Comparative analysis of capital costs of food enterprises in developed and developing economies

The article presents the results of the analysis of capital costs and the effectiveness of the main production activities of four food industry companies of comparable scale and industry: Miratorg Agribusiness Holding - Russia, Korea Yakult Co LTD LTD - Korea, Danone Group of Companies - France, «Dr Pepper Snapple Group Company» - USA. The calculations used the methodology for assessing the weighted average cost of capital, proposed by R. Hamada, and the aggregated formula for calculating the WACC indicator, introduced by one of the authors. The dynamics of the weighted average cost of capital of the analyzed companies over the past five years is considered and conclusions are drawn on the conformity of the structure and cost of capital of companies with their market efficiency and long-term production and investment goals. An assessment was also made of the impact on these indicators of the country’s rating on competitiveness and investment attractiveness. This indicator, previously not taken into account in the model for calculating the WACC indicator, turned out to be significant in the estimates of companies in countries with developing market economies. For the Russian agro-industrial holding Miratorg, specific recommendations are presented on bringing key indicators of cost of capital and efficiency of core production activities into line