00_FBE 529 - MERGERS AND ACQUISITIONS LEVITINS NOTES CHAPTER 5 Professor Levitin Fall 2015 Copyrig

00_FBE 529 - MERGERS AND ACQUISITIONS LEVITINS NOTES...

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1 Course Title: FBE 529: FINANCIAL ANALYSIS AND VALUATION Syllabus for Spring 2016 Professor: Lloyd Levitin Office: Acc. 301E Office Phone: 310-740-6524 E-mail: [email protected] Classes Held: Tuesdays and Thursdays 12:30 1:50 P.M., JKP 210 Office Hours: Tuesdays and Thursdays 4:00-5:00 P.M. Teaching Assistants Erika Johnson ( [email protected] ) will keep grade book Fortunato Carlo Cordero ( [email protected] ) available for office hour I. COURSE OBJECTIVE Understanding what determines the value of a firm and how to estimate that value is a prerequisite for making rational business decisions. Entire industries (investment banking, securities analysis, and consulting) have grown prosperous providing valuation skills to investors and managers. The objective of this course is to provide you with a competent foundation in various valuation ap proaches, with an emphasis on the “best practices.” We cover discounted cash flow models, market multiple models, as well as specialized models used for M&A transactions and LBOs. We focus on valuation of individual investment projects and businesses at the divisional and corporate levels. The course emphasizes practical and “real world” applications of valuation methodologies. II. LEARNING OBJECTIVES By the end of the course, students should be able to: Perform a valuation for any individual investment project or public or private company. See clearly how industry fundamentals and competitive forces directly impact financial results and, in the process, drive stock valuation. Assess whether a company is creating value for its shareholders. Pull apart the financial statements to get at the relevant information for valuing equities. To identify “red flags” that indicate s manipulation of financial statements and/or an impending liquidity crisis. Evaluate the reports of business valuation experts and to b e able to ask the “right” questions of these experts. III. WHO SHOULD TAKE THE COURSE The course is of interest to those contemplating careers in investment banking, security analysis, consulting, private equity, and corporate finance. And it will also help with personal investing.
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2 IV. PREREQUISITE KNOWLEDGE This course assumes that the background knowledge of students include basic finance and accounting. Prerequisites are one from GSBA 521 or GSBA 521b or GSBA 548. V. TEACHING METHODS The course will be in the form of lectures, class discussions, cases and practice problems. During class, we will not have time to discuss all the material covered in the assigned text readings. Class time will be spent deepening our understanding of the major topics in the chapter, clarifying points of possible confusion, working out exercises and problems in the textbook, and discussing the material via cases or from my business experiences. This places on you a responsibility to read the assigned material whether it is covered in class or not.
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