dc.description.abstract | 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. | en |