Małgorzata Luniewska, Ph.D., Department of Economics and Management, University of Szczecin, ul. Mickiewicza 64, Szczecin, 71-101, Poland
The analysis of securities is an essential element of investment. It is a complex and, very frequently, long-lasting process. Depending on the investment’s assumed time perspective, the analysis may be carried out on the basis of appropriate tools within technical or fundamental analysis. The assumption being long-term investment, more useful are methods of fundamental analysis, particularly indicator analysis. Additionally, more frequently within securities' analyses taxonomic methods are used, which allow for the evaluation of the securities' quality through the synthetic analysis of statistical economic and financial indicators. The combination of elements of fundamental analysis with statistical, multidimensional methods may be presented in the following manner:· the study of the companies' fundamental strength, in other words the attractiveness of securities, through the prism of a synthetic combination of economic and financial indicators as an element of the analysis of securities;· the use of economic and financial indicators as diagnostic variables in multidimensional analyses (e.g. to construct data bases and ways of their utilization in portfolio analyses);· the study of levels of economic and financial indicators enabling the assessment of the stock companies' level of development, and indirectly, the assessment of development of the capital market in Poland.· the study of the companies' value which is usually connected with economic and financial level of development in companies’ and level of development of the capital market in.The value of company is very important issue and it can be done by using three kind of method:
· asset valuation methods· income valuation method· mix value methodThe development of the value of a company is the best long-term measure of how good a job the present management of a company is doing or how good a company is. There are a number of situations where a corporate valuation is needed. It can be compared between companies in time, space or both.
Analysis of value in companies listed on the WSE will be carried out in the article. Analysis refer to data in time 2002-2008. The main goal of the article is description how value is in companies listed on the WSE and how it change in time and between companies (e.g which are in the same branch). A very interesting issue is comparison of internal value with market value (especially market price). The analysis will be done on different levels of aggregations.