- Docente: Murad Harasheh
- Credits: 6
- SSD: SECS-P/09
- Language: English
- Teaching Mode: Traditional lectures
- Campus: Forli
- Corso: Second cycle degree programme (LM) in Economics and Commerce (cod. 0905)
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from Apr 18, 2024 to May 24, 2024
Learning outcomes
The aim of the course is to provide the tools to evaluate companies and industrial projects. At the end of the course the student will be 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 teaching program
Part I: An overview. Uncertainty treatment
Part II: Determination of flows and introduction to business planning
Part III: Financial structure, cost of capital, value
Part IV: DCF - insights
Part V: Relative valuation using multiples
The detailed program
1: Introduction to financial valuation
2: Estimating Cash Flows
3: Choosing the Valuation Perspective and Leverage
5: Estimating Cost of Capital
6: cash flow profiles and valuation procedure
7: The synthetic assessment procedure
8: The Analytical valuation Process
9: Valuation with multiples: theoretical aspects
10: Valuation with multiples: practical aspects
Closing of the course, questions and discussion
Readings/Bibliography
Aswath Damodaran, Dark Side of Valuation, The: Valuing Young, Distressed, and Complex Businesses, (2018).
Massari M., Zanetti L., “Valutazione: Fondamenti teorici e best practice nel settore industriale e finanziario”, McGraw Hill, 2008 (2010).
- Additional teaching mateprofessor (available on the Faculty website).
Borsa Italiana Valuation Guide:https://www.borsaitaliana.it/borsaitaliana/pubblicazioni/pubblicazioni/guidaallavalutazione.pdf
Teaching methods
1- Classes by the professor explaining the contents of the course.
2- Excel lab to practice financial modeling
3- A dedicated tutor.
4- "The course participates in the University's teaching experimentation project" through the online crash course in Finance
Assessment methods
The evaluation process
Compulsory: Written exam: COMPANY FINANCIAL VALUATION
Optional: A practical case of company VALUATION.
Final score grid:
- 18-23: sufficient preparation and ability to analyze but relating to a limited number of topics covered in the course, use of an overall correct language;
- 24-27: technically adequate preparation but with some limits with respect to the topics covered, good operational skills, even if not particularly articulated, expressed in correct language;
- 28-30: very good knowledge of a large number of topics covered in the course, good operational and critical skills, high-level usage of specific terminology;
- 30L: excellent and very in-depth and exhaustive knowledge of the topics covered in the course, critical analysis and connection skills, very high-level usage of specific terminology.
Teaching tools
A dedicated MS-Teams class will be created to facilitate the communications and for receiving students.
online lectures when is needed
Office hours
See the website of Murad Harasheh