Valuation and M&A

The objective of this course is to provide an overview of different approaches to valuation, with a particular focus on Discounted Cash Flow (DCF) valuation. A special attention is given to the theoretical underpinnings of the discount rate used in the DCF approach (i.e., the cost of financing: from cost of equity and cost of debt to cost of capital) and to its derivation. In addition, relative valuation models (multiples) and specific topics such as valuing private companies and
takeover valuation will be discussed.

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.

Damodaran, Aswath, 2012. Investment valuation: Tools and techniques for determining the value of any asset. Wiley Finance, 3rd 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 of the Commerzbank AG.

150