Estimating Companys Value with the KCE(TM) Method

The article presents the KCE(TM) Method as applied to the assessment of a company's commercial value. Increasing discrepancy between book and market value of most companies calls for a more precise explanation of and draws attention to intangible assets as determinants o0f the company's market value. That problem stems not only from overlookiong intangible assets value in financial analysis but it also reflects methodological conflict between traditional accounting measures and contemporary markets. Presented KCE(TM) Method partially explains sources of that conflict. It is applied to the analysis of two Polish telecommunication companies - 'Telekomunikacja Polska SA' and 'Netia SA', and its results help to understand why and how some companies are overvalued or undervalued