Syllabus

Titel
1833 Elective - Valuation
LV-Leiter/innen
Ass.Prof. Dr. Otto Janschek
Kontakt
  • LV-Typ
    PI
  • Semesterstunden
    2
  • Unterrichtssprache
    Englisch
Anmeldung
03.09.2019 bis 16.09.2019
Anmeldung über LPIS
Hinweise zur LV
Planpunkt(e) Master
Termine
Wochentag Datum Uhrzeit Raum
Montag 07.10.2019 13:00 - 16:00 D5.1.004
Montag 21.10.2019 13:00 - 16:00 D5.1.003
Montag 04.11.2019 13:00 - 16:00 D5.1.003
Montag 11.11.2019 13:00 - 16:00 D5.1.003
Montag 18.11.2019 13:00 - 16:00 D5.1.003
Montag 25.11.2019 13:00 - 16:00 D5.1.003
Montag 02.12.2019 13:00 - 16:00 D5.1.003
Montag 09.12.2019 13:00 - 19:00 D5.1.004

Inhalte der LV

  1. Forecasting financial results using information on the company’s strategy, business model, value drivers and historical financial performance.
  2. Valuation models – Intrinsic valuation based on DCF models, relative valuation based on multiples. Understanding investment returns, and how valuation models are developed to anticipate abnormal returns.
  3. Implement valuation models - Using forecasted financial statements to develop a valuation, and the assessment of that value’s sensitivity to strategic, accounting and financial considerations.

 

Lernergebnisse (Learning Outcomes)

On successful completion of this subject students should be able to:

  1. Explain the basic techniques of financial analysis and business valuation.
  2. Appreciate the linkage between industry analysis, strategic business analysis, accounting analysis, financial analysis and financial forecasts.
  3. Discuss how to use different valuation models, as well as the benefits and limitations of those models.
  4. Develop valuation models using spreadsheet software.

Regelung zur Anwesenheit

A minimum of 80% of in-class hours is required.

Lehr-/Lerndesign

In each class there will be a quiz on the pre-class assignment, a lecture session, which will contain the basic material and discuss key concepts from (Damodaran, 2010), and coaching sessions where groups will present their ideas on how to apply these concepts to their case.

Leistung(en) für eine Beurteilung

Pre-course assignment 20%

  • individual part: Read (Damodaran, 2010) Preface, Ch. 1+2 and complete the preassignment questions on Learn@WU. (10%)
  • group (10%):
    • Download
      • financial data for the past 5 years (reported numbers) from Thomson Eikon or Bloomberg or the company website on a full year and quarterly basis;
      • segment data (for the different business divisions).
    • Download the most recent financial reports and analyst presentations.
    • Download analysts forecasts for revenue and EBIT from I/B/E/S (can be accessed via Thomson Eikon)
    • Put the data into a spreadsheet so it can be used for a financial model.

Class participation 10%

Quizzes 20%

At the beginning of session 3 and 4, a short quiz will be administered covering the previous sessions topics.

This will enable students to demonstrate that they have met objectives 1 to 3.

Group Assignment 50%

Teams of students will develop and present a valuation model of a listed firm. Teams will be set up by Sept 24.

This will assess students understanding of the concepts of business valuation and their ability to consider practical applications. It will also allow students to demonstrate that they can use spreadsheets to tackle practical valuation problems.

Grading will be based on the spreadsheet model, the presentation of the model and the discussion. Each group will also serve as a discussant for another groups model.

This assignment will allow students to demonstrate that they have met learning outcomes 1 to 4.

Literatur

1 Autor/in: Damodaran, A.
Titel:

The dark side of valuation : valuing old tech, new tech, and new economy companies


Verlag: Financial Times Press
Auflage: 3
Jahr: 2018
Prüfungsstoff: Ja
Empfehlung: Unbedingt notwendige Studienliteratur für alle Studierenden
Art: Buch
2 Autor/in: Damodaran, A.
Titel:

Damodaran on Valuation


Verlag: Wiley
Auflage: 2
Jahr: 2006
Prüfungsstoff: Nein
Empfehlung: Referenzliteratur
Art: Buch
3 Autor/in: Koller, T., Goedhart, M., Wessels, D.
Titel:

Valuation: measuring and managing the value of companies


Verlag: Wiley
Auflage: 6
Jahr: 2015
Prüfungsstoff: Nein
Empfehlung: Referenzliteratur
Art: Buch
4 Autor/in: Palepu, K.G., Healy, P.M., Peek, E.
Titel:

Business analysis and valuation - IFRS edition


Verlag: Cengage Learning EMEA
Auflage: 5
Jahr: 2019
Prüfungsstoff: Nein
Empfehlung: Referenzliteratur
Art: Buch

Teilnahmevoraussetzung(en) und Vergabe von Wartelistenplätzen

none

    Empfohlene inhaltliche Vorkenntnisse

    Basic accounting and finance knowledge required.

     

    Students who attended the business planning and performance management courses or with experience in spreadsheet modeling, financial statement analysis and/or DCF analysis will enjoy an advantage. If you want to get a running start, take a look at the following resources (some library links are only available in German, so please see the library info desk if you require assistance):

    Detailinformationen zu einzelnen Lehrveranstaltungseinheiten

    Einheit Datum Inhalte
    1 2019-10-07

    Course introduction

    Discussion/Feedback on pre-course assignment

    Lectures: DCF models; Financial Analysis; Integrated Planning

    Q&A on application in group assignment

    2 2019-10-21

    Student presentations: integrated planning models

    3 2019-11-04

    Quiz on planning/DCF models

    Lecture on cost of capital (CAPM, risk free rate, market risk premium, beta, deleveraging/releveraging, estimation, alternative models)

    Q&A

    4 2019-11-11

    Quiz on cost of capital

    Lecture: Capital structure modeling, multiples valuation, start-ups, growth and real options, international firms

    Q&A

    5 2019-11-18

    Coaching session

    6 2019-11-25

    Coaching session

    7 2019-12-02

    Trial presentation valuation model

    8 2019-12-09

    Valuation model final presentation

    Zuletzt bearbeitet: 04.11.2019



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