(in Polish) Analiza i wycena instrumentów udziałowych 2600-DIz1AWIU
The course covers the following topics:
Equity Markets
• Importance and characteristics of equity securities;
• Types of equity securities;
• Major stock markets;
• Organization of stock markets;
• Derivatives and stock market indices.
Analysis and Valuation of Equity Instruments
• Equity valuation theory;
• Basic valuation model (present value of future income);
• Dividend Discount Model (Williams-Gordon Model);
• Simplified Dividend Discount Model;
• Gordon’s Bird-in-the-Hand Model;
• Equity valuation approaches;
• Use of cash flows in valuation;
• Use of dividends in valuation;
• Use of earnings streams in valuation;
• Multiples-based valuation methods for shares and companies;
• Application of option pricing approaches in equity valuation;
• Value at Risk (VaR) for market risk assessment.
Academic Literature
Analysis and discussion of research articles related to the analysis and valuation of equity instruments.
Type of course
Learning outcomes
Upon successful completion of the course, the student will achieve the following learning outcomes:
Knowledge
K_W02
The student possesses advanced knowledge and understanding of the principles, procedures, and practices governing capital markets, particularly the stock market, including the processes of analysis and valuation of equity instruments.
K_W04
The student possesses advanced knowledge and understanding of legal regulations concerning capital markets, particularly equity markets, including financial instrument trading, investor protection, disclosure requirements of public companies, and corporate governance principles.
K_W05
The student understands complex economic, financial, and technological processes affecting equity valuation, including financial market volatility, market risk, the use of derivatives, and the role of information systems in investment decision-making.
Skills
K_U02
The student is able to correctly interpret complex economic and market phenomena affecting stock prices and firm value, including business cycle fluctuations, interest rate changes, corporate financial conditions, and investor sentiment.
K_U06
The student is able to independently and collaboratively prepare professional analyses, reports, and presentations concerning equity valuation and the condition of listed companies, and effectively communicate them using advanced information and communication technologies.
K_U09
The student is able to independently expand knowledge and improve skills in the field of equity analysis and valuation by monitoring developments in financial markets and advances in analytical methods and tools.
Social Competences
K_K01
The student is prepared to critically evaluate valuation methods and results as well as investment decisions based on them, taking into account market risk and uncertainty inherent in financial markets.
K_K05
The student is prepared to comply with and promote ethical standards in the analysis and valuation of equity instruments, particularly with respect to valuation reliability, professional responsibility, and transparency toward capital market participants.
Assessment criteria
Written examination (open-ended questions and problem-solving tasks);
Two absences are permitted.
Practical placement
No internship is required for this course.
Bibliography
Jajuga, K., & Jajuga, T. (2015). Investments: Financial Instruments, Non-Financial Assets, Financial Risk and Financial Engineering. Warsaw: PWN Scientific Publishers.
Elton, E. J., & Gruber, M. J. (1998). Modern Portfolio Theory and Investment Analysis. Warsaw: WIG Press.
Michalski, M. (2008). Joint-Stock Company. Warsaw: Wolters Kluwer Polska.
Damodaran, A. (2025). Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (4th University ed.). John Wiley & Sons