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Learning Objectives

LEARNING OUTCOMES: The objective of the course is to provide candidates with fundamentals of Corporate Finance and the main tools to perform business valuation. The lessons generally will deal with explanation of main corporate finance and theoretical valuation models, identification of valuation issues and analysis of possible approaches from academic/professional best practises.


Financial mathematics, Excel application of mathematics


Part 1: Basic principles of Corporate Finance
A) Introduction to Corporate Finance.
B) Net Present Value and other investment criteria
C) Introduction to risk and return
D) Portfolio Theory and the Capital Asset Pricing Model
E) Risk and the Cost of Capital
F) Capital Budgeting
G) Payout policy and capital structure
H) Introduction to Options

Part 2: Business Valuation
A) The Business Valuation. Price and Value. Evidences from the market. Main valuation methods.
B) Introduction to Financial methods. The theoretical rationale (Modigliani-Miller, Gordon formula). Discounted Cash Flow Method (DCF).
C) Approaches for the determination of main drivers for DCF (FCF in explicit period, Normalized FCF, Cost of Capital, g).
D) More on Cost of Capital: Levering and Unlevering methods (Hamada formula). Small Cap Risk Premium. Methods for determination of other inputs of WACC calculation (weights, kd, etc..).
E) Valuation of M&A Transactions.
F) Valuation of distressed firms.


Brealey, Myers, Allen - "Principles of Corporate Finance" - McGraw-Hill
M. Vulpiani - "Special Cases of Business Valuation" - McGraw-Hill