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Valuation

  • Enseignant(s):   J.Walden  
  • Titre en français: Valorisation
  • Cours donné en: anglais
  • Crédits ECTS: 6 crédits
  • Horaire: Semestre de printemps 2019-2020, 4.0h. de cours (moyenne hebdomadaire)
  •  séances
  • site web du cours site web du cours
  • Formations concernées:
    Maîtrise universitaire ès Sciences en finance, Orientation gestion des actifs et des risques

    Maîtrise universitaire ès Sciences en finance, Orientation finance d'entreprise

    Maîtrise universitaire ès Sciences en finance : Entrepreneuriat financier et science des données

 

Objectifs

This is a valuation course that builds on the Corporate Finance core course. Our main focus will be on the valuation of firms and projects (capital budgeting), and we will cover both theory and applications. We will also provide an introduction to Mergers & Acquisitions (M&A). We will cover the three main approaches to valuation: discounted cash flow (DCF) analysis, relative valuation (i.e., using multiples), and contingent claim analysis. The teaching format will mainly consist of a combination of lectures, case studies, and assignments.

Contenus

The course covers the following topics

  • DCF analysis
  • Free Cash Flow (FCF), growth, terminal value
  • Relative valuation - Multiples
  • Risk, cost of capital, WACC
  • APV
  • Contingent claims - Real options
  • Acquisitions and takeovers
  • Valuing firms with negative earnings
  • Valuing startups
  • Valuing private firms
  • Valuing distressed firms

Références

Investment Valuation, 3rd Edition, by Aswath Damodaran, Wiley, 2012. This text is required.


Investment Banking, 2nd Edition, by Joshea Rosenbaum and Joshua Pearl, Wiley, 2013. Thistext is optional.


Valuation, 6th Edition, by Tim Koller, March Goedhart, and David Wessels, Wiley, 2013. This text is optional.

Supplemental reading: Corporate Finance, 4nd Edition, by Jonathan Berk and Peter De Marzo, Pearson, 2017 (ISBN-13: 978-0134408897). This text is optional.

Pré-requis

Corporate Finance

Evaluation

1ère tentative

Examen:
Ecrit 4h00 heures
Documentation:
Autorisée
Calculatrice:
Autorisée
Evaluation:

SUMMER 2020, due to coronavirus

Open book take-home exam

Open book online final exam (40%), cases and assignments (60%)

Rattrapage

Examen:
Ecrit 4h00 heures
Documentation:
Autorisée
Calculatrice:
Autorisée
Evaluation:

Open book take-home exam



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