The paper is devoted to the question of Value-Based Management (VBA) and the role of Intangible Assets (IA) in value creation of a company. The main research objective is to define the impact of fundamental value of both tangible and intangible assets of a company on market value of its assets. As a general approach, the method based on residual operating income (REOI) model as a variant of fundamental value of equity model is used herein for IA evaluation. Developed econometric model is tested on the data of Russian and UK companies which are listed on Russian Trade System and London Stock Exchange respectively. In the focus of the research there is both the analysis of the sampled companies as a whole as well as divided into five aggregated industries: mechanical engineering, extractive industry, power engineering, communication services, and metallurgy. The main directions for further research in this field are outlined.