Оценка бизнеса

Бакалавриат 2024/2025

Статус: Курс обязательный (Управление бизнесом)

Направление: 38.03.02. Менеджмент

Кто читает: Департамент финансового менеджмента

Где читается: Высшая школа бизнеса

Когда читается: 4-й курс, 3 модуль

Формат изучения: без онлайн-курса

Охват аудитории: для всех кампусов НИУ ВШЭ

Преподаватели: Бардинская Татьяна Львовна

Язык: английский

Кредиты: 4

Full Syllabus Ask Question

Abstract

The Business Valuation Course is aimed to help students with the vital valuation techniques and principles as well as to see through practical case studies how all of them are applied in the real world deals. Companies and investors continue to face challenges and opportunities. For the last 30 years we see various types of financial crisis, internet, fintech, crypto and other booms. All these events prove that the core principles of valuation creation are much more important in all circumstances and the stock market itself is not always a good value indicator. At the same time, we are to explore the market trends and investors sentiment and how it should be taken into account in the course of the deal execution.Valuation is used as a tool to define goals for the Companies, Executives, to develop investment strategy and overall provide the business logic framework for stakeholders, financial investors.The course explores examples of IPO and M&As transactions to see what valuation features could be used subject to market environment, investors’ expectation and final goals. We will proceed with both a “helicopter” view to see a deal from shareholders and investment bankers/advisors’ perspective as well as an execution to go deeper into the company business model, financial statement specifics, value calculation techniques.This course is practically oriented – students are to see how valuation methods could be applied for M&A either for IPO pricing as well as how it could guide you within the corporate finance and investor relations activities.

Learning Objectives

to understand the basics of valuation methods
to get practice with the certain public Company target pricing building up GMV/Revenue/EBITDA forecast and DCF model, making decision of the peer group multiples
to develop skills enabling value any private Companies, startups, investment projects and other business initiatives
to understand how equity story, positioning could improve valuation metrics. To see what financial statement adjustments are used by the companies for IR, corporate finance purposes.
to get an introduction what tools and features could help you to manage the Company valuation being within Executive team or advisory firm.

Expected Learning Outcomes

to develop skills at evaluating Companies, startups, investment projects and other business initiatives;
to have an understanding how different features and approaches could improve valuation metrics;

Course Contents

1. How we could compare companies, projects, investment or financial ideas, business initiatives. Why we need value a valuation. Overview of goals and approaches.
2. Intro into three key valuation methods
3. Cost based approach brief summary
4. DCF and Fundamental valuation approach
5. Financial Statement building principles in regard to further valuation experience. Overview of key financial statement figures used for valuation. How financial adjustments influence final valuation results
6. Data source of financial statement, analytics, forecasts, multiples etc. required for valuation exercise
7. Intrinsic and perpetual value balance
8. Terminal value approaches subject to the strategy
9. Markets and peers, diversification and consolidation stages, entry barriers
10. Market size, market share, expected growth and revenue forecast
11. New blue oceans, points of growth, revenue streams and other upside for value creation
12. Unit economics, cohort analysis, GMV/Revenue/EBITDA break down and analysis
13. Core Valuation Techniques step by step
14. Fair value and IPO pricing. Post-IPO performance.
15. Market Approach
16. Applications for Emerging Markets and special situations.
17. Valuation within all possible deals types
18. Valuation approach subject to your role and motivation

Assessment Elements

Business Valuation Assessment Project Memorandum with DCF model in excel format
Business Valuation Assessment Project is a valuation exercise for the certain public Company using Market and Intrinsic Approaches.
Business Valuation Assessment Project public speech supported with PPT / PDF presentation
The exam
The exam will be offline in the form of a Q&A assessment. All themes are covered by the syllabus. The list of detailed questions to be provided 2 weeks in advance and could be sourced from the syllabus and slides presented at the course.

Interim Assessment

2024/2025 3rd module
0.3 * Business Valuation Assessment Project Memorandum with DCF model in excel format + 0.3 * Business Valuation Assessment Project public speech supported with PPT / PDF presentation + 0.4 * The exam

Bibliography

Recommended Core Bibliography

Copeland, T. E., Koller, T., & Murrin, J. (2000). Valuation : Measuring and Managing the Value of Companies (Vol. 3rd ed). New York: John Wiley & Sons, Inc. [US]. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=53431
McKinsey & Company Inc, Tim Koller, Marc Goedhart, & David Wessels. (2010). Valuation : Measuring and Managing the Value of Companies. [N.p.]: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=535677
McKinsey & Company Inc, Tim Koller, Marc Goedhart, & David Wessels. (2020). Valuation : Measuring and Managing the Value of Companies, University Edition. Wiley.

Recommended Additional Bibliography

Rosenbaum, J., & Pearl, J. (2013). Investment Banking : Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Vol. 2nd ed). Hoboken: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=981384

Authors

Маханева Екатерина Александровна
Bardinskaia Tatiana Lvovna

Course Syllabus