Equity valuation : Banco Português de Investimento
In this dissertation I will expose the process that lead me to give BPI a BUY recommendation for a price target of 1,75€ (against 1,466€ in August 2014). My work adds to the investment community (compared with the BCP report of May 2014) by giving a more detailed and forward-looking valuation. Detai...
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| Format: | masterThesis |
| Language: | eng |
| Published: |
2015
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| Online Access: | http://hdl.handle.net/10400.14/16602 |
| Country: | Portugal |
| Oai: | oai:repositorio.ucp.pt:10400.14/16602 |
| Summary: | In this dissertation I will expose the process that lead me to give BPI a BUY recommendation for a price target of 1,75€ (against 1,466€ in August 2014). My work adds to the investment community (compared with the BCP report of May 2014) by giving a more detailed and forward-looking valuation. Detailed because I valuate domestic and international activities separately, accounting this way for a higher risk in the latter, but also greater profitability. Forward looking because I value BPI based on the excess return it is expected to generate. Using this approach I penalized BPI in the near future but I captured the long-term opportunities. |
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