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  1. Courses

Business Valuation - 37217-2

courses
ID:
37217-2
Dettaglio:
SSD: Engineering and Management Duration: 48 CFU: 6
Located in:
DALMINE
Url:
Course Details:
MANAGEMENT ENGINEERING - 37-270/CURRICULUM GESTIONALE Year: 1
Year:
2025
Course Catalogue:
https://unibg.coursecatalogue.cineca.it/af/2025?co...
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Overview

Date/time interval

Secondo Semestre (23/02/2026 - 06/06/2026)

Syllabus

Course Objectives

The course aims to provide both theoretical foundations and practical tools for valuing the economic worth of a company, using the main methodologies recognized at the international level. By the end of the course, students will be able to:


  • Understand the fundamental logic behind value creation.
  • Apply standard valuation methods (DCF, multiples, APV, etc.).
  • Assess companies in various contexts: listed/unlisted, startups, distressed firms, M&A scenarios.
  • Prepare a comprehensive and consistent valuation report.



Course Prerequisites

None


Teaching Methods

Teaching will be delivered through traditional lectures, with a particular emphasis on interaction and open dialogue with students. During the classes, students will be encouraged to propose topics for further exploration or debate. The course will also include practical seminars (exercises) focused on investment analysis. To better structure these seminars, the instructor will identify topics based on the lecture content that generate the most interest, involving students through a learning-on-demand model.


Assessment Methods

The final assessment will consist of a case study presented by the students. Working individually or in small groups, students will be required to apply the valuation methods and analytical tools covered during the course to a real or hypothetical business case. The objective is to demonstrate the ability to conduct a comprehensive and coherent valuation report, critically interpret financial data, and effectively communicate their findings and conclusions.


Contents

Module 1 – Introduction to Business Valuation


  • Purposes of valuation: finance, M&A, litigation, taxation, etc.
  • Concept of economic value, market value, intrinsic value.
  • Differences between business, branch, and asset valuation.


Module 2 – Preliminary Strategic and Accounting Analysis


  • Critical reading of financial statements.
  • Data normalization (EBITDA, EBIT, Net Financial Position).
  • Adjustments for valuation purposes.
  • Due diligence and accounting issues.


Module 3 – Discounted Cash Flow Method (DCF)


  • Free Cash Flow to Firm vs. Free Cash Flow to Equity.
  • Building forecasted cash flows.
  • Terminal value.
  • Calculation of WACC and cost of equity (CAPM, levered/unlevered beta).
  • Sensitivity and scenario analysis.


Module 4 – Alternative Methods


  • Adjusted Present Value (APV).
  • Economic Value Added (EVA) and residual income methods.
  • Real options (introduction).
  • Valuation using income-based and asset-based approaches.


Module 5 – Market Multiples Methods


  • Multiples of comparable companies (trading multiples).
  • Multiples from precedent transactions (transaction multiples).
  • Selection of comparables, normalizations, pros and cons.
  • Equity Value vs. Enterprise Value.


Module 6 – Special Cases


  • Valuation of startups and high-growth companies.
  • Valuation of distressed companies and turnaround situations.
  • Valuation in M&A contexts.



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Online Resources

  • E-learning
  • Leganto - Reading lists

More information

The examination method is the same for both attending and non-attending students.


Degrees

Degrees

MANAGEMENT ENGINEERING - 37-270 
Master's Degree
2 years
No Results Found

People

People (2)

BERTA Giorgio
Docente a contratto per incarico di insegnamento
CATTANEO Mattia
Gruppo 09/IEGE-01 - INGEGNERIA ECONOMICO-GESTIONALE
AREA MIN. 09 - Ingegneria industriale e dell'informazione
Settore IEGE-01/A - Ingegneria economico-gestionale
Professori Associati
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Other

Main module

Integrated Course in Financial Systems Analysis (Fundamentals and Business Valuation)
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