The objective of this diploma thesis is to demonstrate the theory of fundamental analysis, summarising the theory and using British construction company Morgan Sindall as an example; satisfy the theory by applying methods to inputs and subsequently analysing the outputs. The first two sections of the diploma thesis are focused on the analysis of the company. The first section analyses the individual elements of the company. The second section applies the methods of fundamental analysis to determine the intrinsic value of the company. The third and fourth section discusses construction sector influences and global factors which impact on the value of Morgan Sindall shares. Regression analysis is applied to determine the impact of these global factors on the company's share price. This diploma thesis concludes with investment recommendations for Morgan Sindall based on the partial results of the fundamental analysis.

While some prior studies document that investors overreact to information in sales growth as consistent with representativeness bias, other studies find no evidence of investor overreaction to either sales or earnings growth. Other recent studies also show that sales growth does not predict stock returns after controlling for changes in outstanding shares and asset growth. I reexamine the role of representativeness by investigating whether the effects of this bias are confounded by the presence of another effect that has been extensively documented - investors' underreaction to fundamentals. Adjusting for investor under-reaction to fundamentals, I document strong evidence that investors overreact to sales growth as predicted under representativeness despite adding accruals, asset growth, and equity issuance as additional controls. In cross-sectional regressions of future stock returns on predictive variables that control for fundamentals, changes in equity shares, accruals, and lagged 36 month returns, I find that the coefficient on sales growth is highly significant over both the full sample period 1970-2009 (t-stat -3.12). Furthermore, asset growth, equity issuance, and accruals lose much of their significance in favor of sales growth. I also provide evidence that rejects a theory based on fixation in favor of representativeness. These results document evidence of overreaction to past sales growth in firms where underreaction to fundamentals does not confound the overreaction due to representativeness bias.

This research tests the ability of artificial learning methodologies to map market returns better than logistic regression. The learning methodologies used are neural networks and dual-layered genetic algorithms. These methodologies are used to develop a trading strategy to generate excess returns. The excess returns are compared to test the trading strategy's effectiveness. Market-adjusted and size-adjusted excess returns are calculated. Using a trading strategy based approach the logistic regression models generated greater returns than the neural network and dual-layered genetic algorithm models. It appears that the noise in the financial markets prevents the artificial learning methodologies from properly mapping the market returns. The results confirm the findings that fundamental analysis can be used to generate excess returns. / Ph. D.

The aim of this thesis is to introduce the theoretical and practical aspects of fundamental analysis. The thesis is divided into three main parts in which global analysis and sector analysis is gradually performed and in the last part a valuation of selected equities is performed. Emphasis is placed on the financial sector and manufacturing of tobacco products. In the financial sector the equities of Komerční banka and Erste Bank Group are analyzed and the representative of manufacturing of tobacco products is Philip Morris ČR. After determining the intrinsic value of the shares by several methods, their market position is concluded. Finally, the success of the chosen methods is evaluated.

Master Thesis intends to introduce Value Investing as an alternative invetment philospohy. Topic of the text also includes a discussion about inefficiencies in the current investment industry. Lastly, Dow Jones 30 analysis is performed.

The principal aim of this thesis is to describe methods of fundamental analysis of three major companies from sectors of Biotechnology and Pharmaceuticals, namely Johnson & Johnson, Pfizer and Amgen. Among used methods we are able to find 2 -- stage discounted cashlow models Free-cashflow-to-equity FCFE and Free-cashflow-to-firm FCFF, Gordon's dividend discount model a relative valuation methods using P/E, P/BV and P/S. Descriptive part of this thesis describes legal and regulatory environment, which has significant impact on the development process of new innovative drugs and therapies. Further it sets investment recommendations and looks closer at investment opportunities in biotechnological companies.

This study contributes to the debate on whether fundamental analysis and technical analysis techniques can be used jointly in making investment decisions. Extant literature on fundamental and technical analysis techniques has frequently focused on analysing each of the valuation techniques independently of one another. In this study we construct a model that integrates both fundamental and technical analysis variables (hybrid model) to determine whether the hybrid model can have a superior explanatory power to models based on each of the valuation techniques in isolation. This study is based on all ordinary shares that have been listed on the JSE main board between the 2002 and 2012 fiscal years. Testing rejects the complimentary nature of fundamental and technical analysis techniques by showing that the technical analysis model has a superior explanatory power to both the hybrid model and the fundamental analysis model. We also demonstrate that JSE-listed stocks do not exhibit momentum or contrarian effects with respect to return performances and that the fundamental analysis variables that play a significant role in explaining stock price movements of JSE-listed stocks are the book value per share, cash flow per share, earnings per share and dividends per share.

The thesis "Testing of selected methods of fundamental and technical analysis" focuses on fundamental a technical analysis on stock market. The paper describes the most used analysis on the stock market. In practical part of the thesis I applied methods of fundamental and technical analysis to the stock of ČEZ.

The principal aim of this thesis is to characterize and test several method of fundamental analysis in time. The introductory part deals with principle of other approaches to stock analysis (technical analysis, psychological analysis, efficient markets theory). The following part is focused on fundamental analysis. Here are discussed the main factors that have impact on stock at the global level, sectoral level and at the level of the firm. Last part deals with determination of the intrinsic value of the stock with use of chosen models. These models are subsequently tested in time and rated.

This thesis analyzes the impact of selected macroeconomic and firm-specific factors on stock prices of insurance companies. The first part describes four financial theories used to explain the share price development with a focus on fundamental analysis. The aim of the next part is empirical verification of the strong relationship between selected variables in the period from 01/2003 to 01/2013. In case of its existence, the econometric models using correlation and regression analysis are built. Considering the chosen period of time the impact of the financial crisis on potencial changes of direction and intensity of this relationship can be seen. The analysis uses real-world data from MetLife. The last chapter also describes its characteristics and compares them with the industry.