Importance The article presents the specifics of using evaluation technologies for restructuring process management. The subject of the research is an investment assessment of operations of small and medium-size mining enterprises, which intend to undertake horizontal integration. We pay special attention to the techniques used in the process of companies' valuation during mergers and acquisitions. Objectives The article aims to test the net discounted cash flow technique as the most appropriate in small and medium-size gold-mining companies' valuation. Methods The authors used scientific methods applied in economic studies, i.e. the abstract and logical method, the estimating and constructive method and the systems analysis method. Results The research findings highlight that on the basis of the proposed technique by discounted cash flow estimation, we have determined the economic efficiency of horizontal integration based on the forecast of the potential market value of gold-mining enterprises. The article describes the methodological approaches and the findings, which can be applied to solve the problems of capital raising, investing in business, as well as to determine the effectiveness of managerial decision-making where the main criterion of selection is an increase in company value. Conclusions and Relevance As a result of the research, we stated that in order to succeed and conduct sustainable operations in the market of mineral raw materials, medium and small gold-mining enterprises should continue consolidation with each other, or undertake mergers into larger mining companies through mergers or acquisitions. The required estimation of business value represents financial, organizational and technological analyses of current activities and prospects of the company under valuation. The issues of business valuation are extremely relevant as they objectively reflect the indicators of the results of its operations.
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