Financial analysis and valuation

Carmen GALLUCCI Financial analysis and valuation

0212700124
DIPARTIMENTO DI SCIENZE AZIENDALI - MANAGEMENT & INNOVATION SYSTEMS
EQF6
BUSINESS MANAGEMENT
2019/2020

OBBLIGATORIO
YEAR OF COURSE 3
YEAR OF DIDACTIC SYSTEM 2014
SECONDO SEMESTRE
CFUHOURSACTIVITY
1060LESSONS
Objectives
EDUCATIONAL OBJECTIVES
THE COURSE AIMS TO PROVIDE CRITICAL KNOWLEDGE ABOUT THE FUNDAMENTALS OF FINANCIAL ANALYSIS AND THE ECONOMIC VALUE MEASUREMENT.

KNOWLEDGE AND UNDERSTANDING
AT THE END OF THE COURSE, STUDENTS WILL KNOW THE MAIN THEORETICAL APPROACHES TO THE FINANCIAL DECISIONS AND THE MAIN TECHNIQUES FOR EVALUATING THE ECONOMIC CAPITAL.
APPLYING KNOWLEDGE AND UNDERSTANDING
STUDENT WILL BE ABLE TO PROCESS AND INTERPRET MODELS AND INSTRUMENTS TO EXPRESS A JUDGMENT ON THE STATUS OF HEALTH OF THE COMPANY IN ECONOMIC, MONETARY AND FINANCIAL TERMS. IN ADDITION, THEY WILL BE ABLE TO APPLY DIFFERENT METHODOLOGIES TO MEASURE THE VALUE OF COMPANY’S CAPITAL. HENCE, STUDENTS WILL DEEP THE MAIN THEORETICAL APPROACHES TO EVALUATE THE FIRM AND WILL ACQUIRE PRACTICAL SKILLS REGARDING THE MAIN MODELS, TECHNIQUES AND TOOLS USED FOR THE VALUATION.

APPLYING KNOWLEDGE AND UNDERSTANDING
THE COURSE AIMS TO PROVIDE ABILITIES IN READING AND INTERPRETING BALANCE SHEET AND INCOME STATEMENT AND IN APPLYING CAPITAL EVALUATION METHODOLOGIES.

MAKING JUDGEMENTS
STUDENTS WILL ACQUIRE A CAPACITY OF CRITICAL ANALYSIS AND WILL BE ABLE TO FORMULATE AUTONOMOUS AND AWARENESS JUDGMENTS ABOUT THE EVALUATION OF THE ECONOMIC CAPITAL.
STUDENTS WILL DEVELOP ABILITIES IN SOLVING PROBLEMS ABOUT CAPITAL EVALUATION, IN LISTENING, ANALYZING AND INTERPRETING FINANCIAL PROBLEMS.

COMMUNICATION SKILLS
THEY WILL BE ABLE TO EFFECTIVELY ARGUE AND COMMUNICATE WITH INTERNAL AND EXTERNAL STAKEHOLDERS. AT THE SAME TIME, THEY WILL DEVELOP INTERPERSONAL SKILLS FOR GROUP DECISIONS.
THE STUDENT, ON THE BASIS OF THE DECISION-MAKING LOGICS AND THE ACQUIRED METHODOLOGIES, WILL BE ABLE TO PROPOSE SOLUTIONS TO THE VALUE MEASUREMENT PROBLEMS.
Prerequisites
ACCOUNTING
Contents
THE ROLE OF INFORMATION IN THE PROCESS DECISION MKING. ANALYSES OF BALANCE SHEET AND INCOME STATEMENT (20H)
-THE ROLE OF INFORMATION IN FINANCIAL DECISIONS
-RATIOS ANALYSIS
-CASH FLOW ANALYSIS
METHODOLOGICAL ELEMENTS FOR CAPITAL ASSESSMENT (10H)
-CASH FLOW
-COST OF CAPITAL
MEASURING COMPANY’S VALUE (30H)
-THE THEORY OF VALUE
-APPROACHES FOR ESTIMATING COMPANY’S VALUE
-PIV (ITALIAN EVALUATION PRINCIPLES)
Teaching Methods
THE COURSE WILL TAKE 60 HOURS (10 ECTS) SPLIT IN FRONTAL LECTURES (40H) AND EXERCISES (20H). DURING EXERCISES, THE TEACHER PROPOSES TO THE STUDENTS THE RESOLUTION OF PROBLEMS ABOUT COMPANY’S CAPITAL EVALUATION. THE STUDENT MUST TO UNDERSTAND THE PROBLEM, PLAN A SOLUTION AND PROVIDE A RESOLUTION.
Verification of learning
IN ORDER TO EVALUATE THE ACQUISITION OF THEORETICAL KNOWLEDGE AND APPLICATION ABILITY, THE FINAL EXAM WILL CONSIST OF AN ORAL TEST.
AN ORAL DISCUSSION, NOT EXCEEDING ABOUT 40 MINUTES, FINALIZED TO VERIFY:
•THE LEVEL OF KNOWLEDGE OF THEORETICAL AND APPLICATIVE CONTENTS;
•THE LEVEL OF COMPETENCE REACHED IN THE EXPOSURE: LANGUAGE PROPERTIES, LOGIC - DEDUCTIVE AND SYNTHESIS CAPACITY, ARGUMENT ABILITY, JUDGMENT AUTONOMY.
Texts
1. METALLO G., FINANZA SISTEMICA PER L’IMPRESA, GIAPPICHELLI, TORINO, 2013, MOD. I, CAPP. 3 E 4 (§ 4.2, 4.2.1) MOD. III, CAP. 1.

2. POZZOLI S., VALUTAZIONE D’AZIENDA, WOLTERS KLUER, 2016 (CAPP. 1, 3, 4, 5, 6, 7, 8, 9, 10, (§ 10.2, 10.3)

OR IN ALTERNATIVE TO 2. POZZOLI, IL TESTO DI GUATRI_BINI

GUATRI L.- BINI M., LA VALUTAZIONE DELLE AZIENDE, EGEA, MILANO, 2007, CAPP. 1, 2, 5, 10, 11, 12, 13, 14, 19
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