Course 2025-2026 a.y.

• Theoretical framework. Assumptions and scenarios in the business plan development. Uncertainty and company valuation. Relationship between uncertainty and value in innovative projects and high growth companies. Overall profile or profiles related to specific business units.
• Business plan and cash flow projections. Developing forecast assumptions. From business models to cash flow models. Problems with the assessment of cash flow models. Typical cash flow patterns in some industries.
• Approaches and methods for business valuation. Relationships between leverage and value. Alternative valuation techniques. The choice between the asset-side vs. the equity-side standpoint.
• Estimating the opportunity cost of capital. Dealing with specific risks, including climate risk and the firm's ESG profile.
• Discounted Cash Flow. Typical procedures in the financial community.
• The Adjusted Present Value approach (APV). Debt profile analysis in valuing tax shields. Different alternatives.
• Stock market and deal multiples. Theoretical framework and practical issues.

• Know valuation approaches and techniques.

• Develop valuations of firms in different industries.

• Lectures
• Guest speaker's talks (in class or in distance)
• Collaborative Works / Assignments

• Face-to-face lectures.
• Guest speaker's talks (in-class or in distance).
• Group assignments.

The assessment is the result of a Final Written Exam and a Group Homework score:

• Final Written Exam: from 0 to 15 out of 31, aimed at testing the understanding and the application of valuation approaches and techniques.
• Group Homework: from 0 to 16/31, aimed at testing the ability to develop a valuation model for firms in different industries (groups’ valuation is based on the quality of the output, the quality of presentation, class participation and discussion).

The homework score is valid for all the 2025-2026 exam sessions until September 2026.

The course is passed if and only if The final grade (group homework + final written exam) is equal or greater to 18.

A final mark of “30 cum laude” is assigned to students who reach a final grade equal to 31.

• We post class presentations and reading materials on the e-learning space. Class presentations are all mandatory. When posting readings, we highlight which ones are mandatory and which are not.
• Suggested (non-mandatory) textbooks are:
  • R. W. HOLTHAUSEN, M. E. ZMIJEWSKI Corporate Valuation: Theory, Evidence & Practice (Cambridge Business Publishers), University Edition, 2019. 
  • M. MASSARI, G. GIANFRATE, L. ZANETTI, Corporate Valuation: Measuring the Value of Companies in Turbulent Times, 2016 (Wiley Finance).
  • M. MASSARI, G. GIANFRATE, L. ZANETTI, The Valuation of Financial Companies, 2014 (Wiley Finance).
  • MCKINSEY, Valuation: Measuring and Managing the Value of Companies, 2016 (Wiley Finance).
  • S. TITMAN, J. MARTIN, Valuation: The Art and Science of Corporate Investment Decisions, 2014 (Pearson, Second Edition).
  • L. KRUSCHWITZ, A. LÖFFLER, Stochastic Discounted Cash Flow: A Theory of the Valuation of Firms, 2020 (Springer, Second Edition).
  • A. GHEZZI, L. ZANETTI, Corporate Valuation Workbook, Second Edition, 2022 (EGEA).