Course 2026-2027 a.y.

• Introduction: users and uses of valuation; general approaches and specific methods;
• Financial analysis and cash flows for valuation;
• Business planning and financial modeling;
• Discounted cash flows valuation models. The link between value, leverage and growth;
• The weighted average cost of capital;
• Multiples valuation. Theoretical determinants and market estimates;
• Scenario analysis and Monte Carlo simulations;
• Valuation issues in mergers & acquisitions;
• Valuation issues in rights issues;
• Climate issues in finance.

At the end of the course student will have learned the conceptual and theoretical framework surrounding valuation issues and the practical tools to address such topics in real-life situations. Course participants will benefit from:

• The analytical application on how to prepare and interpret discounted cash flow (DCF) analysis in a variety of contexts.
• Knowledge and comprehension on how to prepare a comparable valuation analysis.
• Understanding how to apply the above analysis and comparison of the outcomes of these analytical approaches.

• Identify the most appropriate methods and approaches to a valuation, based on its final purpose.
• Apply the different company valuation methods consistently and make reliable assumptions.
• Choose the most suitable database as well as determine which key features should be adopted in the implementation of the identified methods.
• Prepare a valuation memorandum compliant to international valuation standards.

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

The course will be mainly taught through lectures; in addition, we will allocate a few sessions to practical exercises to training in applying valuation and modeling in Microsoft Excel. A selected number of guest speakers will be invited, who will provide insights from their professional experience in valuation in different business scenarios (major investment banks directors, CFOs from industrial corporations, etc). Last, the course will include a group project leading to a full valuation with a presentation to the class. The team assignment will strengthen knowledge of the main databases available for valuation purposes as well as of the connections between business and financial skills.

• The assessment will combine the Attending Written Exam and the Group Assignment:
  • Attending Written Exam: awarding up to 25 points;
  • Group Assignment: awarding up to 6 points. The Group Assignment score is valid in any exam date in the current academic year (it doesn't expire in case of multiple attempts).
• Students can be assessed as an "Attending student", provided they can actively participate in the Group Assignment.
• The Course is passed if the final grade (Assignment + Final Written Exam) is ≥18.
• A final mark of “30 cum laude” will be assigned to students who reach a final grade equal to 31.
• The exam lasts 60 minutes and it will be structured as follows:
  • 13 multiple choice questions, either based on theory or on quick calculations. Each question is worth 1 point and has only 1 correct answer out of 4 possible choices. No penalty is assigned to a wrong pick.
  • 2 short theoretical essay question, worth 3 points each.
  • 2 short problems, worth 3 points each.
• It is a closed-book test and no formula sheet is allowed. Students are allowed a basic scientific calculator (i.e. no calculator that has an internal storage or that allows symbolic and NPV calculations). The test will be issued on campus, on the student's personal computers, via the Respondus Lockdown software. The interface for the essay questions and the short problems will be plain writing; no access to Microsoft Excel will be available.
• The details of the Group Assignment will be published before the midterm break on Blackboard.
• Students that do not participate in the Group Assignment will be awarded a zero score in it but they will still be able to sit the Attending Written Exam and gain its portion of the final mark (maximum grade 25/30).
• The Group Assignment score is valid in any exam date in the current academic year.
• Repeating students that successfully completed an Assignment in the past academic years have the option (i.e. not the obligation) to keep their past Assignment score (Group or Individual Assignments). Considering that in the past the assignment awarded a different score, it will be proportionately converted. To opt for this possibility, please email corporate.valuation@unibocconi.it before the first exam session you intend to sit.

• The Final Written Exam is aimed at assessing the students’ understanding of the key theoretical concepts covered in the course and their ability to apply them to short problems. The Group Assignment is aimed at assessing the students’ ability to apply in a context simulating a real-life setting the valuation methods and their application process discussed in the course, to interpret the results obtained, and to present and discuss them in a clear and structured way.

• The Non Attending Written Exam lasts 70 minutes and will be composed by:
  • the identical Final Written Exam paper, described above (25 points);
  • 6 additional multiple choice questions, exclusively based on the “Eligible Students Readings” uploaded on Blackboard. Each question is worth 1 point (i.e. 6 points total) and has only 1 correct answer out of 4 possible choices. No penalty is assigned to a wrong pick.
• These questions are intended to test the students's understanding of the research questions and conclusions of the Independent Readings, which focus and deepen on an empirical standpoint the topics discussed in the course.

The Attending Written exam will be based on the following textbooks and materials:

• Handouts and files uploaded on Blackboard;
• Corporate Valuation: Measuring the Value of Companies in Turbulent Times; by M. Massari, G. Gianfrate, L. Zanetti, Wiley, 2016;
• Corporate Valuation Workbook, 2nd Edition; by A. Ghezzi & L. Zanetti, Egea, 2022.

The Non-Attending Written exam will be based on the following textbooks and materials:

• Handouts and files uploaded on Blackboard, including papers for Non-Attending students study;
• Corporate Valuation: Measuring the Value of Companies in Turbulent Times; by M. Massari, G. Gianfrate, L. Zanetti, Wiley, 2016;
• Corporate Valuation Workbook, 2nd Edition; by A. Ghezzi & L. Zanetti, Egea, 2022.