Conducting forensic examinations on the issues of determining the market value of shares is subject to execution in compliance with the requirements of both the legislation on valuation and valuation activities, and the methods developed in accordance with the Law Ukrainian “On Forensic Expertise”.
In accordance with national valuation standards, the main method of the income approach used for the valuation of integral property complexes is the discounted cash flow method.
The method of complex expert studies for determining the value of shares of enterprises, developed in accordance with the Law Ukrainian “On Forensic Expertise”, determines that the discounted cash flow method is used to convert future uneven income from the operation of the facility into the current value by discounting each of the future income at the appropriate rate of income.
This article examines the features of the cash flow forecast for enterprises – issuers of shares, which are historically characterized by the uneven formation of income, costs, and, accordingly, profit and net cash flow.
The following methodological approaches to forecasting are considered, analyzed, and summarized: comparison of the growth rates of the main macroeconomic indicators of Ukraine and the indicators of income and costs of the estimated integral property complex; comparing the growth rates of income and costs of the integral property complex with the dynamics of price fluctuations in the markets of the corresponding products; comparison of income and cost growth rates for their individual items; allocation of extraordinary, periodic and non-standard items of income and expenses.
Key words: cash flow, cash flow forecast, cash flow discounting method, the market value of shares, integral property complex.