he Valuation of the Electronic Money Institutions (EMI): the Industry, the Regulatory Overview and a Practical Valuation Case".

The valuation of a company represents one of the key issues in financial management. Determine the value of a business is, in fact, not always a straightforward process as many different valuation methods exist and their end results may deal to different investment decisions by investors or the management team. The purpose of this dissertation is to provide an overview of the key concepts of valuation by describing the valuation processes and methods and to then apply them to perform the valuation of Revolut, a company operating in one of the fastest growing industries of the last years, the electronic money. This analysis will start from the definition of valuation, of its purpose and of the most utilized methods in the financial industry to determine the value of a business. In the second part, it will be discussed the state of the electronic money industry by analysing the regulatory framework in the European Union and the main differences between electronic money institutions and traditional banks. The topics discussed in the first two paragraphs of the thesis will be then become handful in the third section where it will be performed the valuation of Revolut. After discussing the company background, the valuation methods previously described will be utilized to determine the value of the business. The results of the different valuation methods will be then discussed and compared in the final part of the thesis.