Kurzus nemzetközi vendég- és részidős hallgatóknak
- Kar
- Gazdaságtudományi Kar
- Szervezet
- GTK Pénzügy és Számvitel Tanszék
- Kód
- GTI24AN309EN
- Cím
- Vállalati pénzügyek II.
- Tervezett félév
- Őszi
- Meghirdetve
- 2023/24/2
- ECTS
- 3
- Nyelv
- en
- Oktatás célja
- Building on the foundations acquired in Corporate Finance I., this course aims to expand the finance principles to valuation of the firm. Thus, at the end of the course, students will have a comprehensive understanding of the application of corporate finance that they are likely to come across in practice when valuing a company and estimating its equity value per share.
- Tantárgy tartalma
- Valuation of the firm and its equity via the FCFF+WACC method is the main topic of the course. We discuss: Main valuation approaches (DCF, relative, asset-based, contingent claims) Estimation of the WACC and its parameters (risk-free rate, risk premium, beta, leverage, cost of equity, cost of debt) Measurement and adjustments of earnings (accounting vs. valuation perspective, one-off/extraordinary items, reclassifications, changes in operations) Free Cash Flow to Firm (FCFF) derivation starting from earnings (EBIT, tax rate, reinvestment as changes in net working capital and capital expenditures) Estimation of growth rates and terminal value (relations of growth rate, reinvestment rate, return on capital and also its decomposition into operating margin and sales/capital in a sales-driven approach, WACC, explicit period and terminal period considerations) Calculation of firm value and, subsequently, equity value (by consideration of debt and non-operating assets) Full consolidation and its implications to equity valuation, calculation of equity value per share and its interpretation
- Számonkérés és értékelés
- The principles and ground rules of assessment at ELTE Faculty of Economics for bachelor courses are available at: https://eltehu.sharepoint.com/sites/GTKstudents/SitePages/The_principles_and_ground_rules.aspx
- Irodalomjegyzék
- A. Damodaran: Investment Valuation: Tools and Techniques for Determining the Value of any Asset (2nd edition), Wiley.