Fundamental analysis is widely applied by the majority of equity investors on the developed stock markets. However, it is still of questionable value on the emerging markets due to certain market constraints (e.g. low liquidity, small number of investors, weak transparency). The present research is the continuation of the study made by the authors in 2009. Value creation of fundamental analysis was tested within Baltic equity market context by applying key fundamental analysis ratios: PE, ROE, equity ratio, PB etc. to the stock selection. Liquidity, plausibility of earnings as well as dividend payments were checked whether they could be performance creation sources. These concepts were tested during three market phases: pre-crisis, crisis and post-crisis. One of the key conclusions drawn was that fundamental analysis gains popularity and is more often employed by Baltic investors, particularly in the post-crisis period.