21210168-2 - BUSINESS VALUATION II

The lessons provide an overview of the prevailing techniques, used to estimate the value of a company.
The first part is focused on the different valuation methods: framed by financial theorists or exploited by valuation practitioners.
The second part studies in deep different hypothesis of firm or intangible assets valuation.
The third part is taught in English; its goal is to point out how to value a company (applying the previously studied techniques) in an international environment.

Curriculum

teacher profile | teaching materials

Programme

First part – Valuing a business
Definition of business value.
Business value and strategic value.
The relative approach to valuation (market prices and multiples).
The valuation techniques based on the firm's fundamentals.
The income methods:
- valuing the expected income (economic income or cash flow);
- valuing the discount rate;
- valuing the firm expected life and the terminal value.
Examples on the income methods.
The book value methods.
Valuation of intangible assets.
Firm value and equity value.
The application of “EVA model” to business valuation.
Second part: case studies
Valuing a bank.
The valuation of a distressed business.
Valuing a group of companies.
The valuation of human capital.
The valuation of brands.
Meetings with managers and business valuation experts


Core Documentation

A. DAMODARAN, The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Pearson, NJ, 2018.


Reference Bibliography

R.F. Reilly, R.P. Schweihs, The Handbook of Advanced Business Valuation, McGraw Hill Education, 1999.

Type of delivery of the course

Traditional lessons; case studies; meetings with managers and business valuation experts. In case of health emergency for COVID-19, the lessons will be held following the directions that the University Rector will give. Lessons will not be recorded.

Attendance

Attending the lessons is not compulsory, but it is highly recommended.

Type of evaluation

For students attending to the lessons: written exercises and questions (2 hours); oral questions. For students who didn't attend to the lessons: written (2 hours) and oral questions. In case of health emergency for COVID-19, the lessons will be held following the directions that the University Rector will give.

teacher profile | teaching materials

Mutuazione: 21210168-2 VALUTAZIONE D'AZIENDA II in Economia Aziendale LM-77 ARDUINI SIMONA

Programme

First part – Valuing a business
Definition of business value.
Business value and strategic value.
The relative approach to valuation (market prices and multiples).
The valuation techniques based on the firm's fundamentals.
The income methods:
- valuing the expected income (economic income or cash flow);
- valuing the discount rate;
- valuing the firm expected life and the terminal value.
Examples on the income methods.
The book value methods.
Valuation of intangible assets.
Firm value and equity value.
The application of “EVA model” to business valuation.
Second part: case studies
Valuing a bank.
The valuation of a distressed business.
Valuing a group of companies.
The valuation of human capital.
The valuation of brands.
Meetings with managers and business valuation experts


Core Documentation

A. DAMODARAN, The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Pearson, NJ, 2018.


Reference Bibliography

R.F. Reilly, R.P. Schweihs, The Handbook of Advanced Business Valuation, McGraw Hill Education, 1999.

Type of delivery of the course

Traditional lessons; case studies; meetings with managers and business valuation experts. In case of health emergency for COVID-19, the lessons will be held following the directions that the University Rector will give. Lessons will not be recorded.

Attendance

Attending the lessons is not compulsory, but it is highly recommended.

Type of evaluation

For students attending to the lessons: written exercises and questions (2 hours); oral questions. For students who didn't attend to the lessons: written (2 hours) and oral questions. In case of health emergency for COVID-19, the lessons will be held following the directions that the University Rector will give.