National Research Nuclear University MEPhI (Moscow Engineering Physics Institute), Moscow, Russia:

V. G. Kogdenko, Head of a Chair of Financial Management1, e-mail: VGKogdenko@mephi.ru

National Research Nuclear University MEPhI (Moscow Engineering Physics Institute)¹, Moscow, Russia; Journal “Tsvetnye Metally”², Moscow, Russia:
A. V. Putilov, Professor, Dean of a Faculty of Management and Economics of High Technologies¹, Chief Editor²

This article considers the issues of improvement of fundamental economic analysis. Fundamental analysis is considered as a strategic planning tool. There is offered an algorithm of fundamental analysis in the interest of long-term investors, the company's management and government authorities in the field of strategic planning. The offered method consists of three units of fundamental analysis: analysis of the company values, its fundamental cost and market capitalization. Definition of the “company value” term is presented as a category, which is formed by all types of capital, including financial, industrial, human, intellectual, social, networking and natural ones. This category is also distributed among all stakeholders, including owners, management, staff, creditors, customers, suppliers, governments and society. There is substantiated the composition of analytic indices, based on financial statements for evaluation of all kinds of capital. This article gives the analysis of non-ferrous metals market, and assessment of its impact on financial indices of MMC “Norilsk Nickel”. There is presented an algorithm of the analysis of the value of six types of capital, including financial, industrial, human, intellectual, natural and social ones. The part of initial information for analysis is substantiated. Characteristics of the business model of the company is presented. There is proposed the calculation of key indicators of the value of all types of capital, according to annual reports and consolidated statements of MMC “Norilsk Nickel”. This article can be useful to experts of the financial services, making financial decisions in a context of the value-based management, as well as long-term investors and government authorities in the field of strategic planning.

1. Tsvetnye metally vyshli na mnogomesyachnye maksimumy (Non ferrous metals' prices raised to the months long maximum). Metallurgicheskiy byulleten = Metallurgical bulletin. Published: December 30, 2013. Available at: http://www.metalbulletin.ru/news/color/10088781/. (in Russian).
2. O sostoyanii vneshney torgovli v yanvare-sentyabre 2013 goda (About the state of foreign trade in the period of January-September, 2013). Available at: http://www.gks.ru/bgd/free/b04_03/IssWWW.exe/Stg/d02/247.htm. (in Russian).
3. Esme Faerber. Vse ob aktsiyakh. Legkiy sposob nachat svoy put (All About Investing: The Easy Way to Get Started). Translated from English by O. Pobortseva. Moscow : Mann, Ivanov i Ferber, 2013. 336 p.
4. Available at: http://www.rg.ru/2014/07/03/strategia-dok.html. (in Russian).
5. Benjamin Graham, Jason Zweig. Razumnyy investor (The Intelligent Investor). Translated from English. Moscow : Publishing House “Williams”, 2009. 672 p.
6. Warren E. Buffett. Esse ob investitsiyakh, korporativnykh finansakh i upravlenii kompaniyami (The Essays of Warren Buffett: Lessons for Corporate America). Moscow : Alpina Business Books, 2009. 335 p.
7. The International IR Framework. Available at: http://www.theiirc.org/wp-content/uploads/2013/12/13-12-08-THE-INTERNATIONAL-IRFRAMEWORK-2-1.pdf.
8. Rossiyskiy proizvoditel. Globalnyy igrok (Russian producer. Global player). Gorno-мetallurgicheskiy kombinat “Norilskiy nikel”. Godovoy otchet 2012 (MMC “Norilsk Nickel”. Annual report 2012). Available at: http://www.nornik.ru/_upload/GO_s_priloz.pdf. (in Russian).
9. Gorno-metallurgicheskiy kombinat “Norilskiy nikel” obyavlyaet audirovannye konsolidirovannye finansovye rezultaty po mezhdunarodnym standartam finansovoy otchetnosti za 2013 god (MMC “Norilsk Nickel” announces the audited consolidated financial results according to the International Financial Reporting Standards for 2013). Available at: http://www.nornik.ru/assets/files/RUS-FY13-IFRS-PressRelease-Apr7.pdf. (in Russian).
10. Novyy vzglyad na strategicheskie prioritety (New look at strategic priorities). Gorno-metallurgicheskiy kombinat “Norilskiy nikel”. Godovoy otchet za 2013 god (MMC “Norilsk Nickel”. Annual report for 2013). Available at: http://www.nornik.ru/assets/files/NN_AR_2013_ruspomsled-na-09.06.2014.pdf. (in Russian).