- 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
- understand key features of the key approaches to valuation and can define the most commonly applied standards of value
- Can choose correct methods and instruments for specific valuation cases.
- understand specific features of valuation process for different purposes
- Business valuation: basic conceptsThe purpose and resources for valuing businesses; Internal reasons and external reasons for valuation Standards (types) of firm value; Foundations of value: growth and value creation; Key methods and approaches to firm valuation.
- Using Financial Statements for valuation and analysisFinancial statements: types, elements, principles; Financial statement analysis; Comparison of Generally Accepted Accounting Principles (U.S), Russian and International Financial Reporting Standards.
- Valuation approaches and methodsIncome approach. Valuing companies by cash flow discounting: main steps, models, and problems; Market approach. Valuing companies using multiples. Industrial coefficients analysis method. Analogues deals method; The role of cost approach in business valuation.
- Value creationFundamentals of corporate capital valuation; Fundamentals of equities valuation: preferred and common stock; Risk and expected return: principles of portfolio analysis; Valuing corporate strategic opportunities and flexibility: corporate real options; Capital market benchmarking: corporate cost of capital.
- Valuation law and standards: cross-country comparisonLegal implications International valuation standards European valuation standards American standard valuation law Russian valuation standards Company valuation: a comparison of economic and legal perspectives
- Special valuation issuesValuing a minority interest in a private company. Value a company’s goodwill and its intangible assets. Valuing intellectual property. Corporate taxes and valuation. Inflation. Foreign Currency. Liquidation value. Premiums and discounts in business valuation (control premium, discount for lack of control, discount for lack of marketability).
- Case study analysisValuation of start-ups. Sports team valuation. Valuing banks. Valuation in emerging markets. Valuing high-growth companies. Valuing cyclical companies.
- Interim assessment (3 module)0.25 * Final exam + 0.25 * Midterm quiz + 0.25 * MOOC results + 0.25 * Results achieved in seminars
- 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
- 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