Кто читает:: Школа финансов

Статус:: Курс по выбору

Когда читается:: 4-й курс, 1, 2 модуль

Преподаватели

Гордейчук Егор Николаевич

Григорьева Светлана Александровна

Косточко Алина Валерьевна

Пирогов Никита Константинович

Скворцова Ирина Вячеславовна

Full Syllabus

Abstract

The course will introduce students to the most frequently used quantitative valuation techniques. The main topics covered include (1) discounted cash flow methods (2) relative valuation using multiples (3) asset-based approach. Particular attention is paid to evaluation of individual groups of assets under the net asset value method: financial assets, real estate, tangible real property, intangible assets. The focus of the course is on the evaluation of companies in emerging capital markets. Students will learn how to conduct firm valuation in terms of high levels of macroeconomic uncertainty, illiquid capital markets, and high levels of political risks. Participants are provided with the opportunity to work in small teams and value different groups of assets and firms in emerging capital markets. The course is taught in collaboration with B1 Group. Prerequisites for successful completion of the course: Corporate Finance-1, Financial Economics, Accounting

Learning Objectives

The key goal of this course is to provide students with sufficient theoretical knowledge and practical experience to be able to value a company using three traditional approaches (income approach, market approach, asset-based approach).

Expected Learning Outcomes

to understand the main steps of business valuation
to understand the importance and apply the discounts and premiums in business valuation (control premium, discount for lack of control, discount for lack of marketability)
to apply different valuation techniques such as Dividend-models, FCFF, FCFE, relative valuation and asset based valuation
to identify and analyze a company’s value drivers and relate these drivers to the value enhancement process
to understand the features of corporate valuation in emerging capital markets
to apply the primary methods to measure value of different groups of company assets

Course Contents

Introduction to Valuation
Income approach: discounted cash flow methods, capitalization method
Market approach: public company method, merger and acquisition method
Cost approach: overview, individual asset valuation procedures – intangible assets
Cost approach: individual asset valuation procedures – real estate, machinery and equipment

Assessment Elements

Class participation
Team projects
Final exam

Interim Assessment

2023/2024 2nd module
0.07 * Class participation + 0.07 * Class participation + 0.5 * Final exam + 0.12 * Team projects + 0.24 * Team projects

Bibliography

Recommended Core Bibliography

Damodaran, A. (2012). Investment Valuation : Tools and Techniques for Determining the Value of Any Asset (Vol. 3rd ed). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=442924
Damodaran, A. (2012). Investment Valuation : Tools and Techniques for Determining the Value of Any Asset, University Edition (Vol. 3rd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=442925
Hitchner, J. R. (2017). Financial Valuation : Applications and Models (Vol. Fourth edition with website). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1506670
Investment valuation : tools and techniques for determining the value of any asset, Damodaran, A., 2012

Recommended Additional Bibliography

McKinsey & Company Inc, Tim Koller, Marc Goedhart, & David Wessels. (2020). Valuation : Measuring and Managing the Value of Companies, University Edition. Wiley.

Authors

GRIGOREVA SVETLANA ALEKSANDROVNA

Бакалаврская программа «Экономика»

Контакты

Valuation of the Company