154-0322/03 – Valuation and Acquisition (OA )

Gurantor departmentDepartment of FinanceCredits4
Subject guarantorprof. Dr. Ing. Dana DluhošováSubject version guarantorprof. Dr. Ing. Dana Dluhošová
Study levelundergraduate or graduate
Study languageCzech
Year of introduction2015/2016Year of cancellation
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

Další požadavky na studenta

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)
Task nameType of taskMax. number of points
(act. for subtasks)
Min. number of points
Credit and Examination Credit and Examination 100 (100) 51
        Credit Credit 25 (25) 13
                Written Test Written test 25  13
        Examination Examination 75  38
Mandatory attendence parzicipation:

Show history

Occurrence in study plans

Academic yearProgrammeField of studySpec.FormStudy language Tut. centreYearWSType of duty
2019/2020 (N6208) Economics and Management (6202T049) Accounting and Taxes P Czech Ostrava 2 Compulsory study plan
2018/2019 (N6208) Economics and Management (6202T049) Accounting and Taxes P Czech Ostrava 2 Compulsory study plan
2017/2018 (N6208) Economics and Management (6202T049) Accounting and Taxes P Czech Ostrava 2 Compulsory study plan
2016/2017 (N6208) Economics and Management (6202T049) Accounting and Taxes P Czech Ostrava 2 Compulsory study plan
2015/2016 (N6208) Economics and Management (6202T049) Accounting and Taxes P Czech Ostrava 2 Compulsory study plan

Occurrence in special blocks

Block nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner