ØABED3700 Valuation - Equity Research Emneplan

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.

Language of instruction is English.

Studentene får systematisk innføring i teori og praksis om ledelse av menneskelige ressurser i moderne virksomheter (HRM). Målet er å gi studentene oversikt over og innsikt i de sentrale oppgavene innenfor praktisk personalledelse. Emnet bygger på organisasjonsteori og organisasjonspsykologi.

Undervisningsspråk er norsk.

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 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 main valuation techniques to real companies, to form an informed opinion as to the fair value of a company
• able to take complex financial information and distill them into relevant information for the valuation process
• 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

General competence

The student

• has 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.

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 ØABED4100.

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.

For å kunne framstille seg til eksamen må studenten ha følgende godkjente arbeidskrav:

• Arbeidskrav 1: Individuell skriftlig innlevering på 1400 ord +/- 15 %
• Arbeidskrav 2: Skriftlig gruppeinnlevering på 2000 ord +/- 15 %. Studentene blir delt inn i grupper på ca. 6 studenter. Er det behov for kun individuelt arbeid, kan det søkes emneanasvarlig om å gjøre gruppearbeidet individuelt.

Arbeidskravene må være gjennomført og godkjent innen fastlagt frist for at studenten skal kunne framstille seg til eksamen. Dersom et eller flere arbeidskrav ikke blir godkjent, gis det anledning til å kunne levere en forbedret versjon én gang innen angitt frist.

Eksamen i emnet er en skoleeksamen på 4 timer.

Ingen hjelpemidler er tillatt.

Gradert skala A - F