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Course 2016-2017 a.y.

30257 - CORPORATE VALUATION


CLEAM - CLEF - BESS-CLES - WBB - BIEF - BIEM
Department of Finance

Course taught in English


Go to class group/s: 31 - 32

CLEAM (6 credits - I sem. - OP  |  SECS-P/09) - CLEF (6 credits - I sem. - OP  |  SECS-P/09) - BESS-CLES (6 credits - I sem. - OP  |  SECS-P/09) - WBB (6 credits - I sem. - OP  |  SECS-P/09) - BIEF (6 credits - I sem. - OP  |  SECS-P/09) - BIEM (6 credits - I sem. - OP  |  SECS-P/09)
Course Director:
LAURA ZANETTI

Classes: 31 (I sem.) - 32 (I sem.)
Instructors:
Class 31: LAURA ZANETTI, Class 32: LAURA ZANETTI


Course Objectives
The course aims at providing students with:
  • the conceptual and theoretical framework surrounding valuation issues;
  • the practical tools to address such topics in real-life situations.
The main methodologies of corporate valuation are analyzed and the approaches commonly used by practitioners (financial analysts, investment and merchant banks, consulting firms) are critically discussed. Examples focus on corporate valuation issues using DCF, stock market and deal multiples completed by industry-specific as well as case-specific valuation techniques.

Intended Learning Outcomes
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Course Content Summary
  • Theoretical framework.
  • Business plan and cash flow projections.
  • Assessing risk profile. Cost of capital: data sources and estimate.
  • Relationships between leverage and discount rates.
  • Discounted cash flow (DCF): assets and equity side valuation. Terminal value calculation.
  • Adjusted present value (APV).
  • Comparative valuation: theoretical framework.
  • Stock market multiples. Value maps. Deal multiples.

Teaching methods
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Assessment methods
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Detailed Description of Assessment Methods
  • Final written exam: 80%
  • Homework and class participation: 20%

Textbooks
M. Massari, G.Gianfrate, L. Zanetti, Corporate Valuation: Measuring the value of companies in turbolent times, Wiley 2016.
Exam textbooks & Online Articles (check availability at the Library)

Prerequisites
Accounting
Corporate Finance
Last change 01/06/2016 12:51