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Fundamental analysis of the selected stock
REISNER, Jiří
The aim of the thesis was to perform a fundamental analysis of Microsoft, compare the intrinsic value of the stock with the market price, and finally determine investment recommendations for potential investors. The first part was devoted to global fundamental analysis, where the impact of various macroeconomic factors on the stock was examined. The most important macroeconomic factor turned out to be the inflation rate, which is the reason for the Fed's current restrictive monetary policy. The second part of the paper consisted of sectoral fundamental analysis. Microsoft and its competitors' revenues are growing at an average annual rate of 9.72%. This rate, together with the high growth potential, suggests that the sector is still in a development phase. The last part of the paper was a fundamental analysis of the company itself. A total of 5 models were calculated to determine the intrinsic value of the selected company's stock. The intrinsic value of the shares came out higher than their market price as of January 1, 2023 in the amount of $239.22. The only model that valued the company's shares lower than their market price was the FCFF cash flow model. All 3 parts of the fundamental analysis performed recommend buying Microsoft stock. However, the global analysis suggests uncertain future macroeconomic developments. In the long term, this is not a problem for the company due to its strong position in key markets, but in the short term it may negatively affect the share price. For these reasons, the investment recommendation is to buy and hold the shares for the long term.
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Ocenění akcií na kapitálových trzích
Melnyk, Dmytro ; Taušer, Josef (advisor) ; Žamberský, Pavel (referee)
In this paper, we examine the foremost valuation techniques and propose a target valuation of the publicly traded stock, swiss-based Ascom AG. The thesis consists of three parts and begins from the detailed review of the stock market, trading instruments and methods of equity valuation. Then we move beyond theoretical issues and continue with the updated valuation case, which has a practical implication. The main method used in valuation is the discounted cash flow (free cash flow to firm), supported by the relative valuation of a peer group of companies. The valuation is supplemented by the detailed financial model constructed in MS Excel. The final outcome of the valuation is 12 months target price of the valued company, while the final chapter emphasizes on the practical interpretation of the obtained results.
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Fundamental analysis of Philip Morris
Drábek, Matěj ; Veselá, Jitka (advisor) ; Derner, Tomáš (referee)
This bachelor thesis describes the fundamental analysis of Philip Morris CR stock and aims to create an investment recommendation based on the analysis. The thesis is divided into three parts. In the first part I tried to evaluate influence of global economic factors on the development of stock prices. The second part consists of characteristics of tobacco industry in the Czech Republic. The last and most important part is dedicated to various methods used to determine if the stock is undervalued or overvalued on the market. In the conclusion of this thesis I make an investment recommendation based on the previous parts of this thesis.
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