Valoração aplicada ao setor bancário: um estudo de caso no Banco do Brasil S.A.

Abstract

The main objective of this dissertation is to propose a bank evaluation model that is feasible for Banco do Brasil SA. In Economics and Finance, Valuation or Corporate Valuation, he is a major figure in mergers and acquisitions processes, investment decisions, share issuance and repurchase, as well as monitoring the performance of managers, among others. However, Valuation in the financial sector, especially in Banks, is a poorly explored method. The methodology used in this dissertation is a bibliographical, documental, exploratory, descriptive, quantitative-qualitative approach, aiming to reach the research objectives, through data from the Bank of Brazil, between 2013 and 2017 Banco do Brasil SA, a mixed economy organization where its shares are traded on the BOVESPA and which is of great importance for the financial and economic development of Brazil. The use of projections as well as a discount rate become essential for a Discounted Cash Flow valuation model. After defining the discounted cash flow model for the shareholder, it was applied to the Institution in order to price the shares issued by the bank. The result pointed out, in the optimistic scenario, to the fair price of R$ 39.49 per share for December 2017. It can be concluded that the discounted cash flow method can be used as a viable alternative for those who wish to have a tool to assist in determining a closer value for sale, although there are still other forms of investment analysis that can be considered and evaluated to have a more secure determination of the final fair value.