154-0906/03 – Firm Value Calculation (UHF)

Gurantor department	Department of Finance	Credits	10
Subject guarantor	prof. Dr. Ing. Zdeněk Zmeškal	Subject version guarantor	prof. Dr. Ing. Zdeněk Zmeškal
Study level	postgraduate	Requirement	Choice-compulsory
Year		Semester	winter + summer
		Study language	Czech
Year of introduction	2012/2013	Year of cancellation	2020/2021
Intended for the faculties	EKF	Intended for study types	Doctoral

Extent of instruction for forms of study
Form of study	Way of compl.	Extent
Full-time	Examination	0+0
Part-time	Examination	80+0

Subject aims expressed by acquired skills and competences

This course focuses on deepening of basic knowledge about firm valuation obtained within bachelor study of Finance. The aim of the course is to learn students to apply advanced valuation approaches and methods in order to analyze the firm value as well as to asses mergers and acquisitions, including accounting and legal aspects.

Teaching methods

Lectures

Summary

Compulsory 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.

Recommended literature:

KOLLER, T., GOEDHART, M., WESSELS, D. (2010). Valuation: Measuring and Managing the Value of Companies. 5th ed. New Jersey: Wiley.

Way of continuous check of knowledge in the course of semester

E-learning

Other requirements

There are no other requirements on student.

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

Part-time form (validity from: 2012/2013 Winter semester, validity until: 2012/2013 Summer semester)

Task name	Type of task	Max. number of points (act. for subtasks)	Min. number of points	Max. počet pokusů
Examination	Examination			3

Mandatory attendence participation:

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

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Occurrence in study plans

Academic year	Programme	Branch/spec.	Form	Study language	Tut. centre	Type of duty
2014/2015	(P6202) Economic Policy and Administration	(6202V010) Finance	P	Czech	Ostrava	Choice-compulsory	study plan
2014/2015	(P6202) Economic Policy and Administration	(6202V010) Finance	K	Czech	Ostrava	Choice-compulsory	study plan
2013/2014	(P6202) Economic Policy and Administration	(6202V010) Finance	P	Czech	Ostrava	Choice-compulsory	study plan
2013/2014	(P6202) Economic Policy and Administration	(6202V010) Finance	K	Czech	Ostrava	Choice-compulsory	study plan
2012/2013	(P6202) Economic Policy and Administration	(6202V010) Finance	P	Czech	Ostrava	Choice-compulsory	study plan
2012/2013	(P6202) Economic Policy and Administration	(6202V010) Finance	K	Czech	Ostrava	Choice-compulsory	study plan

Occurrence in special blocks

Block name	Academic year	Form of study	Study language	Year	W	S	Type of block	Block owner

Assessment of instruction

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