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Market valuation of the world's leading public oil and gas corporations as an indicator of investment attractiveness of domestic vertically integrated companies

т. 26, вып. 4, декабрь 2021

PDF  PDF-версия статьи

Получена: 25.10.2021

Получена в доработанном виде: 10.11.2021

Одобрена: 26.11.2021

Доступна онлайн: 27.12.2021


Коды JEL: G32, L25, L71, M41, O12

Страницы: 414–433


Oleg V. SHIMKO Center for Innovative Economics and Industrial Policy, Institute of Economics of Russian Academy of Sciences (IE RAS), Balashikha, Moscow Oblast, Russian Federation 

SPIN-код: отсутствует

Subject. This article explores the market valuation ratios of the twenty five leading listed oil and gas companies between 2006 and 2018.
Objectives. The article aims to identify key trends in the changes in market valuations of the largest listed oil and gas companies, and identify the factors that have caused these changes.
Methods. For the study, I used comparative, and financial and economic analyses, and generalization of materials of the companies' consolidated financial statements.
Results. The article shows certain changes in the main indicators of market valuation of the leading listed oil and gas companies and identifies the main factors that contributed to these changes. It establishes that the most significant for comparison and valuation are ratios based on balance sheet values of assets and equity, and net sales, EBITDA, DACF and net income ratios are appropriate as auxiliary ratios. The article says that the exchange segment of the industry has increased the debt load, so instead of market capitalization as a component of the coefficients of this group, it is advisable to apply the enterprise value indicator.
Conclusions and Relevance. The article concludes that the market sentiments towards the stock market segment of the global oil and gas industry are getting impaired. This is quite natural against the background of falling profitability of most leading companies. The results of the study can be useful in evaluating, forecasting and developing measures to increase the market capitalization and value of listed oil and gas companies.

Ключевые слова: market capitalization, enterprise value, assets, shareholders' equity, net sales

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