Guest Lecture by Yandex Autonomous Vehicles CFO: Cost of Capital and M&A Valuation

On March 3, students of the Master in Finance programme at HSE University – St. Petersburg had the opportunity to attend a guest lecture by Alexander Shvarev, CFO of Yandex Autonomous Vehicles, PhD in Economics, MBA, member of the Academic Council of the Master's programme and former Partner at PwC Central and Eastern Europe in Corporate Finance.

The lecture covered two fundamental aspects of corporate finance: cost of capital and company valuation in mergers and acquisitions (M&A). Alexander Shvarev provided an in-depth look at practical approaches to cost of capital estimation, discussing the impact of market risks, country risk premiums, and capital structure on a company's valuation. 

A significant part of the lecture was dedicated to M&A valuation, focusing on key value drivers, synergy assessment, and differences in valuation approaches used by financial and strategic investors. The speaker shared real-world examples from his career, illustrating how various factors shape the final transaction price. 

The session sparked an engaging discussion, with students actively asking questions about valuation methodologies, the specifics of M&A deals in the tech sector, and the challenges of applying theoretical models in real-world financial decision-making. 

 
The Master in Finance programme at HSE University – St. Petersburg equips students with hands-on expertise in corporate finance, combining academic rigor with real-world case studies and direct engagement with industry professionals. If you aspire to build a career in investment analysis, corporate valuation, or strategic finance, this program offers the ideal environment to develop your skills and connect with the finance industry.