ИСТИНА

We present a new approach to estimate of company’s value in the high-tech sector, based on the results of research of the mathematical model of production, taking into account the crediting of working capital in an unstable demand. The model has the form of Bellman equation. The solution gives an estimate of the enterprize value depending on its performance indicators and external economic conditions. The method develops the income approach to estimate of company’s value and takes into account the specifics of the economic regulation of production in the industry and provides an opportunity for an operative analysis of produc- tion indicators when external conditions change. The paper presents the results of capitalization analysis of Kamaz company in terms of the model. The results of research of model modification that takes into account the impact of the accumulated debt burden on the company’s are presented.