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.

Exam content: The learning outcomes

Exam form:;Combined exam

1) Individual oral exam, up to 20 minutes

2) Individual portfolio exam, consisting of two assignments, up to 2,000 words for each assignment;

One grade is awarded based on the following weighting of the parts of the exam: Oral exam 60 %, portfolio exam 40 %. Students must be awarded a pass grade A-E for both parts of the exam in order to pass the course. When awarding a grade for the portfolio, each assignment counts equally, but the overall grade will be an F if an F is awarded for one of the assigments.

Students can appeal the grade awarded for the written part (portfolio) of the exam.

Resit exam: If the student is awarded an F in one part of the exam, this part of the exam must be retaken. If the portfolio exam is awarded an F, the student must rework the assignment(s) for which an F was awarded.

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 takes place with in-person attendance on campus.

The lectures are considered part of the curriculum, and it's the students responsibility to be present or otherwise obtain their content.

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 3-5 students. 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.

Passed the second year of the programme.

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 broad knowledge of the role of pharmaceuticals in the prevention and treatment of illness from an individual and societal perspective
• has broad knowledge of pharmaceutical services
• is familiar with the routines and procedures for medication reviews and discussions
• is familiar with the pharmaceuticals users' need of information in different life situations and with different illnesses;
• is capable of explaining key concepts in the field of epidemiological methodology
• is capable of explaining ethical dilemmas relevant to epidemiological research
• is familiar with key statistical concepts used in medical statistics

Skills

The student is capable of

• carrying out source searches and providing information to pharmaceuticals users in different life situations and with different illnesses, and with varying information needs
• applying epidemiological concepts
• applying digital tools in statistical calculations and graphical presentations of prescription statistics and other figures that concern the use of pharmaceuticals
• using evidence-based subject matter and innovation in project work, communicating this and contributing to discussions in the field

General competence

The student

• has insight into pharmaceutical issues in society
• is capable of reflecting on the correct use of pharmaceuticals in special groups of patients
• is capable of reflecting on the quality and validity of information provided by different sources
• is capable of contributing to making innovation and entrepreneurship a way of thinking in healthcare

Work and teaching methods include lectures, group work, seminars, project work, practical student exercises, digital teaching and portfolio assignments. The course is organised in such a way that it alternates between theoretical lectures and practical student exercises in compliance (different pharmaceutical formulations) so that the student can learn more about the challenges of pharmaceuticals use in different life situations and for different illnesses. The students will learn statistical concepts and epidemiology through the computer lab exercises and critical assessment of articles. Canvas and Open EdX are;the digital tool used in the course.

The following required coursework must be approved before the student can take the exam:

• a minimum attendance requirement of 80% at scheduled and supervised group work, and at seminars with oral presentations
• digital storytelling about the student's own challenges relating to medication adherence
• project assignment in groups of 4-6 students with a pitch on innovation and entrepreneurship

Oral exam: None

Portfolio exam: All