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Regular version of the site

Business Valuation

2021/2022
Academic Year
ENG
Instruction in English
4
ECTS credits
Course type:
Elective course
When:
4 year, 3 module

Instructor

Course Syllabus

Abstract

The course “Business valuation” focuses on the main valuation methods and techniques used to determine the real value of a firm. The course is aimed to improve students’ skills to analyze financial statements of a company and to determine its price. It would let students understand how to distinguish value creation from value destruction and how to select the appropriate method of business valuation for any given situation. The course also touches upon the key principles of valuation for insolvency proceedings, for IPO and M&A and cross-country comparison of valuation legislation and standards. The special issue analyzed within the course is Value creation. It covers such questions as fundamentals of corporate and equity valuation; principles of portfolio analysis; corporate real options. Case studies will be the main tool to learn practical applications of various valuation theories and instruments.
Learning Objectives

Learning Objectives

  • to provide theoretical overview of key methods applied to value different types of business and assets;
  • to improve students’ skills to analyze financial statements of a company and to determine its’ price
  • to understand how to distinguish value creation from value destruction
  • to understand how to select the appropriate method of business valuation for any given situation
Expected Learning Outcomes

Expected Learning Outcomes

  • Can choose correct methods and instruments for specific valuation cases.
  • understand key features of the key approaches to valuation and can define the most commonly applied standards of value
  • understand specific features of valuation process for different purposes
Course Contents

Course Contents

  • Business valuation: basic concepts
  • Using Financial Statements for valuation and analysis
  • Valuation approaches and methods
  • Value creation
  • Valuation law and standards: cross-country comparison
  • Special valuation issues
  • Case study analysis
Assessment Elements

Assessment Elements

  • non-blocking (Quiz1+Quiz2+Quiz3+Quiz4+MOOC)/5
  • non-blocking Group project
  • non-blocking Final exam
  • non-blocking Valuation report
Interim Assessment

Interim Assessment

  • 2021/2022 3rd module
  • 2021/2022 4th module
    0.2 * (Quiz1+Quiz2+Quiz3+Quiz4+MOOC)/5 + 0.25 * Final exam + 0.25 * Group project + 0.3 * Valuation report
Bibliography

Bibliography

Recommended Core Bibliography

  • Financial analysis: collection of case studies: Учебное пособие / Казакова Н.А., Дун И.Р., Бобкова М.П. - М.:НИЦ ИНФРА-М, 2018. - 54 с.: 60x90 1/16 ISBN 978-5-16-106744-4 - Режим доступа: http://znanium.com/catalog/product/972205

Recommended Additional Bibliography

  • Mard, M. J., Hyden, S. D., & Hitchner, J. R. (2007). Valuation for Financial Reporting : Fair Value Measurements and Reporting, Intangible Assets, Goodwill and Impairment (Vol. 2nd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=218516