Universität Wien

040569 KU Valuation (MA) (2022S)

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 course starts in digital form on Monday, 7 March at 9.45 am.

  • Monday 07.03. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 14.03. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 21.03. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 28.03. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 04.04. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 25.04. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 02.05. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 09.05. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 16.05. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 16.05. 15:00 - 18:15 Hörsaal 1 Oskar-Morgenstern-Platz 1 Erdgeschoß
  • Wednesday 18.05. 09:45 - 13:00 Hörsaal 1 Oskar-Morgenstern-Platz 1 Erdgeschoß
  • Monday 23.05. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Wednesday 25.05. 09:45 - 13:00 Hörsaal 6 Oskar-Morgenstern-Platz 1 1.Stock
  • Monday 30.05. 09:45 - 13:00 Digital
    Seminarraum 16 Oskar-Morgenstern-Platz 1 3.Stock
  • Monday 13.06. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 20.06. 09:45 - 13:00 Digital
    Hörsaal 15 Oskar-Morgenstern-Platz 1 2.Stock
  • Monday 27.06. 09:45 - 13:00 Digital
    Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock

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.

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).

Assessment and permitted materials

This course focuses on methods to value firms and/or individual projects.
The course is a mixture of lectures and case studies provided and guided by KPMG.
The course provides you with hands-on experience in valuation. The collaboration with PwC 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.

Minimum requirements and assessment criteria

Your performance is assessed on a group case that you need to present at the end of the class and individual assignments.
The evaluation will be based on the following items: in-class participation (20%); group case studies (50%) and individual assignments (30%). The case delivered by PwC is also part of the assessment. Attendance is COMPULSORY.
The pass grade is 50 %, but you should get at least 50% in each part in order to successfully complete the course.

Working language is English.

Students are required to come to classes, complete the assignment and actively participate in the case studies and case presentations.
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.

Examination topics

Lecture Notes. A learning area will be available in the Intranet (Moodle). There, you would find instructions for the sessions, communications, bibliography, etc. Slides of the sessions will also be posted here, always BEFORE the class.

Reading list

Investment Valuation, 2nd edition, Aswath Damodaran, 2002 (book, manuscript,lecturenote).
Valuation, 4th edition, Chapters 5-12, McKinsey & Company, Tim Koller, Marc Goedhart and David Wessels, 2005.
Valuation: The Art and Science of Corporate Investment Decisions, Sheridan Titman and John Martin, Addison Wesley, 2007.

Association in the course directory

Last modified: Th 11.05.2023 11:27