Measuring and Managing the Value of Companies 2600-MSFRz1zfpOKWP
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
Assessment criteria
Grading will be based on:
- final exam (including multiple choice test questions and tasks to solve) and
- final project (work in a group (3-4 students) on the final valuation project)
Grading in the course will be based on the following weights:
final exam - 80%
final project – 20%
Bibliography
Panfil Marek, Szablewski Andrzej red. (2011), Wycena przedsiębiorstwa . Od teorii do praktyki., Wydawnictwo Poltext,
Szablewski Andrzej., Tuzimek Rafał. (2008), Wycena i zarządzanie wartością firmy. Poltext, Warszawa
Szczepankowski Piotr (2007), Wycena i zarządzanie wartością przedsiębiorstwa, Wydawnictwo Naukowe PWN, Warszawa
Dudycz Tadeusz, (2005) Zarządzanie wartością przedsiębiorstwa, Polskie Wydawnictwo Ekonomiczne.
Aswath Damodaran (2016), Damodaran on Valuation: Security Analysis for Investment and Corporate Finance, John Wiley & Sons,
Mario Massari, Gianfranco Gianfrate, Laura Zanetti, (2016) Corporate Valuation: Measuring the Value of Companies in Turbulent Times, John Wiley & Sons,
Jerald E. Pinto, Elaine Henry, Thomas R. Robinson, John D. Stowe (2015) Equity Asset Valuation, John Wiley & Sons,
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: