Srovnání ocenění Komerční banky, a.s. a Moneta Money Bank, a.s

The primary aim of this thesis is to determine the market value of MONETA Money Bank and Komerční banka, to subsequently compare these findings, and to formulate an investment recommendation as to which bank presents a more suitable opportunity for capital allocation. The thesis is structured into a theoretical and a practical part. The theoretical part focuses on the characteristics of the banking sector, banking risks, and an overview of the valuation methods applied to these institutions. The practical part initially outlines the methodology. It subsequently introduces both entities being valued, alongside their strategic and financial analyses. Drawing upon these analyses, a financial plan is compiled, and the valuation is conducted using the dividend potential model and the bond pricing model. Finally, a synthesis of the partial results from these methods is performed to establish the ultimate valuation. These valuations are then calculated on a per-share basis and compared using P/E, P/BV, and P/TBV multiples, culminating in a definitive conclusion regarding which bank (and its corresponding shares) is undervalued on the market and, consequently, which represents a sound investment.