The article in the concept of value-based management (VBM) examines the factors affecting the capitalization of Russian companies. The close correlation between market capitalization and calculated by the model residual earnings fundamental value of Russian companies, confirming earlier results in new market conditions, is stated. The results of the valuation of intangible assets (intellectual capital) of the energy sector of the economy of Russia, made a simplified method calculated intangible value. Provides regression relation to the cost of connecting the capitalization of tangible and intangible assets of the companies.