CORPFIN 7039 - Equity Valuation & Analysis (M)
North Terrace Campus - Semester 2 - 2016
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General Course Information
Course Details
Course Code CORPFIN 7039 Course Equity Valuation & Analysis (M) Coordinating Unit Adelaide Business School Term Semester 2 Level Postgraduate Coursework Location/s North Terrace Campus Units 3 Contact Up to 3 hours per week Available for Study Abroad and Exchange Y Prerequisites ACCTING 7019, CORPFIN 7005, COMMERCE 7033, ECON 7200 Assessment Exam/assignments/tests/tutorial work as prescribed at first lecture Course Staff
Course Coordinator: Mr Graeme Gould
Course Timetable
The full timetable of all activities for this course can be accessed from .
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Learning Outcomes
Course Learning Outcomes
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 skillsUniversity Graduate Attributes
This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:
University Graduate Attribute Course Learning Outcome(s) Deep discipline knowledge
- informed and infused by cutting edge research, scaffolded throughout their program of studies
- acquired from personal interaction with research active educators, from year 1
- accredited or validated against national or international standards (for relevant programs)
1 Critical thinking and problem solving
- steeped in research methods and rigor
- based on empirical evidence and the scientific approach to knowledge development
- demonstrated through appropriate and relevant assessment
2,3 & 5 Teamwork and communication skills
- developed from, with, and via the SGDE
- honed through assessment and practice throughout the program of studies
- encouraged and valued in all aspects of learning
6 Career and leadership readiness
- technology savvy
- professional and, where relevant, fully accredited
- forward thinking and well informed
- tested and validated by work based experiences
4 Intercultural and ethical competency
- adept at operating in other cultures
- comfortable with different nationalities and social contexts
- able to determine and contribute to desirable social outcomes
- demonstrated by study abroad or with an understanding of indigenous knowledges
6 Self-awareness and emotional intelligence
- a capacity for self-reflection and a willingness to engage in self-appraisal
- open to objective and constructive feedback from supervisors and peers
- able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
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Learning Resources
Required Resources
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.Recommended Resources
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. -
Learning & Teaching Activities
Learning & Teaching Modes
No information currently available.
Workload
No information currently available.
Learning Activities Summary
Week Number Week Begining Topic Study Study Guide Guide Tutorial 1 July 28 An introduction to valuation & financial maths Chp 1 2 August 4 Understanding financial reports Chp 2 1 3 August 11 Understanding financial reports Chp 2 2 4 August 18 Discounted cash flow models- DDM, FCF & APV Chp 3 3 5 August 25 Discounted cash flow models- DDM, FCF & APV Chp 3 4 6 September 1 Fundamental analysis and forecasting Chp 4 5 7 September 8 Estimating the discount rate
Mid Sem TestChp 5 6 8 September 15 Estimating the discount rate Chp 6 7 September 22 Mid-semester Break September 29 Mid-semester Break 9 October 6 Market based valuation Chp 7 8 10 October 13 Takeovers Chp 7 9 11 October 20 Takeovers Chp 7 10 12 October 27 Financial distress, cross shareholding and private firms 11 -
Assessment
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment Summary
Mid-semester Test - 15%
Due Date: Week 6
Learning Outcome: 1-4
Assesment - 20%
Due Date: Week 11
Learning Outcome: 1-6
Final Exam - 65%
Mid-semester test: 15 %
Details: The test is compulsory and is 'closed-book'. Details about the test will be disclosed during lectures and made available on the ‘myuni’ website. The test is non-redeemable.
Assignment: 20 %
Details: The assignment is compulsory and will be available on the ‘myuni’ website. There is an individual and group component to the assignment. The assignment can be done in paris or groups of 3 students maximum. The assignment is non-redeemable.
Final Exam: 65%
The final exam will be of 2.5 hours duration. The exam will cover all topics. A formula sheet will also be provided with the exam paper (see end of course outline).
Assessment Related Requirements
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).Assessment Detail
No information currently available.
Submission
No information currently available.
Course Grading
Grades for your performance in this course will be awarded in accordance with the following scheme:
M10 (Coursework Mark Scheme) Grade Mark Description FNS Fail No Submission F 1-49 Fail P 50-64 Pass C 65-74 Credit D 75-84 Distinction HD 85-100 High Distinction CN Continuing NFE No Formal Examination RP Result Pending Further details of the grades/results can be obtained from Examinations.
Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.
Final results for this course will be made available through .
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Student Feedback
The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.
SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
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Student Support
- Academic Integrity for Students
- Academic Support with Maths
- Academic Support with writing and study skills
- Careers Services
- Library Services for Students
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- Student Life Counselling Support - Personal counselling for issues affecting study
- Students with a Disability - Alternative academic arrangements
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Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
- Academic Credit Arrangements Policy
- Academic Integrity Policy
- Academic Progress by Coursework Students Policy
- Assessment for Coursework Programs Policy
- Copyright Compliance Policy
- Coursework Academic Programs Policy
- Intellectual Property Policy
- IT Acceptable Use and Security Policy
- Modified Arrangements for Coursework Assessment Policy
- Reasonable Adjustments to Learning, Teaching & Assessment for Students with a Disability Policy
- Student Experience of Learning and Teaching Policy
- Student Grievance Resolution Process
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