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Theory and Practise of Business Valuation & Strategic Performance Management

Theory and Practise of Business Valuation & Strategic Performance Management. Dr. Stefan Gros | WS 2012/2013 | Universität Ulm. Structure. Foundations of Value 1.1. Why Maximizing Value ? 1.2. Fundamental Principles of Value Creation 1.3. Return on Invested Capital, Growth

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Theory and Practise of Business Valuation & Strategic Performance Management

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  1. Theory and Practise of Business Valuation & Strategic Performance Management Dr. Stefan Gros | WS 2012/2013 | Universität Ulm

  2. Structure Foundations of Value 1.1. Why Maximizing Value? 1.2. Fundamental Principles of Value Creation 1.3. Return on Invested Capital, Growth 2. Core Valuation Techniques 2.0. Basics of „Unternehmensbewertung“ 2.1. Frameworks for Valuation Enterprise DCF, Economic Profit Models, APV 2.2. Reorganizing the Financial Statements 2.3. Analyzing of Historical Performance 2.4. Forecasting Performance 2.5. Estimating Continuing Value 2.6. Estimating Cost of Capital (Equity/Debt) 2.7. Review Calculating Results and Using Multiples 3. Strategic Performance Management 3.1. Performance Management and Portfolio Strategy 3.2. Creating Value through Mergers and Acquisitions 3.3. Capital Structure • Reading & Excercises • Koller, Goedhart, Wessels, Valuation, Wiley 2010 • Chapter 1- 6 • Chapter 7-10 • Review Questions • Chapter 11-14 • Review Questions • Additional Exercises • Chapter 19-23 • Review Questions • EXAM-REVIEW 10.2012 11.2012 12.2012 01.2013

  3. Structure • A „Block-Session“ consistsoffourparts: • Lecture, whichaimsatknowledgetransfer, based on notesandtherequiredreading • Review questions, whichstressesmajor, exam relevant learnings • Excerciseswithhomeworkwithsolutionsexplained in class • Lecturenotesandreviewquestions will beprovidedaspdf. download • EXAM: 90 min, consistsof verbal and quantitative parts, mainlybased on thelecture, reviewquestionsandexcersises. Master students will getone additional question. • In caseofinterest in studentinternshipswithauditcompanies, M & A departments in industryorinvestmentbanks, pleasefeelfreetocontactmedirectly. • In caseofquestions, pleasecontactme via e-mail: stefan.gros@dr-gros.de

  4. Learning Outcomes • Students will learn to use basic valuation and finance terminology in an adequate and critical manner. • They will develop an understanding of the connections within a business valuation and find out the relation between finance and strategy. • Students will be able to understand business valuation as a guideline of business decisions and to conduct valuations. The comprehensive connections between the different sub-categories of business science will be made transparent. • They will learn how to develop and apply portfolio strategies and get an understanding of corporate performance. Furthermore they learn the analysis of Mergers & Acquisitions, approaches for improving the business performance and the design of capital structures as a means to support the corporate strategy. • After finishing the course, students will possess necessary basics for the Certified Financial Analyst (CFA), an additional qualification which is very important and relevant in the professional life.

  5. Required Readings Koller/Goedhart/Wessels: Valuation, Measuringand Managing the Value of Companies, University 5. Ed., Wiley 2010 Koller/Goedhart/Wessels: Valuation, Workbook, Wiley 2011 Palepu/Healy/Peek: Business Analysis andValuation IFRS edition, 2010 South Western Cengage Learning Müller-Stewens/Lechner Strategisches Management, Stuttgart, 2. Auflage 2003 Müller-Stewens/Brauer, Corporate Strategy & Governance, Stuttgart 2009 Further readings: Adolph/Mainnardi: The capabilities Premium in M & A, Strategy+BusinessIssue 66, Spring 2012 Eayrs/Ernst/Prexl: Corporate Finance Training, 2. Aufl., Stuttgart 2011 Prexl et al, Financial Modeling, Stuttgart 2010. Ernst/Schneider/Thielen: Unternehmensbewertungen erstellen und verstehen, 4. Aufl., München 2011 Drukarczyk/Schüler: Unternehmensbewertung, 6. Aufl., München 2009 Wild, Subramanyam, Halsey: Financial Statement Analysis, 8th Ed. McGraw Hill 2003 Pettit, Strategic Corporate Finance, Applications in Valuationand Capital Structure, Wiley 2007 Drukarczyk/Ernst (Hrsg.): Branchenorientierte Unternehmensbewertung, 3. Aufl. München 2010 Hommel/Braun: Unternehmensbewertung, Frankfurt am Main 2005. Brealey, Myers/Allen: Principlesof Corporate Finance, Global Edition 2011

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