Финансовое моделирование и оценка инвестиций

2024/2025

Статус: Маго-лего

Кто читает: Международный институт экономики и финансов

Когда читается: 3 модуль

Охват аудитории: для своего кампуса

Язык: английский

Кредиты: 3

Full Syllabus

Abstract

Investment Management is a one-semester elective course designed for the first- or second-year students of the ICEF Master of Science program in Financial Economics. The course is taught in English. The course provides an overview and analysis of key valuation methods. The course is expected to help students to develop problem solving skills and apply numerical skills to the analysis of commercial problems by simplifying complex ideas in an accessible way. The course also explores the best practices of financial modeling according to the existent modeling guidelines. Students will learn how to build a financial model, how to create a correct system of financial statements and forecast the changes in firm’s future cash flows under different scenarios. Using practical cases, students will find out how to build financial models that are flexible, appropriate, structured and transparent and will learn how to conduct DCF and LBO valuation analysis and interpret valuation outputs to provide investment recommendation.

Learning Objectives

Teach how to build financial models applying methods for asset valuation
Explain pros and cons of each valuation method
Apply valuation methods in practice and provide investment recommendation

Expected Learning Outcomes

Be able to choose the valuation method.
Be able to calculate FCFE and FCFF.
Be able to interpret the multiples.
Be able to test the correspondence of a financial model to the financial modelling standards.
Be able to choose the inputs of a financial model.
Be able to develop the forecast part of the financial model.
Be able to audit a financial model and correct errors
Be able to derive Enterprise Value and Equity Value and interpret the valuation outputs

Course Contents

Financial modeling basics. Linking financial statements.
Financial statements projections. Free Cash Flow calculation. Discounted Cash Flow method.
Valuation methods. Enterprise Value to Equity Value bridge. Sensitivity analysis.
Comparable valuation basics. Multiples method. Valuation football field
Company valuation case.
LBO modeling. Investment returns analysis.
Valuation analysis and scenarios. Audit of the model. Investment recommendation.
Q&A session and Final Exam preparation.

Assessment Elements

Home assignment 1
Valuation negotiations (group case)
Final exam
Valuation case (group project)
Home assignment 2

Interim Assessment

2024/2025 3rd module
0.4 * Final exam + 0.1 * Home assignment 1 + 0.1 * Home assignment 2 + 0.25 * Valuation case (group project) + 0.15 * Valuation negotiations (group case)

Bibliography

Recommended Core Bibliography

Financial modeling : with a section on Visual Basic for Applications, Benninga, S., 2000
Investment valuation : tools and techniques for determining the value of any asset, Damodaran, A., 2012

Recommended Additional Bibliography

Ian Beaman, Erwin Waldmann, & Peter Krueger. (2005). The impact of training in financial modelling principles on the incidence of spreadsheet errors. Accounting Education, (2), 199. https://doi.org/10.1080/0963928042000229699

Authors

Potashov Anatoliy Igorevich

Course Syllabus