Evaluation of the strategic prospects for the development of clusters using the book value and sales multiples
This paper proposes an approach to identify the core of the company, the future of innovation and industrial cluster in order to subsequently expand this business to a pilot cluster in the region. For this proposed use multiples of the book value, the multiplier Tobin’s Q and multiples of sales. They allow you to find out whether in the near future, the company investigated the potential to become the core of the future cluster. Also, using the multipliers can check whether a large company present the position of the ‘core of the cluster’. To this end, multiplier of the book value compared with the yield spread, and multipliers of sales to the profit margin. In the case of low values of multipliers and high yield spreads and profit margins, as well as if the multiplier Tobin’s Q greater than 1, the company is undervalued in the stock market in the coming years will grow more rapidly than others in the industry or cluster. As a result, we obtained the following practical conclusions. Comparison of JSC ‘GAZ’ two types of companies operating in the same industry, i.e. JSC ‘AvtoVAZ’ and PJSC ‘KAMAZ’, revealed that the company is reasonably chosen nucleus of the Nizhny Novgorod industrial innovation cluster. In addition, comparing the thus obtained evaluation of the brand of JSC ‘GAZ’ in the 89,32% and 97,29% of the estimated value of the company, in the conclusion that the value of the brand — an indicator is not absolute but relative.
Keywords: cluster, core of the cluster, multiplier of the book value, multipliers of sales, brand value of the company
1. Bogomolov V. A., Surina A. V. Ispol’zovaniye modeli dlya otsenki urovnya rasprostraneniya znaniy [Using the model to estimate the level of dissemination of knowledge]. Nauchno-tekhnicheskiye vedomosti. Informatika. Telekommunikatsii. Upravleniye [Scientific and technical sheets. Informatics. Telecommunications. Management], 2011, no. 2, pp. 195-199 (in Russian).
2. Brigham E., Gapenski L. Finansovyy menedzhment [Financial Management]. St.-Petersburg, Ekonomicheskaya shkola [Economic School], 2005, 1166 p. (in Russian)
3. Volkova N. N., Sakhno T. V. Promyshlennye klastery [Industrial clusters]. Poltava, ASMI, 2005, 271 p. (in Russian)
4. Gnevko V. A., Rokhchin V. E. Voprosy Teorii i praktiki regional’nogo strategicheskogo upravleniya [Questions of the theory and practice of regional strategic government]. Prostranstvennaya ekonomika [Spatial economics], 2004, no. 5 (in Russian).
5. Gromyko Yu. V. Chto takoye klastery i kak ikh sozdavat’ [What are clusters and how to create them]. Al’manakh “VOSTOK” [Almanac “EAST”], 2007, no. 1(42), June 2007. (in Russ.) Available at: http://www.situation.ru/app/j\_art\_1178.htm (accessed 04.09.2015).
6. Damodaran A. Investment Valuation: Tools and techniques for determining the value of any asset. New York, John Wiley & Sons, Inc., 2002, 993 p.
7. D’yakonov V. P. Mathematica 5/6/7. Polnoye rukovodstvo [Mathematica 5/6/7. Complete guide], Мoscow, DMK Press, 2010, 624 p. (in Russian)
8. Egorova E. S. Analiz protsessa klasterizatsii i vzaimodeystviya predpriyatiy klasterov v Rossii [Analysis of the clustering process and the interaction between enterprises clusters in Russia]. Upravleniye ekonomicheskimi sistemami [Management of economic systems], 2014, nom. (71) UEkS, 11/2014. (in Russ.) Available at: http://uecs.ru/marketing/item/3170-2014-11-21-06-31-16 (accessed 04.09.2015).
9. Kuznetsov B. T. Investitsii [Investments]. Moscow, Yuniti-Dana, 2006, 622 p. (in Russian)
10. Limitovskiy M. A. Investitsionnye proekty i realnye optsiony na razvivayuschikhsya rynkakh: Uchebno-prakticheskoye posobiye [Investment projects and real options in developing markets: Teaching and practical aid], 4th edn. Moscow, Yurayt, 2008, 464 p. (in Russian)
11. Patrusheva E. G., Bol’shakova E. A. Otsenka ekonomicheskoy effektivnosti regional’nogo innovatsionnogo klastera [Evaluation of economic efficiency of the regional innovative cluster]. Upravleniye ekonomicheskimi sistemami [Management of economic systems], 2015, no. (76) UEkS, 4/2015. (in Russ.) Available at: http://uecs.ru/regionalnaya-ekonomika/item/3443-2015-04-15-13-20-03 (accessed 04.09.2015).
12. Polovko A. M. Mathematica dlya studenta [Mathematica for the student]. St.-Petersburg, BHV-Petersburg, 2007, 368 p. (in Russian)
13. Porter M. E. On competition. Boston, Harvard Business School Press, 1998, 485 p.
14. Prosvetov G. I. Matematicheskiye vetody i vodeli v ekonomike: Zadachi i resheniya: Uchebno-prakticheskoye posobiye [Mathematical methods and models in economy: Tasks and decisions: Teaching and practical aid]. Moscow, Al’fa-Press, 2012, 344 p. (in Russian)
15. Roche J. The value of nothing: Mastering business valuations. London, LES50NS (PUBLISHING) Limited, 2005, 236 p.
16. Fedorenko O. S. Aktivizatsiya investitsionnoy deyatel’nosti na osnove klasternogo podkhoda [Activization of investment activity on the basis of cluster approach]. Upravleniye ekonomicheskimi sistemami [Management of economic systems], 2010, no. (24) UEkS, 4/2010. (in Russ.) Available at: http://uecs.ru/innovacii-investicii/item/237-2011-03-24-12-20-16 (accessed 04.09.2015).
17. Shvetsov A. Prostranstvennyy klaster kak instrument aktivizatsii innovatsionnogo razvitiya [Spatial cluster as a tool to activate innovative development]. Problemy teorii i praktiki upravleniya [Problems of management theory and practice], 2014, no. 4, pp. 51-61 (in Russian).
18. Yashin S. N., Koshelev E. V., Makarov S. A. Analiz effektivnosti innovatsionnoy deyadel’nosti: uchebnoye posobiye [Analysis of efficiency of innovative activity: Teaching aid]. St.-Petersburg, BHV-Petersburg, 2012, 288 p. (in Russian)
19. Tukkel’ I. L., Golubev S. A., Surina A. V., Tsvetkova N. A. Metody i instrument upravleniya innovatsionnym razvitiyem promyshlennykh predpriyatiy [Methods and tools of innovative development of industrial enterprises]. St.-Petersburg, BHV-Petersburg, 2013, 208 p. (in Russian)
20. The industrial development program of the Nizhny Novgorod innovative territorial cluster 2012. Russian cluster observatory, 2012. Available at: http://cluster.hse.ru/clusters/69/. (in Russ.)
21. Tukkel’ I. L., Surina A. V., Kul’tin N. B. Upravleniye innovatsionnymi proyectami: Uchebnik [Management of innovative projects: Textbook]. St.-Petersburg, BHV-Petersburg, 2011, 416 p. (in Russian)
22. Bergman E. M., Feser E. J. Industrial and Regional Clusters: Concepts and Comparative Applications. Morganton, WV, Regional Research Institute, West Virginia University, 1999, 132 p.
23. Itami H. Mobilizing Invisible Assets. Cambridge, MA, Harvard University Press, 1987, 186 p.
24. Moscow Exchange Group. Available at: http://moex.com.
25. JSC “AvtoVAZ”. Available at: http://www.lada.ru.
26. JSC “GAZ Group”. Available at: http://gazgroup.ru.
27. PJSC “KAMAZ”. Available at: http://www.kamaz.ru.
