07/30/2026 13:17
AIR Project Successfully Completed: Artificial Intelligence Supporting the Understanding of Company Valuation Zagreb Stock Exchange, Forvis Mazars and Solverhip have successfully completed the AIR (Artificial Intelligence Research) project, an innovative platform that combines artificial intelligence, advanced data analytics and financial modelling to improve understanding of company valuation. An analysis of six companies from the Zagreb Stock Exchange's Prime Market is available on the website www.air-stocks.com.
The project was financed by the European Bank for Reconstruction and Development (EBRD) with the support of the Taiwan Business - EBRD Technical Cooperation Fund and represents one of the first practical applications of artificial intelligence in financial analytics and investor education within the Croatian capital market.
Kristijan Cinotti (Forvis Mazars), Ivana Gažić (Zagreb Stock Exchange)
Understanding Company Valuation Through Technology
The objective of the AIR project is not to provide investment recommendations or determine the definitive value of a company, but to provide better knowledge of the business and financial indicators of listed companies. The platform has been designed as a research and educational tool that helps users better understand how companies are valued, which variables drive valuation outcomes, and how different business assumptions may influence future company value.
Using established financial methodologies, including the Discounted Cash Flow (DCF) approach, the platform demonstrates how changes in revenue growth, profitability, investments, capital structure and the cost of capital can impact indicative valuation outcomes.
From Financial Statements to Actionable Insights
The AIR platform automatically collects and processes publicly available financial information, calculates key performance indicators and generates structured analytical reports and summaries using artificial intelligence.
This approach provides:
- faster processing of financial data,
- a standardized valuation framework,
- greater transparency in financial analysis,
- easier comparison between companies,
- broader access to financial insights for the investment community.
Combining Financial Expertise and Artificial Intelligence
The project brought together complementary expertise from three organizations:
- Zagreb Stock Exchange provided market insight and access to relevant market data,
- Forvis Mazars developed the valuation methodology and financial modelling framework,
- Solvership designed and implemented the technology platform and AI capabilities.
The result is a fully operational platform demonstrating how artificial intelligence can enhance traditional financial analysis and support financial literacy and investor education.
A Step Towards a Developed Capital Market
The AIR project demonstrates that artificial intelligence can complement, rather than replace, financial expertise by helping users better understand financial information and valuation methodologies.
By combining professional valuation knowledge, market intelligence and advanced technologies, AIR creates a new way for investors, students, researchers and the broader business community to explore company valuation principles and better understand the factors that drive corporate value creation.
More about the AIR (Artificial Intelligence Research) project
This project is a research and educational initiative aimed at improving understanding of company valuation through the analysis of selected companies listed on the Zagreb Stock Exchange (ZSE) Prime Market.
The web application provides automated indicative company valuations and key financial insights for selected companies. Moreover, the application collects and processes financial data, including income statements and balance sheets, and applies the Discounted Cash Flow (DCF) methodology to estimate the indicative value of a company. In addition, Artificial Intelligence (AI) is used to generate summary information and supporting insights.
The application is intended solely for educational and research purposes. The valuations, financial analyses, and AI-generated content are indicative in nature and are provided to support learning, research, and investment analysis. They do not constitute investment advice, a recommendation to buy or sell securities, or a definitive or binding assessment of a company's value.
The project was financed by the European Bank for Reconstruction and Development (EBRD), with the support of the Taiwan Business - EBRD Technical Cooperation Fund.
