How to Value a Bank: From Licensing to Resolution
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| Main Authors: | , |
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| Format: | Book |
| Language: | English |
| Published: |
Cham
Springer
[2023]
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| Series: | Springer Texts in Business and Economics
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | xvi, 115 Seiten Illustrationen |
| ISBN: | 9783031438714 |
| ISSN: | 2192-4341 |
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MARC
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| 245 | 1 | 0 | |a How to Value a Bank |b From Licensing to Resolution |c Alessandro Santoni, Federico Salerno |
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| 650 | 4 | |a Capital market | |
| 650 | 4 | |a Financial statements | |
| 650 | 4 | |a Consolidation and merger of corporations | |
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Record in the Search Index
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Contents Introduction. Overview. 1 1 Main Features of the Banking Business Model. Key Differences Between Banks and OFIs. Opening a Bank. Valuation of Financial Projections for Licensing Approval. Example of Initial Capital Requirement Valuation. Banks and Capital Requirements. How are Capital Requirements Determined?. Risks Associated with Banking Activity. Business Models. 5 5 6 7 7 7 8 9 11 Valuing a Bank in Going Concern. Valuation Methodologies for Banks. How Banks Differ from Corporates: Valuation Implications. Capital as a Scarce Resource for Financial Institutions.
Debt. Fixed Assets. Cash Flow. Valuation Implications: Free Cash Flow Valuation and DDM Models for Banks. Free Cash Flow to Equity (FCFE). Free Cash Flow to Assets (Firm). Dividend Discount Models (DDMs). Dividend Discount Model with Excess Capital. DDM Valuation of Hypothetical Bank XYZ: An Example. DDM Valuation of a Bank: Cost of Equity and Fair Value Per Share. FCFE Valuation. Market Multiples. PE Valuation: An Example. Banks and Inflation. Building a Value
Map. The Warranted Equity Value (WEV) Method. 15 15 16 16 16 17 17 17 18 18 19 20 20 20 22 23 26 32 32 34 ix
X Contents Excess Return Models. Capital—How to Treat It. Capital and a Word of Caution on the Danish Compromise: A Numerical Example. A Sum-of-the-Part Valuation: A Practical Example. Market Multiples as a “Control” Method. ROE Dupont Decomposition for Banks. Cost of Equity. Factor Models for COE. Bottom-Up Approach to the COE for the SOTP. Consistency Between Capital, Liquidity, and Cost of Equity. Consistency Between COCO Yields and Cost of Equity. Reference. 35 35 37 39 39 41 42 42 42 43 43 44 Banks M A: Strategy and Valuation. Rationale for Banking M A. M A Transaction from the Supervisor’s Point of
View. M A Transaction from the Market’s Point of View: Key Criteria on Top of Regulators. Accretive Versus Dilutive Deal. NPV Valuation in M A. Premium over Deposits. Capital Increase and TERP. Goodwill Valuation. References. 45 45 47 Valuation in Resolution. Resolution and Valuation Methodologies. A Practical Example. Bridge Bank Operationalization. Purchasing and Assumption Operationalization. 59 59 60 64 66 Valuation in Liquidation. Liquidation Versus
Resolution. Historical Liquidation Value. High-Level Liquidation Valuation. A Practical Example. Reference. 69 69 70 70 71 73 Loan Valuation. Literature Review. Loans Valuation: Cash Flow Adjustment Techniques. Bottom-Up Approach Loan Valuation. Top-Down Discounted Cash Flow Approach. Options for Addressing NPLs. NPL Fire Sale: Valuation Considerations. 75 75 76 76 80 80 82 48 51 52 52 54 55 57
Contents χί Non-performing Loans Sale: The Difference Between the Seller and the Buyer Approach. The Regulator Approach on Gone Concern Scenario. NPL Sale: Capital Tied Up Sensitivity. Reference. 83 84 85 86 Financial Assets Valuation. Prudent Valuation. Fair Value. Fair Value Calculation Techniques. Fair Value Hierarchy. Day One Profit—DOP. Additional Valuation Adjustments (AVA). Prudent Valuation Requirements. 87 87 88 89 89 90 91 92 Solvent Wind-Down. Wind-Down of Bank’s Trading Book. Orderly Versus Disorderly Wind-
Down. Ongoing Policy Discussion Overview. Operationalization of Wind-Down. Scenario Analysis. Wind-Down Strategies. Operational Aspects to be Mitigated During the Wind-Down Strategy. . Valuation Assumptions in the Trading Book Wind-Down. Fair Value: A Partial View of a Solvent Wind-Down (SWD) Value. Accounting and Capital Reserve. Fair Value and Market to Model Instruments. From Fair Value to SWD Value. Ticket/Portfolio-B ased Costs. Concentrated Risk Costs. Future Administrative Costs. Derivative Trading Wind-Down: XVA. Initial Valuation Adjustment: MVA. Capital Valuation Adjustment
(KVA). Other Additional Costs to be Considered. DOP Deferral: A Specific Balance Sheet Correction. Estimating Rump Costs. Reference. 95 95 97 98 99 100 100 102 102 103 104 104 106 107 107 108 109 Glossary. 115 109 109 111 Ill 112 ИЗ |
| adam_txt |
Contents Introduction. Overview. 1 1 Main Features of the Banking Business Model. Key Differences Between Banks and OFIs. Opening a Bank. Valuation of Financial Projections for Licensing Approval. Example of Initial Capital Requirement Valuation. Banks and Capital Requirements. How are Capital Requirements Determined?. Risks Associated with Banking Activity. Business Models. 5 5 6 7 7 7 8 9 11 Valuing a Bank in Going Concern. Valuation Methodologies for Banks. How Banks Differ from Corporates: Valuation Implications. Capital as a Scarce Resource for Financial Institutions.
Debt. Fixed Assets. Cash Flow. Valuation Implications: Free Cash Flow Valuation and DDM Models for Banks. Free Cash Flow to Equity (FCFE). Free Cash Flow to Assets (Firm). Dividend Discount Models (DDMs). Dividend Discount Model with Excess Capital. DDM Valuation of Hypothetical Bank XYZ: An Example. DDM Valuation of a Bank: Cost of Equity and Fair Value Per Share. FCFE Valuation. Market Multiples. PE Valuation: An Example. Banks and Inflation. Building a Value
Map. The Warranted Equity Value (WEV) Method. 15 15 16 16 16 17 17 17 18 18 19 20 20 20 22 23 26 32 32 34 ix
X Contents Excess Return Models. Capital—How to Treat It. Capital and a Word of Caution on the Danish Compromise: A Numerical Example. A Sum-of-the-Part Valuation: A Practical Example. Market Multiples as a “Control” Method. ROE Dupont Decomposition for Banks. Cost of Equity. Factor Models for COE. Bottom-Up Approach to the COE for the SOTP. Consistency Between Capital, Liquidity, and Cost of Equity. Consistency Between COCO Yields and Cost of Equity. Reference. 35 35 37 39 39 41 42 42 42 43 43 44 Banks M A: Strategy and Valuation. Rationale for Banking M A. M A Transaction from the Supervisor’s Point of
View. M A Transaction from the Market’s Point of View: Key Criteria on Top of Regulators. Accretive Versus Dilutive Deal. NPV Valuation in M A. Premium over Deposits. Capital Increase and TERP. Goodwill Valuation. References. 45 45 47 Valuation in Resolution. Resolution and Valuation Methodologies. A Practical Example. Bridge Bank Operationalization. Purchasing and Assumption Operationalization. 59 59 60 64 66 Valuation in Liquidation. Liquidation Versus
Resolution. Historical Liquidation Value. High-Level Liquidation Valuation. A Practical Example. Reference. 69 69 70 70 71 73 Loan Valuation. Literature Review. Loans Valuation: Cash Flow Adjustment Techniques. Bottom-Up Approach Loan Valuation. Top-Down Discounted Cash Flow Approach. Options for Addressing NPLs. NPL Fire Sale: Valuation Considerations. 75 75 76 76 80 80 82 48 51 52 52 54 55 57
Contents χί Non-performing Loans Sale: The Difference Between the Seller and the Buyer Approach. The Regulator Approach on Gone Concern Scenario. NPL Sale: Capital Tied Up Sensitivity. Reference. 83 84 85 86 Financial Assets Valuation. Prudent Valuation. Fair Value. Fair Value Calculation Techniques. Fair Value Hierarchy. Day One Profit—DOP. Additional Valuation Adjustments (AVA). Prudent Valuation Requirements. 87 87 88 89 89 90 91 92 Solvent Wind-Down. Wind-Down of Bank’s Trading Book. Orderly Versus Disorderly Wind-
Down. Ongoing Policy Discussion Overview. Operationalization of Wind-Down. Scenario Analysis. Wind-Down Strategies. Operational Aspects to be Mitigated During the Wind-Down Strategy. . Valuation Assumptions in the Trading Book Wind-Down. Fair Value: A Partial View of a Solvent Wind-Down (SWD) Value. Accounting and Capital Reserve. Fair Value and Market to Model Instruments. From Fair Value to SWD Value. Ticket/Portfolio-B ased Costs. Concentrated Risk Costs. Future Administrative Costs. Derivative Trading Wind-Down: XVA. Initial Valuation Adjustment: MVA. Capital Valuation Adjustment
(KVA). Other Additional Costs to be Considered. DOP Deferral: A Specific Balance Sheet Correction. Estimating Rump Costs. Reference. 95 95 97 98 99 100 100 102 102 103 104 104 106 107 107 108 109 Glossary. 115 109 109 111 Ill 112 ИЗ |
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| isbn | 9783031438714 |
| issn | 2192-4341 |
| language | English |
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| spelling | Santoni, Alessandro Verfasser aut How to Value a Bank From Licensing to Resolution Alessandro Santoni, Federico Salerno Cham Springer [2023] xvi, 115 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Springer Texts in Business and Economics 2192-4341 Capital Markets Financial Reporting Mergers and Acquisitions Risk Management Capital market Financial statements Consolidation and merger of corporations Financial risk management Salerno, Federico Verfasser aut Erscheint auch als Online-Ausgabe 978-3-031-43872-1 Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=034863822&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Santoni, Alessandro Salerno, Federico How to Value a Bank From Licensing to Resolution Capital Markets Financial Reporting Mergers and Acquisitions Risk Management Capital market Financial statements Consolidation and merger of corporations Financial risk management |
| title | How to Value a Bank From Licensing to Resolution |
| title_auth | How to Value a Bank From Licensing to Resolution |
| title_exact_search | How to Value a Bank From Licensing to Resolution |
| title_exact_search_txtP | How to Value a Bank From Licensing to Resolution |
| title_full | How to Value a Bank From Licensing to Resolution Alessandro Santoni, Federico Salerno |
| title_fullStr | How to Value a Bank From Licensing to Resolution Alessandro Santoni, Federico Salerno |
| title_full_unstemmed | How to Value a Bank From Licensing to Resolution Alessandro Santoni, Federico Salerno |
| title_short | How to Value a Bank |
| title_sort | how to value a bank from licensing to resolution |
| title_sub | From Licensing to Resolution |
| topic | Capital Markets Financial Reporting Mergers and Acquisitions Risk Management Capital market Financial statements Consolidation and merger of corporations Financial risk management |
| topic_facet | Capital Markets Financial Reporting Mergers and Acquisitions Risk Management Capital market Financial statements Consolidation and merger of corporations Financial risk management |
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