The paper considers selected aspects of short-term valuation of company shares. The author sets off from the proposition that company evaluation may take two forms: that of strategic or long-term evaluation, or short term one - with a time horizon of up to two years. The choice of the perspective depends on investors' preferences and objectives. The basic instrument of short-term valuation is an analysis based on market ratios, including: EPS, DPS, dividend rate, the P/E multiplier. This must be accompanied by the ability to forecast the profit and the ratios listed above for the nearest reporting period. The main part of the paper lists the formulae for selected market ratios and provides an economic interpretation of those. Some of the ratios, along with the relationships between them, are shown against data concerning selected companies quoted on the Warsaw Stock Exchange. The final part includes a graph illustrating the factors which affect share valuation in the short run. The graph indicates the significance of the P/E multiplier, whose importance is related to its substantial informative content. At the end of her paper, the author refers to the problems of data collection for the purposes of forecasting as well as the issue of investment activity risk. These issues should also be taken into account in the assessment of the accuracy of the presented investment evaluation method.