Course description

Corporate Valuation

Introduction

The main objective of this course is to provide students with the tools to carry out a business valuation using residual income valuation techniques.

We study the actual financial statements of publicly-traded companies in the assignments that we discuss in class. The course combines accounting principles and investment principles to answer the question: How do I account for value so that I can challenge stock prices with some confidence?

Course content

  • Introduction to investing and valuation
  • Accounting quality analysis
  • Reformulation of  financial statements
  • Valuation using multiples
  • Residual income valuation models
  • Analysis of risk and return
  • Forecasting analysis
  • Writing an equity reserach report

Learning outcome knowledge

The student will through the course acquire the necessary knowledge about financial statement analysis and valuation in order to write a credible valuation report based on accounting numbers. This includes profitability, growth, and liquidity analyses, reformulation of annual reports, different valuation methods, and tools to estimate the risk of businesses.

 

 

    Exam organisation

    • Written assignment: 30%
    • Written exam: 70%