Información detallada de curso

1. IDENTIFICACION DEL CURSO

Código y Nombre de la Asignatura: ADM 0016 - COMPANY VALUATION
División Académica: Escuela de Negocios Departamento Académico: Dpto.Finanzas y Organizaciones FIN 4228 Calificación mínima de 3.0 y MDO 4010 Calificación mínima de 3.0 Número de créditos: Intensidad horaria (semanal para nivel pregrado y total para nivel postgrado): 2.000 Horas de Teoría 1.000 Horas de Laboratorio Niveles: Educación Continua, Actividad extra curricular, Educación Superior Pregrado Tipos de Horario: Teoría y Laboratorio This course studies the different existing models to determine the value of a business unit. The course starts with an introduction about the different reasons for which it is necessary to develop an enterprise evaluation, and also presenting the difference between the price and the value of a company. After that we will develop a classification of the existing models to define the value of a company, making emphasis in the models used to evaluate ongoing enterprises as is the case of the disconnected future flows model. Later, the steps to make an enterprise evaluation will be developed, making emphasis in the models used to evaluate enterprises in the Free Cash Flow and the Added Economic Value and developing in depth the topics of weighted average capital cost and the residual value. Finally, simulations about how the different decisions made by an administrator affect the value of a company are developed 3. Justification The professional in Business Administration needs tools to be able to accomplish the basic financial objective, which is the maximization of the company value and therefore the wealth of the owners. These tools are acquired during the development of the Enterprise Evaluation. 4. Competence to be developed Institutional Basic Competence: To evaluate the enterprise through the different valuation methods. 5. Course general objective This course will be oriented to: Determine the value of an ongoing enterprise through the different methods of evaluation. 6. Learning Outcomes At the end of the course, students will be able to: Knowledge (knowing to know) - Understand the general aspects of Management based in Value and how to determine an enterprise value. - Understand the theoretical models which are applicable to evaluate an enterprise. - Understand the procedure to be followed to determine an enterprise value through different methods. Abilities (knowing how) - Analyze the historical situation of an Enterprise and realize financial projections. - Determine the free cash flow - Calculate the capital cost of the enterprise - Determine its residual value - Value the Enterprise through the following methods: - Adjusted present values - Calculation of multiples - Discounted free cash flow Attitudes (knowing to be) - Strengthen the analysis ability to evaluate an Enterprise through the different evaluation methods. 7. Course Program Aspect of management based on value - Contextualization - Definitions about the cash flow - Estimations of cash flow - Models of cash flow: Capital Cash Flow (CCF); Equity Cash Flow (ECF); Free Cash Flow (FCF). Chapter 1 Cruz/Villarreal /Rosillo Chapters 5, 6 and 7 Vélez-Pareja Chapter 17 Weston/Copeland Volume II Chapter 6 Damodaran Estimation of cost discount rates - Determination of the weighted average capital cost (WACC) - Patrimony cost (Ke) - Debt cost (Kd) - Preferment assets cost (Kp) - Calculating the weighted value of the components of debt and patrimony - Model for evaluating the capital assets (CAPM) Chapter 8 Vélez-Pareja Chapter 9 Oscar L. García Chapter 8 Serrano Chapter 16 Weston/Brigham Chapter 3 Cruz/Villarreal/Rosillo Chapter 4 Damodaran Chapters 2, 4 and 5 Ogier/Rugman/Spicer Critical analysis of the Enterprise evaluation models - Price multiples/benefits (PB): - Estimation of the fundamental PB ratios; ratio comparisons of PB; problems with PB ratios; price/dividends and dividend profitability. Value Price/Books multiples (PBV): Estimation of the fundamental ratios of PBV; estimations of comparable PBV ratios; PBV ratios and investment strategies. - Price/Sales multiples (PV): - Fundamentals and PV ratios; PV ratios and benefit margins Chapters 1 and 2 Cruz/Villarreal/Rosillo Chapters 1, 2, 3, 4 and 10 Pablo Fernández Chapters 14, 15 and 16 Damodaran The Added Economic Value (AEV) - The fundamental principle of value creation - The AEV and its methodology - Added market value, AMV - The AEV in value planning - Non operative EAV Chapters 5 and 13 Oscar L. García Chap. 8 Serrano Chap. 10 Vélez-Pareja Chap.5 Cruz/Villarreal/Rosillo Steps to follow for the evaluation of an Enterprise through future flows - Defining the objective of the evaluation - Description and analysis of the historical financial information of the company - Financial projections - Industrial sector - Enterprise risk analysis (credit risk, macro-economic risk, operational risk, liquidity risk) - Peer for the enterprise required 8 Chap. 4 and10 Oscar L. García Chap. 7 Vélez-Pareja Evaluation of the company - Discounted free cash flow for the evaluation of the company - Company value and leverage - Determination of assumptions and scenarios - Sensibility analysis - Evaluation Model based on Capital Cash Flow - Evaluation model based on Free Cash Flow Chap. 4 Cruz/Villarreal/Rosillo Chap. 9 and 10 de Oscar L. García Chap. 10 Vélez-Pareja Chaps. 11and 12 Damodaran 7.1 Research Work 1. Choose an Enterprise, small, medium or large, of any economic sector and prepare its description. Presentation of the antecedents and its management performance. 2. Elaborate a financial diagnostic within a macro-economic scenario for a three-year period. 3. Problems and questions about operation, investment and financing decisions. 4. Preparation of the projected financial states including the investment and financing decisions. This must be developed on the Excel sheet. 5 Calculate the weighted average capital cost according to its capital structure. 6. Determination of the Enterprise value. Show all your work in your Excel book and be sure that the key financial assumptions are linked to the projected financial states. 7. Risk analysis and preventions on investments. 8. Industry analysis 9. Peer analysis 10. Shareholders ‘analysis 11. Risk Analysis (credit risk, macro-economic risk, operational risk, liquidity risk) 12. Information sources 8. Methodological options-Learning activities Lecture The lecture will be used to present concepts, which will be complemented with workshops and exercises in and out of the classroom developed by students, which will allow them to strengthen the concepts learned and to get velocity in the management of the different equivalences. Workshops External work will be supported in class with workshops per unit developed by students with the support of the professor as required; this support can be offered in person or via e-mail or the Web page. Learning based on problems The team work will allow students to discuss the ways to approach problems, exchange ideas, reinforce concepts and strengthen the mental structure for the solution of the problems, the abstraction and the conceptualization. This work will be developed in class under the supervision and assessment of the professor; the role of the professor will be that of a mediator and he will intervene to reinforce or clarify concepts Case methods In the development of concepts newspaper and journal articles will be used trying to relate concepts with current national and international reality 9. Evaluation Work first advance 25% Work second advance 25% Quizzes and Workshops 20% Final Work 30% 10. Bibliography Basic bibliography Copeland, T., Koller, T. y Murrin, J. (2000). Valuation, Measuring and Managing the Value of Companies. New York: Editorial John Wiley & Sons, Inc. Cruz, S., Villarreal, J. y Rosillo, J. (2004). Finanzas Corporativas: Valoración, Política de Financiamiento y Riesgo. Bogotá: Editorial Thomson. Damodaran, A. (2002). Investment Valuation. Ed. Wiley Finance. Second Edition. New York. Fernández, P. (2002). Valoración de Empresas. Madrid: Gestión 2000. García, O. (2003). Valoración de Empresas, Gerencia del Valor y EVA. Cali: Prensa Moderna. Mascareñas, J. (1993). Manual de Fusiones y Adquisiciones de Empresas. Madrid: McGraw Hill. Vélez, I. (2004). Decisiones de Inversión: una aproximación al análisis de alternativas. Bogotá: Ceja. Weston, C. (1995). Finanzas en Administración. Bogotá: McGraw Hill. Databases: Economática Afine Marketline Pantalla de la Bolsa de Valores de Colombia (Renta Variable)

Código y Nombre de la Asignatura: ADM 0016 - COMPANY VALUATION

División Académica: Escuela de Negocios
Departamento Académico: Dpto.Finanzas y Organizaciones
FIN 4228 Calificación mínima de 3.0 y MDO 4010 Calificación mínima de 3.0
Número de créditos:
Intensidad horaria (semanal para nivel pregrado y total para nivel postgrado):
2.000 Horas de Teoría
1.000 Horas de Laboratorio
Niveles: Educación Continua, Actividad extra curricular, Educación Superior Pregrado
Tipos de Horario: Teoría y Laboratorio

This course studies the different existing models to determine the value of a business unit. The course starts with an introduction about the different reasons for which it is necessary to develop an enterprise evaluation, and also presenting the difference between the price and the value of a company. After that we will develop a classification of the existing models to define the value of a company, making emphasis in the models used to evaluate ongoing enterprises as is the case of the disconnected future flows model. Later, the steps to make an enterprise evaluation will be developed, making emphasis in the models used to evaluate enterprises in the Free Cash Flow and the Added Economic Value and developing in depth the topics of weighted average capital cost and the residual value. Finally, simulations about how the different decisions made by an administrator affect the value of a company are developed

3. Justification

The professional in Business Administration needs tools to be able to accomplish the basic financial objective, which is the maximization of the company value and therefore the wealth of the owners. These tools are acquired during the development of the Enterprise Evaluation.

4. Competence to be developed

Institutional Basic Competence: To evaluate the enterprise through the different valuation methods.

5. Course general objective

This course will be oriented to:
Determine the value of an ongoing enterprise through the different methods of evaluation.

6. Learning Outcomes

At the end of the course, students will be able to:
Knowledge (knowing to know)
- Understand the general aspects of Management based in Value and how to determine an enterprise value.
- Understand the theoretical models which are applicable to evaluate an enterprise.
- Understand the procedure to be followed to determine an enterprise value through different methods.

Abilities (knowing how)
- Analyze the historical situation of an Enterprise and realize financial projections.
- Determine the free cash flow
- Calculate the capital cost of the enterprise
- Determine its residual value
- Value the Enterprise through the following methods:
- Adjusted present values
- Calculation of multiples
- Discounted free cash flow

Attitudes (knowing to be)
- Strengthen the analysis ability to evaluate an Enterprise through the different evaluation methods.

7. Course Program

Aspect of management based on value
- Contextualization
- Definitions about the cash flow
- Estimations of cash flow
- Models of cash flow: Capital Cash Flow (CCF); Equity Cash Flow (ECF); Free Cash Flow (FCF).

Chapter 1 Cruz/Villarreal /Rosillo
Chapters 5, 6 and 7 Vélez-Pareja
Chapter 17 Weston/Copeland Volume II
Chapter 6 Damodaran

Estimation of cost discount rates
- Determination of the weighted average capital cost (WACC)
- Patrimony cost (Ke)
- Debt cost (Kd)
- Preferment assets cost (Kp)
- Calculating the weighted value of the components of debt and patrimony
- Model for evaluating the capital assets (CAPM)

Chapter 8 Vélez-Pareja
Chapter 9 Oscar L. García
Chapter 8 Serrano
Chapter 16 Weston/Brigham
Chapter 3 Cruz/Villarreal/Rosillo
Chapter 4 Damodaran
Chapters 2, 4 and 5 Ogier/Rugman/Spicer

Critical analysis of the Enterprise evaluation models
- Price multiples/benefits (PB):
- Estimation of the fundamental PB ratios; ratio comparisons of PB; problems with PB ratios; price/dividends and dividend profitability.

Value Price/Books multiples (PBV): Estimation of the fundamental ratios of PBV; estimations of comparable PBV ratios; PBV ratios and investment strategies.
- Price/Sales multiples (PV):
- Fundamentals and PV ratios; PV ratios and benefit margins

Chapters 1 and 2 Cruz/Villarreal/Rosillo
Chapters 1, 2, 3, 4 and 10 Pablo Fernández
Chapters 14, 15 and 16 Damodaran

The Added Economic Value (AEV)
- The fundamental principle of value creation
- The AEV and its methodology
- Added market value, AMV
- The AEV in value planning
- Non operative EAV

Chapters 5 and 13 Oscar L. García
Chap. 8 Serrano
Chap. 10 Vélez-Pareja
Chap.5 Cruz/Villarreal/Rosillo

Steps to follow for the evaluation of an Enterprise through future flows
- Defining the objective of the evaluation
- Description and analysis of the historical financial information of the company
- Financial projections
- Industrial sector
- Enterprise risk analysis (credit risk, macro-economic risk, operational risk, liquidity risk)
- Peer for the enterprise required 8

Chap. 4 and10 Oscar L. García
Chap. 7 Vélez-Pareja

Evaluation of the company
- Discounted free cash flow for the evaluation of the company
- Company value and leverage
- Determination of assumptions and scenarios
- Sensibility analysis

- Evaluation Model based on Capital Cash Flow
- Evaluation model based on Free Cash Flow

Chap. 4 Cruz/Villarreal/Rosillo
Chap. 9 and 10 de Oscar L. García
Chap. 10 Vélez-Pareja
Chaps. 11and 12 Damodaran

7.1 Research Work

1. Choose an Enterprise, small, medium or large, of any economic sector and prepare its description. Presentation of the antecedents and its management performance.
2. Elaborate a financial diagnostic within a macro-economic scenario for a three-year period.
3. Problems and questions about operation, investment and financing decisions.
4. Preparation of the projected financial states including the investment and financing decisions. This must be developed on the Excel sheet.
5 Calculate the weighted average capital cost according to its capital structure.
6. Determination of the Enterprise value. Show all your work in your Excel book and be sure that the key financial assumptions are linked to the projected financial states.
7. Risk analysis and preventions on investments.
8. Industry analysis
9. Peer analysis
10. Shareholders ‘analysis
11. Risk Analysis (credit risk, macro-economic risk, operational risk, liquidity risk)
12. Information sources

8. Methodological options-Learning activities

Lecture
The lecture will be used to present concepts, which will be complemented with workshops and exercises in and out of the classroom developed by students, which will allow them to strengthen the concepts learned and to get velocity in the management of the different equivalences.

Workshops
External work will be supported in class with workshops per unit developed by students with the support of the professor as required; this support can be offered in person or via e-mail or the Web page.

Learning based on problems
The team work will allow students to discuss the ways to approach problems, exchange ideas, reinforce concepts and strengthen the mental structure for the solution of the problems, the abstraction and the conceptualization. This work will be developed in class under the supervision and assessment of the professor; the role of the professor will be that of a mediator and he will intervene to reinforce or clarify concepts

Case methods In the development of concepts newspaper and journal articles will be used trying to relate concepts with current national and international reality

9. Evaluation

Work first advance 25%
Work second advance 25%
Quizzes and Workshops 20%
Final Work 30%

10. Bibliography

Basic bibliography
Copeland, T., Koller, T. y Murrin, J. (2000). Valuation, Measuring and Managing the Value of Companies. New York: Editorial John Wiley & Sons, Inc.
Cruz, S., Villarreal, J. y Rosillo, J. (2004). Finanzas Corporativas: Valoración, Política de Financiamiento y Riesgo. Bogotá: Editorial Thomson.
Damodaran, A. (2002). Investment Valuation. Ed. Wiley Finance. Second Edition. New York.
Fernández, P. (2002). Valoración de Empresas. Madrid: Gestión 2000.
García, O. (2003). Valoración de Empresas, Gerencia del Valor y EVA. Cali: Prensa Moderna.
Mascareñas, J. (1993). Manual de Fusiones y Adquisiciones de Empresas. Madrid: McGraw Hill.
Vélez, I. (2004). Decisiones de Inversión: una aproximación al análisis de alternativas. Bogotá: Ceja.
Weston, C. (1995). Finanzas en Administración. Bogotá: McGraw Hill.

Databases:
Economática
Afine
Marketline
Pantalla de la Bolsa de Valores de Colombia (Renta Variable)

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Información detallada de curso

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Información detallada de curso		Intersemestral Jun. 2017 Abr 19, 2024