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Authors
Advisor(s)
Abstract(s)
In this dissertation I will expose the process that lead me to give BPI a BUY
recommendation for a price target of 1,75€ (against 1,466€ in August 2014).
My work adds to the investment community (compared with the BCP report of
May 2014) by giving a more detailed and forward-looking valuation. Detailed
because I valuate domestic and international activities separately, accounting
this way for a higher risk in the latter, but also greater profitability. Forward
looking because I value BPI based on the excess return it is expected to
generate. Using this approach I penalized BPI in the near future but I captured
the long-term opportunities.