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040569 KU Valuation (MA) (2021W)

4.00 ECTS (2.00 SWS), SPL 4 - Wirtschaftswissenschaften
Continuous assessment of course work
MIXED

Registration/Deregistration

Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).

Details

max. 50 participants
Language: English

Lecturers

Classes (iCal) - next class is marked with N

The semester is currently hybrid scheduled.

Monday 08.11. 09:45 - 13:00 Digital
Monday 15.11. 09:45 - 13:00 Digital
Monday 22.11. 09:45 - 13:00 Digital
Monday 29.11. 09:45 - 13:00 Digital
Monday 06.12. 09:45 - 13:00 Digital
Monday 13.12. 09:45 - 13:00 Digital
Monday 10.01. 11:30 - 13:00 Hörsaal 1 Oskar-Morgenstern-Platz 1 Erdgeschoß

Information

Aims, contents and method of the course

This course focuses on methods to value firms and/or individual projects. We will cover two alternative approaches to valuation:
discounted cash flow valuation and relative valuation.

We start with an in-depth analysis of the discounted cash flow method and its practical implementation. More specifically we will discuss various versions of discounted cash flow models, including the discounted free cash flow model, discounted capital cash flow model, and adjusted present value model. We will also discuss how various inputs required by those valuation models can be obtained from historical data. In particular we will discuss how to forecast future cash flows, calculate residual values and derive appropriate discount rates.

The relative valuation approach estimates the value of a firm by looking at the pricing of "comparable" firms relative to a common variable such as earnings, cash flows or book equities. We will discuss pros and cons of this popular valuation method.
We will also discuss the basics of real options and their implications for valuation.
The course provides you with hands-on experience in valuation. The collaboration with KPMG gives a unique opportunity to share and defend your ideas in front of a top management (a skill, which is extremely valuable for your future jobs/interviews).

The course will be a mixture of lectures and case studies.

CASES

Case Studies:

(1) In-class mini case
(2) One Harvard Business School Case
(3) Real Case Study from KPMG

Assessment and permitted materials

• This course emphasizes both theoretical analysis and practical applications.
• Working language is English.
• Students are required to come to classes, read all cases and actively participate in the discussions.
• There will be 3 case preparations (one non-graded, two graded).
Cases must be handed in on time. No credit will be given for late cases.
• You are encouraged to meet in groups to discuss and analyze the cases. In the past, students have found that these groups complement the class discussion well.

Minimum requirements and assessment criteria

The evaluation will be based on the following items: case studies (50%) and exam (50%), with up to 10% bonus based on in-class participation.

The case delivered by KPMG is also part of the assessment.

Attendance is COMPULSORY. The pass grade is 50%.

Examination topics

Reading list

Prerequisite:
Introductory knowledge in Accounting, Corporate Finance and Excel are necessary in order to follow this course and to eventually pass this course.

Association in the course directory

Last modified: Fr 05.11.2021 17:28