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Магистратура 2022/2023

Оценка бизнеса

Направление: 38.04.02. Менеджмент
Когда читается: 2-й курс, 1, 2 модуль
Формат изучения: без онлайн-курса
Охват аудитории: для своего кампуса
Преподаватели: Давыдовская Мария Алексеевна
Прогр. обучения: Маркетинг: цифровые технологии и маркетинговые коммуникации
Язык: английский
Кредиты: 4
Контактные часы: 32

Course Syllabus

Abstract

The Business Valuation Course is aimed to help students with the vital valuation techniques and principles as well as to see through practical case studies how all of them are applied in the real world deals. Companies and investors continue to face challenges and opportunities. For the last 30 years we see various types of financial crisis, internet, fintech and crypto booms. All these events prove that the core principles of valuation creation are much more important in all circumstances and the stock market itself is not always a good value indicator. At the same time, we are to explore the market trends and investors sentiment and how it should be taken into account in the course of the deal pricing and execution. Valuation is used as a tool to define goals for the Companies, to execute investment strategy and overall provide the business logic framework for stakeholders, financial investors and corporate management. The course explores examples of IPO and M&As transactions to see what features are used subject to market environment, investors’ expectation and final goals. For case studies and different approach considerations we will use both a “helicopter” view to see a deal from shareholders and investment bankers/advisors perspective as well as go deep into business model, calculation details and financial statement. This course is practically oriented – students will see how valuation is used in all possible situations: from an investment project case study, a strategic partnership, M&A till capital raising (private equity or venture), IPO pricing and public company IR activity.
Learning Objectives

Learning Objectives

  • to understand the basics of valuation methods;
  • to develop skills at evaluating Companies, startups, investment projects and other business initiatives;
  • to understand the application of valuation methods in the real-world situations;
  • to have an understanding how different features and approaches could improve valuation metrics;
Expected Learning Outcomes

Expected Learning Outcomes

  • to develop skills at evaluating Companies, startups, investment projects and other business initiatives;
  • to have an understanding how different features and approaches could improve valuation metrics;
Course Contents

Course Contents

  • 1. Why we need value a valuation. Overview of goals and approaches
  • 2. Three key valuation methods
  • 3. DCF and Fundamental valuation approach
  • 4. Core Valuation Techniques step by step
  • 5. Markets and peers
  • 6. Growth and transformation
  • 7. Does cost based approach still exist?
  • 8. Features and adjustments
  • 9. New revenue streams and other upside for valuation creation
  • 10. Market size, market share and entry barriers
  • 11. Unit economics, cohort analysis, 3pl vs 1pl. All recent trends and investors’ sentiments
  • 12. How the Company and shareholders could impact the final valuation result. Art of Equity Story and Positioning
  • 13. Business application of Light asset approach
  • 14. Applications for Emerging Markets and special situations
  • 15. M&A and partnerships, ESOP and LTI, LBO and MBO – all possible cases where you need valuation tools
  • 16. Valuation approach subject to your role and motivation
  • 17. Fair value and IPO pricing. Post-IPO performance
  • 18. Investment rounds and down rounds. IPO as an exit for venture capital – basics and why it does not work anymore
  • 19. Valuation of real estate companies and developers
  • 20. Valuation of Financial Institution Group (banks, insurance companies). Valuation of HoldCo
  • 21. Valuation of fintech
  • 22. SPAC and how it works
  • 23. Valuation of newcomers: crypto, metaverse, web3, robotics, pilotless cars and so on.
  • 24. ESG as a new Corporate Governance standard. ESG principles and green businesses in valuation numbers.
  • 25. Source of financial statement and other information, analytics, forecasts, multiples
Assessment Elements

Assessment Elements

  • non-blocking Домашнее задание и выполнение задач
  • non-blocking Разбор кейсов и презентация в письменном виде
  • non-blocking Презентация проекта
  • non-blocking Экзамен
Interim Assessment

Interim Assessment

  • 2022/2023 2nd module
    0.25 * Разбор кейсов и презентация в письменном виде + 0.25 * Презентация проекта + 0.25 * Домашнее задание и выполнение задач + 0.25 * Экзамен
Bibliography

Bibliography

Recommended Core Bibliography

  • Copeland, T. E., Koller, T., & Murrin, J. (2000). Valuation : Measuring and Managing the Value of Companies (Vol. 3rd ed). New York: John Wiley & Sons, Inc. [US]. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=53431
  • McKinsey & Company Inc, Tim Koller, Marc Goedhart, & David Wessels. (2010). Valuation : Measuring and Managing the Value of Companies. [N.p.]: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=535677
  • McKinsey & Company Inc, Tim Koller, Marc Goedhart, & David Wessels. (2020). Valuation : Measuring and Managing the Value of Companies, University Edition. Wiley.

Recommended Additional Bibliography

  • Rosenbaum, J., & Pearl, J. (2013). Investment Banking : Valuation, Leveraged Buyouts, and Mergers and Acquisitions (Vol. 2nd ed). Hoboken: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=981384