ØABED4100 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.

Emnet inngår i studieprogrammet for kompletterende lærerutdanning, og er beregnet på studenter som har fått innvilget opptak på dette programmet. Studenter må ha bestått minimum 10 studiepoeng fra emne 1 eller 2 og dokumentere norsk språk på B2-nivå, skriftlig og muntlig, fra Kompetanse Norge sin norskprøve.

None

After completing the course, the student should have the following overall learning outcomes defined in terms of knowledge, skills and general competence:

Knowledge

The student has

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

Skills

The student

• is able to apply the advanced valuation techniques to real companies, to form an informed opinion as to the fair value of a company
• has increased competence in presenting and discussing complex corporate valuation issues in a challenging context
• is able to take complex financial information and distil them into relevant information for the valuation process
• is able to confidently present the findings of their analysis verbally and in written and presentation of the fair value of a corporation or project towards investors, top management, and board of directors

General competence

The student

• has completed demanding case work and presentations as constructive members of a student group
• can produce alternative methods or 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.

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.

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.

The teaching is coordinated with ØABED3700.

The following coursework requirements must have been approved for the student to take the exam:

• Coursework 1: Buy-side analysis
  • Consists of an individual online quiz, and a written report (6 pages) and oral presentation (10 min + 10 min feedback) carried out in groups
• Coursework 2: Analyzing Performance
  • Consists of an individual online quiz, and a written hand-in (spreadsheet/slides with analysis + log) and oral presentation (10 min + 10 min feedback) carried out in groups
• Coursework 3: Forecasting Performance
  • Consists of an individual online quiz, and a written hand-in (spreadsheet/slides with analysis + log) and oral presentation (10 min + 10 min feedback) carried out in groups

Each group is assigned a separate publicly listed case company within a common industry for 3-5 other groups in the class. The case company assigned to a group is analyzed throughout all coursework and is the subject of the final report and presentation for that group.

The coursework requirements will be carried out in groups of 3 students, except for one or two groups of 2 if the number of students is indivisible by 3. These group stay the same throughout the coursework and exam. Changes will be done in agreement with the lecturer on a case-by-case bases.

The aim of the coursework requirements is to work systematically towards producing the content necessary for a good final report and presentation.

All required coursework must be completed and approved by the given deadline for the student to take the exam. If one or more coursework requirements have not been approved, the student will be given one opportunity to submit an improved version by the given deadline.

The exam in the course consists of two parts:

1) A portfolio containing a reworked 10-page (excluding appendices) Sell-side report based on the three written assignments carried out in groups during the coursework requirements. The assignments must be delivered in revised form.

2) An oral exam carried out in groups (10 minutes).

The final grade will be based on two equally weighted parts.

All parts of the exam must be passed in order to pass the course.

All aids are permitted, as long as the rules for source referencing are complied with.

No aids are permitted for the oral exam.

Grade scale A-F

Språk er et viktig verktøy for læring og for deltaking i samfunn og arbeidsliv. I emnet språk, læring og kommunikasjon de grunnleggende ferdighetene skriving, lesing og muntlig vektlagt. Det er nøkkelferdigheter både for studentenes egen læring av fagene på høgskolen og for å kunne utvikle elevenes læring i skolefagene. Mestring av disse ferdighetene legger grunnlag for videre utdanning og arbeidsliv.

Etter fullført emne har studenten følgende læringsutbytte definert som kunnskap, ferdigheter og generell kompetanse:

Kunnskap

Studenten

• har kjennskap til barn og unges språk- og litterasitetsutvikling
• har kunnskap om norsk språk i et typologisk og kontrastivt perspektiv, og kan se eget morsmål i lys av dette
• har kunnskap om flerspråklighet på individ- og samfunnsnivå og om spesielle språklige utfordringer andrespråkselever kan ha i norsk skole

Ferdigheter

Studenten

• kan bruke varierte arbeidsmåter for å legge til rette for språk- og litterasitetsutvikling hos elevene
• kan på en selvstendig måte og i samarbeid med andre integrere de grunnleggende ferdighetene muntlig, skriving og lesing i fagopplæringen
• kan skrive ulike typer akademiske tekster om komplekse profesjonsrelaterte tema med en oversiktlig, leservennlig og hensiktsmessig oppbygging og uttrykksform og med utfyllende og nyansert argumentasjon og drøfting

Generell kompetanse

Studenten:

• kan bruke norsk skriftlig og muntlig på en tilfredsstillende måte i sin yrkesutøvelse som lærer
• kan bruke språket muntlig og skriftlig til å videreformidle, bearbeide og sammenfatte informasjon på en hensiktsmessig måte
• har kjennskap til språksituasjonen i Norge med to sidestilte skriftlige målformer og ikke-normert talemål og har strategier for å forholde seg til begge målformer og ulike talemålsvarianter i profesjonssammenheng
• kan videreutvikle egen og andres språkforståelse ved å utforske nye språklige uttrykk, å gjøre komplekst og utfordrende innhold mer tilgjengelig for målgruppen og bruke sine flerspråklige og faglige ressurser og erfaringer i sin yrkesutøvelse som lærer