Stand: WiSe 2023
| Name | Investment Banking | |
| Katalog-Nummer | FK 10#FIN#M2.9 | |
| Zugehörigkeit zu Curriculum |
Master Betriebswirtschaft | M2.9 | 5 Leistungspunkte
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| Modulverantwortung |
Häcker, Joachim (Prof. Dr. Dr.)
Hofmann, Bernd (Prof. Dr)
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| Lehrende | ||
| Prüfung(en) |
Prüfungsform: ModA
Detailangaben: See Syllabus which will be forwarded before class
Hildsmittel: See Syllabus which will be forwarded before class
Prüfende:
Häcker, Joachim (Prof. Dr. Dr.)
, Hofmann, Bernd (Prof. Dr)
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| Lehr- und Lernform(en) |
| 4 SWS | SU - wird nicht angeboten
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| Arbeitsaufwand |
Präsenzzeit: 0 Stunden
Selbststudium, Vor- und Nachbereitung, Prüfungsvorbereitung: 0 Stunden
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Voraussetzungen
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Verwendbarkeit
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| Inhalt / Lernziele |
Qualifications targeted: - provide an overview of the core valuation methods. - Relate corporate finance/investment banking to other modules. - Relate corporate planning to corporate valuation and to point out the linkages in their own model With regard to the qualification category of methodological competence, 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- obtain the data necessary for a corporate valuation which incorporates the principles of financial modeling. - Critically evaluate the results of the corporate valuation and to clarify any differences. - Interpret the results of the corporate valuation and to independently draw conclusions for corporate finance transactions With regard to the qualification category of self-competence, the course participants are able to: - compile a transparent and comprehensive documentation of assumptions and methods for a given valuation project.- manage a project in the field of corporate valuation and to develop proprietary solutions in a team of valuation experts - transfer the results from the corporate valuation and derive the valuation range as well as the purchase price. - structure the process of corporate valuation and to apply the standards of professional financial modeling With regard to the qualification category of social competence, the course participants are able to interact within groups. They will learn how team oriented problem solution can be done and how to enhance team performance Content International accounting based on IFRS. The following IFRS-based terms of technique will be scrutinized in further detail: - The overflow valve- Liabilities (especially interest bearing liabilities) - Book value - Working capital - Planning the p&l and balance sheet for the next 5 years - IFRS for listed companies - Mergers & Acquisitions (M&A) - Valuation. The following major valuation techniques are scrutinised: - Market cap, book value and discounted cash flow analysis - Trading and transaction multiples Methods applied Models and methods (Research and Analysis): • Capital asset pricing model (e.g. deriving beta, the risk-free rate and the markt risik premium) • Trading multiples method (e.g. deriving a peer group) • Transaction multiples method (e.g. selecting the relevant transactions) • Entity method (e.g. WACC) Quantitative empirical methods (Comparables – Statistics, Mathematics, Data analysis) • The following EXCEL based quantitative methods are applied in order to apply the models and methods mentioned above: o Scenario analysis (e.g. best case and worst case scenarios) o Simulation techniques o Iteration approach (e.g. solving the circularity problem) o Sensitivity analysis (e.g. sensitivity tables) o Input and outputmodels Qualitative methods (expert interviews …): • Qualitative analysis of valuation methods (e.g. from “value“ to “price“ based on takeover premium. This results in a valuation range) • Based on expert opinions the applicability of the results is verified in a so called “football-field”. Teaching methods: • The lecture is case study based and will be carried out in English • Students will model one up-to-date business case in Excel. They will start from scratch and end up with a professional Corporate Finance /Investment Banking model. There will not be an abstract lecture but it can be compared to an arts class where the students come up with one “master piece”. Literature • Ernst, D., Häcker, J. (2011): Applied International Corporate Finance, Vahlen publishers, 2nd edition, Munich. • Häcker, J., Ernst, D. (2017): Financial Modeling – An introductory guide to Excel and VBA, New York, Macmillan. |
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