BUSINESS VALUATION AND FINANCIAL PLANNING

Anno accademico 2017/2018 - 1° anno
Docente: Davide Rizzotti
Crediti: 9
SSD: SECS-P/07 - Economia Aziendale
Organizzazione didattica: 225 ore d'impegno totale, 165 di studio individuale, 60 di lezione frontale
Semestre:
ENGLISH VERSION

Obiettivi formativi

This is a class about valuation, not about instruments, markets or investing. It is about valuing small businesses and big ones, simple businesses and complex ones, young firms and those in distress. It is about valuation in all its many forms and I hope that by the end of this class, you can value just about anything that has a value and price just about everything else.


Prerequisiti richiesti

E' indispensabile la conoscenza dell'Inglese, del bilancio d’esercizio, degli indici di bilancio, dei fondamenti di finanza aziendale, delle tecniche di attualizzazione e capitalizzazione e della statistica.


Frequenza lezioni

Indispensabile!


Contenuti del corso

The valuation philosophy; Subjective Biases; Fundamentals: rates, returns, growth; Rates; Valuation approaches: intrinsic, relative and contingent; Business valuation in professional applications; Leasing; Project financing. Case studies.


Testi di riferimento

- A. Damodaran, “Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, 3rd ed., Wiley (University edition);
- Materiale distribuito dal Docente durante le lezioni.



Programmazione del corso

 *ArgomentiRiferimenti testi
1*Course presentation. Introduction to ValuationText 1: chapter 1 
2*Valuation: how much detail? Valuation approachesText 1: chapter 2 
3*DCF: valutation choices. DCF: the consistency principlesText 2 
4*Dividend, FCFE and FCFF modelsText 1: chapter 13; Text 1: chapter 14 
5*Inputs for valuation: the risk-free rateText 1: chapter 7 
6*Equity risk premiums. Bottom-up beta: the approachText 1: chapter 7 
7*Cost of debt. Debt ratiosText 2 
8*Cost of capital. Earnings and cash flowsText 1: chapter 8; Text 1: chapter 10 
9*More on cash flowsText 2 
10*Fundamental growth ratesText 1: chapter 11 
11*Terminal value: approaches and constraintsText 1: chapter 12 
12*Dealing with cross holdings and other assetsText 1: chapter 16 
13 ComplexityText 2 
14*Management optionsText 1: chapter 16 
15*Macro effects on valuationText 2 
16*The Dark Side of Valuation: valuing young, startup companiesText 1: chapter 23 
17*The Dark Side of Valuation: valuing mature companies in transition, declining and distressed companiesText 2 
18*The Dark Side of Valuation: valuing emerging market companiesText 2 
19*The Dark Side of Valuation: valuing financial service companies and cyclical & commodities companiesText 2 
20*Pricing vs. ValuationText 2 
21*Relative valuationText 1: chapter 17 
22*Deconstructing multiples. Equity side and asset side multiples.Text 1: chapter 18; Text 1: chapter 19 
23*Analyzing multiplesText 1: chapter 18; Text 1: chapter 19; Text 1: chapter 20 
24*Finding comparablesText 2 
25*Market regressions. Choosing the right multipleText 2 
26*Relative vs. Intrinsic valuation. Private business valuationText 1: chapter 24 
27*Value enhancement vs. Price enhancement. The drivers of value. The expected value of controlText 2 
28*Equity valuation Project 
29*Stock screening Project 
30 Course closing 
* Conoscenze minime irrinunciabili per il superamento dell'esame.

N.B. La conoscenza degli argomenti contrassegnati con l'asterisco è condizione necessaria ma non sufficiente per il superamento dell'esame. Rispondere in maniera sufficiente o anche più che sufficiente alle domande su tali argomenti non assicura, pertanto, il superamento dell'esame.

Verifica dell'apprendimento

Modalità di verifica dell'apprendimento

Grades will be assigned on the basis of the results of two projects, due during the class sessions, and an oral exam.


Esempi di domande e/o esercizi frequenti

Valuation approaches; terminal value; private company valuation; total beta; DCF valuation; relative valuation; price vs value.