Master
2019/2020
Company and Business Evaluation
Type:
Elective course (Financial Analyst)
Area of studies:
Finance and Credit
Delivered by:
HSE Banking Institute
Where:
HSE Banking Institute
When:
1 year, 4 module
Mode of studies:
offline
Master’s programme:
Financial Analyst
Language:
English
ECTS credits:
3
Contact hours:
32
Course Syllabus
Abstract
The course deals with theoretical and practical aspects of business valuation. Over the course, students will be provided with a deep understanding of the mechanism of valuation, various methods, their advantages, disadvantages and issues. We will discuss the links among a company’s public information, its financial reports, industry outlook and the value of the company. The course includes intense financial modeling activity. Students will prepare one full-blown equity valuation report underpinned by an Excel model, as well as several additional financial models for the most important methods.
Learning Objectives
- The course deals with theoretical and practical aspects of business valuation. Over the course, students will be provided with a deep understanding of the mechanism of valuation, various methods, their advantages, disadvantages and issues. We will discuss the links among a company’s public information, its financial reports, industry outlook and the value of the company. The course includes intense financial modeling activity. Students will prepare one full-blown equity valuation report underpinned by an Excel model, as well as several additional financial models for the most important methods.
Expected Learning Outcomes
- After the course, students will have necessary knowledge and skills to calculate the intrinsic value of a public or private company, as well as understand and analyze equity reports and value estimates prepared by others.
Course Contents
- 1) Introduction
- 2) Return concepts
- 3) Discounted dividend valuation
- 4) Free cash flow valuation
- 5) Market-based valuation
- 6) Private company valuation
- 7) Communicating valuation results
Assessment Elements
- Valuation report
- Final examExam is to be passed in written form. The platform for the exam is Moodle, edu.alt-invest.ru. Students have to enter the exam 5 minutes in advance. The platform may be tested earlier, as the students did their home assignments on it. Computer has to meet the following requirements: Internet access. To participate in the exam the student is obliged to: enter the system with his login and password, which were used during the course. During the exam the students are prohibited to: use outside help, discuss the tasks with each other. During the exam the students are allowed to: use any reference materials, use Excel for calculations. Short-term disconnection period is less than 10 minutes. Long-term disconnection period is more than 10 minutes. In case of long-term disconnection the student is prohibited to pass the exam. Exam retake procedure equals to the first try.
Bibliography
Recommended Core Bibliography
- Zahronyana, B. D., & Mahardika, D. P. K. (2019). Capital Adequacy Ratio, Non Performing Loan, Net Interest Margin, Biaya Operasional Pendapatan Operasional Dan Loan to Deposit Ratio Terhadap Financial Distress. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.8927BF07
- ZIMIN, N. E., KARZAEVA, N. N., ROKOTYANSKAYA, V. V., SEVASTYANOVA, E. V., & VOLODINA, N. G. (2018). Multiplicative Model of Return on Assets in Evaluation of Company’s Financial Security. Ad Alta: Journal of Interdisciplinary Research, 8(1), 17–24. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=asn&AN=130791007
Recommended Additional Bibliography
- Yaremko, I. V., Plekan, M. V., Kantslir, I. A., & Andrejkiv, T. Y. (2018). Informational and financial instruments for evaluation and management of the company’s value. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.89515258