Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10071/15738 |
Resumo: | Banco BPI is one of the biggest Portuguese commercial banks and, on April 2016, was targeted by a voluntary takeover bid for all of its share capital by one of its shareholders, CaixaBank, a bank that is part of the Spanish financial group "la Caixa" Banking Foundation. The bidder offered €1.113 per share for the aim of becoming BPI's majority shareholder. Therefore, BPI's board of directors issued a report in which they analyze the conditions proposed by CaixaBank and present a bank valuation based on multiples of comparable companies. The main purpose of this thesis is to perform an equity valuation of Banco BPI based on other methodologies such as: free cash flow to the equity, dividend discount model and also relative valuation based on multiples of comparable companies, in order to achieve a final price per share that can be compared to the one offered by the CaixaBank and bring another perspective to this matter. |
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Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016Free cash flow to the equityDividend discount modelRelative valuationTakeoverBPI - Banco Português de InvestimentoAvaliação de empresasSector bancárioOPA Oferta Pública de AquisiçãoMetodologia de avaliaçãoPortugal - 2016Banco BPI is one of the biggest Portuguese commercial banks and, on April 2016, was targeted by a voluntary takeover bid for all of its share capital by one of its shareholders, CaixaBank, a bank that is part of the Spanish financial group "la Caixa" Banking Foundation. The bidder offered €1.113 per share for the aim of becoming BPI's majority shareholder. Therefore, BPI's board of directors issued a report in which they analyze the conditions proposed by CaixaBank and present a bank valuation based on multiples of comparable companies. The main purpose of this thesis is to perform an equity valuation of Banco BPI based on other methodologies such as: free cash flow to the equity, dividend discount model and also relative valuation based on multiples of comparable companies, in order to achieve a final price per share that can be compared to the one offered by the CaixaBank and bring another perspective to this matter.O Banco BPI é um dos maiores bancos comerciais portugueses e, em abril de 2016, foi alvo de uma oferta pública de aquisição (OPA), por parte de um dos seus acionistas, o CaixaBank, um banco que integra o grupo financeiro espanhol "la Caixa" Banking Foundation. O oferente propôs um preço de €1.113 por ação com o intuito de se tornar o acionista maioritário do BPI. Consequentemente, o Conselho de Administração do BPI emitiu um relatório no qual analisa as condições propostas pelo CaixaBank e apresenta uma avaliação do banco baseada em múltiplos de empresas comparáveis. O principal objetivo desta tese é realizar uma avaliação dos capitais próprios do Banco BPI tendo por base outras metodologias: o "free cash flow to the equity", o "dividend discount model" e múltiplos de mercado de forma a obter um preço por ação final que possa ser comparado ao que foi oferecido pelo CaixaBank e desta maneira trazer uma nova perspetiva a este assunto.2018-05-03T16:56:55Z2019-05-03T00:00:00Z2017-11-16T00:00:00Z2017-11-162017-09info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfapplication/octet-streamhttp://hdl.handle.net/10071/15738TID:201757451engNoronha, Ana Teresa Lopes Pires Bettencourt deinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-09T17:28:24Zoai:repositorio.iscte-iul.pt:10071/15738Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:12:43.505611Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016 |
title |
Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016 |
spellingShingle |
Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016 Noronha, Ana Teresa Lopes Pires Bettencourt de Free cash flow to the equity Dividend discount model Relative valuation Takeover BPI - Banco Português de Investimento Avaliação de empresas Sector bancário OPA Oferta Pública de Aquisição Metodologia de avaliação Portugal - 2016 |
title_short |
Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016 |
title_full |
Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016 |
title_fullStr |
Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016 |
title_full_unstemmed |
Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016 |
title_sort |
Banco BPI: equity valuation and CaixaBank's Takeover Bid of April 2016 |
author |
Noronha, Ana Teresa Lopes Pires Bettencourt de |
author_facet |
Noronha, Ana Teresa Lopes Pires Bettencourt de |
author_role |
author |
dc.contributor.author.fl_str_mv |
Noronha, Ana Teresa Lopes Pires Bettencourt de |
dc.subject.por.fl_str_mv |
Free cash flow to the equity Dividend discount model Relative valuation Takeover BPI - Banco Português de Investimento Avaliação de empresas Sector bancário OPA Oferta Pública de Aquisição Metodologia de avaliação Portugal - 2016 |
topic |
Free cash flow to the equity Dividend discount model Relative valuation Takeover BPI - Banco Português de Investimento Avaliação de empresas Sector bancário OPA Oferta Pública de Aquisição Metodologia de avaliação Portugal - 2016 |
description |
Banco BPI is one of the biggest Portuguese commercial banks and, on April 2016, was targeted by a voluntary takeover bid for all of its share capital by one of its shareholders, CaixaBank, a bank that is part of the Spanish financial group "la Caixa" Banking Foundation. The bidder offered €1.113 per share for the aim of becoming BPI's majority shareholder. Therefore, BPI's board of directors issued a report in which they analyze the conditions proposed by CaixaBank and present a bank valuation based on multiples of comparable companies. The main purpose of this thesis is to perform an equity valuation of Banco BPI based on other methodologies such as: free cash flow to the equity, dividend discount model and also relative valuation based on multiples of comparable companies, in order to achieve a final price per share that can be compared to the one offered by the CaixaBank and bring another perspective to this matter. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-11-16T00:00:00Z 2017-11-16 2017-09 2018-05-03T16:56:55Z 2019-05-03T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10071/15738 TID:201757451 |
url |
http://hdl.handle.net/10071/15738 |
identifier_str_mv |
TID:201757451 |
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eng |
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eng |
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info:eu-repo/semantics/openAccess |
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openAccess |
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application/pdf application/octet-stream |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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