Кто читает:: Школа финансов

Статус:: Курс обязательный

Когда читается:: 1-й курс, 3, 4 модуль

Преподаватели

Григорьева Светлана Александровна

Пирогов Никита Константинович

Пупшев Андрей Сергеевич

Скворцова Ирина Вячеславовна

Тихомиров Дмитрий Викторович

Full Syllabus

Abstract

The Advanced Business Valuation Course explores both the theoretical basis and practical application of all major elements of discounted cash flow valuation, relative valuation and assetbased valuation. You learn to differentiate between long-term value-creating strategies and shortterm indicators, such as market share, earnings per share, share price and others. The course discusses how to evaluate company’s strategic position and develop forecasts using different techniques. Within this course you consider special cases in valuation such as valuation in emerging capital markets, valuation of companies with changing capital structure, valuation of high levered firms, firms with negative earnings, private firms, and valuation of options. You also discuss how to evaluate companies in different industries: mining, telecom, media and finance. Participants are provided with the opportunity to work in small teams in order to prepare reviews of empirical literature, cases and analytical tasks based on real data.

Learning Objectives

The key goal of this course is to provide students with sufficient theoretical knowledge and practical experience to be able to value a company using different valuation models (DCF, APV, Residual income, Multiples) in normal and special cases.

Expected Learning Outcomes

 how to apply traditional valuation techniques (DCF, relative valuation and asset based valuation) in emerging capital markets; 
how to apply premiums and discounts in business valuation (control premium, discount for lack of control, discount for lack of marketability)
 how to value firms with changing capital structure and high levered firms;
 the advantages and disadvantages of Residual income models;
 main methods to value company’s intangible assets;
 how to use option pricing methods to value flexibility;
 the specificity of valuing companies in different industries

Course Contents

1. Introduction to valuation.
2. Premiums and discounts in business valuation.
3. Income approach. Valuing companies by cash flow discounting: main steps, models, and problems.
4. Income approach. Capitalization methods and residual income valuation methods.
5. Market approach. Valuing companies using multiples.
6. The role of cost approach in business valuation. Valuation of intangible assets.
7. Real options and valuation.
8. Corporate valuation in different industries.

Assessment Elements

Team projects
Final Exam

Interim Assessment

2022/2023 4th module
0.25 * Final Exam + 0.75 * Team projects

Bibliography

Recommended Core Bibliography

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
Hitchner, J. R. (2017). Financial Valuation : Applications and Models (Vol. Fourth edition with website). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1506670
Investment valuation : tools and techniques for determining the value of any asset, Damodaran, A., 2012
Koller, T., Wessels, D., Goedhart, M. H., & McKinsey and Company. (2010). Valuation : Measuring and Managing the Value of Companies (Vol. 5th ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=332432

Recommended Additional Bibliography

Arzac, E. R. (2008). Valuation for Mergers, Buyouts, and Restructuring (Vol. 2nd ed). Hoboken, NJ: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639464
Fernandez, P. (2002). Valuation Methods and Shareholder Value Creation. Elsevier. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.eee.monogr.9780122538414
Juliet Estridge, & Barbara Lougee. (2007). Measuring Free Cash Flows for Equity Valuation: Pitfalls and Possible Solutions. Journal of Applied Corporate Finance, (2), 60. https://doi.org/10.1111/j.1745-6622.2007.00136.x
Mercer, Z. C., & Harms, T. W. (2008). Business Valuation : An Integrated Theory (Vol. 2nd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=208023
Pereiro, L. E. (2006). The practice of investment valuation in emerging markets: Evidence from Argentina. Journal of Multinational Financial Management, (2), 160. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.mulfin.v16y2006i2p160.183
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
Valuation : measuring and managing the value of companies, Koller, T., 2005

Authors

GRIGOREVA SVETLANA ALEKSANDROVNA

Магистерская программа «Стратегическое управление финансами фирмы»

Advanced Business Valuation