Wykorzystanie zysku netto i EVA do predykcji notowań spółek z rynku NewConnect
Use of Net Profit and EVA to Predict the Prices of Companies Listed on the NewConnect Market

Summary/Abstract: Fundamental analysis, next to technical analysis, is the most popular method of predicting future stock quotes. Linking the company’s value to its market price is seen as logical and consistent, but the question remains whether this relationship really exists. Among a number of studies, Campbell and Shiller [1998] study seems to be one of the most important. They show that the relationship between profitability and profitability is the long term 120 months relationship. The question then arises as to whether fundamental analysis, including the use of net profit, is justified under the conditions of the volatile and risky market for which NewConnect goes. The author formulated hypothesizes that EVA will better explain future rates of return. The hypothesis was verified using a crosssectional regression analysis. As a result of the studies, there was no connexion between the net profit and the annual return rates found. Similarly, the relationship between the economic return represented by the EVA and the annual return rates was not found. The results undermine the use of fundamental analysis in the process of stock investment.

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