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Valuation

  • Teacher(s):  
  • Course given in: English
  • ECTS Credits:
  • Schedule: Spring Semester 2019-2020, 4.0h. course (weekly average)
  •  sessions
  • site web du cours course website
  • Related programmes:
    Master of Science (MSc) in Finance, Orientation Asset and Risk Management

    Master of Science (MSc) in Finance, Orientation Corporate Finance

    Master of Science (MSc) in Finance : Financial Entrepreneurship and Data Science
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Objectives

This is a valuation course that builds on the Corporate Finance core course. Our main focus will be on the valuation of firms and projects (capital budgeting), and we will cover both theory and applications. We will also provide an introduction to Mergers & Acquisitions (M&A). We will cover the three main approaches to valuation: discounted cash flow (DCF) analysis, relative valuation (i.e., using multiples), and contingent claim analysis. The teaching format will mainly consist of a combination of lectures, case studies, and assignments.

Contents

The course covers the following topics

  • DCF analysis
  • Free Cash Flow (FCF), growth, terminal value
  • Relative valuation - Multiples
  • Risk, cost of capital, WACC
  • APV
  • Contingent claims - Real options
  • Acquisitions and takeovers
  • Valuing firms with negative earnings
  • Valuing startups
  • Valuing private firms
  • Valuing distressed firms

References

Investment Valuation, 3rd Edition, by Aswath Damodaran, Wiley, 2012. This text is required.


Investment Banking, 2nd Edition, by Joshea Rosenbaum and Joshua Pearl, Wiley, 2013. Thistext is optional.


Valuation, 6th Edition, by Tim Koller, March Goedhart, and David Wessels, Wiley, 2013. This text is optional.

Supplemental reading: Corporate Finance, 4nd Edition, by Jonathan Berk and Peter De Marzo, Pearson, 2017 (ISBN-13: 978-0134408897). This text is optional.

Pre-requisites

Corporate Finance

Evaluation

First attempt

Exam:
Written 4h00 hours
Documentation:
Allowed
Calculator:
Allowed
Evaluation:

SUMMER 2020, due to coronavirus

Open book take-home exam

Open book online final exam (40%), cases and assignments (60%)

Retake

Exam:
Written 4h00 hours
Documentation:
Allowed
Calculator:
Allowed
Evaluation:

Open book take-home exam



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