PROGRAMME/SYLLABUS. By the end of the module students should be able to:
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1 COURSE INFORMATION FINANCIAL MANAGEMENT III Code number: Degree in Business Administration Academic Year: Mandatory/Compulsory course. 4th year First semester: 2 days a week 6 credits TEACHING STAFF Prof.: Juan J. García-Machado, Ph.D. Department: Financial Economics, Accounting and Operations Management Office: 21 Phone: machado@uhu.es Office hours (provisional): First Semester: Mondays from 11:30 h. to 13:30 h. Tuesdays from 11:30 h. to 12:30 h. Thursdays from 10:30 h. to 13:30 h. Second Semester: Tuesdays from 12:30 h. to 14:30 h. Thursdays from 12:30 h. to 14:30 h. Fridays from 11:30 h. to 13:30 h. PROGRAMME/SYLLABUS 1. DESCRIPTION This is a 4th year subject of the Degree in Business Administration (ADE). The main objective of this course is to provide the students with an adequate knowledge of the theory and practice of different methods for analysis, investments valuation and measuring the value of companies, from an internal and external point of view. 2. PREREQUISITES None. Recommendations: Basic training in Financial Mathematics, Business Tax Law, Financial Accounting and Financial Management I and II. 3. OBJECTIVES/LEARNING OUTCOMES The participants will develop basic skills for their professional career in this field at the same time will complete their training in this branch of Finance. In particular, the course gives a practical insight into the use of valuation methods (static and dynamic models, Capital Asset Pricing Model CAPM-, relative valuation models, discounted cash flows model, etc.). It presents the basic tools needed for valuation, the fundamental principles of value creation and how market risk is measured and rewarded. It also provides a framework for comparative analysis across the models. By the end of the module students should be able to: Understand the operation and application of different investments and company valuation techniques. Be able to know and differentiate between static value vs. dynamic value, the internal valuation vs. external valuation, and the fundamental analysis vs. technical analysis. Be able to pose and solve problems about valuation of companies in different
2 situations, such as minority stockholders, mergers and buy-outs, privatizations, etc. Recognize and understand those factors which affect the company value and know the measures of shareholder value creation. Know the new technologies to measure the market risk and valuation of noncurrent assets and intangibles assets. 4. TEACHING METHODOLOGY In order to achieve the objectives, the course combines different teaching methods: lectures, practical exercises in class or on the computer, group work assignments, student presentations, and class discussions. In groups, the students have to do a real company valuation of two current Spanish firms and present it in class for discussion. At the end of the course they have to write a paper on this. 5. CONTENTS PART I. INTERNAL VALUATION: BUSINESS INSIDE UNIT 1. INTRODUCTION TO VALUATION OF FIRMS 2. The role of valuation. 3. Generalities about valuation. 4. Company Valuation Methods. 5. Conclusions. UNIT 2. STATIC AND DYNAMIC VALUATION 2. Static value. 3. Dynamic value. 6. Basic model I. 5. Basic model II. GOODWILL-BASED UNIT 3. METHODS (MIXED METHODS OF BUSINESS ASSESSMENT) 2. The classic valuation method or German method. 3. The simplified abbreviated goodwill income method or the simplified UEC method Union of European Accounting Experts (UEC) method. 5. Indirect method. 6. Anglo-Saxon or direct method. 7. Annual profit purchase method. 8. Risk-bearing and risk-free rate method. 9. Practice case. PART II. OTHERS COMPANY VALUATION MODELS UNIT 4. RELATIVE VALUATION MODELS 2. Price/Book Value Multiples Estimating PBV ratios from fundamentals Estimating PBV ratios from comparables PBV ratios and investment strategies Variants on PBV ratios. 3. Price/Sales Multiples.
3 3.1. What is PS ratio? 3.2. Advantages and Disadvantages using PS ratio PS ratio for a stable firm PS ratio for a high-growth firm PS ratios and profit margins The value of a brand name. 4. Price/Earnings Ratio (PER) What is PER? 4.2. Why do we use PER? 4.3. Calculating PER for stable firms Calculating PER for high-growth firms Comparison of PER and Expected Growth Rate Mistakes while comparing PE ratios Comparing company to entire cross-section Problems with PER. 5. Conclusions. 6. Practice case. UNIT 5. CASH FLOW DISCOUNTING-BASED METHODS 2. General method for cash flow discounting. 3. Deciding the appropriate cash flow for discounting and the company s economic balance sheet The free cash flow The equity cash flow Capital cash flow. 4. Calculating the value of the company using the free cash flow. 5. Calculating the value of the company as the unlevered value plus the discounted value of the tax shield. 6. Calculating the value of the company s equity by discounting the equity cash flow. 7. Calculating the company s value by discounting the capital cash flow. 8. Basic stages in the performance of a valuation by cash flow discounting. 9. Which is the best method to use? 10. Practice case. PART III SHAREHOLDER VALUE CREATION UNIT 6. MEASURES OF SHAREHOLDER VALUE CREATION 2. Measuring the created value. 3. Traditional value indicators. 4. Economic value added (EVA). 5. Estimation of EVA. 6. Market value added (MVA). 7. Correct interpretation of EVA and MVA. 8. Other measures of value creation: The cash flow return of investment (CFROI.). 9. Practice case.
4 6. BIBLIOGRAPHY ANTILL, N. & LEE, K. [2008]: Company Valuation under IFRS: Interpreting and Forecasting Accounts using International Financial Reporting Standards. 2nd Harriman House. Hampshire. DAMODARAN, A. [2001]: The Dark Side of Valuation: Valuing old Tech, new Tech, and new Economy Companies. Prentice Hall. New York. DAMODARAN, A. [2012]: Investments Valuation: tools and techniques for determining the value of "any" asset. 3rd John Wiley & Sons. New York. DAMODARAN, A. [2015]: Applied Corporate Finance. 4th John Wiley & Sons. New York. FELDMAN, S. J. [2005]: Principles of Private Firm Valuation. Wiley. New Jersey. FERNÁNDEZ, P. [2002]: Valuation Methods and Shareholder Value Creation. Academic Press. Orlando. FRYKMAN, D. & TOLLERYD, J. [2003]: Corporate Valuation: An Easy Guide to Measuring Value. Pearson. New York. GORDON, J. A.; SHARPE, W. F.; & BAILEY, J.V. [2001]: Fundamentals of Investments. 3rd Prentice Hall. New York. HITCHNER, J. [2011]: Financial Valuation: Applications and Models. 3rd John Wiley & Sons. New York. HITCHNER, J. & MARD, M. J. [2011]: Financial Valuation Workbook: StepbyStep Exercises and Tests to Help You Master Financial Valuation. 3rd John Wiley & Sons. New York. KOLLER, T.; GOEDHART, M.; WESSELS, D. & LESSARD, J. P. [2006]: Valuation Workbook: Step-by-Step Exercises and Tests to Help you Master Valuation. 4th John Wiley & Sons. New Jersey. KOLLER, T.; GOEDHART, M. & WESSELS, D. [2010]: Valuation: Measuring and Managing the Value of Companies. 5th John Wiley & Sons. New Jersey. KOLLER, T.; GOEDHART, M. & WESSELS, D. [2010]: Valuation DCF Model CDROM: Designed to Help you Measure and Manage the Value of Companies (by McKinsey & Co.). 5th John Wiley & Sons. New Jersey. KOLLER, T.; DOBBS, R. & HUYETT, B. [2011]: Value: The Four Cornerstones of Corporate Finance. John Wiley & Sons. New Jersey. KRUSCHWITZ, L. & LÖFFLER, A. [2006]: Discounted Cash Flow: A Theory of the Valuation of Firms. Wiley. New Jersey. MOLES, P.; PARRINO, R. & KIDWELL, D. [2011]: Corporate Finance. European John Wiley & Sons. Chichester. 5 MONKS, R. A. & LAJOUX, A. R. [2010]: Corporate Valuation for Portfolio Investment: Analyzing Assets, Earnings, Cash Flow, Stock Price, Governance, and Special Situations. John Wiley & Sons. New York.
5 PARRINO, R.; KIDWELL, D. & BATES, T. [2015]: Corporate Finance. 3rd Wiley. New Jersey. PRATT, S. P. [2008]: Valuing a Business: The Analysis and Appraisal of Closely Held Companies. 5th McGraw Hill. New York. RAWLEY, T. & GUP, B. E. [2009]: The Valuation Handbook: Valuation Techniques from Today s Top Practitioners. John Wiley & Sons. New York. ROSENBAUM, J. & PEARL, J. [2009]: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions. John Wiley & Sons. New Jersey. SHARPE, W. F.; GORDON, J. A. & BAILEY, J.V. [1999]: Investments. 6th Prentice Hall. New York. TITMAN, S. & MARTIN, J. H. [2011]: Valuation. 2nd Prentice Hall. New Jersey. 7. ASSESSMENT The course assessment will be determined by the scores obtained by the students in the assignments, participation and exams. Final grade: Attendance 20%, presentation 15%, written assignment 15%, and final exam 50%. Percentage minimum class attendance: 80% The final exam might consist in a theoretical and practical part. The theoretical part worth a 40% and combines multiple choice questions test and/or short answers. The practical part worth a 60%. The objective is not only to assess the specific knowledge the student has acquired but also to assess their ability to synthesize and express themselves (the language they use, etc.). To be fair to all students, there will not be extra credits for any work which is not a requirement for the whole class.
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