Магистратура
2024/2025
Оценка стоимости бизнеса
Статус:
Курс по выбору (Финансы)
Направление:
38.04.08. Финансы и кредит
Кто читает:
Банковский институт
Где читается:
Банковский институт
Когда читается:
2-й курс, 3 модуль
Формат изучения:
с онлайн-курсом
Онлайн-часы:
20
Охват аудитории:
для своего кампуса
Преподаватели:
Лебедева Надежда Юрьевна
Прогр. обучения:
Финансы
Язык:
английский
Кредиты:
6
Course Syllabus
Abstract
The course deals with theoretical and practical aspects of business valuation. Over the course, students will be provided with a deep understanding of the mechanism of valuation, various methods, their advantages, disadvantages and issues. We will discuss the links among a company’s public information, its financial reports, industry outlook and the value of the company. The course includes intense financial modeling activity. Students will prepare one full-blown equity valuation report underpinned by an Excel model, as well as several additional financial models for the most important methods
Learning Objectives
- The goal of the course is to provide a comprehensive overview of the valuation theory and techniques by discussing and working on actual business valuations.
Expected Learning Outcomes
- To calculate the intrinsic value of a public or private company
- To analyze equity reports and value estimates prepared by others
Course Contents
- 1. Introduction. Understanding the business. Industry and market analysis
- 2. Valuation approaches
- 3. Return concepts
- 4. Free cash flow valuation
- 5. Market-based valuation
- 6. Private company valuation
Assessment Elements
- Lecture tasks and questionsEach lecture consists of several parts. At the end of each part of the lecture, you will have few questions that will help you to practice new knowledge. Answers for such questions are not evaluated. At the end of each lecture, you will be provided with the task or test questions in order to demonstrate your understanding of the topic. Answers for these tasks/questions will be evaluated. The score will be calculates as following: Lecture 1 Lecture 2 Lecture 3 Lecture 4 Lecture 5 Lecture 6 Total Max scores for the test/task 5 20 20 20 20 20 105 Weight in final mark 40% 12% 12% 12% 12% 12% 100% Total score in final mark 2 2,4 2,4 2,4 2,4 2,4 14 The task in Lecture 1 must be done and sent for a review to the lecturer before the 1st webinar (strictly!). Otherwise, the mark for it will be 0.
- Group valuation report. The valuation report is a group assignment (group size: 5 students). Students will have to prepare a valuation of a company provided by the lecturer. The report includes: • Brief description of the Company, its background, analysis of operating activity and industry trends • Calculation of the applicable discount rate • Free cash flow valuation • Relative valuation • DDM valuation based on industry average ratios • Conclusion and investment recommendation Each report should be accompanied by an Excel model. Student must explain and discuss their choice of methods, ratios and data. The following scale is used for grading the report: • 0…8 Various degrees of fail (incomplete report, or too many errors) • 9…13 Satisfactory (correct work, but without deep analysis or explanation) • 14…18 Good work (good model with some discussion, correct calculations) • 19…26 Excellent work (model + discussion + analysis of underlying factors)
- Final examThe final exam lasts 1,5 hours and consists of 2 parts: 1. Part 1: multiple choice questions: 2 questions for 4 marks each, 6 questions for 3 marks each and 2 questions for 2 marks each. Total maximum score is 30 marks. 2. Part 2: extended questions: 2 questions to calculate value of the company using relative and DCF methods. Maximum score per question is 15 marks; 30 marks in total for both questions.
Interim Assessment
- 2024/2025 3rd moduleTest 1 * 0.02 + Test 2 * 0.024 + Test 3 * 0.024 + Test 4 * 0.024 + Test 5 * 0.024 + Test 6 * 0.024 + Group Valuation Report * 0.26 + Final Exam * 0.6 = 1
Bibliography
Recommended Core Bibliography
- Aswath Damodaran. (2016). Damodaran on Valuation : Security Analysis for Investment and Corporate Finance. Wiley.
- 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
Recommended Additional Bibliography
- Aswath Damodaran. (2003). Measuring Company Exposure to Country Risk: Theory and Practice. Unpublished working paper. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.71BB81D2
- 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