Name: COMPANY VALUATION
Code: 212101011
Type: Elective
ECTS: 4
Length of subject: Per term
Semester and course: Second term
Speciality:
Language: English
Mode of study: On-site class
Lecturer data: REVERTE MAYA, CARMELO
Knowledge area: Economía Financiera y Contabilidad
Department: Economía, Contabilidad y Finanzas
Telephone: 968325925
Email: carmelo.reverte@upct.es
Office hours and location: Contact with the lecturer
Qualifications/Degrees:
Academic rank in UPCT: Catedrático de Universidad
Number of five-year periods: 4
Number of six-year periods: 3 de investigación
Curriculum Vitae: Full Profile
Lecturer data: GARCÍA MECA, MARÍA EMMA
Knowledge area: Economía Financiera y Contabilidad
Department: Economía, Contabilidad y Finanzas
Telephone: 868071040
Email: emma.garcia@upct.es
Office hours and location: Contact with the lecturer
Qualifications/Degrees:
Academic rank in UPCT: Catedrática de Universidad
Number of five-year periods: 4
Number of six-year periods: 3 de investigación
Curriculum Vitae: Full Profile
[CB6 ]. To possess and understand knowledge that provides a basis or opportunity to be original in the development and / or application of ideas, often in a research context.
[02 ]. To be able to integrate knowledge and information, not always complete, in a way that allows to formulate judgments which also consider the social and ethical responsibilities linked to the application of such knowledge and judgments.
[03 ]. To be able to draw conclusions from what has been learned, as well as being aware of the knowledge and ultimate reasons that sustain them. Likewise, students are required to be able to communicate them, both to specialized and non-specialized audiences, each at their level and always in a clear and unambiguous way.
[21 ]. To value cooperation in the company as an asset in the business management tasks.
[22 ]. To evaluate the different options in the administration of material and human resources of the organization.
[CT7 ]. Designing and undertaking innovative projects
1. Conocimiento, relación y aplicación adecuada de los conceptos científicos propios de la valoración de empresas (conceptual y procedimental).
2. Capacidad para transformar la información procedente de los ámbitos externo e interno (procedimental).
3. Capacidad para el análisis y la toma de decisiones económico-financieras y contables empresariales y su implementación (procedimental).
4. Dominio del software básico necesario para la el análisis y toma de decisiones económico-financieras y contables empresariales (procedimental).
5. Conocimiento y cumplimiento de la normativa ética propia de la profesión de valorador y analista de la empresa (conceptual y actitudinal).
Concepto de valor y tipos de valor (económico vs financiero), clasificación de los métodos de valoración de empresas, valoracion por actualización de flujos de tesorería, valoración basada en el coste, valoración por referencias o múltiplos, métodos mixtos de valoración, problemática de la valoración de pymes, estructura de un informe de valoración.
1. THEORETICAL FOUNDATIONS OF COMPANY VALUATION
2. TYPES OF VALUATION MODELS
3. STATIC VALUATION MODELS BASED ON THE BALANCE SHEET
4. RELATIVE VALUATION MODELS BASED ON MULTIPLES OF COMPARABLE FIRMS
4.1. Multiples based on enterprise value
4.2. Multiples based on equity value
4.3. Sectorial multiples
5. DYNAMIC VALUATION BASED ON DISCOUNTED FUTURE CASH FLOWS
5.1. Estimation of future cash flows
5.2. Determination of the discount rate
5.3. Determination of the residual or terminal value
6. GOODWILL-BASED VALUATION METHODS
7. PARTICULARITIES OF SMEs VALUATION
8. STRUCTURE OF A VALUATION REPORT
During the course, a series of exercises will be solved covering the main aspects of the syllabus. An Excel spreadsheet containing the main aspects of valuation will be explained.
Promoting the continuous improvement of working and study conditions of the entire university community is one the basic principles and goals of the Universidad Politécnica de Cartagena. Such commitment to prevention and the responsibilities arising from it concern all realms of the university: governing bodies, management team, teaching and research staff, administrative and service staff and students. The UPCT Service of Occupational Hazards (Servicio de Prevención de Riesgos Laborales de la UPCT) has published a "Risk Prevention Manual for new students" (Manual de acogida al estudiante en materia de prevención de riesgos), which may be downloaded from the e-learning platform ("Aula Virtual"), with instructions and recommendations on how to act properly, from the point of view of prevention (safety, ergonomics, etc.), when developing any type of activity at the University. You will also find recommendations on how to proceed in an emergency or if an incident occurs. Particularly when carrying out training practices in laboratories, workshops or field work, you must follow all your teacher's instructions, because he/she is the person responsible for your safety and health during practice performance. Feel free to ask any questions you may have and do not put your safety or that of your classmates at risk.
Theory class: Activities consisting of training sessions to develop theoretical knowledge based on concepts and theories
Explanation of the main concepts of the different lessons.
20
100
Problem solving class: Activities consisting of training sessions to develop practical or applied knowledge based on problem solving exercises, or practical cases
Resolution of exercises related to the several theory lessons.
20
100
Laboratory or field practice class: Activities aimed at developing practical or applied skills by the student supervised by a remote teacher
Resolution of exercises related to the several theory lessons.
0
100
Practical class in the computer room: Activities for the acquisition of certain skills through the use of specific software
0
100
Seminars, tutorials led by teaching staff, conferences, visits, round tables, etc .: Activities to develop theoretical, practical or applied knowledge based on specific topics or views of the profession
0
100
Assessments (continuous assessment system): speaking or writing tests, presentations, individually or in groups, which should include the knowledge acquired in the classes. Formative and summative assessment activities are included here
0
100
Assessments (final assessment system): speaking or writing tests, individually or in groups, which should include the knowledge acquired in the classes. Summative evaluation is included
0
100
Tutorials: Individual or in groups, will serve to advise, resolve any doubts, guide, monitor work or the knowledge acquired
Tutorial hours upon request for solving doubts.
0
50
Carrying out individual or group assignments: Autonomous and / or collaborative learning to develop theoretical, practical or applied knowledge by carrying out projects, practice reports and / or assignments
The student will have to carry out a valuation of a specific company in order to apply the knowledge and skills acquired during the course.
60
0
Individual study: Time dedicated to studying the subject
The student will have to carry out avaluation of a specific company inorder to apply the knowledge andskills acquired during the course
0
0
Attendance and participation
Participation of the student in the classes will be valued with 10% of the final grade.
10 %
Individual assignment
The student will have to carry out a valuation of a specific company in order to apply the knowledge and skills acquired during the course. This project will represent 90% of the final grade.
90 %
Individual assignment
The student will have to carry out a valuation of a specific company in order to apply the knowledge and skills acquired during the course.
100 %
Author: FAZZINI, M.
Title: BUSINESS VALUATION. THEORY AND PRACTICE, PALGRAVE MACMILLAN
Editorial: MCMILLAN
Publication Date: 2018
ISBN: 978-3-319-89493-5
Author: DAMODARAN, A.
Title: INVESTMENT VALUATION: TOOLS AND TECHNIQUES FOR DETERMINING THE VALUE OF ANY ASSET
Editorial: WILEY
Publication Date: 2015
ISBN: 978-1-118-01152-2
DAMODARAN'S WEB PAGE (http://pages.stern.nyu.edu/~adamodar/)