154-0322/01 – Valuation and Aquisitions (OA )
| Gurantor department | Department of Finance | Credits | 4 |
| Subject guarantor | prof. Dr. Ing. Dana Dluhošová | Subject version guarantor | prof. Dr. Ing. Dana Dluhošová |
| Study level | undergraduate or graduate | | |
| | Study language | Czech |
| Year of introduction | 2004/2005 | Year of cancellation | 2020/2021 |
| Intended for the faculties | EKF | Intended for study types | Follow-up Master |
Subject aims expressed by acquired skills and competences
This course focuses on deepening of basic knowledge about firm valuation obtained within bachelor study. The aim of the course is to learn students to apply advanced valuation approaches and methods in order to analyze the firm value.
Teaching methods
Lectures
Tutorials
Summary
The content of the course consists of theoretical basics of company valuation, valuation approaches and methods, mergers and acquisitions issues, including accounting and tax aspects.
Compulsory literature:
FABOZZI, F. J., MARKOWITZ, H. (2011). The Theory and Practice of Investment Management: Asset Allocation, Valuation, Portfolio Construction, and Strategies. New Jersey: J. Wiley.
HITCHNER, J. R. (2011). Financial Valuation: Applications and Models. 3rd ed. New Jersey: J. Wiley.
KOLLER, T., GOEDHART, M., WESSELS, D. (2010). Valuation: Measuring and Managing the Value of Companies. 5th ed. New Jersey: Wiley.
MCMILLAN, M. G. et al. (2011). Investments: Principles of Portfolio and Equity Analysis. 1st ed. New York: Wiley.
Recommended literature:
Additional study materials
Way of continuous check of knowledge in the course of semester
E-learning
Other requirements
There are no other requirements on students.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
Subject syllabus:
1. Theoretical fundamentals of valuation.
2. Fundamental approach at the company valuation.
3. Strategic analysis (forecasting of sales).
4. Financial analysis as a part of the company valuation.
5. Costs of capital for valuation purposes. Valuation on the terms of risk (Risk Adjusted Cost of Capital, RACC, Certainty Equivalent Method, CEM).
6. Strategic financial plan.
7. Property valuation. Substance method.
8. Discounted cash flow valuation methods, multi-step DCF valuation.
9. Capitalized net earnings method.
10.Economic value added method.
11. Other valuation methods.
12. Real options.
13. Mergers and acquisitions, synergy valuations.
Conditions for subject completion
Conditions for completion are defined only for particular subject version and form of study
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction