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Guía docente 2014-15 - 72813006 - Valoración de empresas
| TITULACIÓN: | Máster Univ. en Administración de Empresas (MBA) |
| CENTRO: | Centro de Estudios de Postgrado |
| CURSO: | 2014-15 |
| ASIGNATURA: | Valoración de empresas |
| NOMBRE: Valoración de empresas | |||||
| CÓDIGO: 72813006 | CURSO ACADÉMICO: 2014-15 | ||||
| TIPO: Optativa | |||||
| Créditos ECTS: 4.0 | CURSO: 1 | CUATRIMESTRE: SC | |||
| WEB: http://dv.ujaen.es/docencia/goto_docencia_crs_410925.html#block_news_537795_blhead | |||||
| NOMBRE: MARTÍNEZ SOLA, MARÍA CRISTINA | ||
| IMPARTE: Teoría [Profesor responsable] | ||
| DEPARTAMENTO: U137 - ECONOMÍA FINANCIERA Y CONTABILIDAD | ||
| ÁREA: 230 - ECONOMÍA FINANCIERA Y CONTABILIDAD | ||
| N. DESPACHO: D3 - 152 | E-MAIL: mmsola@ujaen.es | TLF: 953211957 |
| TUTORÍAS: https://uvirtual.ujaen.es/pub/es/informacionacademica/tutorias/p/97288 | ||
| URL WEB: http://www10.ujaen.es/conocenos/departamentos/efico/3298 | ||
| ORCID: https://orcid.org/0000-0002-6476-6465 | ||
| NOMBRE: Solís Hernández, Domingo | ||
| E-MAIL: Domingo.Solis@macquarie.com | TLF: - | |
| URL WEB: - | ||
| INSTITUCIÓN: Macquarie Infrastructure and Real Assets (Europe) Limited | ||
| NOMBRE: Oie, Ingeborg | ||
| E-MAIL: Ingeborg.Oie@smith-nephew.com | TLF: - | |
| URL WEB: - | ||
| INSTITUCIÓN: Smith & Nephew plc | ||
PRERREQUISITOS: nivel mínimo B1 en idioma inglés. Recomendable B2/C1.
PRE-REQUIREMENTS: minimum B1 level according to the European Framework of
Reference for Languages. B2/C1 recommended.
Asignatura optativa
Elective subject
Se requieren conocimientos de contabilidad financiera,
análisis de estados financieros y finanzas corporativas.
Knowledge on financial accounting, financial statements and
corporate finance is required.
| código | Denominación de la competencia |
| E29 | Ser capaz de reunir e interpretar la información relevante para la valoración de empresas. |
| E30 | Ser capaz de elaborar y justificar una opinión formada sobre la valoración de una empresa. |
| GE5 | Capacidad para trabajar en equipo |
| Resultados de aprendizaje | |
| Resultado R30 | To understand the subjectivity implied in asset valuation |
| Resultado R31 | To know the most common valuation methods for estimating the intrinsic value of a stock and to apply them to a real case |
| Resultado R32 | To know how to apply the most common valuation methods to a particular case |
| Resultado R33 | To know the limitations and drawbacks of the most common valuation methods |
1. Introducción a la valoración de empresas.
Introduction to firm valuation.
2. Modelos de descuento de flujos de caja.
DCF Valuation models.
3. Modelos de valoración por múltiplos.
Multiple Valuation models.
Unit 1. INTRODUCTION TO COMPANIES VALUATION
1.1. Why is it necessary to value businesses?
1.2. What can we expect from the valuation of a company?
1.3. Most common methods employed in company valuation.
Unit 2. DISCOUNTED CASH-FLOWS VALUATION (I)
2.1. Introduction to DCF methods
2.2. The dividend discount model
2.3. The Free Cash-Flow to Equity model (FCFEM)
2.4. The Free Cash-Flow to the Firm model (FCFFM)
2.5. Economic Value Added (EVA®) Model
2.6. The Residual Income Model (RIM)
2.7. Conclusion
Unit 3. THE DISCOUNT RATES
3.1. Discount Rates: Generalities
3.2. The Risk-Free Rate
3.3. The Market Risk Premium
3.4. The Risk of the Investment
3.5. Estimation of the Cost of Equity
3.6. The Cost of Debt
3.7. The Weighted Cost of Capital
Unit 4. ESTIMATION ISSUES IN DCF MODELS
4.1. Introduction
4.2. Estimation of the Base Values
4.3. Detailed Estimation
4.4. Terminal Value Estimation
4.5. Premia and Discounts
Unit 5. RELATIVE VALUATION
5.1. Introduction
5.2. Price-Earnings Ratio
5.3. Price-Earnings Growth Ratio
5.4. MTB Ratio
5.5. EV-EBITDA Ratio
5.6. EV-SALES Ratio
5.7. Practical Considerations
| ACTIVIDADES | HORAS PRESENCIALES | HORAS TRABAJO AUTÓNOMO | TOTAL HORAS | CRÉDITOS ECTS | COMPETENCIAS (códigos) |
|---|---|---|---|---|---|
A1 - Clases expositivas en gran grupo
|
18.0 | 57.0 | 75.0 | 3.0 |
|
A2 - Clases en grupos de prácticas
|
12.0 | 13.0 | 25.0 | 1.0 |
|
| TOTALES: | 30.0 | 70.0 | 100.0 | 4.0 |
In each session, the teacher will present the contents of each unit. Students are expected to participate in class making opportune questions and comments.
Once the theoretical lessons are given, the students will attend to a practical workshop where two practicioners will explain their work in company valuation.
| ASPECTO | CRITERIOS | INSTRUMENTO | PESO |
|---|---|---|---|
| Asistencia y/o participación en actividades presenciales y/o virtuales | Participation in class Participation in the topics of the blog | Notes of the teacher | 30.0% |
| Conceptos teóricos de la materia | Individual quiz | Written exam | 35.0% |
| Realización de trabajos, casos o ejercicios | Group work: write a company valuation report | Written work and exposition | 35.0% |
Evaluation is based upon three activities:
1) Attendance and participation: Attendance is compulsory. Those students who assist to less than the 80% of the classes will not pass the course. Active participation is encouraged. There are two forms of participation: the first one is the student's contributions to the discussions in class; the second one is to take part in the discussion topics that will be posted on the blog of the course.
2) Individual quiz: at the end of the course (May, 26th) there will be an individual quiz to assess the students command on the topics of the course. The quiz will be open book, open notes; that is, you can bring as much supporting material as you desire. You can even bring a tablet or a laptop if you wish, but wireless communications of the device must be disabled. However, the quiz is strictly individual. The duration of the quiz will be 45 minutes.
3) Group work : at the beginning of the course (that is to say, in just a few moments) you will be assigned to a group, and a company will be assigned to each group. You must prepare a valuation report of that company using a DCF method. That valuation report will be due before May 26th . In addition, you must prepare an executive summary of your valuation report, and you will have to make a live presentation of that executive summary (during approximately 10 minutes) on May 26th.
- Valoración de empresas : como medir y gestionar la creación de valor. Edición: 3ª ed. ampl. y puesta al día, reimp.. Autor: Fernandez, Pablo. Editorial: Barcelona : Gestión 2000, 2012 (C. Biblioteca)
- Un paseo aleatorio por Wall Street : la estrategia para invertir con éxito. Edición: 10ª ed.. Autor: Malkiel, Burton G.. Editorial: Madrid : Alianza, 2013 (C. Biblioteca)
07/04 (1 session): Unit 1
13/04 (1 session): Unit 2
20/04 (1 session): Unit 2
27/04 (2 sessions): Unit 2
30/04 (1 session): Unit 3
05/05 (2 sessions): Unit 3
12/05 (2 sessions): Unit 4
18/05 (1 session): Unit 5
19/05 (2 sessions): Unit 5
21/05 and 22/05 (6 sessions): Practical Workshop
26/05 (2 sessions): Examination