Sunday, November 22, 2009

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Bed linen become great

Luke is 14 years old.
, I know recently arrived in the gym with a pair of knee-90s are inherited from a mother who may have played in second division, the tennis shoes and a bottle sparkling water for half a liter, the 'bathrobe and slippers not, because he did not know anybody yet and, you know, for the shower with the rest of the team should feel at least part of that team ...
Luke had never played volleyball when not in school, but you also know that a school does not teach you anything from now on ...
Luke had never experienced a team sport, and he was tired of swimming in the tanks to break your arm or between front and back without ever being able to give a five any partner.
Luke, the other night, he made 2 hours and a half wall and dribble, responding with a smile corrections and coloring the cheeks to the rare compliment.
Outside there was the fog, fell two drops and a cool bill was the last to leave the dressing room I asked him why all this comfort: it was time for dinner, and certainly in the parking lot were waiting for him and he told me no, tonight it came from only a bike and that therefore it could take as long as you wanted, so much homework he had finished.
" But it's cold and dark outside, we load the bike into the car and you lunge at home myself, so there step ahead ... "
" No thanks, I bringing up the jacket and holds well. And then I do a workout is good for your legs ... so little jump! "
In the months I learned that Luke may have everything they wanted a boy, play station by the pants from 200 Euro, from motor to mobile touch screen , but the thing is that he amazing what if you want to take it already, leaving all that he does not care to others.
If you like the fox, grapes we can get.

Wednesday, November 18, 2009

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Perfidia: Faber?!?


There's no denying the Perfidia has hired some excellent graphics amaze us each time with new posters meticulous in detail, but we wonder what combines Perfidia? Maybe they expected something more? Guests with a reputation much higher? ... You know, the only thing certain is that in this small way the figures were only two predominant: ISA B and Mark Lanzetta. From the outside it seems that the dear and beautiful goddess Perfidia has stumbled along the course of success, leading for the second temple in his voice now known to all ... Faber!

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Theatre: Francesco Facchinetti

The Perfidia cousin seems to lose shots, but it does not seem old and dear cousin Theatre, brought here for the first time in Viterbo, a son of art, became famous with the album "Pan Di Bella," and bringing thousands of exasperation of people with the refrain "Take up your hand follow your captain, move your pelvis in time, are Captain Hook", jumping from Sanremo Festival Bar, the famous shipwreck on the island, and now immovable present X-FACTOR . The clues are just the person to discover it is not difficult at all ... if I do not remember you refresh your memory, host of the Theatre tonight, the famous and acclaimed in Francesco Facchinetti Dj Francesco art that will surprise us with a live performance ... enjoy!

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Live Performance Festival: Federico Mastrostefano


say that the festival is not in a great situation if you will, will do when the door on one side with host Alex Faul Electro Blacks to ' Hangar, and the other has to defend itself from the family comes into the picture with an event never seen until now. The good old festival did not scare you and set his cards during the evening miss electing committed and bringing a new rider Federico Mastrostefano.

Sunday, November 15, 2009

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Sunday

You wake up, but you know what you think you can still stay in that 'hot corner you you are created.
listening out in the end you hope for rain, not much for a particular reason, just because you know so you have nothing to do and then give you the habit of thinking damp fog in November, this time absolutely not touch you. Sniff the air, maybe we are just the scent of coffee that someone sang, or wrote, but so what difference does it? Mal going when you get the coffee maker put it on yourself.
My Sunday morning would be so, but even if I promise, even if you put me there with all the goodwill (or fantasy), just look at the time I realize I'm fallen in a late mathematician, having run to wash, dress and get in the car, and no matter if the phone's clock strikes eight-and-eighteen.
So I run, I wash my dress, and I'm in the car, and the drizzle that first looked like a sweet illusion becomes a bloody reality, a reality that line along with the windshield wipers whip I do not remember ever to change, at least 'll give me the coffee, even if it is not a mocha, but a simple espresso bar.
The sheets of my Sunday are always undone, and as I get home at night I know they are there waiting for me.

Cold .

Saturday, November 14, 2009

Urine White Particles

Method of Gordon: Gordon Growth Model

Method synthetic mixed financial / market

The Gordon Growth method estimates the value of a bank on the basis of the relationship between long-term return on equity, the nominal rate of growth g, and the opportunity cost Ke capital. Discounting

perpetual dividend distributable net of cash retained / reinvested to support growth.
BV * W = [(ROE - g) / (ke-g)] + SA

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empirical methods

Contribution
purely qualitative method to determine an exchange ratio in a merger

Identifies value drivers of the bank:

  • Collection
  • Cost / income
  • Employees Total revenues
  • number of customers ....
For each variable we calculate the percentage of contribution to the total value or medium without the merger. We calculate the contribution margin as a major contribution to a bank other than the total value drivers of the merger. This contribution margin allows you to "invent" a subjectively estimated correction to the exchange ratio with other medodi

SOP: Sum Of Parts
Ratings differentiated for different business areas.

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Methods market

Simple methods
  • Quotes
    • Average Price Average Price
    • 1 month 3 months
    • Average price 1-year averages
    • Media
  • Multiple
    • P / E
    • P / B
    • Target price
    • Prospective Evaluation of the price
    • Average price recommendations of analysts
Regression Analysis: Value Map
  • Indicators
    • RoAE: Return on Average Equity
    • P / B: Price / Book representative of goodwill / badwill
  • How
    • Champion banks
    • Lasso reference time for calculating the RoAE and P / B
    • Choice of statistical procedure
    • RoAE and Determination of the P / B
    • P / B = a + b * ROE

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"Let this rule: never give anything for granted."
limit of capital approach:
  • express a market valuation of productive resources that is attached to the company,
  • not discriminate between the company and because of the company's profitability and ability to use inputs to generate income
Objective:
  • mixed methods aim to enhance or assess its ability to generate income.
  • Measure the starter in a more meritocratic and analytical method compared to the total capital investment
Method of complex I can

  • Starting: performance differential that exists between the company and competitor
    • Sovrareddito: Differential positive profitability between the company and competitor
    • Sottoreddito: Differential negative
  • method less rigorous methods of financial
  • PNRS = Instrumental Adjusted Net Assets (at market value)
  • SA = I = Surplus Assets
  • Intagibles: intangibles, value drivers, factors behind the company's ability to generate income but are not
    • Originating investment costs and long-term utility
    • autonomous measure
    • So should alienable autonomy and individuality without compromising the raison d'etre of the
  • Examples
    • Trademarks Patents
    • Research and Technology Network
    • promoters
  • Counterexamples
    • entrepreneurship
    • Quality management
  • Capital approach whole level I
    • K '= + I + SA PNRS
  • Goodwill (Goodwill or badwill) = SUM [1 .. n] {(R (t) - K' * i) / (1 + i ') ^ t}
    • R = Net income adjusted
      • Middle: constant over the years of the plan
      • Analytical: variable in the years of the plan
    • Fixed Income: formally similar to EVA
  • i = rate average return of normal industry
    • es. Average ROE of a pool of companies (banks) on a horizon of 5-10 years
  • i '= discount rate
    • If i = Ke, i' = rf (rate risk free)
    • If i = WACC, i '= Ke
  • The version
    • i = average performance of the sector
    • ' = Ke
    • Duplication of business risk
      • i = rf + business risk + company risk (leverage)
      • i '= RF + + business risk industry average financial risk
  • II version
    • comparing the company with a clone of itself that pays exactly the equity without generating additional value
    • easy for companies not listed or with a few comparables
    • i = Ke i '= rf
Ex Fusion Intesa BCI
  • Income Income
    • historical (2 years) and piano (4 years)
    • Without merger synergies
    • TWA (more weight to expected revenues from the plan)
  • Normalization Reversal of income
    • amm.to goodwill and amortization of goodwill
    • estate capital appreciation ...

Thursday, November 12, 2009

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Family Glamour Gangster - fun thing and our

inflamed Viterbo on Friday, getting to the point of having to choose from. Return to the scene of our dear friends of Glamour Family, now known to all for their charisma, which lend to their shows. The family has expanded with the addition of Silvio Dottori, former "treasurer" as defined by his former group. News aside, the Glamour Family returns to her favorite location, the Dulce's, which will stage the first act "GANGSTER - The fun is Cosa Nostra", giving the evening a face never seen before. To ignite the evening will not only be the famous Boss Dj Rossano Carotenuto, but see it as special guest, who marked the history of Supalova, for the first time in Viterbo guest singer Albert from Canada. So if your dream has always been a bad boss and do not know how to dress for the occasion, inspired by the legendary Al Pacino in "Scarface" and do your best to be the best Boss of the evening!

Monday, November 9, 2009

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Mixed Methods Methods Methods

methods using little income in the assessment of financial intermediaries. Are superseded by financial methods, particularly levered, as leverage has a completely different meaning for banks compared to corporate firms.

Dividend Discount Model
  • Value = PV (Dividends maximum distribution)
    • need to consider the part not distributable to regulatory constraints of capitalization.
    • potential Dividends: cash remaining after investment
  • Dividends potential, given the regulatory capital
    • DIV (t) = Maximum dividend available for distribution is consistent with the capital.
    • W = SUM [1
    • TV = DIV (asymptotic) / (ke-g)
    • g = growth rate (typically the estimated inflation rate)
  • Dividend Plan
    • DIV (t) = dividends from the business plan, consistent with regulatory requirements
    • payout ratio, consistent with the past, sustainable future, conservative, consistent with the regulatory solvency ratio
    • W = SUM [1
    • Excess Capital = TV / (1 + Ke) ^ n
    • Excess Capital = Maximum dividend available for distribution last year of the plan, consistent with regulatory requirements

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financial assets

Asset Simple Method

Objective: To give a market value of the book value equity, through a series of adjustments.
  • K = Adjusted shareholders' equity
conceptual limit: The value expressed by this method is not oriented to appreciate the ability to generate value over time.
  • liquidation value
  • value of the resources provided to management for the operation of the business
  • missing the measurement of "earning capacity" or "ability to create value."
Corrections: W (Market) - W (Budget)

eg Assessment for merger with Banca Intesa BCI
  • Equity accounting adjustments
    • Gains on trading securities
    • Reversal of the value of intangibles budget
      • Goodwill Goodwill arising on consolidation
    • Gains on real estate (by independent assessments)
    • different
    • Gains Tax effects
  • K = Shareholders' equity Corrected
    • Despite the numerous corrections, the PNR is usually close enough to the book value of equity.
    • This is due to the fact that in the balance sheets of many budget items are naturally found in market value. The corrections thus concern only those items which are included in the budget to historic value.
K = K '+ SA
  • Surplus Assets
  • SA = K' = Adjusted Equity Instrumental
The surplus assets can be liquidated because they are not used directly in the business.

The transfer of intangibles requires their replacement by an independent, objective and timely intangibles themselves. This assessment measures the ability of management to generate more value in excess of its peers.

All adjustments should be determined after eliminating from the emergence of capital gains tax.

Method total capital

W = K + Attorney

goodwill Rating:

  • root element of creating value: the collection of public savings
  • Years 1970: Start = c * R = R
    • collection
    • c = capacity to generate income from the collection
  • But there are various forms of collection: Collection
    • direct
      • Overnight deposits (low cost)
      • term deposits
    • Indirect
      • Asset Management
  • Years 1990: Start = c1 * c2 * R1 + R2
    • R1 = Direct deposits
      • inexpensive
      • revenue for employment is the responsibility of the intermediary
    • R2 = Indirect
      • The revenue is the responsibility of the investor
      • The revenue of the intermediary are the management fees
    • c1> c1 c2
      • is a direct function of the spread
      • c2 is a direct function of net commissions
  • 2000s:
    • It is recognized that even within classes of direct and indirect collection there are different types with very different earnings capacity
    • Direct funding: various types of indirect burden in order of increasing and decreasing capacity for income generation
      • C / C
      • Special-interest bearing certificates of deposit (Short, MLT)
      • Repurchase
      • Bonds
      • Hybrid instruments (valid for regulatory capital)
    • Indirect: in order of decreasing profitability
      • networks of financial advisors
      • Networks insurance
      • Assets under management: Asset management
        • Wealth Management
        • Private Banking
        • Trusts
      • Assets under Administration: service brokerage
      • custody
coefficients in the estimated harvest of goodwill (Fusion IntesaBci)
  • Direct
    • C / C: 8%
    • deposits Savings: 6%
    • Certificates of Deposit: 4%
    • Repos: 1.5%
  • Indirect
    • Run: 1.5%
    • Administered: 3.5%
Price vs

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methods of assessment tools

. Value

  • Price: results of a report negotiating
  • Value: "Fair value", the objective value, reconstructed with analytical criteria
assessment process
  • Until about five years ago
    • Value: 1 main criterion
    • Credit: one or more control policies
    Currently
    • Several methods, all major
    • Each method reveals different aspects of method Ex
      • stock prices as the market allows us to appreciate the value of the law.
      • eg sheet complex method allows one to appreciate the value of the capital base and, separately, the ability of management to add value.
      • Ex
      • Method market multiples of comparable appreciates what the buyer actually paid for a representative share, possibly control.
    • Each method generates a pair of scissors (or fork) of values \u200b\u200b
      • Ex stock Price: min and max at 12 months
      • We construct the intersection of the ranges of values \u200b\u200bindicated by each method
Evaluation methods:
  • Analytics: point processes based on an algorithm formal
    • Asset
      • Simple
      • NAV (Net Asset Value)
      • Complex
    • income
    • Misti
      • EVA
      • Gordon
    • Financial:
      • DDM: Dividend Discount Model
  • a market
    • Stock Quotes
    • Target price (consensus of analysts)
    • market multiples
    • Regression Analysis (Value Map)
    • Empirical Contribution
    • SOP: Sum of Parts
appraisal: they offer two types of results, depending on the objective of expertise.
  • "stand alone" in the absence of discontinuity
    • In particular discontinuity of ownership.
  • Price
    • Synergies
    • Diversity of negotiating power

Sunday, November 8, 2009

Westwood Wall Furnaces

When pulling tricks on the memory ... Ice

It 's been almost a year, the day most days not. I had forgotten
the password and open a new account seemed disrespectful, so I had to wait.
And some of you with me ...
Now that I'm back I should have the embarrassment of choosing topics to write about, will happen in 350 days, no, of things? Sure, but none that deserves to be told, and especially none that deserve to read.
certainly will keep the wonderful habit of writing spontaneously, without thinking too much about what words I'm putting in a row, but please do not ask or episodes in which I will refer to such arguments, because yet as I know. A
no, here, a reflection is ready ...
Actually, at first, this blog is not much I missed: the usual readers asked me updates and I had absolutely the need to seek the paper in his desk drawer with all the various codes pin, pw , IBAM different (so do not mess with you too so you have even a sheet ...), and because this ? Well the answer is actually really easy: I was in the process of addiction by Social - netuorch . Yes, Facebook fulfilled my every need "social" data transmission, more between a video uploaded by Youtube and harvesting pumpkins Farmville, I could even Ciatto, and keeping a tight monitored in any way what he did-think-write my neighbor's desk in second grade, waiting to find, at last, the chance to put the lie of that time, an infamous trick, I blew her role in the play Zorro strictly car produced of Carnival (the sad thing is that everything that you have just read from beginning to end, responds to the real truth).
Basically FaceBook killed my blog, no, but it has adversely affected health. At least until this evening.
sure my dignity does not come out well from this observation: although I still feel a boy (in color) have almost 36 springs, and I have other things to think about ... the rest of my father, my current age, had a child of 9 years to grow!
... and console because his neighbor had just blown the bank's role as Zorro the recitation of Carnival ...

Monday, October 26, 2009

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capitalization "Near equity"

Tier1:
  • Innovative capital instruments or Preference shares
    • Duration of contract : indeterminate
    • Minimum: 10 years
    • Reimbursement requires authorization by the Bank of Italy
    • Subordinated: preferred to shareholders
    • capacity to absorb losses: the subscribers preference shares are called upon to cover losses per share
    • Suspension interest and repayment
    • Non-cumulation of interests
      • If a year the coupon is suspended loses the bondholder the right
      • But "related actions" are less risky: the 'related shareholder is entitled to the dividend cumulation
    • accounting problems
      • instruments are characterized by so high a risk profile that is incompatible with the definition of debt in the current regulatory environment, and are not compatible with the definition of actions
      • Italian banks placed the issues of preference shares (Bonds) through a foreign corporate vehicle
  • MA Tremonti Bond:
    • first example of bonds that can be included in Tier 1 Tier 2
:
  • Hybrid instruments
    • privilege with respect to shareholders and preference shares of sottoscritori
    • Duration of contract: minimum 10 years
    • Minimum: 10 years
      • Corporate bonds: there is no law for a minimum duration for corporate bonds. But
      • bank bonds: The legislation provides for a minimum period of 60 months
    • Suspension interest and repayment
    • cumulation of interests: the coupon is suspended accumulated
  • Subordinated debt level II
    • privilege with respect to shareholders and preference shares of sottoscritori
    • privilege with respect to the holders of hybrid instruments only if contractually
    • non-suspension of interest and principal
    • Max 50% Tier 1
Tier 3:
  • Subordinated debt level III
    • cover only market risk except clause lock.
    • Contract Duration: min. 2 years
    • Minimum duration: 2 years suspension
    • interest and repayment
    • cumulation interests suspended
    • Max 250% free capital base
Advantages of equity instruments near
  • no voting rights
  • Minor problems of governance are less expensive
  • equity debt tax shield
  • Flexibility: you can pay to benefit from changes in market conditions

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The financial statements and ratio analysis ROE of the bank balance sheet of a bank

Acronyms EC bank:
  • components of an operational / accounting, which are formed in daily
    • MIS: Net interest
      • IA: Interest income
      • IP: Interest expense
    • MINTM: Total revenues
    • RG: Operating profit
  • Components for valuation
    • RLI / RLG: Gross Tax / Gross operating
    • RN: Net
Acronyms: PA Bank:
  • Activity:
    • AFI: interest-bearing assets (this is the capital of a commercial enterprise)
      • Fixed Income
      • income variable
    • ANF: Active
  • noninterest-bearing Liabilities:
    • PFI: interest-bearing liabilities
      • Fixed Income
      • Income variable
    • PNF: Liabilities not frutifero
Decomposition of the bank's ROE: ROE =
RN / RLG RLG * / RG * RG /
  • RN / RLG: Tax Management
  • RLG / RG: Impact of the "editor of the budget"
    • discretionary choices in the preparation of the valuation placed
  • RG / PN: Profitability of the bank's operations

Scoposizione RG / PN:
RG / PN = RG / * MINTM MINTM / MIS * MIS / PN
  • RG / MINTM: Efficiency Indicator operational
    • RG = MINTM - Operating costs
    • RG / MINTM tends to 1 when the costs tend to 0
  • MINTM / MIS: The impact of income of the non-bank credit
  • MIS / PN: Profitability of "management money "
    • Spread between credits and debits
Decomposition of MIS / PN: Value drivers of the lending bank
MIS / PN = IA / CCN * AFI / PN + (IA / AFI - IP / PFI) PFI * / PN
  • IA / AFI Performance dell'atttività credit
  • IP / PFI: Cost of collection
  • IA / AFI - IP / PFI: Spread
  • CCN / PN: CCN = Reddività
    • AFI - PFI
fee-earning assets financed by equity. And 'a pathological situation where the equity financing of interest-earning assets. The assets should be used to finance investments in fixed assets.

rates are sticky in active / passive to changes in market
The average assets and average liabilities vary significantly delayed and not consistent with changes in market rates.

How do you build the ROE:
  • Spread: little room for negotiation with the customer
  • IA / AFI: ditto
  • RG / MINTM: lack of flexibility in personnel management
  • RN / RLG: I can not improve fiscal management
  • RLG / RG: capital gains on sale of
    • Ability to use this lever to adjust the ROE when you run out of operating leverage
    • need for a proper assessment of the asset sale: desk
comparison with industrial firms: rule of leverage
ROE = [+ ROI (return on investment - OF / D) * D / PN] * (1-t)

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Intesa Sanpaolo: Model sources / uses
A. Casework
B. Investment Activities
C. Activities provided

General:

  • corresponds to the flow of assets of industrial enterprises
  • calculation from the bottom up: starting in net income and adjusted operating
  • not useful for assessment
    • cash flows for the assessment of a bank must be consistent with the bank's activities
    • PFI and PNF are commodities
    • D / E no longer makes sense
cash flow for valuation purposes:
carry out a financial statement to predict which dividends. FCFE I have not fully distributed as dividends because a part is needed to finance growth activities for the portion of the assets of Surveillance core tier 1 in the form of equity.

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Regulatory capital

  • Hybrid capital instruments
  • subordinated liabilities The level
    • Preference shares
    • Hybrid instruments
  • Subordinated debt:
    • II level III level
Terms:
  • Free
  • capital free capital base
  • Total capital ratio or solvency ratio
    • Active Risk-weighted / total capital for regulatory
    • min 8% for banking groups in aggregate
    • min 6% absolute
  • Tier 1 capital ratio:
    • Tier 1 / Risk-weighted Assets
    • min 4% until 2006, 6% after 2006
  • Core Tier 1 capital ratio
    • Core Tier 1 / Risk-weighted Assets
    • There is no regulatory limit
Regulatory capital:
1. Tier 1 or Tier: Similar to the net tangible assets
  • Components: Capital stock

    + +
    Fund Reserves for general banking risks
    + Innovative capital instruments or preference shares (eg . Tremonti bond)
    - Treasury
    -
    Goodwill - Intangible
    Imm - Losses the previous year and current year
    - Share of preference shares in excess 15% of the total

  • Core Tier 1 Tier 1 - Preference shares
2. Primary or Tier 2 Tier
  • Components:
    Reserves rivaluatazione
    + Hybrid capital instruments (including preference shares exceeding 15%)
    + Subordinated debt level II
    + + Provision for loan losses
    Net gains on investments
    - Net losses on securities
    - Net losses on investments
    - Other negative elements residual
    • Credit losses
    • ...
  • Gains / losses: post presences in the income statement
  • Calculation rules
    1. In the hybrid preference shares are included more than 15% of Tier 1 subordinated liabilities
    2. II level: max 50% of Tier 1
    3. Gains - losses: 1.25% Max denominator of the solvency ratio (risk-weighted assets, APR)
    4. Tier 2 is at most equal to Tier 1, regardless of its composition
3. Secondary Tier 3 or Tier
  • Introduced in 2006
  • Components:
    Subordinated debt level III (including the share of Tier 2, which exceeds the Tier 1) rules for calculating
    1. III level in subordinated debt is included the portion of the components of Tier 2 which exceed the regulatory limit, ie, the Tier 1
    2. the total can not exceed 250% of free assets Basic
Regulatory capital:
  • Components:

    Tier 1 + Tier 2 + Tier 3

    - Investments in banks and financial institutions in excess of 10%
    - Investments in banks and finance less than 10% for the portion that exceeds T1 + T2 + T3
quotient and indexes:
  • PV / APR: Total capital ratio
    • Until 1996: Solvency ratio or capital ratio
      • = APRC in April: On a risk-weighted credit
      • Each mail was weighted assets for credit risk using the coefficients provided by Basel I
    • After 1996: Total Capital Ratio ( April also includes other types of risk)
      • April include market risk
      • Methods VAR (Value at risk)
      • This regulatory gap has produced the need for a strong recapitalization
    • After Basel II
      • April includes operational risk
      • need for further recapitalization
    • Risks recapitalization:
      • Dilution control
      • governance issues
      • increase the cost of capital
    • In other countries (USA) supervisors allow banks to include in regulatory capital debt securities, although structured stable. So even in Italy has decided to allow the use of debt as a means of capitalization for the purposes of supervision.
  • CaR: = 8% in April
    • Capital to Risk Capital at Risk
    • Safety Net, the last bank to bail out the bank
  • FC: = PV - CaR
    • Free Capital
    • Capital Assets free or free
    • capital available for growth
    • policy management development must be consistent with the availability of Free Capital
  • Tier 1 Capital Ratio: Tier 1/APR => = 6
  • % Core Tier 1 Capital Ratio = Core Tier 1/APR
    • There is no regulatory limit
    • Moral suasion by the Bank of Italy: CT1CR> = 6%
  • free capital base: = Tier 1 to 6% in April
    • Excess Tier 1 compliance with the regulatory requirements
    • There is no English translation (as always Free Capital PV - CaR)

Sunday, October 25, 2009

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The comic sketches


I tried to throw me in the comic. Here the first of a series of adventures on Rym ...

Friday, October 23, 2009

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time ago I imbattutto on urbansketchers.com : a blog where people from all over the world post their own designs. They are especially sketches of views, people, busy streets, etc. .. facts of the jet using various techniques. I tried to do the same below yesterday during lunch.
That 'what I see from my window. I am fortunate to have a magnificent view of the Eiffel Tower . ..

(click here to enlarge)

Wednesday, October 21, 2009

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Budget Consolidated Intesa Sanpaolo 2008:

Assets: 636 bn
  • Credits: 450 billion
  • Financial assets: 100mld
  • Tangible and intangible assets: 32mld
Liabilities: 636 billion
  • Equity: 47 billion
  • technical reserves : 20 billion
  • debt: 450 billion
  • Financial liabilities: Other liabilities 70 billion
  • : residual
strong component of such items in financial
  • High exposure to market risks: interest rate risk volatility of
  • assets and liabilities
    • measurement of the values Market
Income: reclassified


Interest income - Interest expense
= Net interest income (MIS) or net income (profitability of lending classic)

+ commission income - commission expense Dividends

+ + + Coupons
Net trading (trading)
+ Income Management (asset management)
+ Profits + Income from insurance coverage

+ result on securities Ownership (merchant banking)
= income (MINTM)
- Staff costs (cost item in the predominantly Italian banks)
- General and administrative expenses
= result (RG) (operating income, accounting entries to be operating)
(Equivalent to EBIT in industry, last entry feature of the business, without the distraction of fiscal policies, financial choices, options evaluation. From now on you have for valuation of accounting items that do not form daily but only once a year, at the time of writing the budget.)

+ Adjustments (gains / losses)
    • Activities Financial Activities and intangible assets (depreciation)
    • Credits
    • Impairment of items at fair value
= Gross operating profit (RLG)
- Fiscal Management
    • Tax Deferred ordinary
= Result Net

synthetic scheme:
Activity:
  • AF: Active Financial
    • AFI: Active interest-bearing
      • Fixed Income Income
      • variable
    • AFNF: Financial assets not interest-bearing
  • ANF: Not fruttifeo
Liabilities:
  • PFI: interest-bearing liabilities
    • current medium term
  • PNF: noninterest-bearing liabilities
  • PN: Equity

My Dog Creatives Games

evaluation of a bank

Reasons to conduct an assessment of a bank:
  • Expertise conguration
    • independent expert report
    • reasonable exchange ratio
  • Merger Acquisition
  • Subscribing to budget (impairment test)
  • Privatization
  • Quote
  • Managing critical situations
  • Management of regulatory capital
    • Hybrid instruments for funding the compensation based in part on equity kicker
    • What is the performance of these tools? Depends on the value of the value of the company.
    • NB: Shareholders' equity other than regulatory capital
  • Trading
  • management of convertible bonds
  • CDS
  • "Governance"
Choice of method
  • final evaluation
  • Perspective / position assumed by the evaluator
What is a bank?
  • Collection funds from the public in the form of deposits and lending.
    • DL September 1, 1993, No 385
    • collected through debt instruments repayable on demand
    • Definition obsolete: the banks are highly concentrated and diverse organizations.


eg XYZ Bank Collects 100


  • C / C, CD, P / T: 60
  • Bonds: 20
  • Equity: 20
employs 100
  • 2: Reserve
  • 20: real estate and real assets
  • 28: Titles
  • 50: Credit
Both the active and passive sources of income are and production of value:
  • C / C
    • Security and storage of money
    • access to the payment system
    • Reputation (credit card gold / platinum prestige of the bank)
    • track record for granting Credit Rating
goodwill of the bank:
  • multiple collection
  • multiple of assets under management
type branches: the quotient of lending collection
    • \u0026lt;1: Branch collection
    • > 1 : branch use
type of banks: Banks
  • Credit
    • Mediocredito, Centrobanca, ICS (Educational Institutions under the special credit)
    • We finance at market rates: collection activity does not generate value
  • Banks collection:
    • generate value through the collection of deposits low-cost service
  • Banks:
    • Investment Services Banks
  • management:
    • network of financial services to private banking
    • Ex Mediolanum, Banca Generali, Fideuram
  • Banks investment (merchant banks, not investment banks)
    • participation in investment activities
    • es. Mediobanca
features a multi-bank
  • Company ASA, multi-product
  • significant economies of scale and joint cost (you can not make a profit or loss for each ASA)
  • heterogeneity: different sources
    • to generate profitable
    • different value drivers
So: Complexity and discretion of the evaluation process!

Tuesday, September 15, 2009

Where Is The Pink Butterfree In Pokemon Gold



Enter two pin-ups, one clearly inspired by Art Nouveau, the other colored with Copic Marker.
Finally, a table tribute to the Mediterranean GG Studio, designed by Gianluca Maconi.
I hope you enjoy!







Tuesday, July 21, 2009

How Do You Say Happy Early Birthday In Spanish

Mediterranean Marvel

These tables prepared for the Mantua. From

Ultimate Spiderman.





Tuesday, April 28, 2009

Dragon Age Finding Wolf Lair

Experiments Looking out the window ...


These I made them while watching TV ... I leave to you the proceedings .. .