Evaluation and shaping of enterprise value 2600-MSFRdz2rkdiOKWP
1. Foundations of Value
2. The Evolution of Value Creation Concepts
3. Fundamental Principles of Value Creation (Key Factors Affecting the Value of a Business)
4. Essential Financial Factors in Business Valuation (Free Cash Flow, Capital Structure, Cost of Capital, Growth Rate)
5. Value-Creation Metrics (Accounting-Based Measures of Performance, Economic Value Added (EVA), Shareholder Value Added (SVA),Cash Value Added (CVA), Market Value Metrics)
6. Managing for Value (Maximizing Corporate Value through Mergers and Acquisitions, Joint Ventures, Strategic Alliances, Share Buybacks, Leveraged Buyouts)
7. Frameworks for Valuation (Universal Principles, Sources of Information, Core Valuation Techniques and Methods)
8. Assets based valuation approach - Types of Methods, Structure, Advantages and Disadvantages, the scope of application
9. Income Valuation Approach - Discounted Earnings Method, Discounted Dividend Method, Discounted Cash Flow Method (DCF), Adjusted Present Value Method (APV)
10. The Market Approach ( Valuation Using Multiples)
11. The Real Options Approach to Valuation
12. Special cases in Valuation (Acquisitions and Takeovers, Valuing Small Companies, Valuing Young and Start-up Firms, Valuing Equity in Distressed Firms)
13. Developing Strategy for Value Creation
Type of course
Mode
Learning outcomes
Upon completion of the course, the student:
Knowledge:
• Knows and understands the research methodology and terminology associated with business valuation (S5_W01) (K_W01).
•Knows and understands the principles, methods, and procedures involved in business value management (S5_W02) (K_W02).
• Knows and understands both conventional and unconventional methods for valuing businesses, along with the factors that influence the value of modern businesses (S5_W03) (K_W03).
• Knows and understands the techniques for identifying, diagnosing, and addressing issues related to the process of creating value for businesses (S5_W05) (K_W05).
Skills:
• Can effectively apply theories of financial management to identify, diagnose, and resolve issues related to the process of valuing and creating value for businesses (S5_U01) (K_U01).
• Is able to accurately value various types of entities, interpret complex social, political, legal, economic, and ecological phenomena, and comprehend their impact on the process of business valuation and value creation (S5_U02) (K_U02).
• Can independently and collaboratively prepare analyses, diagnoses, and reports, taking into account the complex processes that influence business values (S5_U03) (K_U03).
• Is able to plan and organize individual and team efforts in the process of valuing enterprises and developing strategies for enhancing their value (S5_U04) (K_U05).
• Is able to self-educate and continuously improve acquired qualifications (S5_U05) (K_U06).
Attitudes:
• Is ready to critically evaluate complex situations and phenomena associated with valuing and creating value for businesses (S5_K01) (K_K01).
• Understands and acknowledges the ethical and social aspects of the enterprise valuation and value creation process (S5_K02) (K_K03).
Assessment criteria
The learning assessment will be based on:
1. A written final exam (multiple-choice questions and 2 problem-solving tasks).
2. A team project (3-4 students).
The weight of each assessment component will be as follows:
• Final exam – 80%
• Group project – 20%
Bibliography
1. Panfil Marek, Szablewski Andrzej red. (2011), Wycena przedsiębiorstwa . Od teorii do praktyki., Wydawnictwo Poltext,
2. Szablewski Andrzej., Tuzimek Rafał. (2008), Wycena i zarządzanie wartością firmy. Poltext, Warszawa
3. Szczepankowski Piotr (2007), Wycena i zarządzanie wartością przedsiębiorstwa, Wydawnictwo Naukowe PWN, Warszawa
4. Dudycz Tadeusz, (2005) Zarządzanie wartością przedsiębiorstwa, Polskie Wydawnictwo Ekonomiczne.
5. Aswath Damodaran (2016), Damodaran on Valuation: Security Analysis for Investment and Corporate Finance, John Wiley & Sons,
6. Mario Massari, Gianfranco Gianfrate, Laura Zanetti, (2016) Corporate Valuation: Measuring the Value of Companies in Turbulent Times, John Wiley & Sons,
7. Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe (2015) Equity Asset Valuation, John Wiley & Sons,
8. McKinsey & Company Inc., Tim Koller, Marc Goedhart, David Wessels (2015), Measuring and Managing the Value of Companies, John Wiley & Sons,
Additional information
Additional information (registration calendar, class conductors, localization and schedules of classes), might be available in the USOSweb system: