Course 2024-2025 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.

• 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. 
• 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.

• Students that are unable to actively take part in the Group Assignment will have the option (i.e. not the obligation) to be assessed as Non-Attending students. This option is open to:
  • Bocconi-home students engaged in an Exchange Program or in an internship during the classes period (for the sake of clarity, incoming Bocconi Exchange students are not elibigle, as they are able to attend the Course);
  • Students engaged in an internship during the classes period;
  • Repeat students from past Academic Years (“studenti in debito d’esame”).
• Students that do not meet any of these requirements can only be assessed as attending students. The teachers will entertain exceptions to the rule for extraordinary situations on a case-by-case basis (please also refer to the general students' guide to the University for the instructions on how to request assistance for personal (e.g. health) reasons, such as writing through Help & Contact).
• Should you meet these requirements and, also, be interested in being examined a Non Attending students, before the first exam session you intend to enroll in, please email corporate.valuation@unibocconi.it attaching a piece of evidence that shows your eligibility (a non-exhaustive list of accepted evidences are: a screenshot of the Punto Blu's exchange program summary or of your internship, clearly showing starting and ending date, or - in the case of an internship - a screenshot of a contract's page or of an email clearly showing starting and ending date...).
• Please note that students meeting the requirements above are not forced to opt for the Non-Attending assessment: if they wish to choose the Attending structure they are welcome to do so, provided that they respect the Group Assignment rules, in particular provided that they contribute to the group’s work and they attend the in-class presentation.
• The Non Attending Written Exam lasts 70 minutes and will be composed by:
  • the identical Final Written Exam paper, described above (25 points);
  • 4 additional multiple choice questions, exclusively based on the “Eligible Students Readings” uploaded on Blackboard. Each question is worth 1,5 points (i.e. 6 points total) and has only 1 correct answer out of 4 possible choices. No penalty is assigned to a wrong pick.

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.