Insegnamento a.a. 2022-2023

• Inquadramento teorico.
• Panoramica dei metodi di valutazione.
• Fattori ESG e valutazioni aziendali.
• Procedimenti di stima del costo del capitale.
• Metodi patrimoniali, reddituali e misti.
• Metodi finanziari.
• Le valutazioni comparative: metodo dei multipli di borsa e delle transazioni comparabili.
• La valutazione degli intangible asset.
• La valutazione delle acquisizioni.
• Rapporti di cambio nelle operazioni di fusione.
• Premi e sconti nelle valutazioni aziendali.
• Le valutazioni nel settore finanziario.
• Le valutazioni ai fini di bilancio. L'impairment test.

• Individuare le condizioni di incertezza che caratterizzano le valutazioni.
• Individuare gli approcci e medodi più appropriati per la valutazione, in funzione delle finalità della stessa.
• Conoscere e analizzare gli input delle valutazioni.
• Comprendere e analizzare criticamente i risultati delle valutazioni.

• Impostare l'analisi di piani industriali.
• Impostare e sviluppare la valutazione di marchi e brevetti.
• Sviluppare adeguatamente un modello per la valutazione.
• Individuare le società comparabili e calcolare e analizzare criticamente i multipli.

• Lezioni frontali
• Lezioni online
• Testimonianze (in aula o a distanza)
• Esercitazioni (esercizi, banche dati, software etc.)
• Analisi casi studio / Incidents guidati (tradizionali, multimediali)
• Lavori/Assignment di gruppo

La didattica si basa su lezioni frontali, testimonianze e lavori di gruppo.

L'esame consiste in una prova finale scritta costituita da esercizi numerici, applicazione di algoritmi valutativi e quesiti di carattere teorico metodologico.

• Massari, Villani & Zanetti, 2022, Valutazione, Egea.
• Materiale didattico integrativo fornito dai docenti.

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

At the end of the course, students 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.

• Face-to-face lectures
• Online lectures
• Guest speaker's talks (in class or in distance)
• Exercises (exercises, database, software etc.)
• Case studies /Incidents (traditional, online)
• Group assignments

The course will be mainly taught through frontal classes; in addition, we will dedicate 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 non-compulsory 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 be based on a Final Written Exam. In addition, students will have the opportunity to work on a non-compulsory Group Assignment that will assign up to 3 additional points.

·       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, Second Edition; by A. Ghezzi & L. Zanetti, Egea, 2022.