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Regular version of the site
Bachelor 2012/2013

Fundamentals of Valuation

Type: Compulsory course
Area of studies: 080100.62 Экономика
Delivered at: Department of Financial Management
Faculty: Faculty of Economics
When: 4 year, 2, 3 module
Instructors: Anna Bykova (delivers lectures and conducts seminars), Iuliia N. Naidenova (delivers lectures and conducts seminars), Elena A. Shakina (author, delivers lectures and conducts seminars)
Specialization: Financial Management
Language: English
ECTS credits: 6
This course provides a practical understanding of both basic and more advanced techniques used to measure the worth of a company and its investments; how businesses can be valued as well as how to draw up a valuation report. Students will learn not only the general framework for valuing corporations in the context of the global post-crisis economy, but also get an overview of valuation methods and models practically applied. They will know that in order to evaluate new projects, consider mergers and acquisitions, make strategic decisions, or make decisions about investing in the company, the financial analyst must understand the factors that drive corporate value. During the course, students will discuss methods of industries and companies analysis in a competitive framework. We look at industry characteristics and discuss various competitive strategies and their risks. It will be explained how corporations can be valued using models based on earnings, cash flows, multiples and assets. Moreover, an overview of alternative measures of residual earnings and discussion of “residual income” models, including the widely used EVA™ model, will be included into the course.