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Integrated Bank Analysis and Valuation

A Practical Guide to the ROIC Methodology

by Sandy Chen

Table of Contents

PART I: INTRODUCTION

PART II: OTHER APPROACHES TO BANK ANALYSIS AND VALUATION 

  1. Operating Performance Ratios
  2. Regulatory Ratios
  3. Bank Valuation Measures
  4. Example of Analysis and Valuation in Practice - HSBC

PART III: ROIC FOR BANKS METHODOLOGY 

  1. Some Guiding Principles
  2. ROIC Analysis - A Step-by-Step Guide
  3. Calculating Invested Capital
  4. Calculating Return on Invested Capital (ROIC)
  5. Key Processes and Tools for ROIC Analysis
  6. Linking ROIC Analysis to Valuation
  7. ROIC Valuation - Calculating Value-Added Margin
  8. Aggregative Value Creation/Destruction
  9. Deriving a Fundamental ROIC Valuation
  10. Deriving Implied Market Assumptions of Value Creation/Destruction
  11. Forecasting with ROIC
  12. Integrating Forecasts with Valuation.

PART IV: OTHER CASE STUDIES 

  1. Bank of China
  2. Barclays
  3. Citigroup
  4. Credit Suisse
  5. Deutsche Bank
  6. JP Morgan
  7. Lloyds
  8. RBS
  9. Standard Chartered