Anno accademico 2018/2019 - 1° anno
Docente: Claudia Frisenna
Crediti: 9
SSD: SECS-P/07 - Economia Aziendale
Organizzazione didattica: 225 ore d'impegno totale, 165 di studio individuale, 60 di lezione frontale

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.

Modalità di svolgimento dell'insegnamento

In class lessons.

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


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

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, a written 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.