Vinsamlegast notið þetta auðkenni þegar þið vitnið til verksins eða tengið í það: http://hdl.handle.net/1946/36286
In this thesis we take a close look at bank valuation. We analyze the current literature for valuation methods, examine what factors need to be altered to value banks relative to other firms, and furthermore we look at what factors impact the valuation of private firms. We then adjust the previously mentioned factors to value Íslandsbanki, a bank entirely owned by the Icelandic State Treasury. In the first part of the valuation we value Íslandsbanki excluding the impact of COVID-19. In the second part, we try to make reasonable adjustments to account for the impact of the pandemic. To value Íslandsbanki, we derive an unconventional dividend discount model that originates from the literature. We predict Íslandsbanki’s future earnings and suggest ways to forecast highly volatile factors on the income statement. We estimate that the value of Íslandsbanki has fallen by approximately 16% due to the effect of COVID-19.
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