EVALUATION OF COMPANIES LISTED IN NIFTY BANK

INDEX USING VALUATION RATIOS

PROJECT REPORT
Submitted by
RINO REJY ABRAHAM
FIT18MBA97
Under the guidance of
Dr. JOSE VARGHESE
in partial fulfilment of the requirements
for the award of the Degree of

MASTER OF BUSINESS ADMINISTRATION

of
A P J Abdul Kalam Technological University

FISAT BUSINESS SCHOOL, ANGAMALY

JULY, 2020

i
 DECLARATION

I undersigned, hereby declare that the project titled “EVALUATION OF COMPANIES

LISTED IN NIFTY BANK INDEX USING VALUATION RATIOS” submitted in partial
fulfillment for the award of Degree of Master of Business Administration of A P J Abdul
Kalam Technological University is a bonafide record of work done by me under the guidance
of Prof. Dr. Jose Varghese, FISAT Business School, Angamaly. This report has not
previously formed the basis for the award of any degree, diploma, or similar title of any
University.

DATE: JULY 2020 Rino Rejy Abraham

ii
 CERTIFICATE

This is to certify that the report titled “EVALUATION OF COMPANIES LISTED IN

NIFTY BANK INDEX USING VALUATION RATIOS” being submitted by Rino Rejy
Abraham, FIT18MBA97 in partial fulfilment of the requirements for the award of the Degree
of Master of Business Administration, is a bonafide record of the project work done by RINO
REJY ABRAHAM of FISAT BUSINESS SCHOOL Angamaly.

Dr. Jose Varghese Dr. A. J. Joshua

Faculty Guide Project guide

Dean

iii
 Acknowledgement

Through this acknowledgement I express my sincere gratitude towards all those people who
helped me in this project, which has been a learning experience. This space wouldn’t be
enough to extend my warm gratitude towards my project guide Prof. Dr. Jose Varghese for
his efforts in coordinating with my work and guiding in right direction. I escalate a heartfelt
regards to our Institution Director for giving me the essential hand in concluding this work. It
would be injustice to proceed without acknowledging those vital supports I received from my
beloved classmates and friends, without whom I would have been half done. I also use this
space to offer my sincere love to my parents and all others who had been there, helping me
walk through this work.

Rino Rejy Abraham

iv
 List of Tables

NO. TITLE PAGE NO.

3.1 Literature Review 13

4.1 Dividend per share 20

4.2 Earnings per share 22

4.3 Price to book value 24

4.4 Dividend payout ratio 26

4.5 Earnings yield ratio 28

4.6 Enterprise value multiple 30

4.7 Price to sales ratio 32

4.8 Dividend yield ratio 34

4.9 Price earnings ratio 36

4.10 Price to cash flow 38

v
 List of Figures

NO. TITLE PAGE NO.

4.1 Dividend per share 21

4.2 Earnings per share 23

4.3 Price to book value 25

4.4 Dividend payout ratio 27

4.5 Earnings yield ratio 29

4.6 Enterprice value multiple 31

4.7 Price to sales rario 33

4.8 Dividend yield ratio 35

4.9 Price earnings ratio 37

4.10 Price To Cash Flow 39

4.11 Summary of Analysis 40

vi
 TABLE OF CONTENTS

NO. TITLE PAGE NO.

1 INTRODUCTION 2-5
1.1 Background of the study 3
1.2 Need and significance of the study 3
1.3 Statement of Problem 4
1.4 Objective of the study 4
1.5 Scope of the study 4
1.6 Limitation of the study 4
1.7 Organisation of the report 5
2 LITERATURE REVIEW 6-15
3 RESEARCH METHODOLOGY 16-18
3.1 Objectives 17
3.2 Research Design 17
3.3 Sources of data 17
3.4 Population 17
3.5 Sampling method 17
3.6 Method of data collection 17
3.7 Data analysis techniques 18
4 DATA ANALYSIS 19-40
4.1 Dividend per share 20
4.2 Earnings per share 22
4.3 Price to book value 24
4.4 Dividend payout ratio 26
4.5 Earnings yield ratio 28
4.6 Enterprise value multiple 30
4.7 Price to sales ratio 32
4.8 Dividend yield ratio 34
4.9 Price earnings ratio 36
4.10 Price to casf flow 38
4.11 Summary of Analysis 40
5 FINDINGS 41-42
6 RECOMMENDATIONS 43-44
7 CONCLUSION 45-46
REFERENCES 47-48

vii
 1

EXECUTIVE SUMMARY

The research report is based on the comparative study on the financial

performance of the companies listed in the Nifty Bank Index by using valuation
ratios. Valuation ratios are ratios computed based on parameters in financial
statements of a company and used to estimate the value of a company. The
considered Nifty Bank companies includes Punjab National Bank, Bank Of
Baroda, State Bank of India, The Federal Bank Ltd, HDFC Bank Ltd, RBL Bank
Ltd, Axis Bank Ltd, ICICI Bank Ltd, Indusind Bank Ltd, Kotak Mahindra Bank
Ltd. It aims at determining the value of a stock by looking at data from
comparable companies with similar qualities.
The objective of the study is to analyze the investment potential of Nifty
Bank companies using valuation ratios, for the purpose of value investing which
is an investment paradigm that involves buying securities that appear underpriced
by some form of fundamental analysis.
The study is descriptive in nature. Descriptive analysis is done by using the
information collected from the annual report of the selected companies. The study
is based on secondary data. The necessary data were obtained from the published
annual report from 2015-2019. And the following ratios were used for the study.
Earnings Per Share, Dividend Per Share, Price To Cash Flow Ratio, Price To
Book Value Ratio, Price To Sales Ratio, Dividend Yield Ratio, Dividend Pay-Out
Ratio, Price Earnings Ratio, Earnings Yield Ratio and Enterprise Value Multiple.

And the key findings of the study was the stock which give high EPS is better to
invest and hence here HDFC Bank and RBL Bank are showing increase in
Earnings per share. Dividend per share is also high for HDFC. Lower the Price to
sales ratio gives better result. Hence it is good for SBI and Indusind Bank. SBI
shows better Enterprise value multiple when compared to other Nifty Bank
companies. HDFC Bank better results in Earnings per share and Dividend per
share, while analyzing Enterprise Value Multiple it is not keeping the positions.
 2

CHAPTER 1
INTRODUCTION
 3

1.1 Background of the study

Valuation ratios are ratios computed based on parameters in financial statements
of a company and used to estimate the value of a company. These can be used to
easily compare companies and determine which the better investment is. A
particular company’s valuation ratio can be compared with that of other
companies to determine investments attractiveness. Here it is considered Nifty
Bank companies, which includes Punjab National Bank, Bank Of Baroda, State
Bank of India, The Federal Bank Ltd, HDFC Bank Ltd, RBL Bank Ltd, Axis
Bank Ltd, ICICI Bank Ltd, Indusind Bank Ltd, Kotak Mahindra Bank Ltd. It aims
at determining the value of a stock by looking at data from comparable companies
with similar qualities. In valuation, the value of the company in question is
determined by examination of variables, such as income, cash flow, book value
and/or sales. The Indian Banking sector has a great impact on the economy. The
stronger it is, the stronger the economy becomes. But as the sector weakens the
economy begins to trail. So a healthy, stable economy requires a strong financial
and banking sector.

1.2 Need and significance of the study

Indian Banking industry consists of 27 public sector banks, 21 private sector
banks, 49 foreign banks, 56 regional rural banks, 1,562 urban cooperative banks
and 94,384 rural cooperative banks. Public sector banks account for 61.21% of the
total banking assets in FY19. In FY19, total assets in public and private banking
sector were $1,422.97 billion and $741.79 billion, respectively. The banking or
financial sector comprises companies that provide consumers with financial
services. This includes retail banks, insurance companies, and investments
services firms. This sector has a great impact on the economy. The stronger it is,
the stronger the economy becomes. But as the sector weakens—as evidenced by
the events leading up to the Great Depression—the economy begins to trail. So a
healthy, stable economy requires a strong financial and banking sector and
therefore the need of this study to analyse the potential for investment in these
Banking companies.
 4

1.3 Statement of Problem

Problem of the study is to find out the investment potential in the securities of the
companies listed in The Nifty Bank Index. Through analyzing the performance of
companies using valuation ratios it is able to understand the investment
opportunities in such securities.

1.4 Objectives of the study

1. To analyze the investment potential of Bank Nifty companies using valuation
ratios.
2. To gain insight into the company's liquidity, operational efficiency, and
profitability by comparing information contained in its financial statements.

1.5 Scope of the study

The selected companies in the Bank Nifty Index includes Punjab National Bank,
Bank Of Baroda, State Bank of India, The Federal Bank Ltd, HDFC Bank Ltd,
RBL Bank Ltd, Axis Bank Ltd, ICICI Bank Ltd, Indusind Bank Ltd, Kotak
Mahindra Bank Ltd. 10 Banks with the highest weightage in the index are selected
for the study. The data is collected from the annual reports of the companies for
the period of last 5 years from 2015-19.

1.6 Limitations of the study

1. The data used is only from secondary sources.
2. The analysis is based on only 5 years of data.
 5

1.7 Organization of the report

Chapter 1 - Introduction
The first chapter includes the background of the study about the performance of
Bank Nifty companies using valuation ratios. Then the need and significance of
the study, statement of the problem, objectives, scope and limitation of the study
are also included in this chapter.

Chapter 2- Literature review

The second chapter includes the various literature reviews based on the articles
published by large number of researchers about the topic of the study.
Chapter 3 – Research methodology
This chapter mentioned about the methodologies used for the study, the type of
data collected, Population, Sample and the technique used for analysing the data.
Chapter 4 – Data analysis
This chapter deals with analysis of the data collected. Various ratios ae used for
the analysis purpose.
Chapter – 5 Findings
The chapter five includes the findings of the analysis of the data of the study.
Chapter – 6 Conclusion
The chapter six includes the conclusion of the overall report.
Chapter – 7 Recommendations
The chapter seven includes the recommendations about the best stock to invest.
 6

CHAPTER 2
LITERATURE REVIEW
 7

The introduction section highlighted the various concepts of ratios. The

literature review section aims to examine the important points of present
information and methodologies adopted for explaining the concept of investment
valuation ratios. This chapter is characterized by a logical flow of ideas to arrive
at the objectives of the study. A selective/random literature survey of relevant
research articles has been undertaken. The survey of literature on the ratios
involves various dimensions. A few relevant articles have been discussed below in
the light of the above.

Koundal, V. (2012) in the article “Performance of Indian banks in Indian

financial system” published in International Journal of Social Science &
Interdisciplinary Research 1, no. 9 says that in service sector, it is difficult to
quantify the output because it is intangible. Hence different proxy indicators
are used for measuring productivity of banking sector. Segmentation of the
banking sector in India was done along the following basis: number of banks,
offices, number of employees, business per employees, deposits per employee,
advances per employee, bank assets size, non-performing assets etc. Overall, the
analysis supports the conclusion that foreign owned banks are on average
most efficient and that new banks are more efficient that old ones. The public
sector banks are not as profitable as other sectors are. In terms of size, the
smaller banks are globally efficient, but large banks arelocally efficient. It
means that efficiency and profitability are interrelated. It is true that productivity
is not the sole factor but it is an important factor which influence to
profitability. The key to increase profitability is increase productivity. For this
some recommendations are suggested to tackle the challenges faced by the banks
particularly public sector banks.

Doron Nissim and Stephen H. Penman (2001) in the article “Ratio Analysis
and Equity Valuation: From Research to Practice” says statement analysis has
traditionally been seen as part of the fundamental analysis required for equity
valuation. But the analysis has typically been ad hoc. Drawing on recent research
on accounting-based valuation, this paper outlines a financial statement analysis
for use in equity valuation. Standard profitability analysis is incorporated, and
extended, and is complemented with an analysis of growth. The financial
 8

statement analysis is hierarchical, with ratios lower in the ordering identified as

finer information about those higher up. To provide historical benchmarks for
forecasting, typical values for ratios are documented for the period 1963–1999,
along with their cross-sectionalvariation and correlation. And, again with a view
to forecasting, the time series behaviour of many of the ratios is also described
and their typical “long-run, steady-state” levels are documented. Ratio analysis
usually compares ratios for individual firms against benchmarks from comparable
firms—both in the past and the present—to get a sense of what is “normal” and
what is “abnormal.” The paper provides a historical analysis of ratios that yields
such benchmarks for the equity researcher using residual earnings techniques.

Timo Salmi and Teppo Martikainen (1994) in the article “A Review of the
Theoretical and Empirical Basis of Financial Ratio Analysis” provides a critical
review of the theoretical and empirical basis of four central areas of financial ratio
analysis. The research areas reviewed are the functional form of the financial
ratios, distributional characteristics of financial ratios, classification of financial
ratios, and the estimation of the internal rate of return from financial statements. It
is observed that it is typical of financial ratio analysis research that there are
several unexpectedly distinct lines with research traditions of their own. A
common feature of all the areas of financial ratio analysis research seems to be
that while significant regularities can be observed, they are not necessarily stable
across the different ratios, industries, and time periods.

Nico van der Wijst and Roy Thurik (1993) writtern the article “Determinants of
small firm debt ratios: An analysis of retail panel data”. In this paper, the
relevance of some debt ratio determinants from the recent theory of finance is
empirically investigated in a small business sector. The data used in this study
consist of average financial data of 27 shop types in 20 different years, covering a
period of 24 years. The panel character of the data facilitates the use of analytical
techniques aimed at reducing or avoiding the biasing effect of omitted variables
on the outcomes. The main conclusion is, that the theoretical determinants appear
indeed to be relevant for the small business sector investigated here, but the
influences encountered in the analyses are far less straightforward than the
hypothesized effects in the theory. Influences on total debt are frequently found to
 9

be the net effects of opposite influences on long and short term debt and some
variables show large time and industry specific effects.

Javier Estrada (2005) provides the article “Adjusting P/E ratios by growth
and risk: the PERG ratio”. The objective of this study is to compare the
performance of a low‐P/E strategy relative to that of two
alternative value strategies, one based on the PEG ratio and another on the
PERG ratio. The data used consists of a sample of 100 US companies between
January 1975 and September 2002. Portfolios are formed on the basis of
different valuation ratios, and their performance is compared in order to
determine the best‐performing strategy. Portfolios sorted by PERG ratios
outperform, on a risk‐adjusted basis, those sorted by both P/E ratios and PEG
ratios. This outperformance occurs regardless of whether portfolios are not
rebalanced, rebalanced every ten years, or rebalanced every five years.

Richard G. Barker (2003) published the article “Survey and Market‐based

Evidence of Industry‐dependence in Analysts’ Preferences Between the Dividend
Yield and Price‐earnings Ratio Valuation Models”. In this article he describes
about the preference between dividend yield and price earnings ratio in valuation
models. The relative importance of these two models varies according to stock
market sector. Companies in the services, industrials and consumer goods sectors
are shown to be ‘PE‐valued’ while financials and utilities companies are shown to
be ‘yield‐valued’. It is derived from survey research and then tested in a market‐
based model. This use of independent, mutually reinforcing research methods
contributes to the robustness of the findings.

C.S. Agnes Cheng and Ray McNamara (2000) in the article “The Valuation
Accuracy of the Price-Earnings and Price-Book Benchmark Valuation Methods”.
Here they evaluate the valuation accuracy of the price-earnings, the price-book
and a combined price-earnings and price-book benchmark valuation methods.
Here comparable firms are selected based on industry membership, size and return
 10

on equity as well as combinations of industry membership with size and with

return on equity. They find that within the P/E and P/B benchmark valuation
methods, the best definition of the comparable firms are based on industry
membership combined with return on equity. However, only the industry
membership is necessary to define the comparable firms for the combined P/E-
P/B method. And the results suggest that, when firm's value is unknown, the
combined P/E-P/B valuation approach selecting comparable firms based on
industry membership performs the best among all the approaches evaluated in this
paper.

Dr. V. Balakrishnan, Dorothy Jerry.J and Prof. G. Kothandapani (2017) “A

Study On Financial Analysis Of TANCEM Cement Company In Tamil Nadu –
India”. Its mainly included financial analysis. Finance is regarded as the life blood
of a business enterprise. It is the process of establishing and interpreting various
financial analyses helping in creation of certain decisions. It is only a means of
improved kind of financial strengths and weaknesses of a firm. The cement
company is growing fast and to know, how the financial performance of the
cement companies playing a vital role in India. The main of this study is to
ascertain the financial analysis of the TAMCEM Cement Company. The data
analysis was done using the descriptive statistics and ratio analysis. The results of
the analysis clearly indicate that financial position of the company.

Peter D. Easton(2002) “PE Ratios, PEG Ratios, and Estimating the Implied
Expected Rate of Return on Equity Capital” . It describe a model of earnings and
earnings growth and demonstrate how this model may be used to obtain estimates
of the expected rate of return on equity capital. These estimates are compared with
estimates of the expected rate of return implied by commonly used heuristics—
viz., the PEG ratio and the PE ratio. Proponents of the PEG ratio (which is the
price‐earnings ratio divided by the short‐term earnings growth rate) argue that this
ratio takes account of differences in short‐run earnings growth, providing a
ranking that is superior to the ranking based on PE ratios. It provide a means of
simultaneously estimating the expected rate of return and the rate of change in
 11

abnormal growth in earnings beyond the (short) forecast horizon—thereby

refining the PEG ratio ranking. The method may also be used by researchers
interested in determining the effects of various factors (such as disclosure quality,
cross‐listing, etc.) on the cost of equity capital. Although the correlation between
the refined estimates and estimates of the expected rate of return implied by the
PEG ratio is high, supporting the use of the PEG ratio as a parsimonious way to
rank stocks, the estimates of the expected rate of return based on the PEG ratio are
biased downward.
Carslaw, Charles A, Mills and John R (1991) “Developing Ratios for Effective
Cash Flow Statement Analysis”. The statement of cash flows has been a required
part of annual financial statements for more than two years. While there has been
considerable support for this statement since its proposal in 1986, little has been
written or developed on the effective use or analysis of it. This article provides
suggested ratios that can be used by financial statement users to analyze and
evaluate corporate cash flows. Analysts have traditionally evaluated financial
statements using financial ratios. Any text on corporate reporting or any analyst's
report contains ratios comparing information from the balance sheet and income
statement. These ratios are used for comparison with prior years, other companies
or industry norms.

Asma Khan and Jyoti Singhal (2015) conducted “Growth and Profitability
Analysis of Selected IT Companies” in terms of ratios over a period of five years.
The paper inferred that performance of HCL Technologies was satisfactory except
in Return on Net Worth and Return on Long Term Funds whereas in case of Tech
Mahindra Return on Net Worth and Return on Long Term Funds was satisfactory
and Wipro showed an average performance during the study period. Also, there
was significant difference between the companies in Operating Profit Ratio and
Return on Capital Employed Ratio and there was no significant difference
between the companies in Net Profit Ratio, Gross Profit Ratio, and Return on Net
worth Ratio.

R.Idhayajothi, Dr.O.T.V.Latasri, N. Manjula, A.Meharaj Banu and R.

Malini (2014), conducted “A study on overall financial performance of Ashok
Leyland Limited” at Chennai. The paper involved calculation of various ratios
 12

namely, Liquidity ratios, Leverage ratios, Activity ratios and Profitability ratios. It
was hence inferred that despite the price drops in various products, the company
was able to maintain and grow its market share to make strong margins in market,
contributing to the strong financial position of the company. The company was
able to balance its higher capital expenditures and working capital requirements
with high volume of operations and operating cash flows.

Dr. V.P.T. Dhevika, Dr. O.T.V Latasri and H. Gayathri in (2013) carried out
financial performance analysis of City union bank using ratio analysis technique.
They measured the parameters like liquidity, solvency, profitability and
borrowings of thebank for a period of five years. The paper concluded that the
bank has been able to grow its market share and has been able to meet its higher
working capital requirements and increased volume of its operations.

K.P.Venugopala Rao and Farha Ibrahim (2017) conducted financial

performance analysis of IDBI bank. The said analysis was done by ratios and for
the period from the year 2011-2012 to 2015-2016. They found out that
employment of assets and solvency of bank was in tune with the industry average.
It also concluded that bank should improve upon its performance in deposits that
provide cheaper funds.
 13

The above reviews reported by different authors are summarized as follows

Table No: 3.1

Literature Review

Sl Authors &
Variables used Key findings
No Country

Explains the interrelation between

1 Koundal, V. (2012) Valuation ratios profitability and productivity when
analysing using ratios.

Doron Nissim and Ratio analysis This paper outlines a financial

2 Stephen H. Penman and equity statement analysis for use in equity
(2001) valuation valuation.

Provides a critical review of the

Timo Salmi and
Financial Ratio theoretical and empirical basis of
3 Teppo Martikainen
Analysis four central areas of financial ratio
(1994)
analysis.

Influences on total debt are

Nico van der Wijst
frequently found to be the net
4 and Roy Thurik Debt ratios
effects of opposite influences on
(1993)
long and short term debt.
 14

To compare the performance of a

low‐P/E strategy relative to that
Javier P/E ratios and of two
5
Estrada (2005) the PERG ratio alternative value strategies, one
based on the PEG ratio and
another on the PERG ratio.

Dividend Yield Describes about the preference

Richard G. Barker
6 and Price‐ between dividend yield and price
(2003)
earnings Ratio earnings ratio in valuation models.

Evaluate the valuation accuracy of

C.S. Agnes Cheng the price-earnings, the price-book
Price-Earnings
7 and Ray McNamara and a combined price-earnings and
and Price-Book
(2000) price-book benchmark valuation
methods.

Dr. V.
Financial analysis of the TAMCEM
Balakrishnan,
Cement Company. The data
Dorothy Jerry.J and financial
8 analysis was done using the
Prof. G. analysis
descriptive statistics and ratio
Kothandapani
analysis.
(2017)

Estimates of the expected rate of

Peter D. PE Ratios, PEG
9 return implied by the PEG ratio is
Easton(2002) Ratios
high
 15

Carslaw, Charles
Developing Ratios for Effective
10 A, Mills and John financial ratios
Cash Flow Statement Analysis
R (1991)

Growth and
Performance of HCL Technologies
Asma Khan and Profitability
was satisfactory except in Return
11 Jyoti Singhal Analysis of
on Net Worth and Return on Long
(2015) Selected IT
Term Funds
Companies

The company was able to balance

R.Idhayajothi,
Liquidity ratios, its higher capital expenditures and
Dr.O.T.V.Latasri,
Leverage ratios, working capital requirements with
N. Manjula,
12 Activity ratios high volume of operations and
A.Meharaj Banu
and Profitability operating cash flows.
and R. Malini
ratios.
(2014),

Dr. V.P.T.
Measured the parameters like
Dhevika, Dr. O.T.V
13 ratio analysis liquidity, solvency, profitability for
Latasri and H.
five years.
Gayathri in (2013)

K.P.Venugopala Found out that employment of

14 Rao and Farha Ratio analysis assets and solvency of bank was in
Ibrahim (2017) tune with the industry average
 16

CHAPTER 3
RESEARCH METHODOLOGY
 17

3.1 Objectives:
1. To analyze the investment potential of companies listed in the Nifty Bank Index
using valuation ratios.
2. To To gain insight into the company's liquidity, operational efficiency, and
profitability by comparing information contained in its financial statements.

3.2 Research Design:

The study is descriptive in nature. Descriptive analysis is done by using the
information collected from the annual report of the selected companies.

3.3 Sources of data:

The study is based on secondary data. The necessary data were obtained from the
published annual report from 2015-2019.

3.4 Population: Companies listed in Nifty Bank Index

3.5 Sampling method:

Census study was attempted. However, the data pertaining to one company was
inadequate and therefore excluded.

3.6 Method of Data collection:

Data is obtained from Annual reports of companies from the respective company
websites.
 18

3.7 Data Analysis techniques:

Data was analysed using valuation ratios and also statistical tools like Standard
deviation, Mean, Skewness and Kurtosis.
The following ratios were used for the study.
1. Earnings Per Share
2. Dividend Per Share
3. Price To Cash Flow Ratio
4. Price To Book Value Ratio
5. Price To Sales Ratio
6. Dividend Yield Ratio,
7. Dividend Pay-Out Ratio,
8. Price Earnings Ratio,
9. Earnings Yield Ratio,
10. Enterprise Value Multiple
 19

CHAPTER 4
DATA ANALYSIS
 20

4.1 Dividend per share

Dividend per share (DPS) is the sum of declared dividends issued by a company
for every ordinary share outstanding. It is calculated by dividing the total
dividends paid out by a business, including interim dividends, over a period of
time by the number of outstanding ordinary shares issued. A company's DPS is
often derived using the dividend paid in the most recent quarter, which is also
used to calculate the dividend yield. company's past financial health and its
current financial stability.

Table No: 4.1

Dividend per Share

Year 2015 2016 2017 2018 2019 Mean SD

PNB 3.30 0.00 0.00 0.00 0.00 0.66 1.48

BARODA 3.20 0.00 1.20 0.00 0.00 0.88 1.40

SBI 3.50 2.60 2.60 0.00 0.00 1.74 1.63

HDFC 8.00 9.50 11.00 13.00 15.00 11.30 2.77

FEDERAL 2.20 0.70 0.90 1.00 1.40 1.24 0.59

RBL 1.20 1.50 1.80 2.10 2.70 1.86 0.58

AXIS 4.60 5.00 5.00 0.00 1.00 3.12 2.42

ICICI 5.00 5.00 2.50 1.50 1.00 3.00 1.90

INDUSIND 4.00 4.50 6.00 7.50 7.50 5.90 1.64

KOTAK 0.90 0.50 0.60 0.70 0.80 0.70 0.16

 21

Dividend Per Share

16.00

14.00 PNB
BANKBARODA
12.00
SBI
10.00 HDFC

8.00 FEDERALBNK
RBL
6.00
AXIS
4.00 ICICI

2.00 INDUSINDBNK
KOTAK
0.00
2015 2016 2017 2018 2019

Figure No:4.1
Dividend Per Share

Interpretation:
DPS can tell an investor about the company's past financial health and its current
financial stability. When DPS increases it is good for the shareholders, and if the
company doesn't pay dividends to its shareholders, this can signal to investors the
company may be in poor financial health and cannot withstand the current market
conditions. Here when compared to other peer companies HDFC Bank shows a
increase in dividend per share followed by Indusind Bank and RBL Bank for the
last five years, which are also consistent in paying dividends to the investors.
 22

4.2 Earnings per Share

Earnings per share (EPS) is the portion of a company's profit allocated to each
share of common stock. Earnings per share serve as an indicator of a company's
profitability. It is calculated by dividing net profit with number of shares
outstanding.

Table No: 4.2

Earnings per Share

Year 2015 2016 2017 2018 2019 Mean SD

PNB 16.91 -20.82 6.45 -55.39 -30.94 -16.76 29.08
BARODA 15.83 -23.89 6.00 -10.53 1.64 -2.19 15.39
SBI 17.55 12.98 13.43 -7.67 0.97 7.45 10.48
HDFC 42.15 48.84 57.18 67.76 78.65 58.92 14.61
FEDERAL 11.75 2.77 4.83 4.62 6.28 6.05 3.42
RBL 7.23 9.60 12.59 15.79 20.47 13.14 5.21
AXIS 31.18 34.59 15.40 1.13 18.20 20.10 13.40
ICICI 19.32 16.75 15.31 10.56 5.23 13.43 5.58
INDUSIND 33.99 39.68 48.06 60.19 54.90 47.36 10.72
KOTAK 24.20 11.42 18.57 21.54 25.52 20.25 5.61
 23

Earnings Per Share

100.00

80.00
PNB
60.00 BANKBARODA
SBI
40.00
HDFC
20.00 FEDERALBNK

0.00 RBL
2015 2016 2017 2018 2019 AXIS
-20.00
ICICI
-40.00 INDUSINDBNK
KOTAK
-60.00

-80.00

Figure No: 4.2

Earnings per share

Interpretation:
HDFC Bank and RBL Bank shows a significant increase in EPS over the time
period, indicating an increase in profitability of the firms. Whereas Indusind Bank
shows a stable performance in their Earnings per Share. Punjab National Bank
and Bank of Baroda indicates negative EPS making them undesirable stocks to
invest in
 24

4.3 Price to Book Value

The price to book value ratio, or PBV ratio, compares the market and book value
of the company. If a company is about to be liquidated, It sells of all its assets, and
pays off all its debts. Whatever is left over is the book value of the company. The
PBV ratio is the market price per share divided by the book value per share.

Table No: 4.3

Price to Book Value

Year 2015 2016 2017 2018 2019 Mean SD

PNB 0.71 0.47 0.84 0.70 1.07 0.76 0.22
BARODA 0.91 0.85 0.99 0.87 0.74 0.87 0.09
SBI 1.55 1.05 1.49 1.15 1.30 1.31 0.21
HDFC 4.13 3.73 4.13 4.62 4.23 4.17 0.32
FEDERAL 1.46 0.98 1.76 1.44 1.44 1.42 0.28
RBL 0.00 0.00 4.28 2.99 3.85 2.22 2.08
AXIS 2.97 1.99 2.11 2.06 2.99 2.42 0.51
ICICI 2.27 1.58 1.67 1.75 2.44 1.94 0.39
INDUSIND 4.56 3.32 4.16 4.59 4.07 4.14 0.51
KOTAK 7.17 5.21 5.81 5.33 6.01 5.91 0.78
 25

Price To Book Value

8.00

7.00 PNB
BANKBARODA
6.00
SBI
5.00
HDFC

4.00 FEDERALBNK
RBL
3.00
AXIS
2.00 ICICI
INDUSINDBNK
1.00
KOTAK
0.00
2015 2016 2017 2018 2019

Figure No: 4.3

Price to Book Value

Interpretation:
For the Price to book value ratio, lower values particularly those below 1, are a
signal to investors that a stock may be undervalued, However, value investors
often consider stocks with a P/B value under 3.0 So here it is better to purchase
the stocks of company having low Price to book value ratio. Punjab National
Bank, Bank of Baroda, SBI, Federal Bank, and ICICI Bank are showing low Price
to book value ratio, making them ideal choice for value investing.
 26

4.4 Dividend payout ratio

The dividend payout ratio is the ratio of the total amount of dividends paid out to
shareholders relative to the net income of the company. It is the percentage of
earnings paid to shareholders in dividends. The amount that is not paid to
shareholders is retained by the company to pay off debt or to reinvest in core
operations. It is sometimes simply referred to as the 'payout ratio’.

Table No: 4.4

Dividend payout Ratio

Year 2015 2016 2017 2018 2019 Mean SD

PNB 18.29 0.00 0.00 0.00 0.00 3.66 8.18
BARODA 21.42 0.00 24.06 0.00 0.00 9.10 12.49
SBI 20.21 20.28 20.11 0.00 0.00 12.12 11.06
HDFC 19.62 19.53 0.00 0.00 19.22 11.67 10.66
FEDERAL 18.73 25.29 0.00 0.00 14.51 11.71 11.36
RBL 17.70 16.67 0.00 10.75 10.23 11.07 7.05
AXIS 14.78 14.48 38.25 509.74 0.00 115.45 220.84
ICICI 25.93 29.89 0.00 21.50 28.69 21.20 12.28
INDUSIND 11.81 12.79 0.01 11.98 13.69 10.06 5.67
KOTAK 4.39 4.39 0.00 2.79 3.29 2.97 1.80
 27

Chart Title
100.00

90.00
PNB
80.00 BANKBARODA
70.00 SBI
60.00 HDFC

50.00 FEDERALBNK

40.00 RBL
AXIS
30.00
ICICI
20.00
INDUSINDBNK
10.00
KOTAK
0.00
2015 2016 2017 2018 2019

Figure No: 4.4

Dividend payout Ratio

Interpretation:
Dividend payout ratio is the percentage of earnings given to the shareholders.
Hence DPR increases it is good for investors. Here Axis Bank shows highest
payout ratio when compared to other Bank Nifty companies. And it is followed by
HDFC and Federal Bank.
 28

4.5 Earnings Yield Ratio

Earnings yield is the quotient of earnings per share divided by the share price. It is
the reciprocal of the P/E ratio. The earnings yield is quoted as a percentage,
allowing an easy comparison to going bond rates.

Table No: 4.5

Earnings Yield Ratio

Year 2015 2016 2017 2018 2019 Mean SD

PNB 0.11 -0.24 0.04 -0.47 -0.23 -0.16 0.23
BARODA 0.10 -0.16 0.03 -0.06 0.01 -0.02 0.10
SBI 0.07 0.07 0.04 0.03 0.00 0.04 0.03
HDFC 0.04 0.05 0.04 0.04 0.03 0.04 0.01
FEDERAL 0.09 0.06 0.05 0.05 0.07 0.06 0.02
RBL 0.00 0.00 0.02 0.03 0.03 0.02 0.02
AXIS 0.06 0.08 0.03 0.00 0.02 0.04 0.03
ICICI 0.06 0.07 0.06 0.04 0.01 0.05 0.02
INDUSIND 0.04 0.04 0.03 0.03 0.03 0.03 0.01
KOTAK 0.02 0.02 0.02 0.02 0.02 0.02 0.00
 29

Chart Title
0.20

0.10 PNB
BANKBARODA
0.00 SBI
2015 2016 2017 2018 2019
HDFC
-0.10
FEDERALBNK
RBL
-0.20
AXIS

-0.30 ICICI
INDUSINDBNK
-0.40 KOTAK

-0.50

Figure No: 4.5

Earnings Yield Ratio

Interpretation:
A high earnings yield will not always indicate a good investment, an earnings
yield of 7% or better will immediately identify a company with a low and possibly
attractive current valuation. Here almost all the companies shows same level of
Earnings Yield ratio. Among that Federal Bank and ICICI Bank shows higher
average ratio, followed by SBI, HDFC Bank and Axis Bank while compared to
others. Hence these companies securities will be good to invest in.
 30

4.6 Enterprise Value Multiple

Enterprise multiple, also known as the EV multiple, is a ratio used to determine

the value of a company. The enterprise multiple looks at a firm in the way that a
potential acquirer would by considering the company's debt.

Table No: 4.6

Enterprise Value Multiple

Year 2015 2016 2017 2018 2019 Mean SD

PNB 6.06 6.74 5.00 8.47 6.41 6.54 1.26
BARODA 7.20 7.64 6.42 8.35 7.51 7.42 0.70
SBI 10.23 10.96 10.84 9.84 12.43 10.86 0.99
HDFC 17.33 16.65 17.24 18.82 18.80 17.77 0.99
FEDERAL 8.36 9.16 11.25 12.73 9.88 10.28 1.74
RBL 20.15 20.02 28.82 21.99 21.09 22.41 3.67
AXIS 15.88 13.32 12.66 17.88 18.54 15.66 2.63
ICICI 17.99 18.01 13.09 11.66 14.62 15.07 2.87
INDUSIND 21.74 19.94 19.59 21.94 19.13 20.47 1.29
KOTAK 37.89 36.10 30.35 31.43 34.46 34.05 3.15
 31

Chart Title
40.00

35.00 PNB
BANKBARODA
30.00
SBI
25.00 HDFC

20.00 FEDERALBNK
RBL
15.00
AXIS
10.00 ICICI

5.00 INDUSINDBNK
KOTAK
0.00
2015 2016 2017 2018 2019

Figure No: 4.6

Enterprise Value Multiple

Interpretation:
A low EV/EBITDA ratio could mean that a stock is potentially undervalued while
a high EV/EBITDA will mean a stock is possibly over-priced. In other words, the
lower the EV/EBITDA, the more attractive the stock is. Generally, EV/EBITDA
of less than 10 is considered healthy. So here SBI, Federal Bank and Bank of
Baroda shows better ratio when compared to other companies
 32

4.7 Price to Sales Ratio

Price to sales ratio is a valuation metric for stocks. It is calculated by dividing the
company's market capitalization by the revenue in the most recent year; or,
equivalently, divide the per-share stock price by the per-share revenue.

Table No: 4.7

Price to Sales Ratio

Year 2015 2016 2017 2018 2019 Mean SD

PNB 0.58 0.35 0.68 0.55 0.87 0.61 0.19
BARODA 0.84 0.77 0.95 0.86 0.68 0.82 0.10
SBI 1.31 0.92 1.33 1.01 1.18 1.15 0.18
HDFC 5.29 4.50 5.33 6.12 6.37 5.52 0.74
FEDERAL 1.52 1.02 1.81 1.81 1.68 1.57 0.33
RBL 0.00 0.00 4.99 4.44 4.61 2.81 2.57
AXIS 3.74 2.58 2.64 2.86 3.63 3.09 0.55
ICICI 3.72 2.61 2.98 3.26 4.06 3.33 0.58
INDUSIND 4.82 4.97 5.85 6.24 4.82 5.34 0.66
KOTAK 10.43 7.62 9.07 10.12 10.65 9.58 1.25
 33

Chart Title
12.00

10.00 PNB
BANKBARODA

8.00 SBI
HDFC

6.00 FEDERALBNK
RBL

4.00 AXIS
ICICI

2.00 INDUSINDBNK
KOTAK
0.00
2015 2016 2017 2018 2019

Figure No: 4.7

Price to Sales Ratio

Interpretation:
PSR ratio indicates how much investor paid for a share compared to the sales
companies generate per share. In general lower the P/S the better the value is.
More specifically, if the ratio is less than one, it is considered good and anything
above 4 is a warning sign that the company is overvalued. Here SBI, Federal Bank
and Bank of Baroda shows lower value Price to sales ratio.
 34

4.8 Dividend Yield Ratio

The dividend yield is a financial ratio that measures the amount of cash dividends
distributed to common shareholders relative to the market value per
share.Investors invest their money in stocks to earn a return either by dividends or
stock appreciation.

Table No: 4.8

Dividend Yield Ratio

Year 2015 2016 2017 2018 2019 Mean SD

PNB 1.80 0.00 0.00 0.00 0.00 0.36 0.80
BARODA 1.70 0.00 0.70 0.00 0.00 0.48 0.75
SBI 1.30 1.10 1.10 0.00 0.00 0.70 0.64
HDFC 0.90 0.90 0.90 0.80 0.70 0.84 0.09
FEDERAL 2.80 1.80 1.20 1.30 0.90 1.60 0.74
RBL 0.00 0.00 0.50 0.40 0.50 0.28 0.26
AXIS 1.00 1.00 0.90 0.00 0.20 0.62 0.48
ICICI 1.60 1.90 1.00 0.50 0.30 1.06 0.69
INDUSIND 0.60 0.50 0.50 0.50 0.40 0.50 0.07
KOTAK 0.10 0.10 0.10 0.10 0.10 0.10 0.00
 35

Chart Title
3.00

PNB
2.50
BANKBARODA
SBI
2.00
HDFC

1.50 FEDERALBNK
RBL
1.00 AXIS
ICICI
0.50 INDUSINDBNK
KOTAK
0.00
2015 2016 2017 2018 2019

Figure No: 4.8

Dividend Yield Ratio

Interpretation:
High dividend yield ratio shows high dividends to the shareholders. Here we can
see DYR is high to Federal Bank. In 2015, they provide the highest value, and
hence their mean value also increases. During 2016 ICICI Bank also shows a high
value.
 36

4.9 Price Earnings Ratio

P/E ratio is generally known as Price to earnings ratio. A high P/E ratio indicates
that investors expect higher earnings. However, a stock with a high P/E ratio is
not necessarily a better investment than one with a lower P/E ratio, as a high P/E
ratio can indicate that the stock is being overvalued.

Table No: 4.9

Price Earnings Ratio

Year 2015 2016 2017 2018 2019 Mean SD

PNB 10.30 -6.10 29.00 -3.40 -38.00 -1.64 24.63

BANKBARODA 10.80 -7.40 20.40 -23.60 30.00 6.04 21.58

SBI 11.50 14.40 761.80 -56.00 107.50 167.84 337.09

HDFC 21.30 20.30 21.20 24.10 25.70 22.52 2.28

FEDERALBNK 9.80 21.40 13.40 22.70 14.80 16.42 5.47

RBL 0.00 0.00 32.90 34.20 28.00 19.02 17.52

AXIS 14.90 14.00 32.00 302.70 32.30 79.18 125.26

ICICI 14.80 14.70 14.50 22.90 49.80 23.34 15.22

INDUSINDBNK 21.00 23.60 24.90 26.80 31.20 25.50 3.82

KOTAK 27.50 36.00 28.50 30.70 32.10 30.96 3.35

 37

Average P/E Ratio

400.00

300.00
PNB
BANKBARODA
SBI
200.00 HDFC
FEDERALBNK
RBL

100.00 AXIS
ICICI
INDUSINDBNK
KOTAK
0.00
2015 2016 2017 2018 2019

-100.00

Figure No: 4.9

Price Earnings Ratio

Interpretation:
Low P/E ratio is good for value investing, Federal Bank, Axis Bank and RBL
Bank serves this purpose. Here in 2017, SBI shows a considerable hike in P/E
ratio, but in the subsequent years its ratio had been reduced. Increase in P/E Ratio
among Axis Bank and Kotak Mahindra denotes the rapid growth of the firms.
 38

4.10 Price to Cash Flow

The price-to-cash flow (P/CF) ratio is a stock valuation indicator or multiple that
measures the value of a stock's price relative to its operating cash flow per share.
The ratio uses operating cash flow which adds back non-cash expenses such as
depreciation and amortization to net income.

Table No: 4.10

Price to Cash flow

Year 2015 2016 2017 2018 2019 Mean SD

PNB 2.70 2.20 1.60 13.40 3.40 4.66 4.93
BARODA 4.60 3.50 3.30 3.20 2.20 3.36 0.86
SBI 4.70 3.50 3.00 3.60 3.80 3.72 0.62
HDFC 17.50 16.50 16.80 17.80 18.70 17.46 0.87
FEDERAL 5.50 8.90 8.70 7.70 11.10 8.38 2.03
RBL 0.00 0.00 16.00 16.30 12.40 8.94 8.30
AXIS 11.40 9.70 7.90 8.60 9.50 9.42 1.32
ICICI 10.80 6.60 5.30 6.60 8.10 7.48 2.10
INDUSIND 17.30 18.20 18.10 20.20 16.10 17.98 1.50
KOTAK 25.80 28.00 24.10 26.40 28.10 26.48 1.66
 39

Average P/CF Ratio

30.00

PNB
25.00
BANKBARODA
SBI
20.00
HDFC

15.00 FEDERALBNK
RBL
10.00 AXIS
ICICI
5.00 INDUSINDBNK
KOTAK
0.00
2015 2016 2017 2018 2019

Figure No: 4.10

Price to Cash flow

Interpretation:

A low price to cash flow multiple implies that a stock may be undervalued, and
vice versa Here Kotak Mahindra, Indusind Bank and HDFC shows high cash flow
multiple and SBI and Bank of Baroda shows lower ratio.
 40

4.11 SUMMARY OF ANALYSIS

The valuation ratios were summarized as follows:

DPS EPS PBV DPR EYR EVM PSR DYR PER PCF
PNB 0.66 -16.76 0.76 3.66 -0.16 6.54 0.61 0.36 -1.64 4.66
BANKBARODA 0.88 -2.19 0.87 9.10 -0.02 7.42 0.82 0.48 6.04 3.36
SBI 1.74 7.45 1.31 12.12 0.04 10.86 1.15 0.70 167.84 3.72
HDFC 11.30 58.92 4.17 11.67 0.04 17.77 5.52 0.84 22.52 17.46
FEDERALBNK 1.24 6.05 1.42 11.71 0.06 10.28 1.57 1.60 16.42 8.38
RBL 1.86 13.14 2.22 11.07 0.02 22.41 2.81 0.28 19.02 8.94
AXIS 3.12 20.10 2.42 115.45 0.04 15.66 3.09 0.62 79.18 9.42
ICICI 3.00 13.43 1.94 21.20 0.05 15.07 3.33 1.06 23.34 7.48
INDUSINDBNK 5.90 47.36 4.14 10.06 0.03 20.47 5.34 0.50 25.50 17.98
KOTAK 0.70 20.25 5.91 2.97 0.02 34.05 9.58 0.10 30.96 26.48
Figure No: 4.11

Summary of Analysis
 41

CHAPTER V
FINDINGS
 42

1. Stocks of HDFC Bank, Indusind Bank and RBL Bank shows high Dividend and
Earnings per Share.
2. ICICI Bank and SBI shows the highest Dividend payout ratio.
3. Bank of Baroda and Punjab National Bank shows lower value in Price to Book
Value
4. Federal Bank shows higher Earnings Yield Ratio.
5. Though EPS and DPS is lower in Federal Bank and SBI, its Enterprise Value
Multiple is good. The stock which shows least value in EVM is better to invest.
6. SBI, Federal Bank and Bank of Baroda shows lower Price to Sales Ratio.
7. SBI and Bank of Baroda shows lower Price to Cash Flow Ratio
8. SBI and ICICI Bank has increasing Price to Earnings Ratio indicating the rapid
growth in value.
 43

CHAPTER VI
RECOMMENDATIONS
 44

1. Stocks which provide high value of earnings and divided on per share is better to
do investment. Hence on the basis of per share data we can suggest HDFC Bank,
Indusind Bank and Axis Bank.
2. HDFC Bank and Indusind Bank are highly consistent in declaring dividends
across the time frame, whereas ICICI Bank and SBI shows higher dividend
payout ratio (It tells investors how much of the company's profits are being given
back to shareholders) these companies are a suitable choice for a dividend
reinvestment plan (DRIP) a program that allows investors to reinvest their cash
dividends into additional shares or fractional shares of the underlying stock on the
dividend payment date.
3. HDFC Bank followed by Indusind Bank shows the highest Earnings per share
which indicates how much money a company makes for each share of its stock
and is a widely used metric for corporate profits. Investing in these profitable
stocks are recommended.
4. Punjab National Bank, Bank of Baroda and SBI has lower Price to Book Ratio
and Price to Sales Ratio respectively, which indicates that these stocks are
undervalued and are suitable choices for value investing (An investment strategy
that involves picking stocks that appear to be trading for less than their intrinsic or
book value) .
5. SBI shows very high P/E ratio, which can indicate that the stock is being
overvalued, hence not a good choice for immediate investment.
 45

CHAPTER VII
CONCLUSION
 46

A particular company’s valuation ratio can be compared with that of other

companies to determine investments attractiveness. Here we considered Nifty
Bank companies, which includes Punjab National Bank, Bank Of Baroda, State
Bank of India, The Federal Bank Ltd, HDFC Bank Ltd, RBL Bank Ltd, Axis
Bank Ltd, ICICI Bank Ltd, Indusind Bank Ltd, Kotak Mahindra Bank Ltd. It aims
at determining the value of a stock by looking at data from comparable companies
with similar qualities. The study helps us to analyze the comparative financial
performance of the Nifty Bank companies for the period of 2015-2019. It has been
concluded that value of the HDFC is relatively better in performance when
compared to other companies. And it is followed by Axis Bank and Indusind
Bank in per share data. Thus these valuation ratios attract the investors who are
interested in regular returns.
 47

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