Please note! Course description is confirmed for two academic years (1.8.2018-31.7.2020), which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.

LEARNING OUTCOMES

After completing this course a student should understand how corporate strategy and operations are linked to corporate valuation, how to select the right valuation model for the task at hand, how to standardize financial statements, forecast financial statements in a spreadsheet program, and perform actual valuation. The student should also be able to fluently interpret, discuss, present, and understand the limitations of valuation results for strategic decision making.

Credits: 6

Schedule: 02.03.2021 - 12.04.2021

Teacher in charge (valid 01.08.2020-31.07.2022): Elias Rantapuska

Teacher in charge (applies in this implementation): Elias Rantapuska

Contact information for the course (applies in this implementation):

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English

CONTENT, ASSESSMENT AND WORKLOAD

Content
  • Valid 01.08.2020-31.07.2022:

    Basic concepts of valuation, corporate strategy and operations as a source of value, interpreting and standardizing financial statements, forecasting financial statements, valuation models, empirical issues and special cases in valuation. Case exercises apply all of this knowledge to real-life valuation cases.

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    Cases and presentation of a case (35%)
    Final valuation group project and its presentation (35%)
    Exam (30%)

Workload
  • Valid 01.08.2020-31.07.2022:

    Lectures, student-led case sessions, and group valuation project presentation 32 h
    Independent work 127 h
    Exam 3 h

DETAILS

Study Material
  • Valid 01.08.2020-31.07.2022:

    Palepu Krishna G., Paul M. Healy and Erik Peek: Business Analysis and Valuation - IFRS edition, 5th or 4th ed. (Textbook, required reading)

    Pinto Jerald E., Elaine Henry, Thomas R. Robinson and John D. Stowe (2015) Equity Asset Valuation, 3rd edition. ISBN: 978-1-119-10426-1 (Professional reference handbook, recommended reading)

    Availability

Prerequisites
  • Valid 01.08.2020-31.07.2022:

    Introduction to Accounting, Introduction to Finance, Corporate Finance, Financial Markets and Institutions, Investment Management, and intermediate spreadsheet skills. Students may find it helpful to make this the last or almost last course of their B.Sc. degree. Aalto University or exchange students with less than three courses completed in finance are strongly discouraged from enrolling, although can do so at their own risk.

SDG: Sustainable Development Goals

    1 No Poverty

    8 Decent Work and Economic Growth

    9 Industry, Innovation and Infrastructure

FURTHER INFORMATION

Description

Registration and further information