154-0322/01 – Valuation and Aquisitions (OA )

Gurantor departmentDepartment of FinanceCredits4
Subject guarantorprof. Dr. Ing. Dana DluhošováSubject version guarantorprof. Dr. Ing. Dana Dluhošová
Study levelundergraduate or graduateRequirementCompulsory
Year1Semesterwinter
Study languageCzech
Year of introduction2004/2005Year of cancellation2020/2021
Intended for the facultiesEKFIntended for study typesFollow-up Master
Instruction secured by
LoginNameTuitorTeacher giving lectures
DLU30 prof. Dr. Ing. Dana Dluhošová
GUR022 Ing. Petr Gurný, Ph.D.
KRE330 doc. Ing. Aleš Kresta, Ph.D.
Extent of instruction for forms of study
Form of studyWay of compl.Extent
Full-time Credit and Examination 2+1

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:

DAMODARAN, Aswath. Damodaran on Valuation. Security Analysis for Investment and Corporate Finance. USA: John Wiley & Sons, Inc., 1994. 417 s. ISBN 0-471-01450-8.

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

Full-time form (validity from: 2015/2016 Winter semester, validity until: 2020/2021 Summer semester)
Task nameType of taskMax. number of points
(act. for subtasks)
Min. number of pointsMax. počet pokusů
Credit and Examination Credit and Examination 100 (100) 51
        Credit Credit 35 (35) 18
                Written Test Written test 35  18 2
        Examination Examination 65  33 3
Mandatory attendence participation:

Show history

Conditions for subject completion and attendance at the exercises within ISP:

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Occurrence in study plans

Academic yearProgrammeBranch/spec.Spec.ZaměřeníFormStudy language Tut. centreYearWSType of duty
2018/2019 (N6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 1 Compulsory study plan
2017/2018 (N6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 1 Compulsory study plan
2016/2017 (N6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 1 Compulsory study plan
2015/2016 (N6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 1 Compulsory study plan
2014/2015 (N6208) Economics and Management (6202T049) Accounting and Taxes P Czech Ostrava 2 Compulsory study plan
2014/2015 (N6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 1 Compulsory study plan
2013/2014 (N6208) Economics and Management (6202T049) Accounting and Taxes P Czech Ostrava 2 Compulsory study plan
2013/2014 (N6208) Economics and Management (6202T049) Accounting and Taxes (00) Účetnictví a daně P Czech Ostrava 2 Compulsory study plan
2013/2014 (N6202) Economic Policy and Administration (6202T010) Finance P Czech Ostrava 1 Compulsory study plan
2013/2014 (N6202) Economic Policy and Administration (6202T010) Finance (00) Finance P Czech Ostrava 1 Compulsory study plan
2012/2013 (N6202) Economic Policy and Administration (6202T010) Finance (00) Finance P Czech Ostrava 1 Compulsory study plan
2011/2012 (N6202) Economic Policy and Administration (6202T010) Finance (00) Finance P Czech Ostrava 1 Compulsory study plan
2010/2011 (N6208) Economics and Management (6202T049) Accounting and Taxes P Czech Ostrava 1 Choice-compulsory study plan
2010/2011 (N6202) Economic Policy and Administration (6202T010) Finance (00) Finance P Czech Ostrava 1 Compulsory study plan
2009/2010 (N6202) Economic Policy and Administration (6202T010) Finance (00) Finance P Czech Ostrava 1 Compulsory study plan
2008/2009 (N6202) Economic Policy and Administration (6202T010) Finance (00) Finance P Czech Ostrava 1 Compulsory study plan
2007/2008 (N6202) Economic Policy and Administration (6202T010) Finance (00) Finance P Czech Ostrava 1 Compulsory study plan
2006/2007 (N6202) Economic Policy and Administration (6202T010) Finance (00) Finance P Czech Ostrava 1 Compulsory study plan
2005/2006 (N6202) Economic Policy and Administration (6202T010) Finance (00) Finance P Czech Ostrava 1 Compulsory study plan
2004/2005 (N6202) Economic Policy and Administration (6202T010) Finance (00) Finance P Czech Ostrava 1 Compulsory study plan

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner
Subject block without study plan - EKF - P - cs 2019/2020 Full-time Czech Optional EKF - Faculty of Economics stu. block

Assessment of instruction



2018/2019 Winter
2017/2018 Winter
2016/2017 Winter
2015/2016 Winter
2014/2015 Winter
2013/2014 Winter
2011/2012 Winter
2009/2010 Winter