How to Value a Bank
Springer International Publishing (Verlag)
978-3-031-43871-4 (ISBN)
This book gives an overview of the most common techniques used by analysts and experts to assess and value banks in all phases of a Bank's life, from licensing to resolution. These include licensing procedures, going concern market valuation techniques, liquidation, and resolution methodologies. The author sheds light on financial institutions' reporting and financial statements and explains how to interpret the data. Special attention is given to the different valuation approaches for financial institutions ranging from the basic PE and PBV methodologies to the more sophisticated ones such Discount cash flow (DCF), Dividend discount model (DDM), excess return models (EVA), and their variant, the warranted equity value (WEV) method. The authors also illustrate how to build a sum-of-the-parts model (SOTP) and how to treat capital in the process as well as developing a bottom-up approach for the cost of equity. The book provides numerous real-world examples which will hopefully help practitioners build their own MS Excel models. Furthermore, this publication investigates some of the critical aspects of banking M&A and its valuation implications.
This book also takes a deep dive into valuation for Banks in gone concern status, describing the basis for three different types of valuation of Banks in resolution: to inform a decision on whether to put a bank into resolution; to inform the choice of resolution tools and the extent of any bail-in of liabilities; and to determine whether any creditors would have been better off had the bank gone into insolvency. Special attention is given to the valuation of non-performing loans (NPLs) and financial assets focusing on some operational aspects of winding-down a bank's loan and trading book portfolio.
lt;p>Alessandro Santoni worked at the International Monetary Fund (IMF) in Washington DC in the Financial Crisis Department and was previously the European Central Bank (ECB) manager responsible for onsite inspection and previously for banks crisis management interventions. He was involved in several banking crises, insolvency proceedings, and resolution measures. He also contributed to developing the post-crisis financial safety net in the EU and emerging markets. Previously, he worked in the banking industry for more than 15 years in commercial banks such as BMPS and investments banks such as Goldman Sachs. He has a Ph.D. from the University of Siena (Italy), Master in International Economics from SDA Bocconi (Italy), and an EMBA from Columbia University, London Business School (UK) and Hong Kong University (China) He teaches Bank Valuation, Risk Management and Financial Crimes at Bayes Business School in London (UK) and at Frankfurt School of Finance and Management (Germany). He is the author of several academic papers and books.
Federico Salerno worked at the European Central Bank (ECB) in Frankfurt, Germany as supervisor at the ECB's supervisory arm (SSM) and in the Crisis Management Department. He has extensive experience on financial institutions as a research analyst at various sell-side institutions, including bulge brackets focussed on large caps and boutiques focussed on small caps.
Chapter 1. Introduction.- Chapter 2. Main Features of the Banking Business Model.- Chapter 3. Valuing a Bank in Going Concern.- Chapter 4. Banks M&a: Strategy and Valuation.- Chapter 5. Valuation in Resolution.- Chapter 6. Valuation in Liquidation.- Chapter 7. Loan Valuation.- Chapter 8. Financial Assets Valuation.- Chapter 9. Solvent Wind Down.
| Erscheinungsdatum | 01.12.2023 |
|---|---|
| Reihe/Serie | Springer Texts in Business and Economics |
| Zusatzinfo | XVI, 115 p. 15 illus., 4 illus. in color. |
| Verlagsort | Cham |
| Sprache | englisch |
| Maße | 155 x 235 mm |
| Gewicht | 355 g |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung |
| Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre | |
| Schlagworte | Banking • BNP Operating Conditions Index • Capital Markets • Crisis Management • Discount Methods • Equity Analysis • Equity Methods • Fair value • Liquidation • M&A • multiple methods • NPL Valuation • ratios • Resolution • Trading Portfolio Wind Down • Valuation |
| ISBN-10 | 3-031-43871-X / 303143871X |
| ISBN-13 | 978-3-031-43871-4 / 9783031438714 |
| Zustand | Neuware |
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