Original paper

UDC 338.45:338.97 © E.S. Materova1, Zh.A. Aksenova2, O.A. Marinina2, R.R. Sharafullina3, Yu.A. Rakhmatullina4, S.A. Zhironkin5,6, A.A. Ayupov7, 2025

ISSN 0041-5790 (Print) • ISSN 2412-8333 (Online) • Ugol’ – Russian Coal Journal, 2025, №11, pp. 64-70

DOI: http://dx.doi.org/10.18796/0041-5790-2025-11-64-70

INVESTMENT ATTRACTIVENESS OF SECURITIES OF RUSSIAN COAL COMPANIES: ASSESSMENT AND FORECASTING

Authors

E.S. Materova1, Zh.A. Aksenova2, O.A. Marinina2, R.R. Sharafullina3, Yu.A. Rakhmatullina4, S.A. Zhironkin5,6, A.A. Ayupov7

1 Samara State University of Economics, Samara, 443090, Russian Federation

2 Saint Petersburg Mining University, Saint-Petersburg, 199106, Russian Federation

3 Ufa University of Science and Technology, Ufa, 450076, Russian Federation

4 Ufa Branch of the Financial University under the Government of the Russian Federation, Ufa, 450015, Russian Federation

5 Siberian Federal University, Krasnoyarsk, 660041, Russian Federation

6 T.F. Gorbachev Kuzbass State Technical University (KuzSTU), Kemerovo, 650000, Russian Federation

7 Kazan (Volga Region) Federal University, Kazan, 420008, Russian Federation e-mail: nedlen63@yandex.ru

Authors Information

Materova E.S. – PhD (Economics), Associate Professor, Associate Professor of the Department of Economic Theory, Samara State University of Economics, Samara, 443090, Russian Federation, e-mail: nedlen63@yandex.ru

Aksenova Zh.A. – PhD (Economics), Associate Professor, Associate Professor of the Department of Sectoral Economics, Saint Petersburg Mining University, Saint-Petersburg, 199106, Russian Federation, e-mail: akseiv@rambler.ru

Marinina O.A. – PhD (Economics), Associate Professor, Head of the Department of Sectoral Economics, Saint Petersburg Mining University, Saint-Petersburg, 199106, Russian Federation, e-mail: Marinina_OA@pers.spmi.ru

Sharafullina R.R. – PhD (Economics), Associate Professor, Associate Professor of the Department of Economic Theory and Regional Development, Ufa University of Science and Technology, Ufa, 450076, Russian Federation, e-mail: rozalia-23.05@yandex.ru

Rakhmatullina Yu.A. – PhD (Economics), Associate Professor, Head of the Department of Finance and Credit, Ufa Branch of the Financial University under the Government of the Russian Federation, Ufa, 450015, Russian Federation, e-mail: yuarahmatullina@fa.ru

Zhironkin S.A. – Doctor of Economic Sciences, Professor, Professor of the Department of Commerce and Marketing, Siberian Federal University, Krasnoyarsk, 660041, Russian Federation, Doctor of Economic Sciences, Professor, Professor of the Department of Open-pit Mining, T.F. Gorbachev Kuzbass State Technical University (KuzSTU), Kemerovo, 650000, Russian Federation, e-mail: zhironkinsa@kuzstu.ru

Ayupov A.A. – Doctor of Economic Sciences, Professor, Head of the Department of Financial Markets and Financial Institutions, Kazan (Volga Region) Federal University, Kazan, 420008, Russian Federation, e-mail: ajdar.ajupov@kpfu.ru

Abstract

The article presents a comprehensive analysis of the investment attractiveness of securities of Russian coal companies in the context of transforming global energy markets. The study assesses the key factors affecting the value of coal companies’ shares and bonds, including macroeconomic, industry and corporate aspects. Based on analyzing the price indicators of leading coal industry issuers, the potential return on securities is identified under various market conditions. Particular attention is given to forecasting changes in the investment attractiveness of coal industry securities and developing recommendations for achieving long-term sustainability in the sector with account of the energy transition and changes in the demand structure.

Keywords

Coal industry, investment attractiveness, securities, dividend yield, ESG factors, risk management, forecasting.

References

1. Исупова О.А., Пимонов А.Г. Влияние декарбонизации экономики на развитие интеграционных объединений в ресурсном регионе // Экономика и управление инновациями. 2023. № 3. C. 64-75. DOI: 10.26730/2587-5574-2023-3-64-75. Isupova O.A., Pimonov A.G. The impact of economy decarbonization on the development of integration associations in the commoditydependent region. Ekonomika i upravlenie innovatsiyami. 2023;(3):64-75. (In Russ.). DOI: 10.26730/2587-5574-2023-3-64-75.
2. Зонова О.В., Куманеева М.К., Шевелева О.Б. Вызовы и угрозы энергетического перехода к углеродной нейтральности для России // Экономика и управление инновациями. 2024. № 4. C. 76-83. DOI: 10.26730/2587-5574-2024-4-76-83. Zonova O.V., Kumaneeva M.К., Sheveleva O.B. Challenges and threats of the energy transition to carbon neutrality for Russia. Ekonomika i upravlenie innovatsiyami. 2024;(4):76-83. (In Russ.). DOI: 10.26730/2587-5574-2024-4-76-83.
3. Оценка инвестиционной привлекательности угольной отрасли России / Е.С. Матерова, Ж.А. Аксенова, Н.В. Столбовская и др. // Уголь. 2025. № 3. С. 114-120. DOI: 10.18796/0041-5790-2025-3-114-120. Materova E.S., Aksenova Zh.A., Stolbovskaya N.V., Galimova G.A., Sharafullina R.R., Zhironkin S.A. Assessment of the investment attractiveness of the Russian coal industry. Ugol’. 2025;(3):114-120. (In Russ.). DOI: 10.18796/0041-5790-2025-3-114-120.
4. Berkaeva A., Dzusova S., Stolbovskaya N. et al. Ecological culture as a condition for the formation of human potential. Reliability: Theory & Applications. 2024;19(S6):706-711. DOI: 10.24412/1932-2321-2024-681-706-711.
5. Петренко И.Е. Будущее рынка угля и что будет на него влиять // Уголь. 2024. № 5. С. 92-96. DOI: 10.18796/0041-5790-2024-5-92-96. Petrenko I.E. The future of the coal market and what will influence it. Ugol’. 2024;(5):92-96. (In Russ.). DOI: 10.18796/0041-5790-2024-5-92-96.
6. Шувалова Г.А. Риски и банкротство горнодобывающего предприятия // Экономика и управление инновациями. 2024. № 1. C. 68-80. DOI: 10.26730/2587-5574-2024-1-68-80. Shuvalova G.A. Risks and bankruptcy of a mining enterprise. Ekonomika i upravlenie innovatsiyami. 2024;(1):68-80. (In Russ.). DOI: 10.26730/2587-5574-2024-1-68-80.
7. Semenova T., Martinez Santoyo J.Y. Determining Priority Areas for the Technological Development of Oil Companies in Mexico. Resources. 2025;14(1):18-45. DOI: 10.3390/resources14010018.
8. Макроэкономический и отраслевой анализ инвестиционной привлекательности компаний горнодобывающего сектора / О.Ю. Кузьмина, М.Е. Коновалова, С.А. Жиронкин и др. // Уголь. 2024. № 12. С. 63-67. DOI: 10.18796/0041-5790-2024-12-63-67.
9. Livanova R., Pasternak S., Mamrukova O. et al. Economic and legal aspects of budgetary sphere formation. Revista Juridica. 2024;3(79):652-660. DOI: 10.26668/revistajur.2316-753X.v3i79.7520.
10. Semenova T., Martinez Santoyo J.Y. Increasing the Sustainability of the Strategic Development of Oil Producing Companies in Mexico. Resources. 2024;(13):108-144. DOI: 10.3390/resources13080108.
11. Шутько Л.Г., Помогалов Н.А. Необходимость и возможность построения экологической кривой Кузнеца как отражение тренда инклюзивного развития ресурсодобывающего региона // Экономика и управление инновациями. 2024. № 4(31). C. 48-58. DOI: 10.26730/2587-5574-2024-4-48-58. Shutko L.G., Pomogalov N.A. Need and possibility of construction ecological Kuznets curve as a reflection of trend inclusive development of the resource producing region. Ekonomika i upravlenie innovatsiyami. 2024;(4):48-58. (In Russ.). DOI: 10.26730/2587-5574-2024-4-48-58.
12. Липина С.А., Закондырин А.Е., Липина А.В. Совершенствование системы управления организационным процессом обеспечения экологической безопасности при формировании природно-техногенных массивов в угледобывающих регионах России // Экономика и управление инновациями. 2025. № 1. С. 52-60. DOI: 10.26730/2587-5574-2025-1-52-60. Lipina S.A., Zakondyrin A.E., Lipina A.V. Improvement of the system of management of the organizational process of ensuring environmental safety in the formation of natural and man-made massifs in coal-mining regions of Russia. Ekonomika i upravlenie innovatsiyami. 2025;(1):52-60. (In Russ.). DOI: 10.26730/2587-5574-2025-1-52-60.
13. Iakhiaev D., Grigorishchin A., Zaikov K. et al. Methodological approach to assessing the digital infrastructure of the northern regions of the Russian Federation. Journal of Infrastructure, Policy and Development. 2024;8(12):8747. DOI: 10.24294/jipd.v8i12.8747.
14. Котировки акций. Динамика. Московская Биржа. [Электронный ресурс]. URL: https://www.moex.com/ru/data/ (дата обращения: 15.10.2025).
15. Варавин Е.В., Козлова М.В., Куур О.В. Оценка инвестиционной привлекательности отраслей региона в контексте зеленого развития // Экономика региона. 2023. Т. 19. № 2. С. 494-510. Varavin E.V., Kozlova M.V., Kuur O.V. Assessment of investment attractiveness of regional industries in the context of green development. Ekonomika regiona. 2023;19(2):494-510. (In Russ.).
16. Перспективы угольных активов на рынке цифровых финансовых инструментов / С.Н. Рябухин, М.А. Минченков, В.М. Матаров и др. // Уголь. 2024. № 12. С. 47-52. DOI: 10.18796/0041-5790-2024-12-47-52. Ryabukhin S.N., Minchenkov M.A., Matarov V.M., Kokorev I.A., Safronova A.A. Prospects for coal assets in the digital financial instruments market. Ugol’. 2024;(12):47-52. (In Russ.). DOI: 10.18796/0041-5790-2024-12-47-52.

For citation

Materova E.S., Aksenova Zh.A., Marinina O.A., Sharafullina R.R., Rakhmatullina Yu.A., Zhironkin S.A., Ayupov A.A. Investment attractiveness of securities of Russian coal companies: assessment and forecasting. Ugol’. 2025;(11):64-70. (In Russ.). DOI: 10.18796/0041-5790-2025-11-64-70.

Paper Info

Received October 2, 2025

Reviewed October 18, 2025

Accepted October 30, 2025