Learning objectives
The business valuation is a central theme of Economia d’ azienda. The course aims to present and deepen the topics related to economic entities valuation, stressing the fundamental principles and the unity of the valuation process even though in the multiplicity of different methods and techniques.
Particularly the course aims to explain the “independent valuation” for the business transfer, mergers and acquisitions, and the strategic valuation for management decisions, taking into account the historical evolution of studies, researches and professional practices on valuations, both at national and international level.
It deals also with special topics, typical of “economic capital” determination, such as “economic value added”, “income capacity of industries and more generally of economic sectors”, “securities investments appraisal” and so on.
Subsequently it refers specifically at the valuation of economic entities of different production sectors, commercial, industrial, services, banking, financial and insurance ones.
Course unit content
1. Business growth, new value and economic ethics.
2. Historical analysis of value theory.
3. Economic value of business capital.
4. Strategic capital and business value determination. The hypothesis of transfer and
acquisition:
4.1 direct and indirect methods;
4.2. income methods;
4.3. financial methods;
4.4. patrimonial methods;
4.5. mixed methods.
5. Characteristic magnitudes of business valuation formula:
5.1. general value of economic capital and flow variables;
5.2. discount and capitalization rates;
5.3. time dimension.
6. Values of the intangibles.
7. Economic value added (EVA).
8. Value production and profitability of different industries.
9. Economic capital determination of groups and holding companies.
10. Control premiums, minority discounts and lack of marketability discounts in stocks
valuation.
11. The integrated valuation judgement.
12. The valuation report.
13. Cases referred at industrial and service entities, financial , credit and insurance
companies.
Bibliography
GALASSI G. (a cura di), Lo sviluppo delle imprese tra opportunità e vincoli, Giuffrè, Milano, 2000.
ZANDA G., LACCHINI M., ONESTI T., La valutazione delle aziende, V edizione, Giappichelli, Torino, 2005.
Materiale didattico distribuito dal docente.
Letture consigliate
ANTIL N., LEE K., Company Valuation under IFRS, Harriman House, Petersfield, 2005.
CATTANEO M., Principi di valutazione del capitale d’impresa, Il Mulino, Bologna, 1998.
DONNA G., La creazione di valore nella gestione dell’impresa, Carocci, Roma, 1999.
FERRERO G., La valutazione economica del capitale d’impresa, Giuffrè, Milano, 1966.
FRYKMAN D., TOLLERYD J., Corporate Valuation. An Easy Guide to Measuring Value, Prentice Hall, Englewood Cliffs, 2003.
GALASSI G., Misurazioni differenziali, misurazioni globali e decisioni d’azienda, Giuffrè, Milano, 1984.
GUATRI L., 50 anni di valutazioni aziendali. Dal pionierismo all’internazionalizzazione, Egea, Milano, 2006.
GUATRI L., BINI M., La valutazione delle aziende, Egea, Milano, 2007.
KOLLER T., GOEDHART M., WESSELS D., Valuation. Measuring and Managing the Value of Companies, Wiley, New York, 2005.
LUNDHOLM R., SLOAN R., Equity Valuation and Analysis, McGraw Hill, New York, 2004.
VIGANÒ R., Il valore dell’azienda, Cedam, Padova, 2001.
WEST T.L., JONES J.D., Handbook of Business Valuation, Wiley, New York, 1992.
Teaching methods
Lectures and business cases with active students participation.
