Acta academica karviniensia 2017, 17(2):73-87 | DOI: 10.25142/aak.2017.015

Využití indikátorů P/E a P/BV při sestavení akciového portfolia

Martin Širůček1, Martin Surovec2
1 Mendelova univerzita v Brně, Provozně ekonomická fakulta, Zemědělská 1, 613 00 Brno, Email:sirucek@gmail.com
2 Mendelova univerzita v Brně, Provozně ekonomická fakulta, Zemědělská 1, 613 00 Brno, Email: surovecmartin@gmail.com

Presented paper is dealing with using selected fundamental indicators by building a stock portfolio. Analysis is focused on using P/E and P/BV indicators by building a stock portfolio from stocks listed on Prague Stock Exchange. The aim of this paper is answer on question, if stocks with lower P/E and/or P/BV bring investor higher return than stocks with higher values of these indicators or not. The usability of indicators was confirmed by our findings. Another conclusion of this paper is finding that stocks with lower P/E and/or P/BV exceeded benchmark represented by index PX-TR. Observed time period was from 2004 till 2014. Selected period was also divided on 5 year slip periods. Results show that stock with lower P/E or P/BV bring higher profit than stock with higher P/E or P/BV. These stocks also exceeded the benchmark.

Klíčová slova: fundamental analysis, fundamental indicators, indicator ratio, price book value, price earning
JEL classification: G11, G12

Vloženo: 22. březen 2017; Přijato: 31. květen 2017; Zveřejněno: 30. červen 2017  Zobrazit citaci

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Širůček M, Surovec M. Využití indikátorů P/E a P/BV při sestavení akciového portfolia. Acta academica karviniensia. 2017;17(2):73-87. doi: 10.25142/aak.2017.015.
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