Company valuation in emerging market : the case of Bulgarian telecommuncations company
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- Master Thesis 
Telecommunication companies often catch investors’ attention as a promising growth investment. How should the value of such a company be estimated, given the deficiencies of emerging market economy? This is the question that provoked my interest for the Bulgarian incumbent telecom. This paper exhibits my attempt to work through its financial data and to get familiar with the industry developments in Europe and Bulgaria. Three different valuation models are used in order to address the uncertainties of emerging market environment. The detailed fundamental analysis of the company, based on publicly available information as of April 2006, allows me to arrive at an investment recommendation that could be useful for strategic or financial investors interested in ading a Bulgarian company to their portfolios.