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Course Outlines

CORPFIN 2502 - Business Valuation

North Terrace Campus - Semester 1 - 2023

This course will provide the framework to price and value both securitised and non-securitised entities (whether that be specific assets or whole companies). This involves the utilisation of both accounting and financial analysis of the entity to determine value. The course will approach the subject from an applied viewpoint to enable participants to practise valuation methods. The course will also incorporate basic capital raising issues, from both the fixed income and equity perspectives.

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  • General Course Information
    Course Details
    Course Code CORPFIN 2502
    Course Business Valuation
    Coordinating Unit Finance and Banking
    Term Semester 1
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Available for Study Abroad and Exchange Y
    Prerequisites CORPFIN 1002
    Assessment Exam/assignments/tests/tutorial work as prescribed at first lecture
    Course Staff

    Course Coordinator: Dr Daniel Orlovsky

    Email: daniel.orlovsky@adelaide.edu.au
    Course Timetable

    The full timetable of all activities for this course can be accessed from .

  • Learning Outcomes
    Course Learning Outcomes
    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. Demonstrate a basic understanding of the fixed income securities market
    University 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)

    Attribute 1: Deep discipline knowledge and intellectual breadth

    Graduates have comprehensive knowledge and understanding of their subject area, the ability to engage with different traditions of thought, and the ability to apply their knowledge in practice including in multi-disciplinary or multi-professional contexts.

    		 1-5

    Attribute 2: Creative and critical thinking, and problem solving

    Graduates are effective problems-solvers, able to apply critical, creative and evidence-based thinking to conceive innovative responses to future challenges.

    		 1,2,5

    Attribute 3: Teamwork and communication skills

    Graduates convey ideas and information effectively to a range of audiences for a variety of purposes and contribute in a positive and collaborative manner to achieving common goals.

    		 3

    Attribute 4: Professionalism and leadership readiness

    Graduates engage in professional behaviour and have the potential to be entrepreneurial and take leadership roles in their chosen occupations or careers and communities.

    		 4

    Attribute 5: Intercultural and ethical competency

    Graduates are responsible and effective global citizens whose personal values and practices are consistent with their roles as responsible members of society.

    		 3

    Attribute 8: Self-awareness and emotional intelligence

    Graduates are self-aware and reflective; they are flexible and resilient and have the capacity to accept and give constructive feedback; they act with integrity and take responsibility for their actions.

    		 1-5
  • Learning Resources
    Required Resources
    Textbook: Damodaran on Valuation, 2nd edition, 2006, John Wiley & Sons
    Online Learning
    Course Lecture notes as well as additional materials (data spreadsheets, etc.) will be made available on MyUni.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Student learning in this course consists of following lectures supported by problem-solving tutorials developing material covered in lectures.
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    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 throughout the semester plus one tutorial class each week.
    Learning Activities Summary

    Lecture/Week 1 Topics

    Syllabus/Introduction to Valuation, DCF, Relative Valuation, Bond Valuation  (Damodaran Chapter 1)


    Lecture/Week 2 Topics

    Estimating Discount Rates (Damodaran Chapter 2)


    Lecture/Week 3 Topics

    Measuring Cash Flows (Damodaran Chapter 3)
     

    Lecture/Week 4 Topics

    Forecasting Cash Flows (Damodaran Chapter 4)


    Lecture/Week 5 Topics

    Equity Valuation Models (Damodaran Chapter 5) 


    Lecture/Week 6 Topics

    Online Test #1 (Week 6, Wednesday 11am-noon) 

    Lecture: Firm Valuation Models (Damodaran Chapter 6)


    Lecture/Week 7 Topics

    Relative Valuation: First Principles (Damodaran Chapter7)


    Lecture/Weel 8 Topics

    Relative Valuation: Equity Multiples (Damodaran Chapter 8)


    Lecture/Weel 9 Topics

    Relative Valuation: Value Multiples (Damodaran Chapter 9)


    Lecture/Week 10 Topics

    Introduction to Fixed Income Securities, Spot/Forward Interest Rates (Based on Lecture Notes and Tutorials)



    Lecture/Week 11 Topics

    Online Test #2 (Week 11, Wednesday 11am-noon)

    Bond Valuation Using No Arbitrage Pricing, Term Structure Theories

     
    Lecture/Week 12 Topics

    Final exam overview

  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    Assessment Task Weighting Due Coverage Learning Outcome
    Online Test 1 25% Week 6 Quiz covering one-stage DCF models from topics 1, 2, 3 and 4. 1-5
    Online Test 2 25% Week 11 Quiz covering firm DCF valuation models (topic 6) and relative valuation models (topics 7, 8 and 9). 1-5
    Online Final Exam 50% TBC - Exam Period Coverage of the final exam will be topics 6, 7, 8, 9, 10 and 11. 1-5
    Total 100%
    Assessment Related Requirements
    It is highly advisable that you attend as many of your tutorials as you can. The more material you master during class/tutorial time, the less time you will have to spend studying on your own. Therefore, it is in your best interest to attend all lectures and tutorials for the class. You shouldn't plan on cramming weeks of topics the night before a test or the night before the final exam. It is simply not possible and will most likely backfire.

    Consultation times will be announced in Week 1. 
    Assessment Detail
    The assessment components are as follows:

    Online Tests (Week 6 and Week 11) 30% each

    A 1 hour online test will be held in Week 6 on Wednesday which will be open on MyUni between 11am and 12pm (Adelaide time). A second 1 hour online test will be held in Week 11 on Wednesday which will also be open on MyUni between 11am and 12pm (Adelaide time). The first online test will cover Discounted Cash Flow (DCF) Valuation up until 1-stage Equity DCF Valuation models (topics 1 through 4 inclusive). while the second online test will cover Firm Valuation, Relative Valuation, Equity Multiples and Value Multiples (topics 6 through 9 inclusive). The online tests will be closed book but you can prepare a two-sided A4 cheat sheet with your own notes, formulas, etc., hand-written or typed.

    Course Learing Outcome: 1

    Online Test #1: 11am-12pm (Adelaide time), Wednesday, Week 6    [30%]

    Online Test #2: 11am-12pm (Adelaide time), Wednesday, Week 11   [30%]

    Final Exam [40%]

    There will be a 3 hour exam covering topics subsequent to the first test (topics 6 through 11 inclusive).

    Course Learing Outcome:     All
    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 .

  • 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.

  • Student Support
  • Policies & Guidelines

    This section contains links to relevant assessment-related policies and guidelines - all university policies.

  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student鈥檚 disciplinary procedures.

The 成人大片 is committed to regular reviews of the courses and programs it offers to students. The 成人大片 therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.
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