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Technical University of Munich

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

General information:

Lecturers: Felix Bachner, Markus Frank

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 three 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 three 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 in the Bavarian Alps. 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.

Grade composition:

It is mandatory to hand in the completed homework assignment after the session with PwC, this will not be graded.

The grade composition for teams of 3 students is as follows:

1. Seminar thesis (Written Report and Excel Model) in teams (50%)

2. Presentation of final results in the block seminar (40%)

3. Peer-review of one presentation (10%)

Course Schedule:

Mandatory presence in person for all participants (please find all dates on campus.tum.de!)

  • Wednesday, 07.05., 1:30 PM – 2:30 PM: Kick-Off in room 2418
  • Monday, 19.05., 4:00 PM – 9:00 PM: Theory: Part 1 at PwC (external location)
  • Tuesday, 20.05., 4:00 PM – 7:00 PM: Theory: Part 2 at Armira (external location)
  • Monday & Tuesday, 23.06 – 24.06.: (Mon: 8:00 AM – 8:00 PM; Tue: 8:00 AM – 4:00 PM) with overnight stay (external location)

For the presentation days, we will stay at a lovely mountain hut (Obere Maxlrainer Alm). We will cover all meals (lunch, dinner, breakfast, lunch) and drinks in the seminar room. Students will be asked to pay a €79 fee for accommodation and arrange their own transportation to the hut.

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