|Monday||3:40 PM - 6:10 PM||lesson||Lecture Hall SPD|
|Friday||10:10 AM - 12:40 PM||lesson||Lecture Hall SPD|
The objective of this course is to develop participants’ knowledge about business evaluation. The theory of value creation within firms is presented as a branch of management which enhances skills already acquired by students in undergraduate and graduate courses related to firm management and growth paths. Indeed, business evaluation is a process which requires skills pertaining to strategic management, organizational theories, financial accounting, as well as the capability in collecting and analyzing national and international financial market data.
Given such premise, the course aims at describing the scope and role of business evaluation, the value drivers, and a number of evaluation methods and techniques. With reference to the latter, the course intends to provide students with the necessary competency to identify proper methodologies to be applied in different circumstances.
In order to encourage students’ learning ability, the subjects proposed during the course are developed by means of both theoretical lessons and applications, as well as discussions of case studies based on real situations.
I – Valuation between theory and business practice
1. Economic value
2. Purposes and scopes of Value Measurement
3. Value drivers
4. Introduction to measurement methods
5. Basic business planning principles
6. Outcome flows forecasting. Viability of business plan
7. Cost of capital
II - Methods of measuring economic value
8. Income methods
9. Discounted cash flow methods
10. Equity methods
11. U.E.C. method
12. Market methods
13. Finding data from Providers
Parte III - Application settings
14. Impairment Test
15. Group valuation
16. Intangible value: trademarks
17. Choosing appropriate methods. Case study in non performing business
In order to stimulate the critical ability and student learning, the various topics are developed not only through academic lessons (face to face), but also through real-world practitioners as well as business applications and case building on the basis of real situations.
Course book: M. Lacchini, T. Onesti, G. Zanda, La valutazione delle aziende, Giappichelli, 2013.
The contents of the textbook as well as materials provided in the lesson - available to non-attending students on the teacher's webpage - are consistent with the programme.
Students must perform a written exam. On successfully passing the written test, students have then access to an optional oral test. The written exam is structured in four questions each of them referring to a part of the programme: i) three questions (multiple choice) have theoretical and descriptive nature; they intend to verify the knowledge of the subject matter of the course and are also formulated in order to ascertain the critical ability and judgment of the student, ii) one question consists of an exercise aimed at verifying the methodological application of the acquired knowledge, in order to ascertain the specific skills acquired by the student on the various practical-operational aspects related to company valuations. Each of the four questions is assigned a score from 7 to 10 points, for a total of four questions of 31 points (corresponding, if completely achieved, to a vote of 30 with merit). Students passe the written test if they score at least 50% of the points available in each question. The overall score must have o minimum of 18. Oral examination may be requested by students who have passed the written test if they are convinced that their knowledge is not reflected in the results of the written test.