The course starts from the assumption that the theme of business valuations summarizes the skills already acquired by students in their course of study, regarding operating conditions, growth and development of companies and groups. Indeed, business valuation is a process which requires skills pertaining to strategic management, organizational theories, the ability to read and analyze financial statements, as well as the capability in collecting and analyzing national and international, real and financial market data.
Given that, the course aims at describing the scope of business valuation, value drivers, and a number of valuation methods and techniques. With reference to the latter, the course intends to provide students with the necessary competency to identify proper methodologies to be used in different circumstances and be able to know how to properly apply them. Therefore, at the end of the course, the student must demonstrate how to identify the appropriate methods for determining economic value and be able to apply them by selecting and quantifying the necessary inputs for the valuation formulas.
Parte 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
Parte 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: S. Corbella, G. Liberatore, R. Tiscini, Manuale di valutazione d'azienda, vol. I, McGrawHill, 2020.
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.
|S. Corbella, G. Liberatore, R. Tiscini||Manuale di valutazione d'azienda vol. I||McGrawHill||2020|
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.