VALUATION AND CORPORATE FINANCIAL STRATEGY
- Academic year
- 2024/2025 Syllabus of previous years
- Official course title
- VALUATION AND CORPORATE FINANCIAL STRATEGY
- Course code
- EM1056 (AF:506408 AR:292546)
- Modality
- On campus classes
- ECTS credits
- 6
- Degree level
- Master's Degree Programme (DM270)
- Educational sector code
- SECS-P/09
- Period
- 4th Term
- Course year
- 1
- Where
- TREVISO
- Moodle
- Go to Moodle page
Contribution of the course to the overall degree programme goals
The module focuses on assets' strategic valuation and more specifically on the strategic valuation of firms. The module is very important for the valuation of mergers and acquisition (a topic partially covered by the module) as well as for the sale of small firms or firm's branches. It is also relevant in terms of portfolio asset management.
Expected learning outcomes
By the end of the module the student will
- appreciate the context of valuation (why to evaluate firms);
- appreciate different valuation approaches
- assess and discuss pro and contra of different evaluation approaches and their advantages/disadvantages in company valuation
- take a decision about the model/approach that better fits the valuation of the firm and the strategy pursued by the firm
- be able to apply the valuation approach to real-life cases
- appreciate the context of valuation (why to evaluate firms);
- appreciate different valuation approaches
- assess and discuss pro and contra of different evaluation approaches and their advantages/disadvantages in company valuation
- take a decision about the model/approach that better fits the valuation of the firm and the strategy pursued by the firm
- be able to apply the valuation approach to real-life cases
Pre-requirements
Basic knowledge of corporate finance (NPV, IRR, CAPM) and accounting (ratio analysis)
Contents
- The rationale behind company valuation (asset acquisition, investment, M&A)
- Accounting approach
- Asset-based approach
- Net present value approach (FCFE and FCFF)
- Dividend based approach
- SMEs valuation and innovative techniques to evaluate SMEs and start ups
- Growth strategy via M&A and its evaluation
- Accounting approach
- Asset-based approach
- Net present value approach (FCFE and FCFF)
- Dividend based approach
- SMEs valuation and innovative techniques to evaluate SMEs and start ups
- Growth strategy via M&A and its evaluation
Referral texts
Aswath Damodaran "Investment Valuation: Tools and Techniques for Determining the Value of any Asset" University Edition (Wiley Finance)
Last edition
During the course additional material (e.g. academic articles and working papers) will be provided as further reading. The material will be disseminated via Moodle platform.
Last edition
During the course additional material (e.g. academic articles and working papers) will be provided as further reading. The material will be disseminated via Moodle platform.
Assessment methods
The student is expected to deliver a Company valuation report (to be agreed with the lecturer, max 1,500 words or 10 ppt slides (graphs/tables/flowchart/etc. excluded). The work is discussed and a passing grade is obtained if the report reaches sufficient technical standards and the discussion show at least an adequate knowledge of the material coverd in class.
Teaching methods
Class Lectures. Case studies discussion (case studies presented in class)
Teaching language
English
Further information
See the moodle page.
Type of exam
written and oral
2030 Agenda for Sustainable Development Goals
This subject deals with topics related to the macro-area "Human capital, health, education" and contributes to the achievement of one or more goals of U. N. Agenda for Sustainable Development
Definitive programme.
Last update of the programme: 28/06/2024