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Обычная версия сайта
07
Апрель

Assets Evaluation and Investment Analyses

2022/2023
Учебный год
ENG
Обучение ведется на английском языке
5
Кредиты
Статус:
Курс по выбору
Когда читается:
4-й курс, 2 модуль

Преподаватель

Course Syllabus

Abstract

The course aims at understanding of basics of investment process. The students will learn - the principles of investment analysis - methods of calculation of different investment indices - models of formation of portfolio of investments - principles of selection of sources of investments.
Learning Objectives

Learning Objectives

  • To provide students with theoretical knowledge in the field of investment, investment activity at the level of the main groups of investors and the investment mechanism in various forms of its implementation as a basis for the subsequent study of specialization disciplines.
  • In course how industries and companies can be analyzed in a competitive framework will be explained. Further, how corporations can be valued using models based upon projections of earnings and cash flows will be explained. We look “dividend discount models” as well as “free cash flow” models, where future cash flows and enterprise value are modeled on more explicit assumptions about firms’ “value drivers”. We also describe and calculate alternative measures of residual earnings and discuss the use of “residual income” models, including the widely used EVA™ model. Finally, how various valuation techniques can be put to work in merger, acquisition, restructuring or divesture situations will be showed. Topics include valuation techniques and their application, capital markets and cost of capital; and project appraisal methods and their application.
Expected Learning Outcomes

Expected Learning Outcomes

  • Be able to build a model of financial management, based on a system covering all aspects of the activities of a modern company with the release levels and planning horizon (e.g. using KPI)
  • Gain knowledge and skills in order to make management decisions in this area
  • Know and be able to use special terminology of financial strategic management
  • To know the essence of the economic, organizational and social changes that occur in domestic companies with a shift of emphasis from production to marketing principles of planning and management
  • Be able to build a model of financial management, based on a system covering all aspects of the activities of a modern company with the release levels and planning horizon (e.g. using KPI)
  • Gain knowledge and skills in order to make management decisions in this area
  • Explore the possibilities of software for creating and using the valuation;
  • Know and be able to use special terminology of financial strategic management.
  • Know the patterns of functioning of a modern economy at the macro and micro levels
  • To know the essence of the economic, organizational and social changes that occur in domestic companies with a shift of emphasis from production to marketing principles of planning and management
Course Contents

Course Contents

  • Topic 1. Corporation and the investment process. Corporate investment management system
  • Topic 2. Designing cash flows of an investment project
  • Topic 3. Analysis of the effectiveness of capital investments
  • Topic 4. Investment projects and methods of financing them
  • Topic 5. Evaluation of projects with unequal deadlines.
  • Topic 6. The method of real options when evaluating investment projects
  • Topics 7. Evaluation of the project in conditions of uncertainty and risk
  • Topic 8. Framework for Corporate Valuation
  • Topic 9. Value Creation Company
  • Topic 10. Practice in companies valuation
Assessment Elements

Assessment Elements

  • non-blocking In class activities
  • non-blocking Midterm
  • non-blocking Group work (home work)
  • non-blocking Exam
Interim Assessment

Interim Assessment

  • 2022/2023 2nd module
    0.1 * In class activities + 0.5 * Exam + 0.2 * Group work (home work) + 0.2 * Midterm
Bibliography

Bibliography

Recommended Core Bibliography

  • Corporate finance: theory and practice, Damodaran, A., 2001
  • Investment valuation : tools and techniques for determining the value of any asset, Damodaran, A., 2012
  • Valuation: measuring and managing the value of companies, Copeland, T., 2000
  • Инвестиционные рычаги максимизации стоимости компании. Практика российских предприятий, Теплова, Т.В., 2007

Recommended Additional Bibliography

  • Инвестиции : учебник для бакалавров, Теплова Т.В., 2012
  • Корпоративные финансы: перспективы и реальность. Управление стоимостью компании: Сборник статей, , 2006