Борсов анализ и оценка на туристическите дружества на българския капиталов пазар
Stock Market Analysis And Evaluation Of Tourism Companies On The Bulgarian Capital Market

Summary/Abstract: Sector "Tourism" is the basis for economic development of countries where the natural features allow attracting an international flow of tourists, both in summer and in winter. Bulgaria is definitely a country with tourist resources and the good combination of resorts built over decades on the Black Sea coast and in the mountains provides opportunities for the development of a tourist product of regional and continental importance. The construction of such resorts naturally requires large-scale investment and working capital to maintain both the hotel facilities and the related infrastructure. The evaluation of the success of these investments is given by the market in terms of the valuation of the capital of the owners of these resorts, insofar as they are public companies whose shares are traded on the capital market. On this basis, the object of research are tourism companies on the Bulgarian capital market. The subject of research are the capital positions and the stock market performance of the public tourism companies on the Bulgarian capital market. The purpose of the research is to conduct an analysis of the capital positions and an assessment of the stock market performance of the public tourism companies on the Bulgarian capital market. The working hypothesis in the article is related to the statement that publicly traded tourism companies on the Bulgarian capital market have a dynamic market capitalization and a changing share price trend, which is a function of capital positions and fundamental financial analysis. After the introductory part, the research is focused on: first, a fundamental analysis of the listed Bulgarian tourism companies - "Albena" AD and "Golden Sands" AD; second, analysis and evaluation of the stock market trend in the share prices of the three companies for a period of five years (2017-2022); third, a correlation analysis of the stock market quotations of the leading public tourist company "Albena" AD against the main index of the BSE. In the conclusion, conclusions are presented and directions for future research are given.

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