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The article provides a comprehensive assessment of the market value of VTB Bank (PJSC) in the context of the structural transformation of the Russian economy and unprecedented sanctions pressure. The author substantiates the need to adapt traditional approaches to cost estimation (profitable, comparative and costly), taking into account the specifics of the banking sector and the high volatility of macroeconomic indicators. The analysis of the dynamics of the bank's main indicators for 2023-2025 is presented, a comparison is made with its closest competitors through a multiplier system and discounting of free cash flows on capital (FCFE) is performed. Special attention is paid to specific risk factors, such as the high share of government participation and low dividend yield, which form a significant market discount. Within the framework of the value management concept (VBM), contradictions in the bank's development model have been identified and recommendations have been proposed to increase its investment attractiveness through the transition to risk-based performance indicators. The scientific novelty of the study lies in the integration of three assessment approaches (DCF, comparative, cost-based), taking into account ESG factors and stress testing, which allowed us to obtain an interval fair value. The practical significance lies in the formation of a "sell/hold" investment recommendation and the justification of targets for corporate governance.
company valuation, VTB Bank, discounted cash flow method, market multipliers, banking sector, value management, VBM, ESG factors, shareholder value, risk management, investment attractiveness
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