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Regular version of the site
2022/2023

Business Valuation

Type: Mago-Lego
Delivered by: HSE Banking Institute
When: 2 module
Open to: students of all HSE University campuses
Language: English
ECTS credits: 3
Contact hours: 32

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

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

Expected Learning Outcomes

  • After the course, students will have necessary knowledge and skills to calculate the intrinsic value of a public or private company, as well as understand and analyze equity reports and vаlue estimates prepared by others.
Course Contents

Course Contents

  • 7) Communicating valuation results
  • Private company valuation
  • Market-based valuation
  • Free cash flow valuation
  • 3) Discounted dividend valuation
  • Return concepts
  • Introduction
Assessment Elements

Assessment Elements

  • non-blocking Valuation report
  • non-blocking final exam
Interim Assessment

Interim Assessment

  • 2022/2023 2nd module
    0.7 * final exam + 0.3 * Valuation report
Bibliography

Bibliography

Recommended Core Bibliography

  • Aswath Damodaran. (2016). Damodaran on Valuation : Security Analysis for Investment and Corporate Finance. Wiley.
  • Damodaran, A. (2015). Applied Corporate Finance (Vol. Fourth edition). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639191

Authors

  • RYABYKH DMITRIY ALEKSSEVICH
  • ODINTSOVA ULYANA ALEKSANDROVNA