Comparação de “valuation” entre bancos digitais com bancos tradicionais
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Data
2021-07-07
Autores
Hatanaka, Matheus Yukio Nakao
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Editor
Universidade Estadual Paulista (Unesp)
Resumo
O objetivo deste trabalho é responder as hipóteses levantadas sobre o “valuation” aplicado a bancos tradicionais (bancos que possuem agências e atendimento físico) e bancos digitais (bancos cujo serviços, são prestados de maneira virtual), nestas hipóteses, são feitas duas perguntas: se os bancos digitais tem a capacidade de gerar valor ao acionista do mesmo modo que bancos tradicionais e a valorização de mercado percebida por bancos digitais é proporcional a de bancos tradicionais, deste modo foi abordado o método: Avaliação por Fluxo de Caixa Descontado (FCD). Este método é o mais utilizado no mercado, pois o mesmo projeta o valor de caixa futuro usando os dados históricos das empresas, e estimando seu valor a partir deles. Neste trabalho os resultados obtidos demonstram que até o período analisado deste trabalho, os bancos digitais não apresentam uma capacidade de gerar valor ao acionista igual aos bancos tradicionais, e a segunda pergunta não pode ser respondida, pois é necessário fazer mais estudos considerando outras variáveis na qual o método do FCD não considera.
The objective of this present work is to answer hypotheses raised about the valuation applied to traditional banks (banks that have branches and physical services) and digital banks (banks in which their services are provided in a virtual way). In those hypotheses, two points are raised if digital banks have the capacity to generate shareholder value in the same way as traditional banks and if the market appreciation perceived by digital banks is proportional to that of traditional banks. The method approached was Discounted Cash Flow Assessment (DCF), the most used in the market, as it projects the future cash value using the historical data of the companies, and estimating its value from them. The results obtained in this work demonstrate that until the analyzed period of this work, digital banks does not have the same capacity to generate shareholder value as traditional banks. The second raised point question cannot be answered, as it is necessary to carry out further studies considering other variables that the DCF method does not consider.
The objective of this present work is to answer hypotheses raised about the valuation applied to traditional banks (banks that have branches and physical services) and digital banks (banks in which their services are provided in a virtual way). In those hypotheses, two points are raised if digital banks have the capacity to generate shareholder value in the same way as traditional banks and if the market appreciation perceived by digital banks is proportional to that of traditional banks. The method approached was Discounted Cash Flow Assessment (DCF), the most used in the market, as it projects the future cash value using the historical data of the companies, and estimating its value from them. The results obtained in this work demonstrate that until the analyzed period of this work, digital banks does not have the same capacity to generate shareholder value as traditional banks. The second raised point question cannot be answered, as it is necessary to carry out further studies considering other variables that the DCF method does not consider.
Descrição
Palavras-chave
Valuation, Avaliação de empresas, Fluxo de caixa descontado, Bancos digitais, Bancos tradicionais, Company valuation, Discounted cash flow, Digital banks, Traditional banks, Administração bancária, Fluxo de caixa, Banco de investimentos