ØABED3700 Valuation - Equity Research Course description

The course covers advanced valuation techniques used for thorough modeling of a firm's value. The aim is to provide students with advanced knowledge and in-depth understanding of the concepts behind fundamental value, and the underlying assumptions to sensibly apply their existing theoretical understanding of valuation. The goal is no longer to calculate a price, but to build a model to understand how different assumptions or potential future events impact the value of the firm. The course will be relevant for students seeking a career in equity research, investment banking, management consulting, and larger corporations in Norway and internationally.

ØABED3000/4000 Corporate Finance

Upon successful completion of the course the students:

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Knowledge

• have obtained an integrated understanding of fundamental drivers of value, and valuation techniques.
• have implemented and understood the use of this knowledge in practical settings.

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Skills

• be able to apply the main valuation techniques to real companies, to form an informed opinion as to the fair value of a company.
• be able to take complex financial information and distil them into relevant information for the valuation process.
• be able to present the findings of their analysis verbally and in written and presentation of the fair value of a corporation or project towards their peers.

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General competence

• have completed demanding case work and presentations as constructive members of a student group.
• can resolve discrepancies and argue why they are good solutions to the problem.

The students require a lot of practice to develop their analytical abilities. The subject matter is taught through ordinary lectures, guest lectures, group hand-ins and presentation, as well as discussions relating to case exercises.

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The Course is Taught around 4 "blocks", where the first 3 hand-ins are steppingstones to the final report and presentation. Each student group has one case company throughout the course. Each block has the same structure of lectures/discussions, quiz, case work, presentation with feedback. This gives the students a piecemeal approach to the process of analyzing and valuing a publicly listed company.

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The students will be given feedback on their Presentation, Writing and Typography skills in relation to their reports and presentations of their case company. The final report and presentation will partly be graded on how convincing, understandable, and well argued the report and presentation are. Succinctly arguing your findings is therefore essential.

To be able to obtain a final grade in the course, the student must have the following approved work requirements:

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4 individual multiple choice quizzes, available for a limited time at specified dates;;

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;;;;;;;;;;; 4 presentations in class: The groups present their three written assignments and the final report (see Assessment below). The group members must participate equally in the presentations.

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If the multiple choice quizzes are not approved, the student will be given one opportunity to submit a new multiple choice. The lecturer will provide more detailed information about deadlines for submission. All presentation dates and timeslots will be provided at the beginning of the semester.

In processes that affect the construction, operation and remediation of buildings, it is important to choose and act in such a way that users and affected parties are not exposed to danger or discomfort. It is therefore important during the entire lifetime of the building to focus on cleaning, waste management, handling of hazardous substances and access to fresh air and clean water.

After completing this course, the student has the following learning outcomes, defined as knowledge, skills and general competence:

Knowledge

The student has:

• in-depth knowledge of the criteria for a good indoor climate and how they can be achieved
• in-depth knowledge of official requirements, laws, regulations and industry standards for indoor climate, cleaning and sanitary engineering installations
• in-depth knowledge of health and hygiene

• advanced knowledge of cleaning, indoor climate and cleaning posts
• advanced knowledge of cleaning and waste management during the construction phase and in operation
• advanced knowledge of hot water/ventilation and legionella
• advanced knowledge of water quality and quality requirements
• advanced knowledge of corrosion on pipe systems
• advanced knowledge of application, damage limitation and damage repair in relation to environmental toxins such as PCB, asbestos and heavy metals

• advanced knowledge of wet room issues and can apply this in the design of wet rooms

Skills

The student is capable of:

• analysing needs and complying with the applicable rules and norms, preparing requirements specifications for indoor climate, cleaning and technical sanitary solutions

• applying cleaning methods that ensure a good indoor climate in buildings
• creating/designing and maintaining (cleaning/renovating) good hygiene conditions in our buildings.
• contributing to ensuring good hygiene conditions in buildings under construction, operation and renovation
• use relevant methods for calculating, specifying and designing systems for ventilation, water supply, drainage, sanitary engineering and domestic hot water preparation in relation to indoor climate, cleaning and sanitation needs
• analysing sanitary systems in relation to energy consumption, economy and environmental impact
• managing and optimising work on technical sanitary installations in buildings
• designing corrosion-resistant pipe systems and choosing measures to reduce corrosion on corrosion-exposed systems
• carrying out analyses of material choices and building technology solutions and applying the results to ensure that the indoor climate and sanitary engineering system is in accordance with health, safety and the environment requirements

General competence

The student is capable of:

• planning, designing, dimensioning and controlling energy-efficient heating, ventilation and technical sanitary installations
• formulating research questions and analysing them on the basis of scientific methods
• working independently on sanitary engineering systems

Admission requirements.

After completing the course, the student is expected to have achieved the following learning outcomes defined in terms of knowledge, skills and general competence:

Knowledge:

The student:

· has sufficiently advanced knowledge of building physics, complex climate impacts and building materials to be able to develop and propose climate-adapted, robust and innovative solutions

· is capable of assessing climate adaptation solutions for building envelopes and components

· has advanced insight into the properties of building materials, not least about emissions, energy demand and CO2 emissions in connection with production, and their durability, service life and degradation processes

· has specialised knowledge of the advantages and disadvantages of building materials and the optimum combination of different materials with a view to maximising the building-s energy efficiency, sustainability and service life

· is capable of combining building physics and sustainability principles to achieve an environmentally sound building design.

Skills:

The student is capable of:

· explaining relevant standards and requirements for building materials and components, and assessing documentation from manufacturers/suppliers

· combining analysis methods for building physics calculations and life-cycle assessments in the choice of materials, components and design

· criticising and justifying these choices in relation to complex phenomena that arise between a building and the outdoor/indoor climate

· planning and creating a comprehensive and environmentally sound building design, including a description of the materials and components used in the building envelope

· interpreting simulation tool results to revise and optimise the proposed design

· assessing the quality and condition of materials and components in existing buildings, and any maintenance and replacement needs.

General competence:

The student is capable of:

• using scholarly articles to keep up with latest developments in the field
• working in teams
• presenting results in a scholarly, professional manner with the help of written reports and oral presentations.