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

Gurantor departmentDepartment of FinanceCredits10
Subject guarantorprof. Dr. Ing. Zdeněk ZmeškalSubject version guarantorprof. Dr. Ing. Zdeněk Zmeškal
Study levelpostgraduateRequirementChoice-compulsory
YearSemesterwinter + summer
Study languageCzech
Year of introduction2012/2013Year of cancellation
Intended for the facultiesEKFIntended for study typesDoctoral
Extent of instruction for forms of study
Form of studyWay 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: 2013/2014 Winter semester)
Task nameType of taskMax. number of points
(act. for subtasks)
Min. number of points
Examination Examination  
Mandatory attendence parzicipation:

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Occurrence in study plans

Academic yearProgrammeField of studySpec.ZaměřeníFormStudy language Tut. centreYearWSType 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 nameAcademic yearForm of studyStudy language YearWSType of blockBlock owner