Hodnotové investování do akcií leteckých výrobců

The thesis deals with the issue of value investing using the example of a specific segment, namely aircraft manufacturers traded on American stock exchanges. The aim of the thesis was to empirically verify the existence and development of the value effect in this segment when applying the High minus low (HML) and High minus low – technology (HML-T) models. The contribution of the thesis is the application of the HML model and its modified version to a segment that has not yet been tested. The thesis therefore sorted out companies with the main activity classification (NAICS) code 3364 (Aerospace parts and products manufacturing) on ​​American stock exchanges and applied the HML and HML-T models. The empirical analysis demonstrated a low value-creating effect of the portfolio. The value premium did not increase even after adjusting for the technological factor. The reasons are the higher capital intensity of the main aircraft manufacturers, which determine the market and make up the majority of market capitalization. Another factor in lower value creation is long-term defense contracts, large investments in R&D, and the conglomerate nature of these companies.