The Model For Testing Capital Asset Pricing: A Case Study Of Uzbek Companies

Abstract

The article discusses the scientific and theoretical aspects of using the capital asset pricing model (CAPM) to calculate the value of capital assets in joint-stock companies. It specifically focuses on using CAPM to determine the discount rate for the cash flow of a joint-stock company, based on the income approach of capital assessment. The discounted free cash flows and private equity value of "Kvarts" JSC from 2019 to 2023 were also calculated. Furthermore, the study emphasizes the influence of discounted free cash flows on the future net profit and profitability of the joint-stock business. Simultaneously, experts have formulated scientific and practical guidelines for employing the capital assets approach to assess the capital of joint-stock companies.