Obiettivi Formativi

Il corso si propone di fornire un inquadramento sia teorico sia pratico: dei principali metodi di valutazione d'azienda; delle premesse logiche della valutazione d'azienda, basata su una sistematica combinazione di informazioni quantitative e qualitative.

Learning Goals

The course aims at providing students with the theoretical and practical framework of: the main approaches and methods of business valuation; the logical premises of business valuation, based on a systematic combination of qualitative and quantitative information.

Teaching Methods

The course includes: - lectures, exercises and case studies, seminars. - tests and exams.

Prerequisiti

È richiesta la conoscenza di base in ambito aziendale/gestionale, di contabilità e bilancio, di analisi dei costi e budgeting.

Prerequisites

Basic knowledge of business administration and strategies,  financial and management accounting is required.

Assessment

The final evaluation is carried out by a written examination, useful to assess the knowledge of the candidate, his judgment and communication skills. The evaluation is performed in thirty (minimum threshold of sufficiency 18/30).

Course Syllabus

Introductory remarks: Assets, liabilities, revenues and expenses. How to read the Financial Statements. Business Valuation purposes and procedures: a logical framework to valuation. Approaches and methods for business valuation. Intrinsic Valuation: Asset-Based Approach, Income Model, Discounted Cash Flow Model, Mixed Asset/Income- Based Approach. Relative Valuation: Stock market, deal multiples and comparables. Discount rates: methods and models for estimating the cost of equity (coe) and the weighted average cost of capital (WACC). Intangible Assets: valuing a company with relevant intangibles. Valuing across the life cycle: young companies, growth mature companies, declining companies. The Valuation Report: International Standards for Business Valuation. The Due Diligence: purposes and types of professional judgment; the stages of the due diligence; checklist; financial due diligence; operational due diligence.