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Business Valuation

2019/2020
Учебный год
ENG
Обучение ведется на английском языке
4
Кредиты
Статус:
Курс по выбору
Когда читается:
2-й курс, 1 модуль

Преподаватель

Программа дисциплины

Аннотация

The discipline “Business Evaluation” is a study program for Master students, which is based on the knowledge gained by students, from the following courses: “Management Accounting”, “Investment Analysis”, “Financial Management”, “Corporate Finance” “Mergers and Acquisitions”.
Цель освоения дисциплины

Цель освоения дисциплины

  • In accordance with the stated purpose of the course, focus on the following learning objectives: • - 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); • - Explore the possibilities of software for creating and using the valuation; • - 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.
Результаты освоения дисциплины

Результаты освоения дисциплины

  • 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
Содержание учебной дисциплины

Содержание учебной дисциплины

  • Framework for Corporate Valuation
    • The concept and essence of valuation • Subjects and objects of valuation • Specificity of business as an object of evaluation • Valuation objectives and types of value • Factors affecting the value of business • Principles of business valuation • Approaches and methods used for business valuation • The evaluation process • Features of business valuation in the course of crisis management
  • Discounted Cash Flow Models
    • The method of discounting cash flows • The method of capitalization of income (profit)
  • Value Creation Company
    • Target settings and standards. • Corporate portfolio management. Study of cost factors. • Develop a strategy for creating value for business units. • Regulatory control of performance. • Forecasting of future cost: parameters, evaluation criteria, methodic shortcomings, evaluation of two-stage models • Determination of the duration and degree of detail of the forecast. Identification of strategic prospects for the company. • Development of scenarios. • Actual data as a guide for forecasting.
  • The scheme valuation
    • Capital Cost Estimate: WACC model, criteria, parameter estimation • "Weighing" the market value. • Estimation of alternative costs. • Financing from own and borrowed capital.
  • Evaluation of continuing value
    • Evaluation of the prolonged cost: parameters, evaluation criteria, methodological shortcomings, evaluation of two-stage models • Problems with interpretation of the extended cost. Extended value formulas. • Estimation of variables for calculating the extended value. • Non-standard methods for estimating the extended cost
  • Methods of assessing and managing the cost of the company based on the concept of economic profit
    • Methods of valuation and management of company value, based on the concept of economic profit • The concept of cost management. Factors and cost indicators • The essence and application of the economic added value (EVA) • The essence and application of the share value-added ratio (SVA)
  • Real options valuation
    • Entrepreneurial Opportunities as Real Options • The place of the real options method in the system of approaches and methods of business valuation • The main types of real options • Determining the price of a financial option • Application of the ROV-method in business valuation • Advantages and disadvantages of the optional method
  • Comparative Valuation
    • General characteristic of the comparative approach • Basic principles of selection of analogical companies • Characteristics of price multipliers • Formation of the total value of the cost • The application of mathematical methods in the comparative approach • Use of income multipliers to assess loss-making and growing companies
  • The cost approach to business valuation
    • Determination of the reasonable market value of the immovable property of the enterprise • Assessment of the market value of machinery and equipment • Valuation of intangible assets • Estimation of the market value of financial investments
  • Practice in companies valuation
    • Principles of evaluation • Choice of methodology and method • Analysis of the current market structure • Choice of parameters, rates, period • Calculation. derivation of the final report at cost • Consideration of the possibility of applying the method • Practical example of calculation
Элементы контроля

Элементы контроля

  • Exam (неблокирующий)
  • quiz (неблокирующий)
  • class work (неблокирующий)
  • homework (неблокирующий)
Промежуточная аттестация

Промежуточная аттестация

  • Промежуточная аттестация (1 модуль)
    0.1 * class work + 0.6 * Exam + 0.1 * homework + 0.2 * quiz
Список литературы

Список литературы

Рекомендуемая основная литература

  • Copeland, T. E., Koller, T., & Murrin, J. (2000). Valuation : Measuring and Managing the Value of Companies (Vol. 3rd ed). New York: John Wiley & Sons, Inc. [US]. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=53431
  • Damodaran, A. (2012). Investment Valuation : Tools and Techniques for Determining the Value of Any Asset, University Edition (Vol. 3rd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=442925

Рекомендуемая дополнительная литература

  • Brealey, R. A., & Myers, S. C. (2012). Principles of corporate finance. Slovenia, Europe: Irwin. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.BA880E76