Valuation of Shares and their Fair Value of the Companies Listed on the Wig-Ukraine Quoted on the Warsaw Stock Exchange in Poland within 2011-2015

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.