Knowledge Capital Earnings of a Company Listed on Warsaw Stock Exchange

The article makes an attempt at empirical verification of the Knowledge Capital Earnings (KCE (TM)) method. KCE (TM) is one of calculating methods, whose main purpose is to value intellectual capital of a company listed on a stock market, and to evaluate to what extent a company is overvalued or undervalued on the capital market. Analogously, it is possible to indicate how much a unit price of shares is overvalued or undervalued on the market. The article omits all issues related to the speculative nature of the stock market, emphasizing only the practical and possible use of the tool (KCE (TM)) as well as the intellectual capital valuation, overvaluation and undervaluation of a company and its unit stock price. A public company operating in a fuel industry and listed on Warsaw Stock Exchange has been selected for the analysis. The approach presented here is quite interesting among other methods using financial measures for intellectual capital valuation, although, obviously, it demonstrates several weaknesses mentioned in the article.