- Introduction to measuring of the companies' value.
- Methods of business valuation: direct methods; indirect methods based on "stock" and "flow" quantities.
- Indirect methods: income-based method, cash-flow-based method, divided-based method.
- Income-based business valuation method: earnings normalization, and estimating of the expected future average earnings.
- Asset-based business valuation method: basic and analytical - level I and II, current value of assets and liabilities.
Combined business valuation method: average company value, method of the separate estimate of Goodwill.
Financial, managerial, legal, fiscal aspects of Mergers, Acquisitions, Corporate Spin-offs and Asset stripping, changing Legal Status, voluntary and forced winding-up.
In accordance with the learning objectives of Master Degree Program, Mergers, acquisitions and other business combinations course is intended to provide advanced knowledge and specialized skills about financial, managerial, legal, fiscal aspect of Mergers, Acquisitions, Corporate Spin-offs and Asset stripping, changing Legal Status, voluntary and forced winding-up.
This course, firstly, describes the main theories, principles, and methods concerning the estimate of the value companies. Then, it examines the different features (financial , managerial, legal and fiscal) operations di Mergers, Acquisitions, and other business combinations, included voluntary and forced (judicial) winding-up.
At the end of this course students should be able to use and apply different methods for estimating the value of companies, also in relation to these operations, preparing and editing business valuation reports; to assist, support and lead to carry out the related operations of mergers, acquisitions and other business combinations undertaken by companies in terms of this issues: financial (included bookkeeping and preparing financial reporting, balance sheet, income statements), managerial, legal and fiscal.
PAOLONE G., Gli istituti della cessazione aziendale – cause e modi di
manifestazione, Franco Angeli, Milano, 2008.
PAOLUCCI G., La valutazione
d'azienda. Fondamenti concettuali e prassi applicativa, Franco Angeli,
Additional teaching materials available at e-learning platform: http://elearning.unich.it/.