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This master's thesis deals with stock market of the Czech Republic under financial crisis conditions. It is divided into a theoretical and a practical part. The theoretical part describes a stock price, most significant stock bubbles and fundamental, technical and psychological analysis. The practical part of this thesis is dedicated to an up-to-date stock valuation of three representative stock companies quoted on Prague Stock Exchange by using the fundamental analysis. The technical analysis is applied as an additional approach. The main target of this thesis is to verify whether the current Czech stock market can not be designated as a stock bubble any more in contrast to a situation before the financial crisis.