Corporate Finance MÁSTER UNIVERSITARIO EN BANCA Y FINANZAS (Finance & Banking) Universidad de Alcalá Curso Académico 2015/16 GUÍA DOCENTE Nombre de la asignatura: Código: Corporate Finance 201554 Departamento y Área de Conocimiento: MÁSTER UNIVERSITARIO EN BANCA Y FINANZAS (Finance & Banking) Departamento de Economía y Dirección de Empresas Carácter: Créditos ECTS: Presencial 3 Curso y cuatrimestre: 1º Profesorado: Gregorio Manuel Serna Calvo Profesor Titular UAH Horario de Tutoría: Idioma en el que se imparte: 16:30 – 17:30 Inglés Titulación en la que se imparte: 1. PRESENTACIÓN The objective of this course is to introduce students to the main tools used to study Corporate Finance issues, such as value companies, as a basic part of Corporate Finance (investing opportunities, mergers and acquisitions, equity initial public offerings) and “optimal capital structures”). Although Corporate Finance covers a wide range of corporate issues, we will focus on valuation. Other additional contents and financing matters will be developed during the second part of the subject in the “Advanced Corporate Finance” course. Prerrequisitos y Recomendaciones (si es pertinente) 2. COMPETENCIAS Competencias genéricas: 1. Understand and use the most commonly used financial valuation techniques; Competencias específicas: 1. Be able to calculate and/or estimate the necessary valuation inputs; 2. Be able to perform a basic valuation of a company; 3. Understand the factors affecting capital structures in order to find the “optimal” one; 3. CONTENIDOS Total de clases, créditos u horas Bloques de contenido (se pueden especificar los temas si se considera necesario) Introduction to Valuation: most common valuation methodologies. General Overview of DCF Valuation. Forecasting 4 h. 4 h. 4 h. 4 h. DCF Valuation: Terminal Values DCF Valuation: WACC, Discounting and Further Adjustments; Multiple analysis The Endesa case study Other issues: Lets be critical and practical Case Study Presentation Cronograma (Optativo) Semana / Sesión Contenido 01ª Introduction to Valuation: most common valuation methodologies. General Overview of DCF Valuation. Forecasting DCF Valuation: Terminal Values Chapter 1 and 2 from the slides given;Start with Bodegas y Bebidas Case Study 02ª DCF Valuation: WACC, Discounting and Further Adjustments; Multiple analysis The Endesa case study Other issues: Lets be critical and practical Simple exercises to understand the mechanics. 03ª Was Endesa being valued correctly, based on multiples of comparable companies? 04ª Case Study Presentation Valuation of Amusement Park /Zoo 4. METODOLOGÍAS DE ENSEÑANZA-APRENDIZAJE.-ACTIVIDADES FORMATIVAS 4.1. Distribución de créditos(especificar en horas) Número de horas presenciales: 16 Número de horas del trabajo propio del estudiante: 24 Total horas 40 4.2. Estrategias metodológicas, materiales y recursos didácticos The classes will take place combining theoretical explanations and practical exercises and cases to apply what it had just been explained. Computers will be needed in every class. Open discussions on the cases will be crucial to your success. A full case will be handed over to the pupils and will be done in groups of 4-5 students. The case will have to be presented formally in the fourth session. 5. EVALUACIÓN: Procedimientos, criterios de evaluación y de calificación1 1. Participation en clase: 25% 2. Casos completos: 50% 3. Final Exam: 25%. ATTENDANCE 1 Es importante señalar los procedimientos de evaluación: por ejemplo evaluación continua, final, autoevaluación, co-evaluación. Instrumentos y evidencias: trabajos, actividades. Criterios o indicadores que se van a valorar en relación a las competencias: dominio de conocimientos conceptuales, aplicación, transferencia conocimientos. Para el sistema de calificación hay que recordar la Normativa del Consejo de Gobierno del 16 de Julio de 2009: la calificación de la evaluación continua representará, al menos, el 60%. Se puede elevar este % en la guía. Essential. All absences must be notified. Only justified absences will be considered. Reasons for absence must be duly documented, as all absences regarding health etc. must be authorised by the Professor so that the coordinator can account for the absence with an authorised report from the Professor. Non-justified absence during one session will result in the loss of 0.2 points out of 0.5. Non-justified absence during two sessions will result in the loss of 0.4 points out of 0.5. Non-justified absence during three or four sessions will result in the loss of 0.5 points out of 0.5. . 6. BIBLIOGRAFÍA Bibliografía Básica Principles of Corporate Finance" (Seventh Edition). Authors: Richard A. Brealey / Stewart C. Myers; Mc Graw Hill "Financial Statement Analysis and Security Valuation" (International Edition, Second Edition). Authors: Stephen H. Penman; Mc Graw Hill "Damodaran on Valuation" (Second Edition). Author: A. Damodaran. You can download it from its website "Damodaran Online" http://pages.stern.nyu.edu/~adamodar/ Bibliografía Complementaria (optativo)