20.500.12556/DKUM-99315 Relativno vrednotenje izbranih italijanskih in francoskih bank Relative valuation of selected italian and french banks Diplomsko delo obravnava relativno vrednotenje izbranih italijanskih in francoskih bank v obdobju 2021–2025. Vrednotenje bank je zaradi posebnosti njihovega poslovanja zahtevnejše kot vrednotenje nefinančnih podjetij, saj banke delujejo v strogo reguliranem okolju, imajo specifično strukturo bilance stanja, visoko stopnjo finančnega vzvoda in so močno odvisne od zaupanja vlagateljev ter stabilnosti finančnega sistema. V teoretičnem delu so predstavljene ključne posebnosti vrednotenja bank, pristopi vrednotenja na podlagi notranje vrednosti ter relativno vrednotenje s poudarkom na tržnih multiplikatorjih P/B in P/E. Empirični del vključuje tri francoske banke, BNP Paribas, Credit Agricole in Societe Generale, ter tri italijanske banke, UniCredit, Intesa Sanpaolo in Banco BPM. Na podlagi zaključnih tečajev delnic, knjigovodske vrednosti lastniškega kapitala na delnico in čistega dobička na delnico sta izračunana kazalnika P/B in P/E. Rezultati kažejo, da so italijanske banke v opazovanem obdobju dosegle izrazitejše izboljšanje relativnega vrednotenja na podlagi kazalnika P/B kot francoske banke. Pri kazalniku P/E so bile razlike med skupinama manj enotne, saj je kazalnik občutljiv na nihanje čistega dobička na delnico. Analiza je pokazala tudi, da razlika v povprečnih absolutnih odstopanjih med kazalnikoma P/B in P/E ni bila izrazita. The thesis examines the relative valuation of selected Italian and French banks in the period 2021–2025. Bank valuation is more complex than the valuation of non-financial companies due to the specific nature of banking operations, as banks operate in a strictly regulated environment, have a specific balance sheet structure, a high level of financial leverage and strongly depend on investor confidence and the stability of the financial system. The theoretical part presents the key characteristics of bank valuation, intrinsic valuation approaches and relative valuation, with an emphasis on the P/B and P/E market multiples. The empirical part includes three French banks, BNP Paribas, Credit Agricole and Societe Generale, and three Italian banks, UniCredit, Intesa Sanpaolo and Banco BPM. Based on closing share prices, book value of equity per share and earnings per share, the P/B and P/E ratios are calculated. The results show that Italian banks achieved a more pronounced improvement in relative valuation based on the P/B ratio than French banks during the observed period. In the case of the P/E ratio, the differences between the two groups were less consistent, as the indicator is sensitive to fluctuations in earnings per share. The analysis also showed that the difference in average absolute deviations between the P/B and P/E ratios was not significant. relativno vrednotenje banke tržni multiplikatorji kazalnik P/B kazalnik P/E relative valuation banks market multiples P/B ratio P/E ratio true true false D. Rajh] Slovenski jezik Angleški jezik Diplomsko delo/naloga 2026-08-12 17:16:53 2026-09-21 12:15:40 2026-09-22 03:08:06 0000-00-00 00:00:00 2026 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336.71:657.92 291803139 UN_Rajh_Domen_2026.pdf UN_Rajh_Domen_2026.pdf 1 E833A02FDE7E03F267901D2AD5DE54F6 bd4490840288fed2f042a5f29f59015f0bf0914057f663038168ce84b9ad87b4 0f60082b-a854-11f1-b9ca-00155d0001be https://dk.um.si/Dokument.php?lang=slv&id=211581 Ekonomsko-poslovna fakulteta 0 0 0