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Fundamental analysis of selected stocks
Klimíček, Tomáš ; Musílek, Petr (advisor) ; Veselá, Jitka (referee)
The interest of diploma work is focused on fundamental analysis of selected stocks. Fundaments which were taken into account were earnings per share, sales per share and book value per share. The first part of diploma work describes theoretical background and investment strategies based on P/E, P/S and P/BV ratio. Following part is paying attention to analyzed period, the selection of analyzed stocks and also to the analysis itself. Analysis is performed on twenty stocks traded on London Stock Exchange, on the Main Market. Analyzed period is from 1996 to 2005. In each year of analysis were created three portfolios based on investment strategies connected with P/E, P/S and P/BV ratios. For each selected portfolios was analyzed rate of return. The rate of return was analyzed in different times from creation of the portfolio. The last -- third part includes results of performed analysis, which was performed for each year separately. Result includes analysis of selection of stocks to portfolios and overall analysis of rate of return from of different portfolios. This part of diploma work also includes reflection of limits and weaknesses of performed analysis. Diploma work proved market anomaly. All investment strategies, which were based on ex post analysis, proved its ability to bring higher rate of return than the market.
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