It is one of the subjects which are part of the Minor Degree in Finance, indifferent in the Degree course.

The main objective of this course is for the student to acquire knowledge about the fundamentals of company valuation, by reviewing the methods of valuation of existing companies, their characteristics and their limitations. The goal is to convey to students the basic principles of the business valuation process, as well as its importance and applicability in company mergers and acquisitions, in the evaluation of the business management, as a tool to measure the creation of value, in IPOs, etc.

- Mastering the main methods of valuation of companies.

- Gaining a critical view of the different valuation methodologies.

- Identifying the most appropriate valuation methodology in each case.

- Determining the financial economic value of any company, merger or acquisition.

-Writing of company valuation reports

FUNDAMENTALS OF BUSINESS VALUATION

BALANCE SHEET-BASED VALUATION METHODS

DISCOUNTED CASH FLOW VALUATION METHODS

MULTIPLES APPROACH VALUATION METHODS

Combination of the following methodologies:

- Lectures: Presentation of basic concepts and the tools and techniques that the student must understand to achieve the proposed knowledge objectives and exercises to be solved in class by the teacher.

- Classroom practicals: Exercises, case studies and/or readings will be presented and will be worked out in class and the students will attempt to solve them and present their solutions in class. Part of the group work can also be done in these class hours.

- Out-of-classroom assignments. Part of the contents of the classroom practicals will be complementary work carried out outside the classroom by the students.



Teaching will be in person or bimodal (if the size of the group does not make it possible for all the students to attend the classroom in person). If for health reasons attendance in person is not allowed in the classroom, there will be online teaching.

• Continuous Assessment System
• Final Assessment System
• Tools and qualification percentages:
  • Team projects (problem solving, project design)) (%): 30
  • Consultar para más detalles el apartado de las Convocatorias (%): 70

Assesment of this subject will be :



- Continuous evaluation: 30% of the course mark. It will consist of theoretical and/or case solutions, presentations of readings and/or other activities related to the subject, carried out in a group or individually. Should a presentation of an assignment be required, it will be part of the evaluation.



- Individual final exam: 70% of the course mark. It will be a written exam requiring the resolution of theoretical questions and exercises. In the event that a theoretical questions section and a practical case section are included, in each section a minimum score of 40% of the grade assigned to each section must be achieved to add up the marks for each section. In any case, to pass the exam, the sum of the notes in both sections must reach 50% of the exam grade.



The final mark will be the sum of the scores achieved in the two evaluations mentioned. The sum will be carried out only if the minimum scores established for each evaluation are attained (50% of the mark of each evaluation). Students will pass the course provided the final mark is at least 5 points.



Students may waive the continuous evaluation (or mixed evaluation) system and opt for final evaluation, regardless of whether they have participated in continuous evaluation. The deadline for requesting the waiver is 9 weeks from the beginning of the term and must be in writing, THROUGH eGela.

Valuation criteria will be that described for the ordinary evaluation.

Students who have not opted for mixed evaluation or who have not reached the minimum grade required in continuous evaluation, will write the final exam, comprising 100% of the final mark.

Basic and complementary materials will be available to students both on the eGela platform or in the print & copy service.

Basic bibliography

ADSERA, X y VIÑOLAS, P (2003): Principios de valoración de empresas, Ed. Deusto, Bilbao.

ASOCIACIÓN ESPAÑOLA DE CONTABILIDAD Y ADMINISTRACIÓN DE EMPRESAS (AECA) (1999): principios de valoración de empresas: Estudio de aplicabilidad de los diferentes métodos de valoración. AECA. Madrid.

FERNANDEZ, P (2005, 3ª ed.): Valoración de Empresas, Ed. Gestión 2000, Barcelona

LÓPEZ MARTÍNEZ, F. (2007): Valoración de empresas: una introducción práctica. Ed. Deusto. Bilbao.

REVELLO DE TORO (2014): La valoración de los negocios: una guía teórico y práctica para valorar empresas. DELTA.

In-depth bibliography

COPELAND, T., KOLLER, T., MURRIN, J. (2004): Valoración, medición y gestión del valor, Ed. Deusto. Bilbao 2004
DAMODARAN, A. (2012): Investment valuation: tools and techniques for determining the value of any asset. John Wliley & Sons, New Jersey.
KOLLER, T., GOEDHART, M. y WESSELS, D. (2005): Valuation: Managing the Value of Companies. John Wiley. Nueva York.
LÓPEZ MARTÍNEZ, F. (2007): Valoración de empresas: una introducción práctica. Ed. Deusto. Bilbao.
MARIÑO, M.T. (2009): “¿Cómo afecta la crisis al método de valoración del descuento de flujos de caja?”, Harvard Deusto Finanzas y Contabilidad, nº. 88, pp. 42-51.
MARTÍNEZ CONESA, I y GARCÍA MECA, E. (2005): Valoración de empresas cotizadas. AECA. Madrid.
MASCAREÑAS, J. (2011): Fusiones, Adquisiciones y Valoración de Empresas, Ecobook, Madrid.
ROJO RAMÍREZ, A. (2007): Valoración de empresas y gestión basada en el valor. Thompson Paraninfo. Madrid.

Journals

Análisis Financiero
Cinco Días
Estrategia Financiera
Expansión
Harvard Deusto Finanzas y Contabilidad
Revista Bolsa

Web addresses

Banco de España: http://www.bde.es
Bolsas y Mercados Españoles: http://www.bolsasymercados.es/
Comisión Nacional del Mercado de Valores: http://www.cnmv.es
Yahoo Finanzas: http://es.finance.yahoo.com/