DETERMINATION OF THE SHARES VALUE ON THE CAPITAL-MARKET

The article deals with the relation between an intristic value of share and its market price in compliance with the theory of perfect (effective) markets. The intristic value of share expresses an evaluation of the firm from the part of potencial investors. The methods of its appraisal differ according to the approaches of financial analysis. The technical analysis tends to find the answer in previous prices and in regularity of their changes; the fundamental analysis uses the information on account results of the firm and the appraisals of the future development. The theory of perfect market affirms that current prices at the competitive financial market absorb all available information. The theory identifies the intristic value of share with current, going price which expresses the way how the investors evaluate the expended dividends and growth opportunities of the firm. The deviation from the intristic value at the competitive market is possible to appear only as a transitory or short-term phenomenon.