Portale di Ateneo - En.Unibs.it

The course provides a conceptual framework and the tools required to value companies. The first section introduces the review of the
information base and the asset-based model with a special focus on intangibles assets. The second section is dedicated to estimating the cost of capital. The third section is dedicated to several different valuation models (such as the income model, the discounted cash flow valuation model, the asset and income-based mixed model) and the market valuation approach (multiples). Furthermore the approaches commonly used by practitioners will be analyzed with particular regards to
extraordinary operations, minority/majority stake valuation and holdings valuation.
The course helps develop an advanced knowledge of theoretical framework and best practices of business valuation. Competencies and ability in using business valuation techniques recognized by the international financial community will be provided.

The course is application oriented. It aims at developing the ability to identify relevant information from the available sources and to critically apply the various valuation techniques in real cases.

For this purpose teaching methodology is active. Case studies and valuations reports will be interpreted and analyzed; valuation modelling in Excel will be developed and used