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The Study on Investment Value of Agricultural Bank of China

Author: YaoXiaoQiong
Tutor: ZhaoJianXin
School: Suzhou University
Course: Business Administration
Keywords: free cash flow to equity model (FCFE) economic value added model(EVA) investment value
CLC: F832.33
Type: Master's thesis
Year: 2012
Downloads: 0
Quote: 1
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Abstract


Agricultural Bank of China, as the last listed in the four state-owned banks, has been a hot topic in public. But since it has poor performance in stock market and the professionals can not reach an agreement on its share price in the future, its investment value has been questioned. This paper adopts a combination of theoretical and empirical, qualitative analysis and quantitative calculation methods to study the investment value of Agricultural Bank of China. In the theoretical aspect, by introducing and comparing each evaluation models based on the unique characteristics of China’s capital market and the banking industry, it expounds the application of free cash flow to equity model (FCFE) and economic value added model (EVA) to evaluate investment value of Agricultural Bank of China is reasonable; in the empirical analysis, establish the valuation model and calculate its intrinsic value by financial data analysis and forecast. In qualitative analysis method, study the impact which external conditions and internal factors have on investment value of Agricultural Bank of China through analyzing opportunities and challenges it faces in the macroscopical and industry environment, as well as its competitive advantages and operating risks; in quantitative analysis method, assess its inherent value through the free cash flow on equity model (FCFE) and economic value added model (EVA), and finally have a result that it’s share value has been underestimated, and even find out the root cause of being undervalued. In conclusion, this article holds an opinion that Agricultural Bank of China is an enterprise with rapid development, good performance and less risk in operation, and stable return on investment, it is suggested that investors can invest in at a reasonable price range.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Commercial banks ( specialized banks )
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