This dissertation aims to determine the target price per equity certificate of the Norwegian savings bank Sparebanken Vest, providing an investment recommendation as of April 30th , 2024. The dissertation explores various underlying theories and models, ultimately employing a modified FCFE model, an excess return model, and relative valuation. Both the company and the industry are analyzed, core valuation components are estimated, and finally, the valuation is conducted. Using a football field analysis to summarize the results, the dissertation concludes that the appropriate target price is NOK 121 per equity certificate, resulting in a "Hold" recommendation. Lastly, the target price and forecast are compared with an analyst report published by Pareto Securities AS, which revealed only minor discrepancies in both the forecast and target price, leading to the same investment recommendation.
| Date of Award | 25 Jun 2024 |
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| Original language | English |
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| Awarding Institution | - Universidade Católica Portuguesa
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| Supervisor | José Carlos Tudela Martins (Supervisor) |
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- Equity certificates
- Bank valuation
- Equity valuation
- Discounted cash flow
- Relative valuation
- Excess return model
- Analyst report
- Mestrado em Gestão e Administração de Empresas (mestrado internacional)
Equity valuation of Sparebanken Vest (Ticker: SVEG.OL): April 30th, 2024
Hope, B. R. (Student). 25 Jun 2024
Student thesis: Master's Thesis