La valutazione degli intermediari finanziari

[Autom. eng. transl.] The financial world, in recent decades, has seen the birth of numerous new types of financial intermediaries - such as private equity funds, investment banks and vehicle companies in project financing. The valuation methods traditionally applied to commercial banks, which have as their premise the analysis of the individual business models, from which the strategic value drivers emerge, have therefore been extended to these subjects, as well as to investment services and collective asset management. . The evaluation of intermediaries and financial products has long assumed, from a practical point of view, an increasingly important role, also in application of international accounting standards. The subject of this volume are some peculiar types of intermediaries, which are placed side by side with the traditional investment funds, SIM, SGR, securitization or remittance companies, insurance brokerage companies, holding companies, which the authors dealt with in a precedent work (How to evaluate financial intermediaries, Edibank, 2005), which here finds its natural continuation. The collective savings management and investment services are therefore analyzed, examining their business models, players and products, and then proceeding to an assessment that also considers the commission profiles. The authors then turn their attention to closed-end private equity or venture capital funds, which, in light of the growing role in the international economy, highlight the increasingly felt need to periodically estimate their value, based on the fair value of their portfolio companies. The investment banks, also of Anglo-Saxon inspiration, and the vehicle companies in project financing operations are also examined: the former as they have articulated assessment profiles, which once again adapt to the most disparate business models (large banks of 'multi-purpose investment, which cohabit with small financial boutiques), the latter because, representing the ad hoc legal entity for the realization of the project, performing all or part of the functions of Design, Build, Finance and Operate, they are important primary for its stakeholders (shareholders, financing banks, client ...). The authors focus on the principles and techniques of evaluation with a clear and linear approach, accompanied by practical examples and references to the market, providing a valuable interpretative guide in a highly innovative segment rich in practical applications.