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1、Baresa,Suzana,SinisaBogdan,andZoranIvanovic.2013.Strategyofstockvaluationbyfundamentalanalysis.Specialissue,UTMSJournalofEconomics4(1):45–51.Preliminarycommunication(acceptedDecember12,2012)STRATEGYOFSTOCKVALUATIONBYFUNDAMENTALANALYSIS1SuzanaBaresaSinisaBogdanZoranIvanovicAbstract:C
2、ommonstockvaluationpresentsoneofthemostcomplextasksinfinancialanalysis.Whenitattemptstoansweronquestion:„whatcausesstockpricemovements?“Thentheanswerwouldnotrelateonlyoneconomicfactors.Therearenumerousfactorsthataffectthestockpriceandtheyarealmostimpossibletopredict.Asoneofthebestwa
3、ystofightagainstmanyfactorsthatmaketheuncertainty,arisesfundamentalanalysis.Fundamentalanalysisisoneofthemostwidelyusedmethodsforestimatingpricemovementsofsecuritieswhichessentiallyanalysestheimpactofmicroandmacro-economicfactorsonthebusinessofthecorporationinordertopredictfutureeco
4、nomicandfinancialeffects.Fundamentalanalysisalsoexaminevariousfinancialstatementswiththeaimtoassesarealvalueofcompany'sstock.Thisworkhasthetasktosystematizeknowledgeaboutfundamentalanalysis,soitcanserveasagoodbaseforfutureresearch.Keywords:fundamentalanalysis,financialindicators,int
5、rinsicvalue,discountmodels,stocks.JelClassification:G10INTRODUCTIONFundamentalanalysisisconsideredtobeoneoftheeasiestwaysofcompaniesvaluation.Themainaimoffundamentalanalysisistorevealtheactualcurrentvalueofthecompany.Oneofthemainaimsoffundamentalanalysisispredictionoffutureprofits,d
6、ividendsandtheriskinordertocalculatethetruevalueofthestocks.Itisnotenoughjusttofindasuccessfulbusiness,itisnecessarytofindcompaniesthatworthmorethanotherinvestorsestimate.Importantroleinfundamentalfinancialanalysisplayfinancialratios.Financialratiosareusedforcompareofcompaniesthatpe
7、rformthesameorsimilaractivityandwhichareroughlythesamesize.AccordingtoAbardanellandBushee(1997)foranalyststhereiseconomicjustificationtotrustinmany(notall)fundamental1SuzanaBaresa,M.A.,SinisaBogdan,M.A.,ZoranIvanovic,Ph.D.,FullProfessor,UniversityofRijeka,FacultyofTourismandHospital
8、ityManagementOpatij
