Equity Valuation [ MGEST2168 ]

None (at the master level)

The goal of this course is to teach students the most
effective tools used to value equity and make investment
decisions.
Key topics include:
- Discounted Dividend Valuation
- Free Cash Flow Valuation
- Market-Based Valuation: Price and Enterprise Value
Multiples
- Residual Income Valuation
- Private Company Valuation

At the end of this course, students will be able to:
- select the most appropriate valuation method for a given
company by being able to identify its strengths and
weaknesses;
- analyze and restate the financial statements (including
the off-balance items) to extract the all the information
required to correctly value companies;
- calculate the value of a company in a spreadsheet by
indicating all the required intermediate steps;
- do in-depth homework by preparing several case studies
and by submitting answers to MCQs.

- Written Exam (MCQs + computer-based applications)
- Homework (in-class participation, preparation of case
studies, etc.)
- Valuation Assignment (group of two students)

- Lectures based on readings
- Spreadsheet applications
- Case studies
- MCQs

PINTO et al. (2010), Equity Asset Valuation, 2nd Edition,
Wiley.