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Valuation

  • Teacher(s):   P.Valta  
  • Course given in: English
  • ECTS Credits: 6 credits
  • Schedule: Spring Semester 2020-2021, 4.0h. course (weekly average)
  •  sessions
  • site web du cours course website
  • Related programmes:
    Master of Science (MSc) in Finance, Orientation Corporate Finance

    Master of Science (MSc) in Finance, Orientation Asset and Risk Management

    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. The goal of this course is to develop and apply tools and methods for the valuation of firms and other assets. 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 and case studies.

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.


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

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

Pre-requisites

Corporate Finance

Evaluation

First attempt

Exam:
Written 2h00 hours
Documentation:
Allowed
Calculator:
Allowed
Evaluation:

Closed book exam with cheat sheet.

Final exam (50%), cases (50%)

Retake

Exam:
Written 2h00 hours
Documentation:
Allowed
Calculator:
Allowed
Evaluation:

Closed book exam with cheat sheet.

Final exam (50%), cases (50%)



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