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On successful completion of this course, students will be able to:

1. Conduct valuations based on the discounted cash flow method.
2. Conduct a relative valuation for a company.
3. Recognize conflicts of interest in valuation contexts
4. Critically analyse publically available information about what is occurring in financial markets.
5. Write a business valuation report.

Lecture notes & solutions to tutorial questions. Please go over the chapter (see below) and lecture notes in advance of lectures.

Text Books (s) not compulsory, either

A. Damodaran, 2006, "Damodaran on Valuation," 2nd ed. John Wiley & Sons (available online/physical copy in library)

Lecture notes will follow chapters 1-9 and 12 from Damodaran's textbook plus a few additional topics.

T. Koller et al., "Valuation: Measuring and Managing the Value of Companies, McKinsey and Company, 6th Edition, 2015. (available online in the library)

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

Financial Analysts Journal. US professional/ academic publication

Students are required to attend lectures or access to lecture recordings and attend tutorials.

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	Topic Number	Topics	Chapter	Tute Number
1	1	An introduction to valuation & financial maths	Chp 1
2	2	Estimating the discount rate/asset pricing models	Chp 2	1
3	3	Estimating free cash flows	Chp 3	2
4	4	Forecasting free cash flows	Chp 4	3
5	5	Equity valuation models	Chp 5	4
6	6	Test: 2pm-3pm Lecture: 3pm-4pm [Firm Valuation Models]	Chp 6	5
		Mid-semester Break
		Mid-semester Break
7	7	Introduction to relative valuation: basic concepts	Chp 7	6
8	8	Equity valuation multiples	Chp 8	7
9	9	Firm valuation multiples	Chp 9	8
10	10	Contingent claim valuation basics and theory	Chp 12	9
11	10	Contingent claim valuation cont'd: Merton model, real options	Chp 12	10a
12	11	Other aspects of valuation: govt and corp bonds	Lecture	10b
13		To be advised		11

Please consult the Damodaran chapters for appropriate text references on each topic.

Supplementary Reading: For Topic 3: Estimating free cash flows, please consult text & notes for Accounting Concepts and Methods (M) and any introductory accounting text.

Assessment Task	Task Type	Due	Weighting	Learning Outcome
Test	Individual	Week 6	15%	1,2,3,4,5,6
Assignment	Group Project	Week 11	20%	1,2,3,4,5,6
Final Exam	Individual	During exam period	65%	1,2,3,4,5,6
Total			100%

For specific due dates please see MyUni.

Notes on Assessment

1. 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.

2. 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.

3. 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).

Information related to assignment will be provided on 'MyUni'.

Details: The assignment is compulsory and is available on the ‘myuni’ or website.  The assignment is non-redeemable.

Details: The assignment is compulsory and is available on the 'myuni' website. The assignment is non-redeemable.
The final exam will be of 3 hours duration. A formula sheet will also be provided with the exam paper. A copy will be provided on 'myuni'.

SUBMISSION
Assignments
Assignments are compulsory and will be posted on the ‘MyUni’ website.
Hard copies of the valuation report must be submitted. Electronic submissions will not be accepted without receiving prior permission from the Lecturer in Charge.

PRESENTATION OF ASSIGNMENTS
• Please retain a copy of all assignments submitted.
• Please attach an ‘Assignment Cover Sheet’, which is signed and dated by you before submission for the valuation report.
• 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 to 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
Lecturers 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.