Published : 2026-07-10

Market efficiency – DCF valuation of ICT companies.

Michał Janczak



Abstract

This study evaluated three public companies from the ICT sector using a DCF model, the results of which were compared to market value. The aim was to verify the hypothesis that, according to the efficient markets theory, DCF valuation of companies is consistent with market value, as share prices take into account all information about the companies. The research yielded mixed results, indicating that the hypothesis was not valid for the selected research sample.

Three publicly traded companies were selected for the study: Wasko S.A., Talex S.A., and Atende S.A., whose business involves providing ICT solutions. The literature on enterprise value and valuation methods, efficient markets theory, and the ICT industry were referenced. Using financial statements and industry forecasts, the fundamental value of the companies was calculated, comparing the results with the average share price for the last two months of 2018. The lack of consistency in the obtained results indicates the presence of anomalies in the capital market.

Keywords:

market efficiency, enterprise value, DC F model, ICT industry



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Janczak, M. (2026). Market efficiency – DCF valuation of ICT companies. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 110(1). https://doi.org/10.58683/dnswsb.2127

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Uniwersytet WSB Merito w Poznaniu
ul. Powstańców Wielkopolskich 5
61-895 Poznań
e-mail: journals@poznan.merito.pl
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Uniwersytet WSB Merito w Poznaniu / WSB Merito University
ul. Powstańców Wielkopolskich 5
61-895 Poznań

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