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, 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|
Given the COVID-19 pandemic, further information on both teaching and examination methods for the next academic year will be provided as soon as possible.