BUSINESS VALUTATION, PRACTICAL EXPERIENCE
- Overview
- Assessment methods
- Learning objectives
- Contents
- Bibliography
- Delivery method
- Teaching methods
- Contacts/Info
No advanced preparation or prerequisites are needed for this course
Examinations are written (students must write a short dissertation on three of the four themes proposed).
During the correction the teacher assigns a score from 1 to 11 for each of the topics developed by the student and the final grade is equal to the sum of the scores achieved.
The course aims to provide specialist knowledge of the theoretical and operating framework of business valuation, all of which with the help of case studies.
As a matter of fact, the analysis of the valuation process implies, on the one hand, the definition and selection of general theoretical models, on the other hand their application in the real case.
The specifications concerning the different valuation methodologies, which will be addressed in the course not only on the theoretical level, therefore represent the knowledge necessary for the development of skills to face and provide concrete solutions and consistent with the theoretical context, in order to value a business, also by identifying the most critical issues.
At the end of the course the student:
• will be able to understand the main methodologies used to value a business;
• will be able to recognize the critical issues usually faced in valuing a business;
• will be able to apply the techniques for the concrete solution of the most recurring problems.
This course deals with the main methods used by professionals in different valuation scenarios, as well as the theoretical framework and its limits, and the general operating approches. Various issues arising from the application of the main valuation models are analyzed. Case histories on actual valuations of businesses, equity investments and intangible assets are presented in order to back up the various methods discussed at theoretical level. Therefore, the peculiarities concerning the different methods are addressed in the context of a specific case of business valuation and the solution is proposed also with reference to the experience of business appraisers.
The course will take place in 6 lectures, for a total of 20 hours.
The course programme includes:
- Theoretical framework (approximately the topic will be played in an hour);
- Valuation methodologies:(approximately the topic will be played in three hours) an overview
• Adjusted net asset method;
• Income approach;
• Combined methods;
• Discounted cash flow analysis;
- Comparative valuations: stock market multiples approach and deal multiples approach (approximately the topic will be played in two hours);
- The valuation of equity investments (approximately the topic will be played in an hour);
- Case studies (approximately the topic will be played in thirteen hours):
• the value of the commercial license;
• supplementary capital;
• latent taxation in the valuation of equity investments
• the value of the brand
• the valuation of equity investments that do not adequately remunerate the invested capital;
• the valuation of distressed firms;
• the valuation for the purpose of payment of substitute tax for the shares;
• The valuation of a group based on the consolidated financial statements
• The valuation of equity investments representing a non- material percentage of the share capital
REFERENCE BOOKS:
Pellati, Valutazione d’azienda – Analisi dei metodi di valutazione e casi svolti, “Il sole 24ore”, 2016. Additional material may be provided during lectures (slides).
The course includes 20 hours of lectures, which allow a direct interaction with the students present, who, during the teaching, can ask questions and in turn be solicited on specific cases and issues.
The exam program is the same for attending and non-attending students, however the attendance of the lessons is recommended, also in the light of the specialized level of the topics covered in the course
The e-learning platform is used to load supporting teaching materials.
Examinations are written (students must write a short dissertation on three of the four themes proposed).
During the correction the teacher assigns a score from 1 to 11 for each of the topics developed by the student and the final grade is equal to the sum of the scores achieved.
Summa cum laude is assigned to the student who has scored a score of 32.
.
Borrowed from
click on the activity card to see more information, such as the teacher and descriptive texts.