EXECUTIVE SUMMARY

Internship titled "An Industry analysis on Equity Research in Banking

Industry (new

generation banks)

with respect

to Hedge

Wealth

Management Services." was performed at Hedge Equities Pvt. Ltd, Kochi

during the period 5th june 2016 to 5th August 2016.

Internship was focused on the valuation of Yes Bank Ltd. using different

valuation models like residual income method and excess book value

method to arrive at an intrinsic value of the stock. The intrinsic value of the

stocks helps in recommending an investor to take an appropriate decision

(buy/sell/hold) by comparing it with the current market price. Integral to

any valuation are understanding the economic conditions, business and the

management of the company before entering into the financials&

valuation.

Fundamental analysis involves analyzing the past financial data to

understand the firm's financial scenario and incorporate the macro and

micro economic situations into the company performance. The study is also

an attempt to identify if the fundamental of firm is reflected in the

performance of the firm's stocks.

The company financials are analyzed and valuation was performed based

on residual income method for absolute and P/E and PBV analysis for