 &'-(/'+57&',% >-+8>-/)'/), 3('(-
-<G ,5/)+' $% ,+5/4/$9 &'(/.(&'/ (?E+3'%. #(-,'(-<@, ,+5/4/$9 -+$'%?+57-
$(&'/ &(?&',+$$(1( 3%>/'%5% >-+8>-/)'/): 4+. ,<C+ >-/?<57, '+. 8(-(6+
>-+8>-/)'/+ >-/ (8/$%3(,(G ,+5/4/$+ ,5(6+$$(1( 3%>/'%5%. #-'-+'7/@, 8+G-
&',/+ B/$%$&(,(1( -<4%1%: +&5/ -+$'%?+57$(&'7 %3'/,(, >-+8>-/)'/) ?(57-
C+, 4+. &'%,3% >5%'< 0% 3-+8/', '( >-/?<57, ('$(&/.%) $% 0%+.$<G 3%>/'%5,
?98+' .+$7C+, 4+. >-(:+$'< >( 3-+8/'9, / 2'( >(,<&/' -<$(4$9= &'(/.(&'7
>-+8>-/)'/).
H:+$3% &'(/.(&'/ ?/0$+&%, ('-%6%=*%) >-%,% /&>(570(,%$/) %3'/,(,
, &((',+'&',// & .+689$%-(8$<./ &'%$8%-'%./ B/$%$&(,(G ('4+'$(&'/,
>-(/0,(8/'&) .+'(8(. 8(@(8$(&'/. ;+'(8 -+%5/09+' (?*+>-/$)'<G '+0/&:
« !"#$"%!& '()"*" +,!#-+ – .!" /+,"0'1//+2 3+ 014#"5 11 #%0"'&3"-+/#2
-1'#6#/+ 5"7"5"-, 04#-151//87 /+ /+6+'" 4+%61!/"*" 014#"5+ 0"%415%!-"$
5#%,"/!#4"-+/#2».
;%'+.%'/4+&3/ (>-+8+5+$/+ &'(/.(&'/ ?/0$+&% &,(8/'&) 3 (>-+8+5+-
$/= 4/&'(1( 8(@(8%, -%&&4/'%$$(1( $% 8%'9 (:+$3/. H$ ,35=4%+' , &+?) &9.-
.9 25+.+$'(, >('(3% 4/&'(1( 8+$+6$(1( 8(@(8%, >-/,+8+$$<@ $% 8%'9 (:+$-
3/. J((',+'&',+$$( &'(/.(&'7 ?/0$+&% J(-), & 94+'(. B%3'(-% 8/&3($'/-(,%-
$/) / ,+-()'$(&'/ ,<6/,%$/) ?/0$+&%, (>-+8+5/'&) >( B(-.95+
J(-) = (1 – µ) · VPt + µ · SPt,                                        (1) 
 .!. "#$%&'(
67
18+     µ – ,+-()'$(&'7 ,<6/,%$/) ?/0$+&%;
SPt – &'(/.(&'7 >('(3% 4/&'(1( 8+$+6$(1( 8(@(8% (' -+%5/0%:// >-(-
893://, >-/,+8+$$(1( $% 8%'9 (:+$3/ >-+8>-/)'/), 8+$. +8.;
VPt – (&'%'(4$%) &'(/.(&'7 >-+8>-/)'/) , 3($:+ -%&4+'$(1( >+-/(8%,
>-/,+8+$$(1( $% 8%'9 (:+$3/ >-+8>-/)'/), 8+$. +8.
H:+$3% &'(/.(&'/ ?/0$+&%, ('-%6%=*%) >-%,% /&>(570(,%$/), (&$(,%-
$% $% '-+@ (&$(,$<@ >-/$:/>%@:
1) &(?&',+$$/3 $+ >-(8%&' >-+8>-/)'/+ >( :+$+ $/6+ &'(/.(&'/ >-(-
1$(0/-9+.(1( , ?989*+. 4/&'(1( 8(@(8%, >-/,+8+$$(1( $% .(.+$' >-(8%6/;
2) &'(/.(&'7 >-+8>-/)'/) 0%,/&/' (' ,+5/4/$< / -%&>-+8+5+$/) ,(
,-+.+$/ 4/&'(1( 8(@(8%, 3('(-<G >(594/' /$,+&'(- 0% >+-/(8 23&>59%'%://
>-+8>-/)'/) >-/ >-(4/@ -%,$<@ 9&5(,/)@;
3) >('+$:/%57$<G >(39>%'+57 $+ 0%>5%'/' 0% 8(5= , >-+8>-/)'//
?(57C+, 4+. &9..% (6/8%+.<@ >( 1(8%. 23&>59%'%:// ?989*/@ 4/&'<@ 8(-
@(8(,, >-/,+8+$$<@ $% .(.+$' >-(8%6/ >-+8>-/)'/).
K&>(570(,%$/+ >-/,+8+$$<@ >-/$:/>(, (?9&5(,5/,%+' :+5+&((?-%0-
$(&'7 B(-./-(,%$/) >('(3% 4/&'(1( 8(@(8% /0 4/&'(G >-/?<5/, %.(-'/0%://
/ 8-91/@ >(&'9>5+$/G 8+$+6$<@ &-+8&',, (&'%=*/@&) , -%&>(-)6+$// &(?&'-
,+$$/3(, >-+8>-/)'/).
;(8+57 (:+$3/ &'(/.(&'/ ?/0$+&% .+'(8(. 8(@(8$(&'/ & /&>(570(,%-
$/+. 8/&3($'/-(,%$/) 8+$+6$<@ >('(3(, >(594%+'&) -%0,+-'<,%$/+. B(--
.95< (1). 
H&'%'(4$%) &'(/.(&'7 ?/0$+&% (>-+8+5/'&) >( .(8+5/ N(-8($% (1): 
VPt = 9Ft · (1 + g) / (rt + g),                                      (2) 
18+    VPt – (&'%'(4$%) &'(/.(&'7 >-+8>-/)'/) , 3($:+ -%&4+'$(1( >+-/(8%,
>-/,+8+$$(1( $% 8%'9 (:+$3/ >-+8>-/)'/), 8+$. +8.;
t – '+39*/G 1(8 -%&4+'$(1( >+-/(8%;
9Ft – %.(-'/0%:/) , >(&5+8$/G 1(8 >-(1$(0%, 8+$. +8.;
rt – $(-.% 8/&3($'/-(,%$/) , 1(89;
g – '+.>< -(&'% %3'/,(,, /&>(570(,%$$<@ 85) &(@-%$+$/) ?/0$+&%.
;(8+57 N(-8($% >-+8>(5%1%+', 4'( ?/0$+& ?98+' >-/$(&/'7 8(@(8 >(-
&5+ -%&4+'$(1( >+-/(8% (>+-/(8% >-(1$(0%). O(18% +1( (&'%'(4$9= &'(/.(&'7
.(6$( (>-+8+5/'7 >9'+. 3%>/'%5/0%:// 4/&'(1( 8+$+6$(1( >('(3% 0% >(-
&5+8$/G 1(8 >-(1$(0% >-/ >(.(*/ 3(2BB/:/+$'% 3%>/'%5/0%://. F'(' 3(2B-
B/:/+$' /$'+1-/-9+' &'%,39 8/&3($'/-(,%$/) / 8(51(&-(4$<+ '+.>< -(&'%.
;(8+57 N(-8($% >-+8>(5%1%+', 4'( (?E+. %3'/,(,, $%>-%,5+$$<@ , /$,+&'/-
:// 85) &(@-%$+$/) 8(@(8$(&'/ ?/0$+&%, -%,+$ ,+5/4/$+ %.(-'/0%:// , >(-
&5+8$/G 1(8 >-(1$(0%.
J'(/.(&'7 >('(3% 4/&'(1( 8(@(8% (' -+%5/0%:// >-(893:// (SPt) (>-+-
8+5/'&) >( B(-.95+
)*$+,-& ./!.0. 1'2-%34,'-5&','6-7*$&-* ,%#&-. 2012. 8 13 (37) 
68
SPt =  !
1
/ 1+ ,
T
t
t t
t
CF r
"
 
18+ CFt – ?+08(51(,(G 8+$+6$<G >('(3 , 1(89 t;
t – '+39*/G 1(8 -%&4+'$(1( >+-/(8%;
: – 3($+4$<G 1(8 -%&4+'$(1( >+-/(8%;
rt – &'%,3% 8/&3($'/-(,%$/) , 1(89 t;
L%0,+-$9'%) B(-.95% (1) >-/(?-+'%+' ,/8
J(-) = (1 – µ) · 9Ft · (1 + g) / (rt + g) +  !
1
µ / 1 ,
T
t
t t
t
CF r
"
# $
 
18+    µ – ,+-()'$(&'7 ,<6/,%$/) ?/0$+&%;
9Ft – %.(-'/0%:/) , >(&5+8$/G 1(8 >-(1$(0%, 8+$. +8.;
g – '+.>< -(&'% %3'/,(,, /&>(570(,%$$<@ 85) &(@-%$+$/) ?/0$+&%;
CFt – ?+08(51(,(G 8+$+6$<G >('(3 , 1(89 t;
T – >+-/(8 >-(1$(0% >(594+$/) 4/&'(1( 8(@(8% (>+-/(8 >-(1$(0/-
-9+.(G 23&>59%'%:// (&$(,$<@ &-+8&', >-+8>-/)'/)), 5+'.
# >-/,+8+$$(G B(-.95+ '-/ >-(?5+.$<+ ,+5/4/$<: >+-/(8 >-(1$(0%,
,+-()'$(&'7 ,<6/,%$/) ?/0$+&%, &'%,3% 8/&3($'/-(,%$/).
P-(1$(0/-(,%$/+ 8+$+6$(1( >('(3% (&9*+&',5)+'&) $% &-(3 >-(1$(0%,
$%4/$%) & 1(8% (:+$3/. P+-/(8 >-(1$(0% >-/$/.%+'&) (' 5 8( 10 5+'. !5) ,<-
&(3('+@$(5(1/4$<@ >-+8>-/)'/G ($ >-/$/.%+'&) -%,$<. >+-/(89 (?$(,5+-
$/) ?%0(,<@ '+@$(5(1/G. # ('-%&5)@ &'-(G.%'+-/%5(, 2'( 9 5+'. Q%1 >-(1$(-
0% (?<4$( >-/$/.%+'&) -%,$<. (8$(.9 1(89. J'%,3% 8/&3($'/-(,%$/) >-/-
$/.%+'&) $% 9-(,$+ &'%,3/ >5%'< 0% 3-+8/'. #+-()'$(&'7 ,<6/,%$/) 8(56$%
(>-+8+5)'7&) /$8/,/89%57$( 85) 3%68(1( 3($3-+'$(1( ?/0$+&%.
;(8+57 (:+$3/ &'(/.(&'/ ,<&(3(-+$'%?+57$(1( ?/0$+&% /&>(5709+'
&-%,$/'+57$<G .+'(8, &>(&(?$<G %8+3,%'$( ('-%6%'7 >('+$:/%5 >-+8>-/-
)'/), 0%5(6+$$<G >-+8>-/$/.%'+57&3/./ &>(&(?$(&')./ .+$+86+-(,.
H:+$3% &'(/.(&'/ (?E+3'(,-%$%5(1(, , -%0,/'<@ &'-%$%@ 8(>9&3%+'&)
>-(/0,(8/'7 $% (&$(,%$// 8%$$<@ ( 3('/-(,3%@ %3:/G / ,+5/4/$+ 3%>/'%5/-
0%:// >-+8>-/)'/G. # D+5%-9&/ $+' 3('/-(,3/ %3:/G. !5) 93-9>$+$$(G (:+$-
3/ %3'/,(, &-%,$/'+57$<. .+'(8(. 8(>9&'/.( /&>(570(,%'7 ?/-6+,<+ /$-
8+3&<. !5) ,<&(3('+@$(5(1/4$<@ >-(/0,(8&', 2'( ?98+' /$8+3& NASDAQ-100 
(Nq), 3('(-<G -%&&4/'<,%+'&) $% (&$(,%$// 3('/-(,(3 100 ,<&(3('+@$(5(-
1/4$<@ 3(.>%$/G, 0%-+1/&'-/-(,%$$<@ $% ?/-6+ NASDAQ. # /$8+3& ,@(8)'
3(.>%$//, ?%0/-9=*/+&) , JQM, "%$%8+, K0-%/5+, J/$1%>9-+, K$8//, Q,+-
://, Q,+G:%-//, K-5%$8// / "/'%+. A% 15 8+3%?-) 2009 1(8% Nq -%,+$
2204,2. F'( (0$%4%+' 4'( -<$(4$%) &'(/.(&'7 4/&'<@ %3'/,(, ,<&(3('+@$(-
5(1/4$<@ 3(.>%$/G , 22,04 -%0% ,<C+ /@ $(./$%57$(G &'(/.(&'/, >-/ -+$-
'%?+57$(&'/ 4/&'<@ %3'/,(, ,<C+ 97 %. 
 .!. "#$%&'(
69
J'(/.(&'7 ,<&(3(-+$'%?+57$(1( ?/0$+&% J(&) (>-+8+5/'&) >( B(-.95+
J(&) = J4.% · "Nq,
18+     J4.% – &'(/.(&'7 4/&'<@ %3'/,(,, &'%$8%-'$%) &'(/.(&'7 >-+8>-/)'/)
>( /$&'-93://, 8+$. +8.; 
"Nq – 3(2BB/:/+$' 3(--+3'/-(,3/ &'(/.(&'/ 4/&'<@ %3'/,(,; "Nq =
= 22,0 >-/ -+$'%?+57$(&'/ 4/&'<@ %3'/,(, ,<C+ 97 %. 
# >-/,+8+$$(G B(-.95+ >-(?5+.$(G ,+5/4/$(G ),5)+'&) 3(2BB/:/+$'
3(--+3'/-(,3/ &'(/.(&'/ 4/&'<@ %3'/,(,. H$ >-/$)' >(&'()$$<. >-/ ?(57-
C(. -%0?-(&+ -+$'%?+57$(&'/ 4/&'<@ %3'/,(,. P( (:+$3%. &>+:/%5/&'(, &'%-
'/&'/4+&3%) >(1-+C$(&'7 $%@(8/'&) , >-+8+5%@ 10 %. F'( &9*+&',+$$%) >(-
1-+C$(&'7. H$% 8(56$% ?<'7 9-%,$(,+C+$% %57'+-$%'/,$<./ -%&4+'%./ [2].  
;+'(8/3% /$'+1-%57$(G (:+$3/ &'(/.(&'/ ?/0$+&% 9-%,$(,+C/,%+'
8(&'(/$&',% / $+8(&'%'3/ 4%&'$<@ (:+$(3, -%&&.('-+$$<@ ,<C+. P(&-+8&'-
,(. R--%&>-+8+5+$/) ($% /$'+1-/-9+' &5+89=*/+ >(3%0%'+5/: &'(/.(&'7 4/&-
'<@ %3'/,(,, $% 3('(-<+ -%&>-(&'-%$)='&) >-%,% &(?&',+$$(&'/; &'(/.(&'7
?/0$+&%, (>-+8+5+$$9= .+'(8(. 8(@(8$(&'/, 3('(-%) ('-%6%+' >-%,% /&>(57-
0(,%$/); &-%,$/'+57$9= &'(/.(&'7 ?/0$+&%, ('-%6%=*9= >('+$:/%5 >-+8-
>-/)'/), 0%5(6+$$<G >-+8>-/$/.%'+57&3/./ &>(&(?$(&')./ .+$+86+-(,.
K$'+1-%57$%) ,+5/4/$% &'(/.(&'/ ?/0$+&% $%@(8/'&) 3%3 .%'+.%'/4+-
&3(+ (6/8%$/+ '-+@ &(&'%,5)=*/@, /.+=*/@ R--%&>-+8+5+$/+. P-/ >+&&/./-
&'/4+&3(G (:+$3+ &'(/.(&'/ ?/0$+&% ,+5/4/$% -%,$% &'(/.(&'/ 4/&'<@ %3'/-
,(,, ++ 98+57$<G ,+& – 0,2. A%/?(5++ ,+-()'$%) &'(/.(&'7, (>-+8+5+$$%)
.+'(8(. 8(@(8$(&'/, /.++' 98+57$<G ,+& 0,6. H>'/./&'/4+&3%) (:+$3% &'(/-
.(&'/ ?/0$+&%, ,<),5+$$%) &-%,$/'+57$<. .+'(8(., /.++' 98+57$<G ,+& 0,2. 
;%'+.%'/4+&3(+ (6/8%$/+ &'(/.(&'/ ?/0$+&% J(R) '(18% .(6$( (>-+8+5/'7
>( B(-.95+
J(R) = 0,2 · (1· J4.% + 3 · "&' · J8 + 1· J&).
"(2BB/:/+$' &'%?/57$(&'/ (6/8%+.<@ 8(@(8(, ('-%6%+' &'+>+$7
0%,+-C+$$(&'/ /$,+&'/:/($$(G >-(1-%..< -%0,/'/). H$ 8/BB+-+$:/-9+'
$+(>-+8+5+$$(&'7 ,+5/4/$< 8(@(8(,. P( &9*+&',9=*/. 8(@(8%. 3(2BB/:/-
+$' >-/$/.%+'&) -%,$<. 1,0, >( (6/8%+.<. 8(@(8%. (' >-(/0,(8&',, 3('(-
-<+ +*+ $+ ,,+8+$< , 23&>59%'%:/=, – -%,$<. 0,66. "(2BB/:/+$' 0,66 ('-%-
6%+' .%3&/.%57$( 8(>9&'/.<G -/&3 B9$3:// >(5+0$(&'/ -/&3%. S9$3:/=
-%0-%?('%5 5%9-+%' A(?+5+,&3(G >-+.// , (?5%&'/ 23($(./3/ N%--/ ;%-3(-
,/: [3]. 
;+'(8/3% /.++' 8,% &9*+&',+$$<@ 8(&'(/$&',%. #(->+-,<@, .%'+.%'/-
4+&3(+ (6/8%$/+ &'(/.(&'/ ?/0$+&% .(6+' ?<'7 3%3 ?(57C+, '%3 / .+$7C+
&'(/.(&'/ 4/&'<@ %3'/,(,. #(-,'(-<@, &'(/.(&'7 ?/0$+&%, $%@(8)*+1(&)
, ?5%1(>-/)'$(G 23($(./4+&3(G &-+8+, 8(>9&3%+'&) (>-+8+5)'7 ?+0 23&>+-'-
$(G (:+$3/ -/&3%.
)*$+,-& ./!.0. 1'2-%34,'-5&','6-7*$&-* ,%#&-. 2012. 8 13 (37) 
70
J5+89+' (6/8%'7, 4'( (:+$3% &'(/.(&'/ ?/0$+&% >( .+689$%-(8$<.
&'%$8%-'%. , D+5%-9&/ / 8-91/@ 1(&98%-&',%@ JAN ?98+' >-(@(8/'7 >(&'+-
>+$$(. # >+-,9= (4+-+87 ($% 3(&$+'&) >-+8>-/)'/G, $%@(8)*/@&) , ?5%1(-
>-/)'$(G 23($(./4+&3(G &-+8+.
H:+$3% -+0957'%'(, >-/,+8+$$<@ .+'(8/3 /$'+1-%57$(G (:+$3/ &'(/-
.(&'/ ?/0$+&% ?<5% >-(,+8+$% $% ?%0+ -+0/8+$'% &,(?(8$(G 23($(./4+&3(G
0($< (JFT) «D-+&'» – TMH «D%1/-%» & :+57= >-(8%6/ 4%&'/ &,(/@ 8(5+G &(?-
&',+$$(&'/ / >(594+$/) 3-+8/'% , -%0.+-+ 3000 '<&. +,-(. #<-943% (' >-(-
8%6/ / 3-+8/' ?989' /&>(570(,%$< 85) -%&C/-+$$(1( ,(&>-(/0,(8&',% (&-
$(,$(1( 3%>/'%5%.
J(?&',+$$/3 (&(0$%+', 4'( ,(0.(6$( '(573( ,+$49-$(+ (,<&(3(-/&3(-
,%$$(+) 3-+8/'(,%$/+ , &>+:/%5/0/-(,%$$(. ?%$3+.
P-+8>-/)'/+ 0%$/.%+'&) >-(/0,(8&',(. >-(893'(, >/'%$/) $% (&$(-
,+ &<-7), >(&'%,5)+.(1( /0 &'-%$ I,-(&(=0%. A% ,&+@ 94%&'3%@ 9&'%$(,5+$(
&(,-+.+$$(+ '+@$(5(1/4+&3(+ (?(-98(,%$/+ ,+89*/@ ./-(,<@ >-(/0,(-
8/'+5+G.
P-%3'/4+&3/ ,&+ %3'/,< , -%0$(+ ,-+.) ?<5/ 0%5(6+$<. P(594/'7 $(-
,<G 3-+8/' >(8 %3'/,< $+570).
P('+$:/%5 >-+8>-/)'/) @%-%3'+-/09+' ,<&(3%) -+$'%?+57$(&'7 3%>/'%-
5% >( 4/&'(G >-/?<5/, $%5/4/+ 571(' >( $%5(1((?5(6+$/=, &+1.+$'< >-(8(-
,(57&',+$$<@ -<$3(, L(&&// /  3-%/$<, >-(893:/) $% 3('(-<@ >(5709+'&)
,<&(3/. &>-(&(..
 !"#$% &'()*(&') +,"-+,).'). (/)!)%01#2* *"'(-(*.  !"#$-
%&' $(%%&' $)* +(!,'-( !-#./#!-. 0.1%'!( 2# ,.!-&/ (3-.4(/ 2+#.14#$.-!*
2# 0()(%!5 678 «9(:.+(». 9()(%! 2+.4'$'% 4 -(0). 1. 
;(0).<( 1 
=#3(1(-')>
1- !"#$"%&
?').,.%(
%( $(-5 #<'%3.
2- !"#$"%&
?').,.%(, 2+#:%#1.+5'/(*
2#!)' 2#)5,'%.* 3+'$.-(
 !"#$
I. ?%'#0#+#-%&' (3-.4& 9 180 9 180 
II. 80#+#-%&' (3-.4& 14 824 17 824 
'"("%) 24 004 27 004 
%&''#$
III. @(2.-() . +'1'+4& 772 772 
IV. A#):#!+#,%&' #0*1(-')>!-4( 11 414 14 414 
V. @+(-3#!+#,%&' #0*1(-')>!-4( 11 818 11 818 
'"("%) 24 004 27 004 
 .!. "#$%&'(
71
B-#./#!->, +(!!,.-(%%(* #C.<.()>%&/ /'-#$#/ $)* #0#." 4(+.(%-#4
2+'$2+.*-.* «9(:.+(», !#!-(4.- 772 -&!. '4+#.
 !"#$% &'()*(&') +,"-+,).'). *"'(-(* -(/(-#(&'). ='+.#$ 2+#-
:%#1( 2+.%*- 7 )'-, .%-'+4() 2+#:%#1( +(4'% #$%#/5 :#$5. ? 3-/ :#$5 2+#:%#-
1( 44#$*-!* %#4&' 2+#.14#$!-4'%%&' /#D%#!-., ,-# !5D'!-4'%%# .1/'%*'-
4').,.%5 ,.!-#:# $#"#$(. =+#:%#1.+#4(%.' $'%'E%#:# 2#-#3( 2+. 2#)5,'%.*
$#2#)%.-')>%#:# 3+'$.-( 2+'$!-(4)'%# 4 -(0). 2. 
;(0).<( 2 
=+#:%#1.+#4(%.' $'%'E%&" 2#-#3#4 678 «9(:.+(», -&!. '4+#
F#$ 2+#:%#1%#:# 2'+.#$(G
2/2
=#3(1(-')>
1-H 2-H 3-H 4-H 5-H 6-H 7-H
1 I.!-(* 2+.0&)> 4760 4760 3163 5960 5960 5960 5960 
2 7/#+-.1(<.* 657 657 1257 1257 1257 1257 1257 
3 I.!-&H $#"#$
(!-+. 1 + !-+. 2) 
5417 5417 4420 7217 7217 7217 7217 
4 ?&2)(-& 2# 3+'-
$.-5
5000 5000 4000 5200 4856 0,00 0,00 
5 9'1$#):#4#H $'-
%'E%&H 2#-#3
(!-+. 3 – !-+. 4) 
417 417 420 2017 2361 7 217 7217 
6 J#+/( $.!3#%-.-
+#4(%.* rt
0,2 (20 %) 
7 @#KCC.<.'%-
$.!3#%-.+#4(%.*
1/(1 + rt)
t
0,833 0,694 0,578 0,482 0,402 0,335 0,279 
8 =+.4'$'%%&H $'-
%'E%&H 2#-#3
(!-+. 5  !-+. 7) 
347 289 243 973 949 2 418 2014 
9 I.!-(* $.!3#%-.+#4(%%(* !-#./#!-> $#"#$#4 2+'$2+.*-.* (!5//( !-+.8)  
7233 -&!. '4+#
8!-(-#,%(* !-#./#!-> 678 «9(:.+(» 2# /#$'). F#+$#%( #2+'$')'%( .1
5!)#4.*: !-(43( 2)(-& 1( 3+'$.- 20 % :#$#4&" (#-%#!.-')>%(* 4').,.%( 0,2); 
2#!)' 2+#:%#1%#:# 2'+.#$( +'%-(0')>%#!-> (3-.4#4, %(2+(4)'%%&" $)* 2#$-
$'+E(%.* 0.1%'!(, 2+.%*-( 5 % :#$#4&" (#-%#!.-')>%(* 4').,.%( 0,05). L-#
!##-4'-!-45'- #-,'-%&/ 2#3(1(-')*/ 2+'$2+.*-.H 9')(+5!.. 8!-(-#,%(*
!-#./#!-> !#!-(4.-: 1257 -&!. '4+#   (1 + 0,05) / (0,2 + 0,05) = 4205 -&!. '4+#.
=+.4'$'%%(* #!-(-#,%(* !-#./#!-> 2+'$2+.*-.* «9(:.+(» !#!-(4.-:
4205 -&!. '4+# / (1+0,2)9 = 815 -&!. '4+#.
B-#./#!-> 0.1%'!(, #2+'$')'%%(* /'-#$#/ $#"#$%#!-., !#!-(4.-:
7233 -&!. '4+# + 1705 -&!. '4+# = 8900 -&!. '4+#.
)*$+,-& ./!.0. 1'2-%34,'-5&','6-7*$&-* ,%#&-. 2012. 8 13 (37) 
72
 !"#$% &'()*(&') +,"-+,).'). &,%0#)'"12#3* *"'(-(*. M'%-(-
0')>%#!-> ,.!-&" (3-.4#4 2+'$2+.*-.* «9(:.+(» ! 5-:# 2# 7-H :#$& 2+#:%#1-
%#:# 2'+.#$( #E.$('-!* #3#)# 600 %. B##-4'-!-4'%%# ." !-#./#!->, #2+'$'-
)'%%(* !+(4%.-')>%&/ /'-#$#/, /#E'- 0&-> +(!!,.-(%( ! .!2#)>1#4(%.'/
.%$'3!( NASDAQ: 772 -&!. '4+#   22,04 = 16 900 -&!. '4+#.
4#'"5,%12#%. (!"#$% &'()*(&') 6)7#"&% 0 61%5(+,).'#(8 &,"-".
=+'$4(+.-')>%# %'#0"#$./# #2+'$').-> 3#KCC.<.'%- !-(0.)>%#!-. #E.-
$('/&" $#"#$#4. M(!,'- 3#KCC.<.'%-( 4&2#)%'% 4 -(0). 3. ?').,.%( 3#KC-
C.<.'%-( 2,90. L-# #1%(,('-, ,-# 0#)>N5O ,(!-> $#"#$( #0'!2',.4(O- $'H!--
45OD.' #0P'3-& 0.1%'!(.
;(0).<( 3 
M(!,'- 3#KCC.<.'%- !-(0.)>%#!-. $#"#$(, -&!. '4+#
F#$ 2+#:%#1%#:# 2'+.#$(G
2/2
=#3(1(-')>
1-H 2-H 3-H 4-H 5-H 6-H 7-H
1 9(1#4&H ,.!-&H
$#"#$
5417 5417 5417 5417 5417 5417 5417 
2 =+.+#!- ,.!-#:#
$#"#$(
– – –997 1807 1807 1807 1807 
3 @#KCC.<.'%-
$.!3#%-.+#4(%.*
(1 + rt)
t
0,833 0,694 0,578 0,482 0,402 0,335 0,279 
4 =+.4'$'%%&H
0(1#4&H $#"#$,
(2.1  2.3)
4512 3759 3185 2611 2177 1815 1511 
5 I.!-(* $.!3#%-.+#4(%%(* !-#./#!-> 0(1#4#:# $#"#$( (!5//( !-+. 4)  
19 570 -&!. '4+#
6 =+.4'$'%%&H
2+.+#!- $#"#$(,
(2.2  2.3)
– – –576 871 726 605 504 
7 I.!-(* $.!3#%-.+#4(%%(* !-#./#!-> 2+.+#!-( $#"#$( (!5//( !-+.6)  
2130 -&!. '4+#
8 @#KCC.<.'%- !-(0.)>%#!-. $#"#$( (3  !-+.5 + 2  !-+.7) / ( !-+.5 + !-+.7) =  
= (3   19 570 -&!. '4+# + 2   130 -&!. '4+#) /
/(19 570 -&!. '4+# + 130 -&!. '4+#) = 2,90 
B-#./#!-> 0.1%'!( 2# 2+#.14#$!-45 2+#$53-#4 2.-(%.* 4 0)(:#-
2+.*-%#H !+'$' #2+'$').-!* 2# C#+/5)' (2): 0,2 · (772 -&!. '4+# +  
+ 2,9 · 8900 -&!. '4+# + 16 900 -&!. '4+#) = 8697 -&!. '4+#.
8-/'-./, ,-# 4 $(%%#/ !)5,(' !-#./#!-> 0.1%'!(, #2+'$')'%%(* /'-#-
$#/ $#"#$%#!-., #3(1()(!> 0#)>N', ,'/ .%-':+()>%(* 4').,.%( !-#./#!-.
2+'$2+.*-.*.
 .!. "#$%&'(
73
 %!-+53<.. F#!3#/./5D'!-4( 2# #<'%3' 2+'$2+.*-.H 3(3 ./5D'!--
4'%%&" 3#/2)'3!#4 %' $.CC'+'%<.+5O- 2+'$2+.*-.* 2# 5+#4%O +'%-(0')>-
%#!-. . 2+#.14#$!-4'%%#/5 2#-'%<.()5.
Q'E$5%(+#$%&' !-(%$(+-& 2+'$5!/(-+.4('- /%#:#C(3-#+%&H (%().1
2+. #<'%3' 2+'$2+.*-.H 3(3 ./5D'!-4'%%#:# 3#/2)'3!(. L-# #0'!2',.4('-
C.%(%!.+#4(%.' -+($.<.#%%&" . 4'%,5+%&" 4&!#3#-'"%#)#:.,%&" 2+'$2+.-
*-.H . 2+#.14#$!-4 ., 3(3 !)'$!-4.', .%%#4(<.#%%#' +(14.-.' %(<.#%()>%#H
K3#%#/.3..
? 9')(+5!. #0P'3-.4%# %'#0"#$./# 2#$$'+E.4(-> (/0.<.#1%&' 4&!#-
3#-'"%#)#:.,%&' 2+#:+(//& +(14.-.* /#)#$&" +(!-5D." 2+'$2+.*-.H. A)*
%." !)'$5'- #-3+&-> 3+'$.-%&' ).%... 8<'%3( !-#./#!-. K-." 2+'$2+.*-.H
3(3 ./5D'!-4'%%#:# 3#/2)'3!( (0.1%'!() #0'!2',.- $)* %." 2#4&N'%%5O
.%4'!-.<.#%%5O 2+.4)'3(-')>%#!->.
*+$),- ($&.#"&/#0
1.  %!-+53<.. 2# #<'%3' 2+'$2+.*-.H 3(3 ./5D'!-4'%%&" 3#/2)'3!#4
(0.1%'!(): 5-4. =#!-(%#4)'%.'/ F#!. 3#/.-'-( 2# ./5D'!-45 M'!250).3. 9'-
)(+5!> #- 09.09.2008 :. G 70. 
2. A(/#$(+(% 7.  %4'!-.<.#%%(* #<'%3(:  %!-+5/'%-& . /'-#$& #<'%-
3. )O0&" (3-.4#4: 2'+. ! (%:). – 2-' .1$., .!2+. – Q.: 7)>2.%( 9.1%'! 953!,
2005. – 1341 !.
3. Markowitz H. Mean-Variance Analysis in Portfolio Choice and Capital 
Markets. – New York: Financial Press, 1987. – 345 +.
=#)5,'%# 07.12.2011 
B.I. Gusakov 
VALUE ASSESSMENT OF DEVELOPING BUSINESS 
Market value of the young growing enterprises can be significantly higher 
than their asset value, since there is a synergistic effect of three components: the 
ownership of the company’s assets (freehold interest in the property), the right to 
use assets and entrepreneurial skills of initiative top managers. The proposed  
business value assessment method is relevant in obtaining loans for high-yield  
investment projects and enterprise development programmes.  
Keywords: business value, investment project, business value assessment 
methods, probability of the survival of the business, net assets.