Abstract:
The article makes an attempt at empirical verification of the Knowledge Capital Earnings (KCETM)
method. KCETM 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 (KCETM) 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.