Předmět Company Valuation (JEM132)

Na serveru studentino.cz naleznete nejrůznější studijní materiály: zápisky z přednášek nebo cvičení, vzorové testy, seminární práce, domácí úkoly a další z předmětu JEM132 - Company Valuation, Fakulta sociálních věd, Univerzita Karlova v Praze (UK).

Materiál	Typ	Datum	Počet stažení

Sylabus

Note that since the next calendar year 2015 the course of Company Valuation (JEM132) will be re-scheduled from the spring term to the fall term to coincide with the CFA Research Challenge competition.Both four-year and fifth-year students are welcome to take the course in the fall.1) Introduction - overview of the course, discussion of the literature, specification of the requirements, company valuation framework 2) Valuation Models - primary exposition of the kev valuation models: comparable multiples, discounted dividend model, discounted cash flow model, residual income model 3) Financial Accounting - key accounting relationships used in valuation, accrual principle vs. cash flow, clean surplus relationship 4) Accounting Restatements - restatements of accoutning figures, invested capital, net operating profit less adjusted taxes, free cash flow 5) Financial Analysis - construction of financial ratios, return on equity, return on invested capital, financial leverage & spread, asset turnover, operating profit margin 6) Forecasting - value drivers, forecasting of growth, forecasting of profitability 7) Cost of Debt - weighted average cost of capital, financial structure, cost of debt 8) Cost of Equity - estimating CAPM, determination of equity market risk premium, estimating beta, 3-factor model 9) Horizon - determining horizon growth and profitability, continuing value 10) Value Estimate - discounting, determining per share value, sensitivity analysis, buy-hold-sell recommendation 11) Qualitative Analysis - macroeconomic analysis, Porter's analysis,. SWOT analysis 12) Comparable Multiples - book-to-market ratio, earnings-to-price ratio, ebita-to-enterprise value ratio

Literatura

Core Koller, T., M. Goedhart, T. E. Copeland, D. Wessels and McKinsey and Company. (2005). Valuation: Measuring and Managing the Value of Companies (John Wiley & Sons Inc., Hoboken, N.J.).ReferencePenman, S. H. (2007). Financial Statement Analysis and Security Valuation (McGraw-Hill, London).Damaodaran, A.(2001) The dark side of valuation, Prentice Hall.Lundholm, R., T. O'Keefe and G. A. Feltham (2001), "Reconciling Value Estimates from the Discounted Cash Flow Model and the Residual Income Model", Contemporary Accounting Research, Vol. 18, No. 2, pp. 311.

Garant

Jiří Novák, M.Sc., Ph.D.

Vyučující

Mgr. Aleš ČornaničPetra KolouchováJiří Novák, M.Sc., Ph.D.PhDr. Oliver PolyákIng. Barbora Svárovská, M.A.