Valoración de los bancos cotizados españoles tras la crisis

  1. Ferreras González, Adrián 1
  2. Tascón, María Teresa 1
  1. 1 Universidad de León
    info

    Universidad de León

    León, España

    ROR https://ror.org/02tzt0b78

Journal:
Pecunia: revista de la Facultad de Ciencias Económicas y Empresariales

ISSN: 1699-9495

Year of publication: 2021

Issue: 24

Pages: 1-32

Type: Article

DOI: 10.18002/PEC.V0I24.7041 DIALNET GOOGLE SCHOLAR lock_openDialnet editor

More publications in: Pecunia: revista de la Facultad de Ciencias Económicas y Empresariales

Abstract

After the financial crisis started, the market values of the main Spanish financial institutions suffered a sharp cut and their shares have traded at really low levels since then. Trying to determine whether their price corresponds to their intrinsic value, a valuation of these firms is done by applying the dividend discount model and the residual income model. A cost of capital for each institution is also estimated. Taking into account the most relevant macroeconomic and industrial factors affecting the banks’ value, our results indicate that five out of six banks would be slightly undervalued, and the other one is slightly overvalued. Concerning the cost of capital, our results suggest that it is markedly affected by the internationalization of the firms.

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Data source: Dialnet