Main purpose of the thesis is a discussion of valuation methods and their practical application with focus on a top diversified M&M company. In this work, I use various assupmtion to derive point as well as interval estimate of fair value of a Russian mining company.

My diploma thesis deals with fundamental analysis of a significant bank in Czech Republic. Fundamental analysis is focused on factors that influence the value of particular stock. The main target of fundamental analysis is to find intrinsic value which reflects the actual state and perspectives of a company. The main goal of this paper was to come with the complex valuation approach to banks and apply this approach to Komercni banka, a.s. The next goal was to deal with the specifics of the bank valuation and with the valuation during the financial crisis. I used following methods for valuation. The most recommended one is the value estimation by income approach - Discounted Cashflow Valuation, Dividend Discount Models. For usage of this method is necessary to make financial and strategic analysis of the company. The next method I used is the application of market multiples, such as Price-to-Earnings or Market-to-Book Value ratios. The last method in this paper is based on financial statements. The book value of equity is more reliable for financial institutions than for nonfinancial companies. Diploma thesis gives the complex view of the bank valuation and includes all important steps leading to high-quality valuation.

Diploma thesis focuses on fundamental and technical analysis of the stock Komerční banka, a.s. The aim of the work is to applicate techniques of both analyses and prepare investvment recommendations according to acquired results. This work also provides theoretical background of particular analyses and applied methods. The first chapter contains global fundamental analysis supplemented by analysis of relations between main factors and index PX using correlation coefficient. Another two chapters deal with sector analysis and calculation of intrinsic value of the stock. The last chapter is devoted to technical analysis using chart's methods and methods based on technical indicators.

Thesis combines two approaches towards stock analysis, fundamental and technical analysis. Prime objective is to present main instruments of both analysis techniques. At first there is presented theory of both, fundamental and technical analysis. Under the fundamental section there are presented global and sector factors that influence prices of stocks. Section of technical analysis starts with historical overview, followed by graphical analysis and technical indicators. Second part consists of the application of chosen methods of fundamental and technical analysis. There are plenty of graphs and practical examples within the application section to support theoretical principles.

The first part of this work "Testing of investment strategies based on concrete methods of fundamental analysis" is designed as theoretical introduction into fundamental analysis. There are briefly described and explained the different parts of fundamental analysis with emphasis on analysis at the level of individual firms and related specific methods and models of determining the intrinsic value of shares. In the next section, there are companies presented and characterized, whose shares will make up the sample, which will be used to test various methods and models of fundamental analysis. The last and the most important part of this work is devoted to practical application of methods and models of fundamental analysis on a sample of shares of companies, introduced in the second part. At the end of this section, evaluation of the success of these methods and models is presented.

[pt] Com o intuito de obter parte do lucro futuro de uma empresa, o investidor adquire uma ação - título que representa a menor parcela do capital de uma empresa. Tal investidor, interessado em investir em ações, se depara com uma primeira decisão a tomar: em quais ações investir. Existem diversos métodos para a seleção de ações, podendo ser classificados em métodos puramente objetivos, puramente subjetivos e métodos compostos. O presente trabalho visa propor um método composto, baseado no modelo multicritério Analytic Hierarchy Process (AHP), para ordenar as ações nas quais o investidor deve investir dado um determinado grupo de ações pré-selecionado. Com base no presente estudo, o modelo proposto demonstrou ser uma ferramenta de simples aplicação e viável para que qualquer investidor – dos mais qualificados aos menos qualificados – possa tomar a decisão de escolha de ações utilizando esta ferramenta. Dentre a amostra de 10 ações pré selecionadas, as empresas que obtiveram maior pontuação, e por isso, fariam parte do portfólio de ações, foram: Itaú Unibanco, BMF Bovespa e Vale. / [en] In order to obtain a part of the future profit of a company, an investor buys a stock - the smaller share of a company s capital. The investor, interested in putting money into stocks, faces his/her first decision: in which stock to invest. There are several methods to select the stocks which can be classified as purely objective method, purely subjective and combined method. This paper intends to propose a combined method based on the multicriteria model Analytic Hierarchy Process (AHP) in order to rank stocks for investors to choose his/her investments from the given group of stocks. Based on this study, the proposed model proved to be a simple application tool and viable for any investor - from the most qualified to least qualified - be able to make decision of choosing stocks using this tool. Among the sample of 10 pre selected stocks, the ones which achieved a higher score, and therefore would be part of the portfolio of shares, were: Itaú Unibanco and Vale BMF Bovespa.

The primary purpose of this study is to test whether a value-based investment strategy will outperform a growth-based investment strategy when applied to SAREIT investment. The secondary purpose is to assess whether the SAREIT investor can discriminate between strong and weak value-REITs through sound accounting-based fundamental analysis using the F-Score Model. Building on existing research on value-based investment strategies and market efficiency, this study offers an SAREIT perspective to the existing body of knowledge on value investing theory through portfolio selection based on P/NAV, P/E, P/CF and DY ratio analysis. The holding period returns of the respective value-based portfolios are compared to their growth-based counterparts for an examination of relative performance. The evidence from this research does not offer probabilistic support that a value-based approach to SAREIT selection and investment will outperform a growth-based approach, nor that it is possible to discriminate between financially strong and weak value-REITs through sound accounting-based fundamental analysis using the F-Score Model. Further research is required to develop the said strategies and models for application to the SAREIT sector.

The subject of this diploma thesis is to analyse the Dolkam Šuja Company, a.s. Through the selected methods, described in the first part, the company’s current situation is evaluated and on its basis the measures for improving the current state of the company are proposed.

The purpose of thesis is to compare the selected methods of predictive technique on the capital markets. I have processed the comparison of methods through the practical application of them in practice to share the selected title in a particular period of time. The objective of the selected methods comparison is signal detection of them in the chosen time period.

This diploma thesis includes analysis of the INTERMONT s.r.o. company based on account statements and information given by the firm. It is focusing on an overall review of the firm standing and tries to assess its internal situation and the environment as well. SWOT analysis and Quick test is elaborated in the conditions of the firm. From these points of view proposals improving the firm position are presented.