2024/2025
Evaluation of International Business
Type:
Mago-Lego
Delivered by:
Department of Financial Management
When:
1, 2 module
Open to:
students of one campus
Language:
English
ECTS credits:
3
Contact hours:
24
Course Syllabus
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 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. 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 and strategic investors. The course explores examples of IPO and M&A 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 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 understand the purpose of valuation, how different valuation methods work, how different features and approaches could improve valuation metrics
Course Contents
- What is value? Purpose and practical implementation
- Financial Statements
- DCF + EV build-up
- Trading Multiples and Precedent Transactions
- Valuation within all possible deal types
- Industry specifics in valuation
Assessment Elements
- Business Valuation Assessment Project Memorandum with DCF model in excel formatBusiness 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 examThe 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 2nd module0.3 * 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
- Koller, T., Goedhart, M., Wessels, D., Copeland, T. E., & McKinsey and Company. (2005). Valuation : Measuring and Managing the Value of Companies (Vol. Completely rev. and updated 4th ed., University ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=139659
- 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
Recommended Additional Bibliography
- McKinsey & Company Inc, Tim Koller, Marc Goedhart, & David Wessels. (2020). Valuation : Measuring and Managing the Value of Companies, University Edition. Wiley.