Examiner: Prof. Dr. Gunther Friedl
Lecturer: Alexander Schult, Moritz Rombach, Julius Baumgart
Language: english
SWS/ Credits: 4 SWS / 6 ECTS
Application: via TUMonline

Corporate valuation is fundamental for the functioning of capital markets. It is the basis of stock trading and corporate finance activities such as raising capital, mergers, acquisitions, demergers and disposals. The ability of market participants to identify under- or overvalued companies drives portfolio outperformance and the creation of shareholder value. In this seminar, students will learn to solve basic theoretical and practical problems in corporate valuation.

The seminar will kick off with a homework assignment that will be distributed via email before the kickoff. You will complete a financial model and perform a valuation in Excel. You can hand in the completed model in teams of 2-3 students. You will learn more about the assignment during the kick-off session. In another session, corporate valuation experts will walk you through a "solution" of the homework assignment. Further, we will introduce you to different contextual situations (e.g. private equity, venture capital, infrastructure assets, hostile takeovers, leveraged buyouts) that you will work on for your seminar thesis and final presentation. Again, you will work on the assigned topic in teams of 2-3 students. You are expected to theoretically discuss valuation principles and the specifics of your different contextual situation and apply the techniques to a real-life business case. We will assign supervisors who support you while writing the seminar thesis. You will then hand in the thesis as well as a corresponding presentation.

A presentation of the final results will take place during a block seminar on July 6-8th of July at the Spitzingsee in the Bavarian Alps in the HVB Residence. You shall actively discuss in class and peer-review the seminar paper of one other group. The block seminar will also contain industry/practice presentations and discussion sessions. The number of participants is limited. Students will be selected based on their number of semesters as well as their grades in previous courses.