Abstract
This paper examines share price of the companies listed on the WIG-Ukraine and their fair value between 2011-2015. Data from Q4 2013 to Q2 2014 was collected from the Stooq.pl (Polish portal of shares). Two hypotheses are tested: (1) value of the shares based on the market price; (2) value of the shares as the fair value of shares. In this paper, the WIG-UKRAINA stock exchange sector companies, which oppose a bad economic situation in Ukraine caused by military actions on its territory, were analysed. These companies were subject to detailed research in order to demonstrate that they have the potential to act on the free market and that they do not lose their financial liquidity. In addition, their fair value was shown, because the current economic and market situation in Ukraine completely deprived it of this value.
Highlights
Share valuation is one of the most complex processes on financial markets since the value of shares does not depend only on demand and supply on the market, and on many factors that determine its price, starting from business valuation by using different methods in the given time to the presentation of mechanisms changing the value of shares in a manner either increasing or decreasing its value
This paper examines share price of the companies listed on the WIG-Ukraine and their fair value between 2011-2015
The share price of the companies listed on the WIG-Ukraine is largely undervalued by the present financial situation worldwide and even by speculative actions of particular capital groups that "wander around" the world and subsist thanks to speculative actions using only surplus on share purchase and sale and relocate capital to another place
Summary
Share valuation is one of the most complex processes on financial markets since the value of shares does not depend only on demand and supply on the market, and on many factors that determine its price, starting from business valuation by using different methods in the given time to the presentation of mechanisms changing the value of shares in a manner either increasing or decreasing its value For this reason, it is so important to value shares and determine its fair value in a manner that is objective and independent of speculative values that distort share prices and of the value of a WSE-listed company, which research conducted on the WIG-Ukraine index applies to. The value of companies listed on this index should be analyzed in terms of estimating their fair value, since presently their value should arouse significant controversies, especially at good operation of companies
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