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Valuation

  • Enseignant(s):   P.Valta  
  • Titre en français: Valorisation
  • Cours donné en: anglais
  • Crédits ECTS: 6 crédits
  • Horaire: Semestre de printemps 2020-2021, 4.0h. de cours (moyenne hebdomadaire)
  •  séances
  • site web du cours site web du cours
  • Formations concernées:
    Maîtrise universitaire ès Sciences en finance, Orientation gestion des actifs et des risques

    Maîtrise universitaire ès Sciences en finance : Entrepreneuriat financier et science des données

    Maîtrise universitaire ès Sciences en finance, Orientation finance d'entreprise
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Objectifs

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.

Contenus

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

Références

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).

Pré-requis

Corporate Finance

Evaluation

1ère tentative

Examen:
Ecrit 2h00 heures
Documentation:
Autorisée
Calculatrice:
Autorisée
Evaluation:

Closed book exam with cheat sheet.

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

Rattrapage

Examen:
Ecrit 2h00 heures
Documentation:
Autorisée
Calculatrice:
Autorisée
Evaluation:

Closed book exam with cheat sheet.

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



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