Master’s degree in Banking and Finance

Corporate valuation

Course code
4S003195
Name of lecturer
Lorenzo Faccincani
Coordinator
Lorenzo Faccincani
Number of ECTS credits allocated
6
Academic sector
SECS-P/09 - CORPORATE FINANCE
Language of instruction
Italian
Site
VERONA
Period
primo semestre (lauree magistrali) dal Oct 5, 2020 al Dec 23, 2020.

Lesson timetable

Go to lesson schedule

Learning outcomes

Discuss the concepts of economic and financial equilibriums of the company. Studying causes and solutions of the firm crisis. Deepening criteria and methods of company evaluation, applicable in the various operations of extraordinary management affecting the company and the groups. Explain the criteria for estimating the value of industrial property rights. The focus of the course, which has a theoretical but well-anchored approach to operations, is therefore based on assessments and estimates, for which the contribution of corporate finance is essential.

Syllabus

Introduction to the evaluation of firms and business units.
The determination of the intrinsic value:
- adjusted net asset methods;
- income methods;
- the methods that make explicit the creation of value;
- financial methods;
- relative valuation.
From intrinsic value to investment value: the value of control and the synergies.
The evaluation of an equity investment.

The financing forms alternative to the bank credit:
- Private equity and Venture capital;
- the Special Purpose Acquisition Companies (SPAC);
- Private debt.

Extraordinary financial operations: Merger & Acquisition, leveraged buyout, spin-off, carve-out and split off.

The firm crisis: causes and judicial and extrajudicial solutions.
The specificities in the evaluation of a firm in crisis.

Teaching will be developed through lectures aimed at facilitating the understanding and interpretation of theoretical concepts.

Reference material

In addition to the textbook, Students must also prepare the material reported in the elearning page of the course.

Reference books
Author Title Publisher Year ISBN Note
Forestieri Giancarlo Corporate & Investment Banking (Edizione 5) Egea 2020 978-88-238-2305-1 limitatamente ai capitoli da 5 a 10

Assessment methods and criteria

The exam is oral and lasts about 30 minutes. The exam aims to verify the Student's ability to critically analyze the topics of the program.
It is specified that the examination procedures are identical for attending and non-attending Students.

The exams of the January-February 2021 session will be held only on line.



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