Subject This article analyzes methods and techniques of assessing the synergies generated by a set of integrated investment projects implemented within one company. Objectives The article aims to develop a methodology for assessing the synergies that arise in integrated investment project programs. Methods For the study, I used the discounted cash flows method based on the incremental cash flow and firm's value change approaches. Results The article offers a methodology based on building financial models for individual projects and different combinations of projects. It helps assess the impact of synergies on project performance and the company's key financial ratios. The methodology was tested within a firm considering the implementation of two interdependent projects. Conclusions and Relevance Subject to the identity of the assumptions used, both the approaches under consideration provide the same result of synergy effects, though different analytical possibilities. The simultaneous application of the approaches helps perform a comprehensive analysis of the emerging synergies and monitoring of the reliability of estimates. The developed methodology can be used to assess the effectiveness of interdependent investment project programs in order to analyze the synergies arising in such programs.
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