Publicação
Banco Invest, S.A. – equity valuation
| Resumo: | Banco Invest S.A. (or “Banco Invest”) is an anonymous society based in Lisbon and six branches in Portugal: Lisbon, Porto, Leiria and Braga. The Bank initiated its activity as Banco Alves Ribeiro S.A. in 1997. However, in order to unequivocally reflect its mission, there was a change in the bank’s name to Banco Invest. This mission is essentially to be recognized by the market as the financial institution that best meets the needs of customers, individuals, companies or institutions, in all financial products available, proposing solutions that traditional retail banking, with a more standardized offer, is not designed to offer. Banco Invest specializes in managing savings and investments of its private, corporate and institutional clients, offering an open and independent structure, with a global and diversified set of products and services. Therefore, one of the goals of this thesis is to better understand how private and investment banking has been playing in the financial institution’s markets through the years. During the last decades, diverse mechanisms of business valuation models were created. These valuation methods aim to achieve with the greatest degree of accuracy, the intrinsic value of a financial institution. Generally, there is no right answer to the problem of valuation of companies. After all these years, there are no specific assumptions to be made neither what are the most suitable methods to follow. Throughout this dissertation, the main purpose is to identify and study different methodologies such as: (i) discounted cash flows, (ii) relative valuation, (iii) liquidation and accounting valuation and also (iv) contingent claim valuation, in order to achieve a final price per share that can be compared to the one offered by Banco Invest and bring another perspective to this matter. I will intend to value the Banco Invest SA as of 31st of December of 2019, the last revised Annual Report available, and compare it to the final price per share offered by the market. The forecasts will be estimate for the following 4 years (2020-2023). At 31-12-2019 Banco Invest was slightly undervalued, the market price was € 5,00 and the target price calculated was € 5,46, our recommendation is to "Buy". |
|---|---|
| Autores principais: | Dória, Maria Teresa Saraiva de Aragão da Silva |
| Assunto: | Financial Institutions Banco Invest SA Financial Firm Valuation Free Cash Flow to Equity (FCFE) Intrinsic Value |
| Ano: | 2021 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso aberto |
| Instituição associada: | Universidade Nova de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório Institucional da UNL |
| _version_ | 1868414724564058112 |
|---|---|
| author | Dória, Maria Teresa Saraiva de Aragão da Silva |
| author_facet | Dória, Maria Teresa Saraiva de Aragão da Silva |
| author_role | author |
| contributor_name_str_mv | Bravo, Jorge Miguel Ventura RUN |
| country_str | PT |
| creators_json_txt | [{\"Person.name\":\"Dória, Maria Teresa Saraiva de Aragão da Silva\"}] |
| datacite.contributors.contributor.contributorName.fl_str_mv | Bravo, Jorge Miguel Ventura RUN |
| datacite.creators.creator.creatorName.fl_str_mv | Dória, Maria Teresa Saraiva de Aragão da Silva |
| datacite.date.Accepted.fl_str_mv | 2021-03-29T00:00:00Z |
| datacite.date.available.fl_str_mv | 2021-04-13T14:05:15Z |
| datacite.date.embargoed.fl_str_mv | 2021-04-13T14:05:15Z |
| datacite.rights.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| datacite.subjects.subject.fl_str_mv | Financial Institutions Banco Invest SA Financial Firm Valuation Free Cash Flow to Equity (FCFE) Intrinsic Value |
| datacite.titles.title.fl_str_mv | Banco Invest, S.A. – equity valuation |
| dc.contributor.none.fl_str_mv | Bravo, Jorge Miguel Ventura RUN |
| dc.creator.none.fl_str_mv | Dória, Maria Teresa Saraiva de Aragão da Silva |
| dc.date.Accepted.fl_str_mv | 2021-03-29T00:00:00Z |
| dc.date.available.fl_str_mv | 2021-04-13T14:05:15Z |
| dc.date.embargoed.fl_str_mv | 2021-04-13T14:05:15Z |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | http://hdl.handle.net/10362/115436 |
| dc.language.none.fl_str_mv | eng |
| dc.rights.cclincense.fl_str_mv | http://creativecommons.org/licenses/by/4.0/ |
| dc.rights.none.fl_str_mv | http://purl.org/coar/access_right/c_abf2 |
| dc.subject.none.fl_str_mv | Financial Institutions Banco Invest SA Financial Firm Valuation Free Cash Flow to Equity (FCFE) Intrinsic Value |
| dc.title.fl_str_mv | Banco Invest, S.A. – equity valuation |
| dc.type.none.fl_str_mv | http://purl.org/coar/resource_type/c_bdcc |
| description | Banco Invest S.A. (or “Banco Invest”) is an anonymous society based in Lisbon and six branches in Portugal: Lisbon, Porto, Leiria and Braga. The Bank initiated its activity as Banco Alves Ribeiro S.A. in 1997. However, in order to unequivocally reflect its mission, there was a change in the bank’s name to Banco Invest. This mission is essentially to be recognized by the market as the financial institution that best meets the needs of customers, individuals, companies or institutions, in all financial products available, proposing solutions that traditional retail banking, with a more standardized offer, is not designed to offer. Banco Invest specializes in managing savings and investments of its private, corporate and institutional clients, offering an open and independent structure, with a global and diversified set of products and services. Therefore, one of the goals of this thesis is to better understand how private and investment banking has been playing in the financial institution’s markets through the years. During the last decades, diverse mechanisms of business valuation models were created. These valuation methods aim to achieve with the greatest degree of accuracy, the intrinsic value of a financial institution. Generally, there is no right answer to the problem of valuation of companies. After all these years, there are no specific assumptions to be made neither what are the most suitable methods to follow. Throughout this dissertation, the main purpose is to identify and study different methodologies such as: (i) discounted cash flows, (ii) relative valuation, (iii) liquidation and accounting valuation and also (iv) contingent claim valuation, in order to achieve a final price per share that can be compared to the one offered by Banco Invest and bring another perspective to this matter. I will intend to value the Banco Invest SA as of 31st of December of 2019, the last revised Annual Report available, and compare it to the final price per share offered by the market. The forecasts will be estimate for the following 4 years (2020-2023). At 31-12-2019 Banco Invest was slightly undervalued, the market price was € 5,00 and the target price calculated was € 5,46, our recommendation is to "Buy". |
| dirty | 0 |
| eu_rights_str_mv | openAccess |
| format | masterThesis |
| fulltext.url.fl_str_mv | https://run.unl.pt/bitstreams/97062c89-066e-45d1-8d84-b416c23856bf/download |
| id | run_ca972bc2d140ad62dea2e7c46fbb22a2 |
| identifier.url.fl_str_mv | http://hdl.handle.net/10362/115436 |
| instacron_str | unl |
| institution | Universidade Nova de Lisboa |
| instname_str | Universidade Nova de Lisboa |
| language | eng |
| network_acronym_str | run |
| network_name_str | Repositório Institucional da UNL |
| oai_identifier_str | oai:run.unl.pt:10362/115436 |
| organization_str_mv | urn:organizationAcronym:unl |
| person_str_mv | Dória, Maria Teresa Saraiva de Aragão da Silva |
| publishDate | 2021 |
| reponame_str | Repositório Institucional da UNL |
| repository_id_str | urn:repositoryAcronym:run |
| service_str_mv | urn:repositoryAcronym:run |
| spelling | engpt_PTBanco Invest S.A. (or “Banco Invest”) is an anonymous society based in Lisbon and six branches in Portugal: Lisbon, Porto, Leiria and Braga. The Bank initiated its activity as Banco Alves Ribeiro S.A. in 1997. However, in order to unequivocally reflect its mission, there was a change in the bank’s name to Banco Invest. This mission is essentially to be recognized by the market as the financial institution that best meets the needs of customers, individuals, companies or institutions, in all financial products available, proposing solutions that traditional retail banking, with a more standardized offer, is not designed to offer. Banco Invest specializes in managing savings and investments of its private, corporate and institutional clients, offering an open and independent structure, with a global and diversified set of products and services. Therefore, one of the goals of this thesis is to better understand how private and investment banking has been playing in the financial institution’s markets through the years. During the last decades, diverse mechanisms of business valuation models were created. These valuation methods aim to achieve with the greatest degree of accuracy, the intrinsic value of a financial institution. Generally, there is no right answer to the problem of valuation of companies. After all these years, there are no specific assumptions to be made neither what are the most suitable methods to follow. Throughout this dissertation, the main purpose is to identify and study different methodologies such as: (i) discounted cash flows, (ii) relative valuation, (iii) liquidation and accounting valuation and also (iv) contingent claim valuation, in order to achieve a final price per share that can be compared to the one offered by Banco Invest and bring another perspective to this matter. I will intend to value the Banco Invest SA as of 31st of December of 2019, the last revised Annual Report available, and compare it to the final price per share offered by the market. The forecasts will be estimate for the following 4 years (2020-2023). At 31-12-2019 Banco Invest was slightly undervalued, the market price was € 5,00 and the target price calculated was € 5,46, our recommendation is to "Buy".application/pdfpt_PTBanco Invest, S.A. – equity valuationDória, Maria Teresa Saraiva de Aragão da SilvaBravo, Jorge Miguel VenturaHostingInstitutionOrganizationalRUNe-mailmailto:run@unl.ptrun@unl.ptURNurn:tid:2026954762021-04-13T14:05:15Z2021-03-292021-03-29T00:00:00ZHandlehttp://hdl.handle.net/10362/115436http://purl.org/coar/access_right/c_abf2open accessFinancial InstitutionsBanco Invest SAFinancial Firm ValuationFree Cash Flow to Equity (FCFE)Intrinsic Value1534910 bytesliteraturehttp://purl.org/coar/resource_type/c_bdccmaster thesis2021-03-29http://creativecommons.org/licenses/by/4.0/http://purl.org/coar/access_right/c_abf2application/pdffulltexthttps://run.unl.pt/bitstreams/97062c89-066e-45d1-8d84-b416c23856bf/download |
| spellingShingle | Banco Invest, S.A. – equity valuation Dória, Maria Teresa Saraiva de Aragão da Silva Financial Institutions Banco Invest SA Financial Firm Valuation Free Cash Flow to Equity (FCFE) Intrinsic Value |
| status | SINGLETON |
| subject.fl_str_mv | Financial Institutions Banco Invest SA Financial Firm Valuation Free Cash Flow to Equity (FCFE) Intrinsic Value |
| title | Banco Invest, S.A. – equity valuation |
| title_full | Banco Invest, S.A. – equity valuation |
| title_fullStr | Banco Invest, S.A. – equity valuation |
| title_full_unstemmed | Banco Invest, S.A. – equity valuation |
| title_short | Banco Invest, S.A. – equity valuation |
| title_sort | Banco Invest, S.A. – equity valuation |
| topic | Financial Institutions Banco Invest SA Financial Firm Valuation Free Cash Flow to Equity (FCFE) Intrinsic Value |
| topic_facet | Financial Institutions Banco Invest SA Financial Firm Valuation Free Cash Flow to Equity (FCFE) Intrinsic Value |
| url | http://hdl.handle.net/10362/115436 |
| visible | 1 |