India E News September 9, 2009 Prospects Bright For Qualified Institutional P...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
India Interacts September 9, 2009 Prospects Bright For Qualified Institutiona...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Sindh Today September 9, 2009 Prospects Bright For Qualified Institutional Pl...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Bombay News September 9, 2009 Prospects Bright For Qualified Institutional Pl...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Sulekha September 9, 2009 Prospects Bright For Qualified Institutional Placem...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
New Kerala September 9, 2009 Prospects Bright For Qualified Institutional Pla...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
India E News September 9, 2009 Prospects Bright For Qualified Institutional P...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
India Interacts September 9, 2009 Prospects Bright For Qualified Institutiona...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Sindh Today September 9, 2009 Prospects Bright For Qualified Institutional Pl...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Bombay News September 9, 2009 Prospects Bright For Qualified Institutional Pl...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Sulekha September 9, 2009 Prospects Bright For Qualified Institutional Placem...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
New Kerala September 9, 2009 Prospects Bright For Qualified Institutional Pla...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Stockezy September 9, 2009 Prospects Bright For Qualified Institutional Place...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Andhravilas September 9, 2009 Prospects Bright For Qualified Institutional Pl...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Yahoo News September 9, 2009 Prospects Bright For Qualified Institutional Pla...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Sify News September 9, 2009 Prospects Bright For Qualified Institutional Plac...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Nerve News September 9, 2009 Prospects Bright For Qualified Institutional Pla...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
India Forums September 9, 2009 Prospects Bright For Qualified Institutional P...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Pro Kerala September 9, 2009 Prospects Bright For Qualified Institutional Pla...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Todays Khabor September 9, 2009 Prospects Bright For Qualified Institutional ...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Inditop September 9, 2009 Prospects Bright For Qualified Institutional Placem...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Thaindian September 9, 2009 Prospects Bright For Qualified Institutional Plac...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Web India 123 September 9, 2009 Prospects Bright For Qualified Institutional ...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
World Latest News September 9, 2009 Prospects Bright For Qualified Institutio...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Big News Network September 9, 2009 Prospects Bright For Qualified Institution...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
South Asia News September 9, 2009 Prospects Bright For Qualified Institutiona...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Jansamachar September 9, 2009 Prospects Bright For Qualified Institutional Pl...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Manglorean September 9, 2009 Prospects Bright For Qualified Institutional Pla...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Silicon India September 9, 2009 Prospects Bright For Qualified Institutional ...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
AOL News September 9, 2009 Prospects Bright For Qualified Institutional Place...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Blog Coverage Taragana September 9, 2009 Prospects Bright For Qualified Insti...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Stockezy September 9, 2009 Prospects Bright For Qualified Institutional Place...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Andhravilas September 9, 2009 Prospects Bright For Qualified Institutional Pl...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Yahoo News September 9, 2009 Prospects Bright For Qualified Institutional Pla...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Sify News September 9, 2009 Prospects Bright For Qualified Institutional Plac...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Nerve News September 9, 2009 Prospects Bright For Qualified Institutional Pla...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
India Forums September 9, 2009 Prospects Bright For Qualified Institutional P...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Pro Kerala September 9, 2009 Prospects Bright For Qualified Institutional Pla...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Todays Khabor September 9, 2009 Prospects Bright For Qualified Institutional ...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Inditop September 9, 2009 Prospects Bright For Qualified Institutional Placem...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Thaindian September 9, 2009 Prospects Bright For Qualified Institutional Plac...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Web India 123 September 9, 2009 Prospects Bright For Qualified Institutional ...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
World Latest News September 9, 2009 Prospects Bright For Qualified Institutio...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Big News Network September 9, 2009 Prospects Bright For Qualified Institution...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
South Asia News September 9, 2009 Prospects Bright For Qualified Institutiona...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Jansamachar September 9, 2009 Prospects Bright For Qualified Institutional Pl...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Manglorean September 9, 2009 Prospects Bright For Qualified Institutional Pla...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Silicon India September 9, 2009 Prospects Bright For Qualified Institutional ...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
AOL News September 9, 2009 Prospects Bright For Qualified Institutional Place...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Blog Coverage Taragana September 9, 2009 Prospects Bright For Qualified Insti...Jagannadham Thunuguntla
“Unitech took a chance by going in for a QIP, when conditions were still uncertain. Since then, a lot of companies have found QIP to be the flavour of the season,” said Jagannadham Thunuguntla.
Government Securities - Classification and ValuationAbhijeet Deshmukh
This presentation in based on RBI Master circular on Government Securities Portfolio and its valuation. The presentation describes in detail 'Held to Maturity', 'Available for Sale' and 'Held for Trading'
www.abhijeetdeshmukh.com
How Your Brain "Sees" a Logo Design And What It MeansRob Marsh
It takes about 400 milliseconds to "see" a logo. During that time, a lot happens as you make sense of what you see and put it all in context. Here's a look at how you do that. Plus, some interesting facts about how logos impact human behavior.
• Did you know we think about logos and brands the same way we think about friends?
• Did you know a logo can make you more creative?
• Did you know logos and brands help us determine who we are?
Here's the latest research from brain scientists about how our brains "see" logos.
The psychology of color and visual appearance with regards to persuasion and influence is one of the most fascinating and sometimes even controversial, aspects of marketing and consumer behavior. Research suggests that this aspect is a critical factor in marketing and branding. The buying pattern of consumers is based on their personal preference, upbringing, and even culture. Certain colors have a certain kind of impact on the consumer psyche. It has been found that up to 90% of consumer judgments made about products can be attributed to color alone, and businesses utilize this effectively to market their brands.
Reach us at: jghosh@suyati.com
this presentation describes how the capital account convertibility is in India.
What is Capital account?
What is Capital account convertibility?
Measures. Advantages and Disadvantages
This slide presents the open market operations conducted by central bank of India like what is OMO, who are the players in OMO, why OMO, How OMO, When OMO, Where OMO.
Financial Derivatives - Option Pricing Model reportMd. Tanzirul Amin
This project is designed for the course Derivative Securities (FIN 480) where we are to choose
two different companies, one is overvalued and the other is undervalued, from Dhaka Stock
Exchange (DSEX index) and validate our reasoning of choice with the help of fundamental
analysis additionally supported by technical analysis. We used three models namely Dividend
Discount Model (DDM), Free Cash Flow to the Firm (FCFF) and Relative Valuation (Market
Multiplier Model) in order to reach the conclusion of which stock is overvalued or undervalued.
After the valuation process, we assumed to issue a call option on the undervalued stock as the
underlying and issued a put option on the overvalued stock as the underlying. Then we used
Binomial Model for Option Pricing to calculate the call and put option price. Furthermore, we
used Black Scholes Merton Model to calculate the call and put option price. All the calculations
that have been used in this report are done in excel sheets based on the financial statements of
the company. Majority of the information is collected from Dhaka Stock Exchange,
Bangladesh Bank’s website, company website, different news portal, etc.
Tata Power Company Q2FY15: Results as per estimatesIndiaNotes.com
Tata power reported its 2Q FY 15 results as per the street estimates. However, Hangover continues regarding compensatory tariff issue ( Mundra UMPP). Total income stood at INR 8,394 Cr (-4% y-o-y). This was mainly on account of decrease in power and coal business. Revenue from power business stood at INR 6,201 Cr (-3% y-o-y). Coal revenue stood at INR 2,078 Cr (-11% y-o-y) mainly due to higher quantity of coal sold. Lower realization offset by higher volume traded. Total expenditure almost remained flat 2% and stood at INR 6,702 Cr .
What are the fundamentals underlying the bull run in the equity markets and how do investors position their portfolio to reap returns and minimize downside risks? Find answers to what do investors expect from the future of the equity markets?
www.Quantumamc.com
#FindocPrime #WeeklyNewspaper
Findoc Financial Services Group weekly newspaper is back with more updates on the financial world. This week witnessed some significant updates like a 5.2% decline in the global economy because of the ongoing pandemic, production cut of oil by 10% by OPEC and its allies, among others. Read more to catch exclusive details on this and more in the weekly newspaper.
For more news and updates, now subscribe to our weekly newspaper: https://www.myfindoc.com/research/newspaper
#FindocPrime #Financial #Markets #Stocks #SBI #HDFC #Investors #Stocks #Financialplanner #Financialcoach #Commodities #Assets #Wealth #Wealthplanner #Estates #Shares #Security
KPIT offers exposure to a highly attractive, rapidly expanding market (Automotive Electronics, Manufacturing and Energy & Utility), alongside an ability to capitalise as a low‐cost disruptor with compelling technology like ‘Revolo’. KPIT has one of the strongest industry positioning profiles in the Automotive Segments. Retain buy.
Financial Performance Analysis of Selected Private Sector Banks in IndiaDr. Amarjeet Singh
The performance of the banking system has been
widely recognized as an important element for economic
growth and for enhancing the economic and financial system
buoyancy in facing financial crisis. In fact, such a vital role in
the economy has made banks to be considered as one of the
most strained kinds of businesses in the globe as they are
subject to close scrutiny since banks will otherwise be
counterproductive and severely damage the economy of a
country. Efficient and profitable banks maximize
shareholders’ value and encourage the shareholders to make
additional investments. As a result of which, more
employment opportunities will be created and more goods
and service will be produced and ultimately bring about
economic growth in which private and public sector banking
institutions play equal role. The present study analyses the
financial performance of selected private banks in India with
the help of correlation analysis by considering return on total
assets as the independent variable.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
#pi network #pi coins #legit #passive income
#US
Which Crypto to Buy Today for Short-Term in May-June 2024.pdf
Hid security analysisproject_201209_final
1. SECURITY ANALYSIS & VALUATION 1 EMP APRIL 2008
AN EFFORT BY TEAM OF :
ACHAL GARG - 02
ANAND K SINGH- 09
MUKUND TRIVEDY -26
NAZISH-28
OM PRAKASH-29
ROHIT JHA-40
SUNNYBHAT-54
CASE STUDY OF VALUAUATIONS USING MARKET COMPARABLESCASE STUDY OF VALUAUATIONS USING MARKET COMPARABLES
2. SECURITY ANALYSIS & VALUATION 2 EMP APRIL 2008
ENTERPRISE VALUATION EXERCISEENTERPRISE VALUATION EXERCISE
Problem Statement :
The Government of India has decided for various reasons to do strategic
sale of Corporation Bank. It has invited interested Private Sector Banks to
submit proposal for the same. Also assume that one of the largest European
Bank BNP Paribas is interested to participate in the process and evaluate
the true enterprise value of the Corporation Bank to do the acquisition. BNP
Paribas invites a set of Investment bankers to do the due diligence and find
out the true worth of the Corporation Bank and whether it should go for the
deal. The team of analyst (this group) intends to prepare a preliminary
analysis of acquisition price multiples that are warranted based on current
market conditions.
The Data belongs to the March 2009 period Annual report as declared by
these banks.
3. SECURITY ANALYSIS & VALUATION 3 EMP APRIL 2008
SCOPE OF ANALYSISSCOPE OF ANALYSIS
• Identifying comparable firms for doing correct estimation
• Would estimate the true enterprise value or equity value of Corporation
Bank using market comparable
• Estimation of valuation ratios for the Banking Firms Under Consideration
• Sensitivity analysis using Goal Seek function
• Conclusions and Recommendations
4. SECURITY ANALYSIS & VALUATION 4 EMP APRIL 2008
INTRODUCTIONINTRODUCTION
• Industry under consideration: Banking and Investment Industry
• Bank chosen for valuation is Corporation Bank
• Based on the following factors we Identified three Banks that are considered
the primary competitors to Corporation Bank.
– Government Banks
– Market Capitalization
– Capital Structure
• Comparable companies are Oriental Bank of Commerce, Allahbad Bank
and Syndicate Bank (shown in the next slide)
5. SECURITY ANALYSIS & VALUATION 5 EMP APRIL 2008
CORPORATION BANKCORPORATION BANK
• The Bank was founded in 1906 in Udupi, Karnataka state, India
• The Bank is a Public Sector Unit with 57.17% of Share Capital held by the
Government of India
• The Bank came out with its Initial Public Offer (IPO) in October 1997
• The bank has the distinction of the first Indian bank to publish its financial
results (1998-99) conforming to US GAAP.
• The Number of Equity share holders are 14.34 Crores
• The Bank’s market capitalization stood at Rs. 2579 Crores as on 31 March
2009
7. SECURITY ANALYSIS & VALUATION 7 EMP APRIL 2008
VALUATION BY EBITDA MULTIPLE METHODVALUATION BY EBITDA MULTIPLE METHOD
P articulars S Y NBAN OR IBAN ALLBAN
Non Interest Bearing Debt 1 0.00 0.00 0.00
Interest bearing Debt (long
and short term) 2
118075.62 99090.81 85908.83
MV= Price per share *
Shares Outstanding 3
2505.60 2753.00 1735.43
Firm Value 4 = 1+2+3 120581.22 101843.81 87644.26
Less: Non Interest bearing
debt 5
0.00 0.00 0.00
Less: Cash and Equivalents
6
14404.41 12225.13 6636.76
Enterprise value
(Calculate)
106176.81 89618.68 81007.50
EBITDA 1392.37 1441.58 1343.03
EBITDA Multiple 76.26 62.17 60.32
All Fig in INR Crores
66.25
1491.48
98805.64
68095.67
For Corporation Bank
E B ITDA MUL TIPL E ME THOD
Average EBITDA Multiple
EBITDA for Y 2009 in Rs Crores
Enterprise Value In Rs Crores
Enterprise Value In Rs Crores from Balance Sheet
8. SECURITY ANALYSIS & VALUATION 8 EMP APRIL 2008
VALUATION BY PE MULTIPLE METHODVALUATION BY PE MULTIPLE METHOD
P articulars S Y NBAN OR IBAN ALLBAN
Market Price in Rs 48.00 109.90 38.85
EPS in Rs 17.49 36.14 17.21
P/E ratio 2.74 3.04 2.26
Av. PE Multiple 2.68
2.68
62.24
2392.79
67909.41
68095.67Enterprise Value In Rs Crores from Balance Sheet
Value of Equity
For Corporation Bank
Average PE Multiple
EPS in Y 2009
Enterprise Value
PE MUL TIPL E ME THOD
9. SECURITY ANALYSIS & VALUATION 9 EMP APRIL 2008
VALUATION BY DISCOUNTED DIVIDEND METHODVALUATION BY DISCOUNTED DIVIDEND METHOD
Year Expected Growth rateEPS DPO DPS Ke Cum Ke PV of DPS
1 13% 70.33 20.08% 14.13 17.52% 1.18 12.02
2 13% 79.47 20.08% 15.96 17.52% 1.38 11.56
3 13% 89.81 20.08% 18.04 17.52% 1.62 11.11
4 13% 101.48 20.08% 20.38 17.52% 1.91 10.68
5 13% 114.67 20.08% 23.03 17.52% 2.24 10.27
6 13% 129.58 20.08% 26.02 17.52% 2.63 9.88
7 13% 146.43 20.08% 29.41 17.52% 3.10 9.50
PV of Dividend in Yr 1 to 7 75.02
519.53
167.78
Current Fair value of Corporation Bank Stock Price 242.80
3481.70
68998.32
Terminal value at end of 7 years
PV of Terminal Value
Equity Value in Crores
Enterprise value in Rs Crores
16.38%
12.50
62.24
20.08%
0.799
13%
DDM for Equity Valuation
ROE
DPS
EPS
Payout ratio
Retention ratio
Expected Growth Rate
8%
1.16
16.21%
8.21%
17.52%
13%
Assumptions for yr 1-7
Risk Free rate ( Yield of GOI 10 yr Bond)
Beta for Corporation Bank
8 years return on Nifty
Market Risk premium
Ke
Estimated Expected growth rate for Yr 1 to 7
12%
6%
6%
K e
R f
Assumptions for Y r 8 till infinity
G rowth rate
14. SECURITY ANALYSIS & VALUATION 14 EMP APRIL 2008
ANALYSIS - COMPARABLE PSU BANKSANALYSIS - COMPARABLE PSU BANKS
31/3/09 31/3/09 31/3/09 31/3/09 31/3/09 31/3/09
BANK Mkt Price No of shares Mar Cap DE Ratio EPS OPM
in Rs In Crores in Rs 10^2 Cr in Rs in %
Bank Of Baroda 234.55 36.43 85.45 14.99 61.14 18.20
OBC 109.90 25.05 27.53 15.25 36.14 13.31
Corporation Bank 179.85 14.34 25.79 15.11 62.24 18.07
Canara Bank 165.90 41.00 68.02 18.57 38.17 8.79
Allahabad Bank 38.85 44.67 17.35 14.52 17.21 15.37
UCO Bank 24.00 54.94 13.19 36.11 10.15 7.52
Union Bank of India 147.25 50.51 74.38 19.66 34.18 17.06
Central Bank of India 33.95 40.41 13.72 37.92 12.45 8.48
Bank of India 219.90 52.52 115.49 16.10 57.26 20.98
Syndicate Bank 48.00 52.20 25.06 25.22 17.49 9.27
Dena Bank 32.31 28.68 9.27 22.09 14.74 9.13
Bank of Maharashtra 20.75 43.05 8.93 23.65 7.63 15.06