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.

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

Kunnskap

Studenten kan

• beskrive viktige egenskaper hos noen av de vanligst forekommende humanpatogene mikroorganismer
• gi eksempler på hvordan mikroorganismer kan forårsake sykdom
• beskrive hovedprinsippene for virkningsmekanismer av antibiotika
• beskrive noen resistensmekanismer hos bakterier og forklare hvordan bakterier kan utvikle resistens overfor antibiotika
• forklare hvordan mikroorganismer kan påvises ved hjelp av dyrking, immunologiske og genteknologiske metoder
• vurdere hvilken betydning funn av ulike mikroorganismer kan ha i forskjellige typer prøvemateriale
• forklare prinsippene for ulike immunologiske metoder og vise innsikt i metodenes bruksområder, muligheter og begrensninger
• forklare hvordan aktuelle metoder og analyser kvalitetssikres

Ferdigheter

Studenten kan

• påvise, isolere og identifisere enkelte viktige humanpatogene mikroorganismer og utføre resistenstesting overfor antibiotika
• utføre arbeidet på en forsvarlig måte slik at smittevernet ivaretas
• utføre og kvalitetssikre ulike immunologiske metoder og vurdere eventuelle feilkilder knyttet til disse

Generell kompetanse

Studenten

• kjenner til lover og regler som regulerer smittevernet i samfunnet og helsetjenesten

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.

Medisinsk mikrobiologi omfatter alle typer mikroorganismer som kan gi infeksjonssykdom hos mennesker. Mikrobiologiske laboratorier skal bidra til å sikre at pasienter får stilt sikre og raske diagnoser samt riktig behandling ved infeksjonssykdommer.

Medisinsk immunologi omfatter immunologiske sykdommer. Immunologiske laboratorier bidrar til rask og sikker diagnose samt riktig behandling av pasienter med denne type sykdommer.

Grunnleggende kunnskap innen medisinsk mikrobiologi og immunologi er viktig fordi bioingeniører har ansvar for å utføre og kvalitetssikre de analyser og påvisningsmetoder som brukes i denne type laboratorier. I emnet vektlegges påvisning og identifikasjon av mikroorganismer samt påvisning av bakteriers følsomhet/resistens overfor antibiotika. Videre legges det vekt på hvordan sykdom oppstår og hvordan enkelte immunologiske sykdommer kan påvises ved hjelp av antistoff/antigenreaksjoner.

Emnet er sammensatt av følgende fagområder, angitt i studiepoeng:

Medisinsk mikrobiologi 8,5

Medisinsk immunologi 1,5

Sum 10

Bestått første studieår.

Arbeids- og undervisningsformene er valgt ut fra prinsippet om integrering av teori og praksis. Emnet omfatter yrkesrelevante og problemorienterte oppgaver innen mikrobiologi og immunologi hvor problemløsning, aktivitet, refleksjon og samarbeid er en forutsetning. Mesteparten av undervisningen foregår i skolelaboratoriet der påvisning av mikroorganismer og eventuelle antistoffer mot disse undersøkes fra forskjellig typer prøvemateriale. Relevant teori knyttes til praksis ved hjelp av forelesninger, individuelle oppgaver og ulike former for gruppeoppgaver i tillegg til selvstudier. Mappe inngår som et viktig læringsverktøy i emnet.