Valutazione d'azienda - ENG

BUSINESS VALUATION

Prof. Maurizio Comoli
Prof. Francesco Bavagnoli

Course Code: E0146/E0424
Subject code: SSD SECS-P/07
8 ECTS – 64 hours
Location: Novara


Educational aims

The course aims to develop an understanding of:
•    the criteria, tools and main issues related to business valuation, for such purposes as: mergers and acquisitions, valuation of control or minority stakes, business performance valuation and valuation for financial reporting;
•    the connection between strategy and valuation;
•    the income approach, discounted cash flow analysis (DCF), valuation of intangibles and market multiples.

Content of the course

The course is divided in two parts.

Part 1 – Introduction to Business Valuation and generally accepted valuation methods (Prof. Comoli) – 4 CFU

Business valuation: overview
The principles of value measurement: the difference between price and value
The most appropriate valuation methods according to the academy and used in practice
The valuation process

Methods based on the analytical valuation of assets and liabilities
Net asset value
Net asset value adjusted for intangibles
The Intangibles: introductory concepts and definitions

Methods based on income or cash flow streams
The income-based approach
The estimate of discount rates
The discounted cash flow method (DCF): underlying assumptions and implementation
Forecasting cash flows, terminal value and the impact of financial structure

Mixed valuation criteria
U.E.C. method

Part 2 – Market Multiples and special issues (Prof. Bavagnoli) – 4 CFU

Rules of thumb and market data
Stock exchange multiples and comparable transactions
A deeper examination of multiples

From firm’s equity value to the value of the investment in the firm
Control premium and minority discount

Brand valuation

Business valuation reporting – structure and content


Prerequisites

None


Course Texts

L. Guatri – M. Bini, Nuovo trattato sulla valutazione delle aziende, EGEA, Milano, 2009 The book is available in the library
Further material (slides, case studies, articles) and information can be found in the web page of the course at the URL:
https://eco.dir.unipmn.it/


Teaching methods

Lectures, exercises, case studies


Class attendance

Class attendance is voluntary (not mandatory).


Examination

A written examination will be performed on the scheduled dates.