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FIRM VALUATION

2017-2018

IESEG School of Management ( IÉSEG )

Code Cours :

1718-IÉSEG-MFI1S1-FIN-MFICE07UE

FINANCE


Niveau Année de formation Période Langue d'enseignement 
MSc in Finance1S1English
Professeur(s) responsable(s)Y.TITOVA
Intervenant(s)Yulia Titova


Pré requis

1. Introduction to financial data services (Thomson Reuters Eikon)
2. Key concepts in corporate finance and financial markets (time value of money, NPV, IRR, stock and bond valuation, capital structure, cost of funding)

Objectifs du cours

At the end of the course, the student should be able to:
- Critically describe standard valuation techniques
- Use Thomson Reuters Eikon to extract data and analytics for valuing equity or a firm
- Estimate the cost of different sources of funding
- Estimate future free cash flows generated by the firm
- Examine how the structure of capital affects the value of the firm (learning objective AACSB)
- Describe the determinants of firm value and perform the sensitivity analysis of the model to different assumptions
- Build the spreadsheet valuation model in Microsoft Excel and dynamically link it to Thomson Reuters Eikon data

Contenu du cours

1. Introductory thoughts on valuation, analysis of the asset, overview of the main valuation techniques (relative valuation, discounted cash flow method; firm value vs equity value)
2. Estimating the cost of capital: equity risk and cost of equity (detailed analysis and calculation of the CAPM components: risk-free rate; historical and implied equity risk premium; historical, fundamental and accounting beta).


Modalités d'enseignement

Organisation du cours

TypeNombre d'heuresRemarques
Face to face
Interactive class16,00  
Independent work
Reference manual 's readings10,00  
Independent study
Group Project10,00  
Estimated personal workload14,00  
Charge de travail globale de l'étudiant50,00  

Méthodes pédagogiques

  • Presentation
  • Project work
  • Interactive class


Évaluation

The final grade is composed of active participation in discussion questions (10%), the group project (70%) and oral presentation (20%). The group project consists in building a valuation model for a listed company and preparing analytical and technical reports. The oral presentation is about discussing the valuation models assumptions.

Type de ContrôleDuréeNombrePondération
Continuous assessment
Oral presentation0,25120,00
Participation0,00010,00
Others
Group Project0,00170,00
TOTAL     100,00

Bibliographie

  • Damodaran, A.: 2012, Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, 3rd Edition, John Wiley and Sons, Inc. (main reference) -

  • Titman, S. and Martin, J. D.: 2007, Valuation: The Art and Science of Corporate Investment Deci-sions, Addison-Wesley -

  • Koller, T., Goedhart, M. and Wessels, D.: 2005, Valuation: Measuring and Managing the Value of Companies, John Wiley and Sons, Inc. -


Ressources internet



 
* Informations non contractuelles et pouvant être soumises à modification
 
 
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