ØABED4100 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.

ØABED3000/4000 Corporate Finance

Upon successful completion of the course the student:

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Knowledge

• have obtained an advanced and 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 advanced valuation techniques to real companies, to form an informed opinion as to the fair value of a company.
• have increased competence in presenting and discussing complex corporate valuation issues in a challenging context.
• be able to take complex financial information and distil them into relevant information for the valuation process.
• be 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.

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General competence

• have 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.

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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:

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

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.

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.

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

1. 3 written assignments;that must be handed in by specified deadlines during the course.;
2. A Final written report presented in 10 A4 pages + any relevant appendices and spreadsheets

All written assessments are group based, with groups of 3 students. Exceptions with groups of 2 students are only permitted if the class is not divisible by 3, and at the lecturers’ discretions.;The group work on the same case company throughout the course.

Further information regarding submission and due dates will be provided at the start of the semester.

All handed-in, handwritten and printed support materials are allowed.

Grading scale A to F.

The three written assignments are graded during the course by an internal examiner. An internal and an external examiner will grade the final report. The final grade is set by both the internal and external examiner.

Students who have the subject ØABED3700 Valution - Equity Research in their bachelor's degree are not allowed to take this course.