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040643 SE Seminar: Advanced Topics in Valuation (MA) (2018W)

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


max. 24 participants
Language: English


Classes (iCal) - next class is marked with N

Registration is made personally at Ms. Mirzana Muharemagic.

Thursday 22.11. 15:00 - 18:15 Seminarraum 6 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 29.11. 15:00 - 18:15 Seminarraum 6 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 13.12. 15:00 - 18:15 Seminarraum 6 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 10.01. 15:00 - 18:15 Seminarraum 6 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 17.01. 15:00 - 18:15 Seminarraum 6 Oskar-Morgenstern-Platz 1 1.Stock
Thursday 24.01. 15:00 - 18:15 Seminarraum 6 Oskar-Morgenstern-Platz 1 1.Stock


Aims, contents and method of the course

This course focuses on methods to value financial institutions including insurance companies and banks. This is an advance course in valuation, hence it requires the successful completions of an introductory course in valuation and a corporate finance course at the master level.
The course starts out with a short review of the main valuation methods used for non-financial companies. The rest of the course focuses on financial companies.
A guest lecture on valuation of insurance companies (they cannot be valued as non-financials given the different nature of their business) will be delivered by Rene Knapp who is Group Chief Actuary at UNIQA. A case study focused on the insurance industry will form an essential part of the course requirement.
Two lectures delivered by PwC provides insights into the characteristics of banking valuation. Starting with the differences between the valuation of banks and industrial companies, PwC will give an overview on the value drivers of banks and the analysis of the business plan based on past figures.
The course provides you with hands-on experience in valuation. The collaboration with UNIQA and 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).
The course will be a mixture of lectures and case studies.

Assessment and permitted materials

Minimum requirements and assessment criteria

The precondition for the participation is the positive completion of the courses
KU Corporate Finance 1
KU Valuation or
KU Corporate Restructuring
• 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.

The evaluation will be based on the following items: in-class participation (10%); case studies (50%) and exam (40%). The case delivered by UNIQA 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.

Examination topics

Reading list

• 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.
• 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: Tu 29.01.2019 13:07