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Strategic analysis is the first step of strategic management. There are many methods of strategic analysis which are used for external and internal environment description. The paper is focused on SWOT analysis, which is the most frequently used method and which enables synthesis of partial results of external and internal analyses; special attention is given on the external analysis. In the paper the proposal of the evaluation is suggested and on this basis external part of SWOT matrix, which consist of opportunities and threats, is created. For the evaluation the method of analytic hierarchy process (AHP) is used and this methodology is applied on the data of the selected company. Opportunities and threats that have been found by this methodology are compared with results obtained by the company management.