Advanced Seminar in Finance and Accounting (M.Sc.): Corporate Valuation

General information:

We plan to allow a fully digital participation in this event!

Examiner: Prof. Dr. Gunther Friedl

Lecturers:  Matthias Regier (Organization!), Dominik Kemsa, Leonard Schwellnus

Language: English

SWS/ Credits: 4 SWS / 6 ECTS

Application: via tumonline
The application period via tumonline begins on September 27. As we already kick this seminar off on October 01, we only consider applications via tumonline submitted until September 28. If we offer you a fixed place (on September 29) and you accept it, this will have the same consequences regarding your other seminar applications. You cannot withdraw from the seminar once you accepted the fixed place. Further, we cannot allow students to enter the seminar at a later point (i.e., after the kickoff).

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 DCF valuation in Excel. You can hand in the completed model in teams of two 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 two 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 two/three-day block seminar (probably in December 2021 or January 2022, detailed information will follow). 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.

Grade composition:

It is mandatory to hand in the completed homework assignment.

We plan the following grade composition:
1. Seminar thesis in teams of two + the corporate valuation model in Excel form (50%)
2. Presentation of final results in the block seminar (40%)
3. Peer-review of one seminar thesis (10%)

Course Schedule: