成人大片

Semester 2 - Course Coordinator
Miss Arti Jhuremalani
arti.jhuremalani@adelaide.edu.au 

Semester 1 - Course Coordinator
Mr Graeme Gould
graeme.gould@adelaide.edu.au

By the end of this course students should be able to:
1. Understand and execute various valuation models
2. Analyse financial statements and extract relevant information
3. Recognise and appreciate limitation as well as benefits of valuation models
4. Appreciate the level of subjectivity involved
5. Acquire good research skills
6. Demonstrate good interpersonal communication skills

Study guide, lecture notes & Additional readings. Please read study guide and lecture notes in advance of lectures

Text Books (s) not compulsory, either

Pinto, Henry, Robinson and Stowe, Equity Asset Valuation, 2nd Edition, John Wiley & Sons, 2010.
This can be used as a reference book rather than a text.

Damodaran, Aswath ‘Investment Valuation: Tools and techniques for determining the value of any asset’ 2nd edition, 2002, John Wiley & Sons.

Students can use these texts as reference books.

Benninga, Simon Z and O.H Sarig, Corporate Finance: A Valuation Approach, International Edition, 1997, McGraw-Hill.

Lonergan, W., 2000, The Valuation of Business, Shares and Other Equity, 3rd Edition.

Lundholm, R. and R.Sloan. 2007. Equity Valuation and Analysis. 2nd Edition.

Reilly, Frank K. and K.C. Brown, Investment Analysis and Portfolio Management, 7th Edition, 2002.
Additional references

JASSA (The Finsia Journal of Applied Finance) Australian professional/ academic publication

Financial Analysts Journal. US professional/ academic publication

Arzac, E.R., Valuation for Mergers, Buyouts, and Restructuring, 2005, John Wiley & Sons.

Copeland, T., T.Koller and J.Murrin, Valuation: Measuring and Managing the Value of Companies, 3rd Edition, 2000.

The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This means that you are expected to commit approximately 9 hours for a three-unit course or 13 hours for a four-unit course, of private study outside of your regular classes. Students in this course are expected to attend all lectures (2 hour) throughout the semester plus one tutorial class (1 hour) each week.

Week Number	W/B	Topic Number	Topics	Study Guide	Tute Number
1	March 3	1	An introduction to valuation & financial maths	Chp 1
2	March 10	2	Understanding financial reports	Chp 2	1
3	March 17	2	Understanding financial reports	Chp 2	2
4	March 24	3	Discounted cash flow models- DDM, FCF & APV	Chp 3	3
5	March 31	3	Discounted cash flow models- DDM, FCF & APV	Chp 3	4
6	April 7	4	Fundamental analysis and forecasting	Chp 4
	April 14		Mid-semester Break	Chp 5
	April 21		Mid-semester Break	Chp 5
7	April 28	5	Estimating the discount rate	Chp 6	5
8	May 5	5	Estimating the discount rate	Chp 7	6
9	May 12	6	Market based valuation	Chp 7	7
10	May 19	7	Takeovers	Chp 8	8
11	May 26	7	Takeovers (Assignment due)		9
12	June 2	8	Financial distress, cross shareholding and private firms		10
			Closing thoughts and overview
13	June 9		To be advised

Please consult the Study Guide for appropriate text references on each topic.

Supplementary Reading: For Topic 2: Understanding financial reports, please consult text & notes for Accounting Concepts and Methods (M) and any introductory accounting text. For other topics readings are indicated in the Study Guide for interested students. Changes to the course: Residual Income Model and Technical Trading will not be covered in the course.

Assesment	Due Date and time	Weighting	Related Learning Outcome
Assesment 1	Monday, March 24th, 4 pm	10%	1-6
Assesment 2	Monday, May 26th, 4 pm	20%	1-6
Mid-Term test	Week beginning, April 7th	20%	All
Final Exam		50%	All

Details: The assignment is compulsory and is available on the ‘myuni’ website. Assignments can be done individually, in pairs or groups of 3 students maximum. The assignment is non-redeemable.

Details: The assignment is compulsory and is available on the ‘myuni’ website. Assignments can be done individually, in pairs or groups of 3 students maximum. The assignment is non-redeemable.

Short- answer questions covering topics 1-3. Closed book.
The final exam will be of 2.5 hours duration. A formula sheet will also be provided with the exam paper (see end of course outline).

Notes on Assessment
1. To gain a pass for this course, a mark of at least 45% must be obtained on the examination as well as a total of at least 50% overall. Students not achieving the minimum exam mark will be awarded no more than 49.
2. Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process. Marks may be deducted in the final examination because of poor hand-writing.
3. Assessment marks prior to the final exam will be displayed on the course website. Students are encouraged to check their marks and notify the Lecturer-in-Charge of any discrepancies.
4. Students in this course are permitted to take a DICTIONARY (English) into the examination and calculator. A formula sheet will be provided in the exam (see attached).

SUBMISSION
Assignments
Assignments are compulsory and will be posted on the ‘myuni’ website.
Electronic submissions must be submitted for Assignment 1.
Hard copies must be submitted for Assignment 2. Electronic submissions will not be accepted without receiving prior permission from the Lecturer in Charge.

PRESENTATION OF ASSIGNMENTS
• Please must retain a copy of all assignments submitted.
• Please attach an ‘Assignment Cover Sheet’, which is signed and dated by you before submission for Assignment 2.
• All group assignments must be attached to a ‘Group Assignment Cover Sheet’, which must be signed and dated by all group members before submission. All team members are expected to contribute approximately equally to a group assignment.


Lecturers can refuse to accept assignments, which do not have a signed acknowledgement of the University’s policy on plagiarism.

ASSIGNMENT GUIDELINES INCLUDING REFERENCING DETAILS
A copy of the Postgraduate Programs: Communication Skills Guide will have been given to you at the beginning of your program. This guide will assist you structure your assignments. A copy of the guide can also be downloaded from
This publication also provides guidelines on a range of other important communication skills including writing essays and management reports, making oral presentations etc.
In preparing any written piece of assessment for your postgraduate studies it is important to draw on the relevant ‘literature’ to support critical analysis. Also essential is to reference the literature used. Correct referencing is important because it identifies the source of the ideas and arguments that you present, and sometimes the source of the actual words you use, and helps to avoid the problem of plagiarism. (Further information on plagiarism is provided later in this course outline.)
The Harvard system is widely used in the Business School. Guidelines for the use of this style of referencing can be found in the Communication Skills Guide.

Further assistance with referencing is available from the Faculty’s Learning Support Advisors. The contact details are provided on page 6 of the Communication Skills Guide.

LATE ASSIGNMENT SUBMISSION
Students are expected to submit their work by the due date to maintain a fair and equitable system. Extensions will generally only be given for medical or other serious reasons. All requests for extensions must be emailed to the lecturer in charge of the course before the due date. Each request will be assessed on its merits. A late assignment (without prior arrangement) will be penalised by a 20% mark reduction for each day that it is late. Assignments are non-redeemable.

RETURN OF ASSIGNMENTS
Lecturer’s aim to mark and return assignments to students within three (3) weeks of the due date with written feedback. Students are responsible for collecting their marked assignments from their tutorial classes. If assignments are not collected after two (2) weeks, the assignments will be available at the Student Hub for two (2) weeks.