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International MBA : FIRM VALUATION

2017-2018

IESEG School of Management ( IÉSEG )

Code Cours :

1718-IÉSEG-IMBA1S2-FIN-IMBEE03UE

FINANCE


Niveau Année de formation Période Langue d'enseignement 
International MBA1S2English
Professeur(s) responsable(s)M.PETITJEAN
Intervenant(s)M.PETITJEAN


Pré requis

1. Introduction to Bloomberg or 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

1. Critically describe standard valuation techniques
2. Use Bloomberg or Eikon to extract data and analytics for valuing equity or a firm
3. Estimate the cost of different sources of funding
4. Estimate future free cash flows generated by the firm
5. Describe the determinants of firm value and perform the sensitivity analysis of the model to different assumptions
6. Build the spreadsheet valuation model in Microsoft Excel (and link it to Bloomberg or 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).
3. Estimating the cost of capital: cost of debt and cost of preferred stock.
4. FCFF and FCFE models, calculation of cash flows, building growth forecast.
5. Concluding remarks (sensitivity analysis; adjustments for country risk in valuations in emerging markets).


Modalités d'enseignement

Organisation du cours

TypeNombre d'heuresRemarques
Face to face
Interactive class16,00  
Independent work
Reference manual 's readings2,00  
E-Learning5,00  
Research2,00  
Independent study
Individual Project24,00  
Charge de travail globale de l'étudiant49,00  

Méthodes pédagogiques

  • Presentation
  • E-learning
  • Project work
  • Interactive class
  • Case study


Évaluation

Type de ContrôleDuréeNombrePondération
Others
Group Project24,00170,00
Continuous assessment
QCM2,00130,00
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. -

  • Wiley Study Guide for 2015 Level II CFA Exam, Volume 3, Study Sessions 10 to 12, John Wiley & Sons. -

  • Titman, S. and Martin, J. D.: 2007, Valuation: The Art and Science of Corporate Investment Decisions, 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



 
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