Valuation of MONETA Money Bank

Eva Musilova

Studenteropgave: Masterafhandling


Valuation of banks has been referred to as daunting exercise, mainly due to unique nature of
their business, hence, it is argued that mainly equity valuation models should be used for this
purpose. The aim of this thesis is to valuate MONETA Money Bank a.s., adopting income
method and free cash flow available to shareholders discounted at cost of equity. The resulting
intrinsic value of a share serves as the main base for final valuation, nonetheless, it is
accompanied by valuation using P/E and P/BV multiples. Despite its wide popularity, there are
many deficiencies identified in the literature, which have been often neglected by its users, and
these will be emphasized and demonstrated in the analytical part of this thesis. The final
investment recommendation is based on the whole picture of a bank, consisting of several
analyses, conducted with the purpose of determination whether the share is overvalued or
undervalued relative to its market price CZK 82.10 as of 1st October 2018.

UddannelserVirksomhedsledelse, (Bachelor/kandidatuddannelse) Kandidat
Udgivelsesdatodec. 2018
Antal sider93
VejledereSlobodan Kacanski