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.