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CORPORATE FINANCE (Business Valuation) : Mission

This document provides information about the Corporate Finance course at Bocconi University for the first semester of the 2021-2022 academic year. The course aims to provide students with conceptual frameworks and practical tools for corporate valuation. It will cover valuation methodologies like discounted cash flow analysis and multiples valuation. The course will be taught through in-class lectures and may involve online components depending on COVID-19 guidelines. Students will be assessed through a final written exam, group assignments, and possible oral presentations. Teaching materials will be made available online and the course aims to instill the values of Bocconi University's Honor Code.

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Phan Khánh Diệu Linh
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118 views4 pages

CORPORATE FINANCE (Business Valuation) : Mission

This document provides information about the Corporate Finance course at Bocconi University for the first semester of the 2021-2022 academic year. The course aims to provide students with conceptual frameworks and practical tools for corporate valuation. It will cover valuation methodologies like discounted cash flow analysis and multiples valuation. The course will be taught through in-class lectures and may involve online components depending on COVID-19 guidelines. Students will be assessed through a final written exam, group assignments, and possible oral presentations. Teaching materials will be made available online and the course aims to instill the values of Bocconi University's Honor Code.

Uploaded by

Phan Khánh Diệu Linh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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20127 CORPORATE FINANCE (Business valuation)

Programs: FIN (6 crediti - I sem. - OB | 6 cfu - SECS-P/09)


Class: 17 (I sem.)
Department: Finance

Course director: MARIO MASSARI


Classe 17
RACHELE ANCONETANI OMBRETTA PETTINATO
Department of Finance Department of Finance
Università Bocconi, Milan, Italy Università Bocconi, Milan, Italy
rachele.anconetani@sdabocconi.it ombretta.pettinato@unibocconi.it

MARCO GHITTI RONNY ZAPPELLA


Department of Accounting Department of Finance
Università Bocconi, Milan, Italy Università Bocconi, Milan, Italy
ghitti.marco@unibocconi.it zappella.ronny@unibocconi.it

MISSION

The course aims at providing students with: - The conceptual and theoretical framework surrounding
valuation issues. - The practical tools to address such topics in real-life situations. The main
methodologies of corporate valuation are analyzed and the approaches commonly used by
practitioners (financial analysts, investment and merchant banks, consulting firms) are critically
discussed. Examples focus on corporate valuation issues using DCF, stock market and deal multiples
completed by industry-specific as well as case-specific valuation techniques.

COURSE CONTENT DETAILED - SCHEDULE


- FIN cl. 17 
Sessio Date Cl. 16 Cl. 17 Contents
n#
1 10/09/20 CC MG Course Outline & Introduction to Valuation
2 11/09/20 CC MG Cost of Capital
3 17/09/20 CC MG Cost of Capital (Cont.)
4 18/09/20 CC MG Earnings and Cash Flows
5 24/09/20 CC MG Terminal Value
6 25/09/20 AG OP Growth and Value
7 01/10/20 AG OP Dividend Discount Model (DDM)
8 02/10/20 AG OP Free Cash Flow to Equity Model (FCFE)
9 08/10/20 AG OP Free Cash Flow to the Firm Models (FCFF)
10 09/10/20 AG OP Free Cash Flow to the Firm Models (FCFF) (Cont.)
11 13/10/20 AG OP Business Forecasting for Valuation
12 15/10/20 AG OP Scenario Analysis & Monte Carlo Simulations
13 29/10/20 AG OP Trading and Transaction Multiples
14 30/10/20 AG OP Trading and Transaction Multiples (Cont.)
15 05/11/20 AG OP External Speaker – TBD
16 06/11/20 AG OP Trading and Transaction Multiples (Cont.)
17 12/11/20 AG OP Valuing Banks and Insurance Companies
18 13/11/20 CC MG Leverage and Value
19 19/11/20 CC MG Acquisitions and Takeovers
20 20/11/20 CC MG External Speaker – TBD
21 26/11/20 CC MG External Speaker – TBD
22 27/11/20 CC MG Acquisitions and Takeovers – Modelling
23 03/12/20 CC MG LBO Modelling
24 04/12/20 CC MG Valuing Distressed Companies / Course Wrap-up

TEACHING METHODS

Selection:
 Face-to-face lectures  Guest speaker's talks (in class or in
o face-to-face lectures distance)
o with use of new o in-class
technology  Group assignments
 Online lectures o project work
o synchronous o presentation
o asynchronous

The course is mainly based on in-class sessions in physical presence. According to the University
rules, if required, students for each class will be split into two groups. Each group will alternate in-
class attendance weekly. The group which will not attend a session in-class will attend it online in
streaming. All the in-class sessions will be recorded and uploaded online.
In case of a new lockdown due to the Covid-19 epidemic, all sessions will be delivered online in
streaming (and recorded).
Office hours will be entirely delivered online by appointment.
A limited number of external interventions will also occur, which will allow an overview of how to
structure valuations in different business scenarios (banks, CFO from industrial corporations, …).
Team-based activities (group homework) will increase knowledge of the main databases available for
valuation purposes as well as of the connections between business and financial skills.
ASSESSMENT METHODS

Continuous Partial General


Selected methods: assessment exams exam
 Written individual exam (traditional/online) X   X
 Open and/or closed answers questions exam     x
 Group assignment (report, exercise, presentation,
X   X
project work etc.)
 Evaluation of oral presentation in class (possible) x   x

The assessment will be the result of a final written exam and a group homework. Scores are:
 final written exam: from 0 to 26 out of 30;
 group homework: from 0 to 5 out of 30 (groups’ valuation will be based on the quality of the
output, the quality of presentation, class participation and discussion).

Note that the final exam may contain questions related to the homework.

The structure and points allotment of the final exam will be the following:
 exercise n. 01: 9 points;
 exercise n. 02: 6 points;
 five multiple choice questions: 5 points;
 one open question related to: a) the contents of the academic papers that will be distributed
throughout the course (2 points); b) class specific topics discussed by the lecturers of each class (4
points).
The homework score is valid for all the 2020-2021 exam sessions until September 2021.
For re-sit students, the homework score from AY 2019-2020 will be valid for all the 2020-2021 exam
sessions until September 2021, as long as current year students will be in the condition to deliver the
homework for the current year.
If necessary, one or more exams will be on line and will have the same structure of the in presence
exam.

The course is passed if and only if:


 the mark of the final written exam is equal or greater to 15; AND
 the final grade (group homework + final written exam) is equal or greater to 18.
A final mark of “30 cum laude” will be assigned to students who reach a final grade equal to 31.
Once a student has passed the course, the grade is registered and she/he cannot re-sit the
exam.

TEACHING MATERIALS
- FIN cl. 17 

We will post class presentations and reading materials on the e-learning space.
Class presentations are all mandatory. When posting readings, we highlight which ones are
mandatory and which are not.
 
Reference textbook:
Investment Valuation by A. Damodaran, 2012 (Wiley Finance), University Edition.
 
Suggested (non-mandatory) textbooks are:
Corporate Valuation: Measuring the Value of Companies in Turbulent Times by M. Massari, G.
Gianfrate, L. Zanetti, 2016 (Wiley).
 
The Valuation of Financial Companies by M. Massari, G. Gianfrate, L. Zanetti, 2014 (Wiley).
 
Valuation: Measuring and Managing the Value of Companies by McKinsey, 2016 (Wiley).

HONOR CODE
Bocconi University conceives of education as an ongoing process that stretches across a person’s
entire professional life. The University hopes that the entire Bocconi community will respect the
values of fairness and correctness associated with it, values which inspire and guide the conduct of
all community members as they pursue common objectives and a shared mission. The Bocconi
University Honor Code is published at http://www.unibocconi.eu/honorcode. We encourage all
students to read it.

COURSE ETIQUETTE
The classes will start sharply at the agenda time.
Students are encouraged to share shorter questions on a forum available on BlackBoard. Professors
or Teaching Assistants will answer these questions within one video posted online once a
week. Students are encouraged to attend office hours for longer questions.  
Students are advised to ask questions for the exam preparation in advance. No emails related to the
exam are accepted within 48 hours before the exam itself.

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