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Equity research – Bankinter S.A.
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Orientador(es)
Resumo(s)
O Bankinter S.A tornou-se o novo concorrente dos bancos portugueses, ao ter adquirido em abril de 2016 as operações da Barclays em Portugal.
A presente tese de mestrado tem como objetivo avaliar o banco à data das últimas contas auditadas, antes da entrada no mercado português e sem considerar as operações portuguesas. O banco espanhol, com 50 anos de existência, até à entrada no mercado português só operava em Espanha e teve uma boa performance durante uma época em que o país foi forçada a pedir um pacote de resgate para salvar o sistema bancário em 2012.
Avaliação de empresas têm sido um tema muito debatido, mas têm gerado pouco consenso, sobretudo ao nível das empresas financeiras. Devido às particularidades de uma empresa financeira é de difícil aplicabilidade os modelos que foram desenvolvidos para avaliar empresas não financeiras.
Ao longo da tese apresento os modelos de avaliação mais apropriados para avaliação ao Bankinter, realizo uma análise da empresa e do setor e através do modelo de Simon Benninga calculo o valor intrínseco pelo método dos fluxos de caixa descontados na ótica do investidor.
A 31 de dezembro de 2015 o Bankinter estava ligeiramente subavaliado, o preço de mercado era de 6,44€ e o preço alvo calculado foi de 6,95€, a nossa recomendação é de "Comprar".
Bankinter S.A became the new competitor of the Portuguese banks, having acquired in April 2016 the operations of Barclays in Portugal. This master's thesis aims to evaluate the bank at the date of the last revised accounts, before entering the Portuguese market and without considering the Portuguese operation. The 50-years-old Spanish bank only had operations in Spain and performed well during a time when the country was forced to call for a bailout package to save the banking system in 2012. Firm valuations have been a very discussed topic, but have generated little consensus, especially at the level of financial firms. Due to the particularities of a financial firm it is difficult to apply the models that were developed to evaluate non-financial firms. Throughout the thesis I present the most appropriate valuation models for Bankinter evaluation, I carry out an analysis of the firm and the industry and through the model of Simon Benninga I calculate the intrinsic value by the FCFE method. At 31/12/2015 Bankinter was slightly undervalued, the market price was €6.44 and the target price calculated was €6.95, our recommendation is to "Buy".
Bankinter S.A became the new competitor of the Portuguese banks, having acquired in April 2016 the operations of Barclays in Portugal. This master's thesis aims to evaluate the bank at the date of the last revised accounts, before entering the Portuguese market and without considering the Portuguese operation. The 50-years-old Spanish bank only had operations in Spain and performed well during a time when the country was forced to call for a bailout package to save the banking system in 2012. Firm valuations have been a very discussed topic, but have generated little consensus, especially at the level of financial firms. Due to the particularities of a financial firm it is difficult to apply the models that were developed to evaluate non-financial firms. Throughout the thesis I present the most appropriate valuation models for Bankinter evaluation, I carry out an analysis of the firm and the industry and through the model of Simon Benninga I calculate the intrinsic value by the FCFE method. At 31/12/2015 Bankinter was slightly undervalued, the market price was €6.44 and the target price calculated was €6.95, our recommendation is to "Buy".
Descrição
Mestrado em Finanças
Palavras-chave
Avaliação de Empresas Financeiras Fluxos de Caixa Descontados na Ótica do Investidor Valor Intrínseco Bankinter Financial Firm Valuation Free Cash Flow to Equity Intrinsic Value
Contexto Educativo
Citação
Constâncio, Carlos Miguel Rodrigues (2018). "Equity research – Bankinter S.A.". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão