Komparace výsledků fundamentální a technické analýzy ČEZ, a.s.

Abstract

The thesis will be determined by the fundamental analysis the intrinsic value of share in order to determine whether on the market is undervalued or overvalued. Through technical analysis tools will be evaluated signals to buy or sell the selected title. Aim of this study is to compare the results of these analysis. Intrinsic value of shares was fixed at 18 3rd 2011 and investment recommendation for the shares of CEZ is to buy. When applied price formation has been used and the following indicators: exponential moving average, MACD, RSI, Stochastics, and the ROC. Selling or buying signals of technical analysis tools were investigated in the determination of intrinsic value, whether a recommendation to purchase confirm. We can´t state that technical analysis has clearly confirmed the conclusions of the fundamental, but this is due to the fact that fundamental analysis can be used for medium to long term investment horizon, as opposed to technical analysis, which is used for short-term horizon. Time variance analysis of the possible causes mismatch between their recommendations, which would cause confusion to the inexperienced investor and impoverish it for a good investment opportunity. On the basis of this work is recommended to use both analysis, fundamental analysis because it is a good tool for identifying suitable stock titles for the portfolio and technical analysis as complement of fundamental analysis, since they provide the correct timing of the purchase or sale.