Corporate valuation-an Overview-Context of valuation-Approaches to Valuation-Features of the valuation process: Book value approach, Stock and debt approach, discounted cash flow approach, Relative valuation approach, option valuation approach-Features of the valuation process-Corporate valuation in practice.
Enterprise DCF Model-Analysing historical performance-Estimating the cost of Capital- Forecasting performance-Estimating the continuing value-Calculating and interpreting the results-Other DCF models: Equity DCF Model: Dividend discount model, free cash flow to Equity (FCFE) model-Adjusted present value model-Economic profit model-Applicability and Limitations of DCF analysis
Relative valuation-Steps involved in Relative valuation-Equity valuation multiples-Enterprise valuation multiples-Choice of multiple-Best practices using multiples-Assessment of relative valuation. Other Non DCF Approaches-Book Value approach-Stock and Debt approach-Strategic approach to valuation-Guidelines for corporate valuation
Advanced issues in valuation-Valuation of companies of different kinds-valuation in different contexts-Loose ends of valuation-Valuation of intangible assets: Patents, trademarks, copyrights and licenses; Franchises; Brands
Value Based Management- Methods and Key premises of VBM-Marakon approach-Alcar approach-Mckinsey approach-Stern Stewart approach-BCG approach-Lessons from the experiences of VBM adopters.
Case studies in Valuation - Bharat Hotels company - Bharat Heavy Electricals Limited - Bhoruka Power Corporation Limited - Valuation in the Merger of ICICI with ICICI Bank - Sasken Communication Technologies - Valuation of Infosys Brand
(Question Paper: 50% Theory and 50% Problems)
Practical Component: