2026/2027
Оценка стоимости бизнеса
Статус:
Маго-лего
Кто читает:
Банковский институт
Где читается:
Банковский институт
Охват аудитории:
для всех кампусов НИУ ВШЭ
Язык:
русский
Кредиты:
3
Контактные часы:
32
Программа дисциплины
Аннотация
The course deals with theoretical and practical aspects of business valuation. Over the course, students will be provided with a deep understanding of the mechanism of valuation, various methods, their advantages, disadvantages and issues. We will discuss the links among a company’s public information, its financial reports, industry outlook and the value of the company. The course includes intense financial modeling activity. Students will prepare one full-blown equity valuation report underpinned by an Excel model, as well as several additional financial models for the most important methods.
Цель освоения дисциплины
- The goal of the course is to provide a comprehensive overview of the valuation theory and techniques by discussing and working on actual business valuations
Планируемые результаты обучения
- After the course, students will have necessary knowledge and skills to calculate the intrinsic value of a public or private company, as well as understand and analyze equity reports and vаlue estimates prepared by others.
Содержание учебной дисциплины
- Introduction. Valuation approaches
- Understanding the business. Industry and market analysis
- Dividend Discount model
- Return concepts
- Free cash flow valuation
- Market-based valuation
- Case study
Элементы контроля
- Valuation reportThe valuation report is a group assignment (group size: 8-10 students). Students will have to prepare a valuation of a company provided by the lecturer. The report includes: • Calculation of the applicable discount rate • DDM valuation based on industry average ratios • Free cash flow valuation • Relative valuation • Conclusion
- final examThe final exam is a written test at the last class session; 2 hours. The exam consists of 2 parts: 1. Part 1: multiple choice questions 2. Part 2: extended questions.
- Active participation in discussions in the class
Промежуточная аттестация
- 2026/2027 4th module0.7 * final exam + 0.1 * Active participation in discussions in the class + 0.2 * Valuation report
Список литературы
Рекомендуемая основная литература
- Aswath Damodaran. (2016). Damodaran on Valuation : Security Analysis for Investment and Corporate Finance. Wiley.
- Damodaran, A. (2015). Applied Corporate Finance (Vol. Fourth edition). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639191
Рекомендуемая дополнительная литература
- Damodaran, A. (2012). Investment Valuation : Tools and Techniques for Determining the Value of Any Asset, University Edition (Vol. 3rd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=442925