WHU - Startseite | Logo

Valuation and M&A -F

Kurs ID
FIN615
Art des Kurses
MSc Kurs
Wochenstunden
2,5
ECTS
5.0
Semester
HS 2022
Vortragssprache
Englisch
Vortragende/r
Prof. Dr. Nihat Aktas
Bitte beachten Sie, dass AustauschstudentInnen im BSc-Programm der WHU eine höhere Anzahl an Credits erwerben als hier aufgeführt. Für weitere Informationen wenden Sie sich bitte direkt an das [International Relations Office].
The objective of this course is to introduce the merger and acquisition process from a corporate finance perspective, focusing in particular on business and synergy valuation. A particular emphasis will be given to the Discounted Cash Flow (DCF) valuation method, and to the theoretical underpinnings of the discount rate used in the denominator of the valuation equation (i.e., the cost of financing: from cost of equity and cost of debt to cost of capital). In addition, relative valuation models (multiples) and specific topics such as valuing private companies and modeling synergies will be introduced throughout the course.

The course will also adopt a practitioner’s point of view. In almost all M&A deals external advisors are active in helping companies, such as investment banking advisor. Also, another important trend is observed in deal making nowadays, such that most companies tend to develop their own in-house M&A teams. Therefore, several top-notch industry testimonies will complement this course.

After successful completion of the course, the course participants will have a solid understanding of the most fundamental issues and concepts in valuation in an M&A context. The course builds on your corporate strategy know-how and requires some basic financial calculation skills.

Date Time
Monday, 31.10.2022 11:30 - 15:15
Wednesday, 09.11.2022 13:45 - 20:30
Wednesday, 16.11.2022 15:30 - 20:30
Tuesday, 22.11.2022 11:30 - 15:15
Wednesday, 23.11.2022 09:45 - 13:00
Monday, 05.12.2022 08:00 - 22:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 09:00 - 18:00
Monday, 05.12.2022 16:00 - 22:00
Monday, 05.12.2022 17:00 - 23:00
Students are expected to take a very active role in their learning. The course relies on interactive lessons, and includes transmitting problem‐centered information, collaborative learning in small groups, case studies, and testimony from practitioners.
DePamphilis Donald M., 2014. Mergers, acquisitions, and other restructuring activities. Elsevier Academic Press, 7th Edition. Berk, Jonathan, and Peter DeMarzo, 2014. Corporate finance, Pearson International.Damodaran, Aswath, 2012. Investment valuation: Tools and techniques for determining the value of any asset. Wiley Finance, 3rd edition.Stowell, David, P., 2013. Investment banks, hedge funds, and private equity. Elsevier Academic Press. Second edition.
Students are expected to take a very active role in their learning. The course relies on interactive lessons and includes transmitting problem-centered information, collaborative learning in groups, case studies and outside speakers.

The course includes a one-day case study challenge together with the M&A advisory team ofa leading bank or consulting firm.

  • Written examination
  • Presentation/Seminar Papers

- 40% of the final grade are based on a group project
- 60% of the final grade are based on the result in the exam

150
WHU - Startseite | Logo