Learning outcomes

With regard to the qualification category of knowledge and understanding, the course participants are able to:

·       Provide an overview of the most important valuation methods and to compare these

·       Relate corporate finance to other modules such as financial management, portfolio management and derivatives

·       Relate corporate planning to corporate valuation and to describe the linkages in their own words

With regard to the qualification category of abilities, the course participants are able to:

·       Use their knowledge about planning and valuation methods to develop a professional standard model for corporate valuation which incorporates the principles of financial modeling (Application 1)

·       Obtain the data necessary for a corporate valuation from information providers such as Bloomberg or Thomson Reuters and to process the data.

·       Independently structure complex tasks in corporate valuation and to develop independent modules to solve these tasks (Application 2)

·       Critically evaluate the results of the corporate valuation and to clarify any differences (Application 1 & 2)

·       Interpret the results of the corporate valuation and to independently draw conclusions for corporate finance transactions (Application 1 & 2)

·       Review the structure of the valuation model and the results of the corporate valuation with the help of a model review (Application 2)

With regard to the qualification category of competencies, the course participants are able to:

·       transfer the results from the corporate valuation to other modules such as financial management, portfolio management and derivatives and to combine them with these modules.

·       manage a project in the field of corporate valuation and to develop proprietary solutions in a team of valuation experts.

·       compile a transparent and comprehensive documentation of assumptions and methods for a given valuation project.

·       structure the process of corporate valuation and to apply the standards of professional financial modeling.

·       master theoretical and empirical challenges of corporate valuation.

·       apply their knowledge to specific valuation projects and to adjust it to actual valuation situations.

·       critically challenge the assumptions, algorithms and results of every valuation approach.

·       present and defend the valuation results in front of clients

Textbook:

Titman, Sheridan and Martin, John D (2015): Valuation – the art and science of corporate investment decisions, Pearson. Chapter 1 to 7

Recommended literature:

Häcker, J., Ernst, D. (2017): Financial Modeling - An Introductory Guide to Excel and VBA Applications in Finance, Macmillan, London.

Fabozzi, Frank J. (2013): Encyclopedia of Financial Models, Wiley.

Further Literature:

Benninga, S. (2014): Financial Modeling, 4. Auflage, MIT Press, Cambridge Massachusetts.

Day, A. L. (2007): Mastering Financial Modelling in Microsoft Excel, 2. Auflage, Prentice Hall.

Ernst, D./Häcker, J. (2011): Applied International Corporate Finance, Vahlen, München, 2. Auflage.

Hawley, D./Hawley, R. (2007): Excel Hacks Tips&Tools for streamlining your spreadsheets, 2. Auflage, O'Reilly,Sebastopol.

Munter, M. (2006): Guide to Managerial Communication, Prentice Hall, 7. Auflage.

Osband, Kent (2014): Padora’s Risk – Uncertainty at the Core of Finance, Columbia University press.

Powell, S. G. (2008): Modeling for Insight: A master class for business analysts, J. Wiley & Sons, Hoboken.

Sengupta, C. (2004): Financial Modeling using Excel and VBA, John Wiley & Sons, Hoboken, New Jersey.