You are here:

75292 - Corporate valuation

Academic Year 2021/2022

                
                        Docente:
                        Massimo Spisni
                    
                        Credits:
                        6
                    
                        SSD:
                        SECS-P/09
                    
                        Language:
                        Italian
                    
                        Teaching Mode:
                        Traditional lectures
                        
                            Campus:
                            Forli
                        
                            Corso:
                            Second cycle degree programme (LM) in
                            Economics and Commerce (cod. 0905)

                            Teaching resources on Virtuale

Learning outcomes

The aim of the course is to provide the tools to business financial valuation and industrial projects. At the end of the course the students should able to: - apply the main company valuation methodologies, with particular reference to financial and market ones; - analyze the various financial instruments most frequently used in company valuations; - understand the various corporate strategies and their impact on value.

Course contents

The breif program
Part I: An overview and treatment of uncertainty
Part II: Determination of cash flows and introduction to business planning
Part III: Financial structure, cost of capital, value
Part IV: DCF - insights
Part V: Comparative Assessments

The detailed program
Chapter 1: Introduction to financial valuation and corporate finance
Chapter 2: Estimating Cash Flows
Chapter 3: Choosing the Valuation Perspective and Leverage
Chapter 5: Estimating Cost of Capital
Chapter 6: Cash flow profiles and evaluation procedure
Chapter 7: The synthetic assessment procedure
Chapter 8: The Analytical Evaluation Process
Chapter 9: Valuation with multiples: theoretical aspects
Chapter 10: Valuation with multiples: practical aspects
Closing of the course, questions and discussion

Readings/Bibliography

Massari M., Zanetti L., “Valutazione: Fondamenti teorici e best practice nel settore industriale e finanziario”, McGraw Hill, 2008 (2010).

Aswath Damodaran, Valutazione delle aziende, (2014), Apogeo Education.

Materiale didattico aggiuntivo

Teaching materials provided by the professor.
Borsa Italiana Guide to Valuation: https://www.borsaitaliana.it/borsaitaliana/pubblicazioni/pubblicazioni/guidaallavalutazione.pdf

useful websites

https://www.cfasi.it/en/University/ResearchChallenge

http://pages.stern.nyu.edu/~adamodar/

http://aswathdamodaran.blogspot.com/2020/02/a-do-it-yourself-diy-valuation-of-tesla.html?m=1

Teaching methods

Frontal lessons
Exercises
Application on excel

Assessment methods

The evaluation process
Compulsory: A written exam consisting of multiple choice questions (theory and small exercises) and two exercises (on DCF and market multiples).
Optional: A practical case of a company valuation. Maximum score of 5 points.
You need to obtain at least 18/30 to be able to register the final score together with the "business strategy" score.

• <18 fail
• 18-23: fair
• 24-27: good
• 28-30: very good
• 30 e lode: excellent

Teaching tools

The teaching is in mixed mode and is subject to the new regulations in force.
A class will be created on MS-Teams where communications and video recordings will be visible

Office hours

See the website of Massimo Spisni