Insegnamento a.a. 2012-2013

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) - BIEMF (6 credits - I sem. - OBCUR  |  SECS-P/09)

Course Director:
GIANFRANCO GIANFRATE

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 will focus on corporate valuation issues using DCF, stock market and deal multiples completed by industry-specific as well as case-specific valuation techniques.

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.
• Value and prices in the market for corporate control.
• Premiums and discounts in company valuation.

Detailed Description of Assessment Methods

Final written exam: 80%

Homework and class participation: 20%

Textbooks

MCKINSEY & COMPANY, T. KOLLER, M. GOEDHART, et al., Valuation: Measuring and Managing the Value of Companies, Hoboken, NJ, John Wiley & sons, 2010, University Edition, 5th Edition, ISBN 978-0-470-42470-4.

Exam textbooks & Online Articles (check availability at the Library)

Last change 02/05/2012 12:18