Teaching code

4S009744

Academic staff

Andrea Beretta Zanoni, Silvia Vernizzi

Coordinator

Andrea Beretta Zanoni

Credits

9

Language

Italian

Scientific Disciplinary Sector (SSD)

SECS-P/07 - BUSINESS ADMINISTRATION AND ACCOUNTING STUDIES

Period

Secondo semestre (lauree magistrali) dal Feb 20, 2023 al May 19, 2023.

Lessons timetable Moodle Seminars 0

Learning objectives

Business valuation is a field of research and practice particularly thriving in Italy and worldwide because always more frequently experts, managers, entrepreneurships and financial analysts have to valuate a business according to standards shared by scientific and practical communities.
Business valuation is a fascinating challenge for the business economics field of research, because very different information and competencies converge in it: in particular, the financial theory must find adequate support in the analysis of the strategic fundamentals of the firm object of valuation.
Anyway, the relationship between the fundamental analysis (and in particular the strategic analysis) and the financial techniques is often fragile or just illusory, because often the set of competencies (financial and strategic) are traceable to scientific communities too far.
The course aims to develop the competencies necessary for comprehending the way in which financial theories and models generally adopted in business valuation, could be adequately supported by the fundamental analysis, and in particular by the strategic analysis (strategic positioning and strategic planning), so as to reach to reliable and sustainable economic valuations.

Prerequisites and basic notions

No prerequisites required

Program

First part: value and valuation methods
- Value and business valuation: principles and methods
- Income approach: flows and rates
- The nature of the flows
- The rate: price of time and price of risk
- The flows projections: a two steps model
- The flow by rule
- The mixed method with autonomous goodwill estimation
- The goodwill
- The multiples' method (stock and deal price)
- The venture capital approach
- Contingent valuations

Second part: strategic analysis for business evaluation
- The strategic determinants of the value
- From the valuation model to the strategic analysis
- ROIC's determinants
- Growth's determinants
- Growth strategies
- Internal and external growths strategies
- Risk's determinants
- The business model
- Competitive scape and value
- Industry, strategic group and strategic business area
- The competitive advantage
- Competitive advantage's determinants
- Business strategy and value
- The strategic management
- Business strategy and strategic plan
- The strategic foundation of Terminal Value
- Valuation of the business strategy and valuation of strategic plan
- Strategy's risk profile
- Rationality of business strategy and rationality of strategic plan
- Valuation as synthesis of different perspectives

Didactic methods

The course is based on class-taught lessons.
During all the academic year students can meet the professor during specific weekly meeting. Hours and place of the meeting are published on the Professor web page and constantly updated.
The content of the textbook and of the class lessons are coherent with the program and with the aims of the course.
The program and the teaching material is the same for attending and non-attending students.

Learning assessment procedures

Written examination. The examination consists of questions and exercises.
The evaluation is based on a 30-point scale.
The exam procedure is the same both for attending and non attending students.

Evaluation criteria

The exam is aimed at evaluating the students's capability of analyzing in a critical, personal and effective way the concepts.

Exam language

Italiano