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Fall 2022  ›  Bachelor of Science in International Business Administration  ›  3rd Semester  ›  Financial Management

Financial Valuation, Group A

Course Code:
FIN203
Lecturers:
Prof. Dr. Nic Schaub
Course Type:
BSc Course
Week Hours:
2,0
Term:
Fall 2022
Language:
Englisch
Credits:
3,0
(Please note that exchange students obtain a higher number of credits in the BSc-program at WHU than listed here. For further information please contact directly the International Relations Office.)
The objective of this course is to provide students with an introduction to financial valuation. We will start by looking at some valuation basics. We will then talk about the most important determinants of firm value: cash flows, growth in cash flows, and the riskiness of cash flows. Finally, we will spend considerable time on various valuation approaches: fundamental valuation approaches (e.g., DCF-WACC, DDM) and relative valuation approaches (e.g., trading multiples). We will discuss strengths and weaknesses of the different valuation approaches and situations in which each valuation approach is most suitable.

There will be two case studies in which we are going to apply the different valuation approaches. Moreover, I plan to have a guest lecture from an industry expert.

Roadmap

  1. Valuation Basics
  2. Cash Flows
  3. Cost of Capital
  4. Fundamental Valuation
  5. Relative Valuation
Date
Time
Thursday, 03/11/2022
08:00 AM till 11:15 AM
Thursday, 10/11/2022
08:00 AM till 11:15 AM
Thursday, 17/11/2022
08:00 AM till 11:15 AM
Thursday, 24/11/2022
08:00 AM till 11:15 AM
Thursday, 01/12/2022
08:00 AM till 11:15 AM
Thursday, 08/12/2022
08:00 AM till 11:15 AM
  • Get an overview of financial valuation
  • Understand the drivers of firm value
  • Know how to determine cash flows
  • Know how to determine the cost of capital
  • Understand and apply fundamental valuation approaches
  • Understand and apply relative valuation approaches
  • Identify strengths and weaknesses of different valuation approaches
  • Know when to use which valuation approach
  • Damodaran, A., 2006, Damodaran on Valuation: Security Analysis for Investment and Corporate Finance, 2nd edition, Wiley.
  • The textbook is available as eBook in the library.
Lectures, case studies, online questions, guest lectures
Written exam
90
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