FINANCIAL CRITERIA FOR THE GROWTH OF A COMPANY’S MARKET VALUE: THE CASE OF PJSC PROMOMED

Viktoriya Kookueva; V. V. Agateeva

doi:10.12737/2306-627X-2026-15-3-84-95

UDC 33

FINANCIAL CRITERIA FOR THE GROWTH OF A COMPANY’S MARKET VALUE: THE CASE OF PJSC PROMOMED

Published in Scientific Research and Development. Economics of the Firm · Volume 15, Issue 3, 2026 · Pages 84–95 · Rubric: FINANCE (ECONOMIC SCIENCES)

DOI: https://doi.org/10.12737/2306-627X-2026-15-3-84-95

Received: 15.06.2026 Accepted: 24.06.2026 Published: 28.09.2026

Authors

Viktoriya Kookueva

V. V. Agateeva

Viktoriya Kookueva

Plekhanov Russian University of Economics Associate Professor · kafedra finansov ustoychivogo razvitiya · Russian Federation · Moscow

Moscow University of Economics Associate Professor · Department of Economics and Business · Russian Federation · Moscow

V. V. Agateeva

Plekhanov Russian University of Economics Moscow

ABSTRACT

The relevance of the study is determined by the fact that under unstable macroeconomic conditions, increasing investor requirements for corporate governance quality and intensifying industry competition, the market value of a company becomes an integral indicator of business efficiency and investment attractiveness. In this context, it is especially important to identify financial criteria that not only reflect current business performance but also make it possible to assess the company’s ability to create value in the long term. The article examines the financial criteria of market value growth using PJSC PROMOMED as a case study. The paper systematizes theoretical approaches to the definition of market value, classifies the factors affecting its change, reveals the role of financial criteria and financial indicators in value-based business management, and considers methods for company valuation within the income, market and asset-based approaches. The empirical part analyzes the organizational and economic characteristics of PJSC PROMOMED, studies the dynamics of its financial stability, liquidity, business activity and profitability for 2021–2025, and evaluates the company’s market value using income and comparative approaches. Based on the results, the paper identifies the factors constraining value growth and proposes value enhancement directions, including revenue growth through expansion of innovative drug sales, improved operating efficiency, better working capital management and lower debt burden. The study shows that the growth of market value is determined not by a single indicator but by a system of interrelated financial criteria, among which revenue, EBITDA, free cash flow, leverage, profitability and capital structure quality are especially important. In the case of PJSC PROMOMED, despite a strong scientific and production base and positive trends in several financial results, the growth of market value is constrained by high leverage, declining financial stability and slower capital turnover.

KEYWORDS

market value, financial criteria, financial indicators, income approach, comparative approach, DCF, multiples, business valuation, PJSC PROMOMED

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GOST

Kookueva V. V., Agateeva V. V. FINANCIAL CRITERIA FOR THE GROWTH OF A COMPANY’S MARKET VALUE: THE CASE OF PJSC PROMOMED // Scientific Research and Development. Economics of the Firm. 2026. no. 3. pp. 84-95. DOI: https://doi.org/10.12737/2306-627X-2026-15-3-84-95. (Date of access 02.10.2026).

MLA

Viktoriya Kookueva, Agateeva V. V.. "FINANCIAL CRITERIA FOR THE GROWTH OF A COMPANY’S MARKET VALUE: THE CASE OF PJSC PROMOMED." Scientific Research and Development. Economics of the Firm 15.3 (2026): 84-95. DOI: https://doi.org/10.12737/2306-627X-2026-15-3-84-95.

APA

Kookueva V. V., Agateeva V. V. (2026). FINANCIAL CRITERIA FOR THE GROWTH OF A COMPANY’S MARKET VALUE: THE CASE OF PJSC PROMOMED. Scientific Research and Development. Economics of the Firm, 15(3), 84-95. https://doi.org/10.12737/2306-627X-2026-15-3-84-95

Chicago

Viktoriya Kookueva, Agateeva V. V.. "FINANCIAL CRITERIA FOR THE GROWTH OF A COMPANY’S MARKET VALUE: THE CASE OF PJSC PROMOMED." Scientific Research and Development. Economics of the Firm 15, no. 3 (2026): 84-95. https://doi.org/10.12737/2306-627X-2026-15-3-84-95.

WIKI

{{cite journal | author = Kookueva V. V., Agateeva V. V. | title = FINANCIAL CRITERIA FOR THE GROWTH OF A COMPANY’S MARKET VALUE: THE CASE OF PJSC PROMOMED | journal = Scientific Research and Development. Economics of the Firm | year = 2026 | volume = 15 | issue = 3 | pages = 84-95 | doi = 10.12737/2306-627X-2026-15-3-84-95 }}

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