Ce cours apparaît dans les formations suivantes :
• IÉSEG > International MBA > Semestre 2 - Extension Module > 2,00 ECTS
• IÉSEG > MSc in Business Analysis & Consulting > Semester 2 > 2,00 ECTS

Pré requis

1. Introduction to Bloomberg or Eikon
2. Key concepts in corporate finance and financial markets (time value of money, NPV, IRR, stock and bond valuation, capital structure, cost of funding)

Objectifs du cours

1. use state-of-the-art techniques to value international companies with different cultures and values
2. make a clear investment decision explained in a financial analysis report written in English
3. quantify organizational challenges in terms of risk and growth using the appropriate methodology
4. estimate future free cash flows generated by the firm
5. estimate the sensitivity of the model to different assumptions
6. customize a valuation model in Microsoft Excel and link it to Eikon data
2.B Solve professional dilemmas using concepts of CSR and ethics
3.A Breakdown complex organizational problems using the appropriate methodology
5.B Construct expert knowledge from cutting-edge information -- using Eikon and Datastream
5.D. Make effectual organizational decisions
6.B Synthesize multifaceted information from various sources across different functional fields

Contenu du cours

1. Introductory thoughts on valuation, analysis of the asset, overview of the main valuation techniques (relative valuation, discounted cash flow method; firm value vs equity value)
2. Estimating the cost of capital: equity risk and cost of equity (detailed analysis and calculation of the CAPM components: risk-free rate; historical and implied equity risk premium; historical, fundamental and accounting beta).
3. Estimating the cost of capital: cost of debt and cost of preferred stock.
4. FCFF and FCFE models, calculation of cash flows, building growth forecast.
5. Concluding remarks (sensitivity analysis; adjustments for country risk in valuations in emerging markets).

Modalités d'enseignement

Organisation du cours

Méthodes pédagogiques

• Case study
• E-learning
• Interactive class
• Presentation
• Project work

Évaluation

End-of-chapter questions and related MCQs will have to be answered before the end of the course. A company valuation assignement will have to be written and completed within the nex 4 weeks.

Bibliographie

• Damodaran, A.: 2012, Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, 3rd Edition, John Wiley and Sons, Inc. -

• Wiley Study Guide for 2015 Level II CFA Exam, Volume 3, Study Sessions 10 to 12, John Wiley & Sons. -

• Titman, S. and Martin, J. D.: 2007, Valuation: The Art and Science of Corporate Investment Decisions, Addison-Wesley -

• Koller, T., Goedhart, M. and Wessels, D.: 2005, Valuation: Measuring and Managing the Value of Companies, John Wiley and Sons, Inc. -

• Pearl and Rosenbaum (2013), Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions, 2nd Edition, Wiley. -

Ressources internet

• Breaking Into Wall Street

• Aswath Damodaran's website