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Valuing Banks : a New Corporate Finance Approach

Author: Federico Beltrame; Daniele Previtali
Publisher: London : Palgrave Macmillan UK : Imprint : Palgrave Macmillan, 2016.
Series: Palgrave Macmillan studies in banking and financial institutions.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Bank valuation is one of the most difficult topics to address in corporate finance. The application of standard valuation methodologies can be limited and heavily influenced by the varying specifics of regulation, business process, equity and debt capital function (among others) among banks. Generally, these limitations result in the application of a simplified equity-side approach based on dividends. Yet, dividends  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Printed edition:
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Federico Beltrame; Daniele Previtali
ISBN: 9781137561428 1137561424
OCLC Number: 953142449
Description: 1 online resource (XXIV, 242 pages 19 illustrations) : online resource.
Contents: 1) Valuation in Banking: Issues and Models --
2) Value, Capital Structure and Cost of Capital: A Theoretical Framework --
3) Measuring the Cash Flows of Banks: the FCFA Asset Side Approach --
4) The Cost of Capital of Banks: Theories and Empirical Evidences --
5) Banks' Asset-Side Multiples: Profitability, Growth, Leverage and Deposits Effect --
6) A Comparison Among Valuation Metrics on a Real Case.
Series Title: Palgrave Macmillan studies in banking and financial institutions.
Responsibility: by Federico Beltrame, Daniele Previtali.
More information:

Abstract:

Bank valuation is one of the most difficult topics to address in corporate finance. The application of standard valuation methodologies can be limited and heavily influenced by the varying specifics of regulation, business process, equity and debt capital function (among others) among banks. Generally, these limitations result in the application of a simplified equity-side approach based on dividends. Yet, dividends represent a synthetic measure of cash and, therefore, often do not present an accurate view of the value creation process in terms of cash flows. This book aims to overcome the limitations the variations in bank-specifics impose by providing a bank-specific valuation theoretical framework and a new asset-side model. The book includes also a constructive comparison of equity and asset side methods. The authors present a novel framework entitled, the "Asset Mark-down Model". This method incorporates an Adjusted Present Value model, which allows practitioners to identify the main value creation sources of a particular bank: from asset-based cash flow and the mark-down on deposits, to tax benefits on bearing liabilities. Through the implementation of this framework, the authors offer a more accurate and more specific approach to valuing banks.

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