Оценка акций публичных и непубличных компаний. О книге Modern Security Analysis
В том, что Martin Whitman блестящий знаток инвестирования, я не сомневалась никогда. Оказалось, что он еще и прекрасный автор ( далее — о книге Modern Security Analysis), написавший длинный и полезный текст о стоимостном инвестировании, который станет познавательным даже для специалистов. И как же радостно читать, когда он высказывает твои мысли, которые идут в разрез с мантрами классических учебников по оценке инвестиций.
Вот, например, в учебнике (Pratt, 2010) — самом известном талмуде о применении премий и скидок при оценке акций — говорится о том, что при оценке акций непубличной компании по сравнению с публичной нужно применять скидку за неликвидность. Это да. Проблема в том, что Пратт выделяет два источника этой скидки — худший доступ к информации и, собственно, неликвидность. Я, рассказывая это своим слушателям и студентам, всегда говорю, что первый источник очень сомнительный. Ведь акции закрытой компании просто так не купить, это должна быть договорная сделка, а если такая сделка делается, то и доступ ко всей информации покупателю предоставляется – такой доступ, что он может знать даже больше, чем инвестор в котируемые бумаги.
И вот наконец-то у Уитмана я вижу ту же мысль — что при покупке закрытых компаний доступ инвесторов к информации лучше. А что это значит? Это значит, что скидка за неликвидность — это просто скидка за неликвидность и ничего больше. Да, она очень большая, что свидетельствует о том, что инвесторы ликвидность очень любят. Никаких других дисконтов там не заложено!
Last updated: 13.05.2022
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9. Data processing