Business Administration
Bachelor	Length of the Programme: 4	Number of Credits: 240	TR-NQF-HE: Level 6	QF-EHEA: First Cycle	EQF: Level 6

Ders Genel Tanıtım Bilgileri

School/Faculty/Institute

Faculty of Econ., Admin. and Social Sciences

Course Code

FIN 434

Course Title in English

Company Valuation

Course Title in Turkish

Şirket Değerlemesi

Language of Instruction

Type of Course

Flipped Classroom

Level of Course

Advanced

Semester

Spring

Contact Hours per Week

Lecture: 3

Recitation:

Lab:

Other:

Estimated Student Workload

120 hours per semester

Number of Credits

5 ECTS

Grading Mode

Standard Letter Grade

Pre-requisites

FIN 202 - Finance | FIN 204 - Corporate Finance

Expected Prior Knowledge

None

Co-requisites

None

Registration Restrictions

Only Undergraduate Students

Overall Educational Objective

To learn and understand the theory and contemporary corporate approaches to company valuation.

Course Description

This course aims to provide an understanding of company valuation. Students are expected to gain a broad understanding of business, valuation, company valuation and the interconnectedness between business and company valuation. Students will learn how to identify valuation parameters and how to attempt to manage those critical valuation factors so that they can achieve successful valuation results. We explore the meaning and dimensions of valuation, valuation parameters, risk factors for achieving successful valuation results, international valuation standards and their relation with financial structure and economics of the business, learn key success factors for effective and successful valuation results.

Course Description in Turkish

Derste her dönemin popüler finans konularından “şirket değerlemesi” kavramı üzerinde durulacaktır. Öğrenciler işletmeleri, değerleme kavramını, şirket değerleme süreçleri ile şirketin operasyonları ve faaliyetleri ile şirketin değeri arasındaki ilişkiyi, bu alandaki çağdaş uygulamaları ele alacaklardır. Ders sonucunda öğrenciler, bir işletmenin sürdürülebilir (kalıcı) olabilmesi için, özellikle şirket değeri konusunda yapması gerekenlerin ne olduğu konusunda detaylı bilgi ve yetkinlik sahibi olacaklardır. Öğrenciler, değerlemenin anlamı ve boyutları, şirket değerleme yöntemleri, şirket değerlemesindeki kritik karar faktörleri vb. kavramların tanımı, açılımları, işletmelerin finansal yapısı ve ekonomik yaklaşımları ile ilişkisi ve etkisi ile nasıl uygulanacağı konularında bilgi ve yetkinlik sahibi olacaklardır.

Course Learning Outcomes and Competences

Upon successful completion of the course, the learner is expected to be able to:
1) identify the principles of business operations in the context of company valuation
2) recognize, identify and define critical decision factors in company valuation;
3) explain the basic methodologies and techniques in company valuation;
4) comprehend the link between company valuation, business operations, financial tables and cash flows
5) interpret information and numerical data to set up an effective company valuation model
6) identify critical thinking skills in preparing effective company valuation models.

Program Learning Outcomes/Course Learning Outcomes	1	2	3	4	5	6
1) Has a broad foundation and intellectual awareness with exposure to mathematics, history, economics, and social sciences
2) Demonstrates knowledge and skills in different functional areas of business (accounting, finance, operations, marketing, strategy, and organization) and an understanding of their interactions within various industry sectors
3) Applies theoretical knowledge as well as creative, analytical, and critical thinking to manage complex technical or professional activities or projects
4) Exhibits an understanding of global, environmental, economic, legal, and regulatory contexts for business sustainability
5) Demonstrates individual and professional ethical behavior and social responsibility
6) Demonstrates responsiveness to ethnic, cultural, and gender diversity values and issues
7) Uses written and spoken English effectively (at least CEFR B2 level) to communicate information, ideas, problems, and solutions
8) Demonstrates skills in data and information acquisition, analysis, interpretation, and reporting
9) Displays computer proficiency to support problem solving and decision-making
10) Demonstrates teamwork, leadership, and entrepreneurial skills
11) Displays learning skills necessary for further study with a high degree of autonomy

Relation to Program Outcomes and Competences

N None	S Supportive	H Highly Related

	Program Outcomes and Competences	Level	Assessed by
1)	Has a broad foundation and intellectual awareness with exposure to mathematics, history, economics, and social sciences	N
2)	Demonstrates knowledge and skills in different functional areas of business (accounting, finance, operations, marketing, strategy, and organization) and an understanding of their interactions within various industry sectors	H	Exam
3)	Applies theoretical knowledge as well as creative, analytical, and critical thinking to manage complex technical or professional activities or projects	S	Exam
4)	Exhibits an understanding of global, environmental, economic, legal, and regulatory contexts for business sustainability	N
5)	Demonstrates individual and professional ethical behavior and social responsibility	S	HW
6)	Demonstrates responsiveness to ethnic, cultural, and gender diversity values and issues	N
7)	Uses written and spoken English effectively (at least CEFR B2 level) to communicate information, ideas, problems, and solutions	H	HW
8)	Demonstrates skills in data and information acquisition, analysis, interpretation, and reporting	H	Exam
9)	Displays computer proficiency to support problem solving and decision-making	S	HW
10)	Demonstrates teamwork, leadership, and entrepreneurial skills	N
11)	Displays learning skills necessary for further study with a high degree of autonomy	N

Prepared by and Date	MURAT DOĞU , January 2019
Course Coordinator	CEYHAN MUTLU
Semester	Spring
Name of Instructor	Öğr. Gör. MURAT DOĞU

Course Contents

Week	Subject
1)	Introduction to valuation
2)	Approaches to valuation
3)	Understanding financial tables
4)	The basics of risk, riskless rates and risk premium
5)	Estimating risk parameters and costs of financing
6)	Measuring earnings
7)	Midterm Exam
8)	From earnings to cash flows
9)	Estimating growth
10)	Estimating terminal value
11)	Free cash flow to equity discount models
12)	Firm valuation and cost of capital
13)	Earnings multiples and book value multiples
14)	Revenue multiples and sector specific multiples
15)	Final Examination Period
16)	Final Examination Period

Required/Recommended Readings

1. Aswath Damodaran, Investment Valuation, (2012), Wiley, 2. Sheridan Titman, John Martin, Valuation: The Art and Science of Corporate Investment Decision, 2013, Pearson.

Teaching Methods

Class presentations and interactive conversations. Students work independently and/or in teams.

Homework and Projects

Applicable

Laboratory Work

Not Applicable

Computer Use

Applicable

Other Activities

Not Applicable

Assessment Methods

Assessment Tools	Count	Weight
Attendance	1	% 10
Homework Assignments	1	% 20
Midterm(s)	1	% 30
Final Examination	1	% 40
TOTAL		% 100

Course Administration

mdogu@doganholding.com.tr

ECTS Student Workload Estimation

Activity	No/Weeks	Hours			Calculation
	No/Weeks per Semester	Preparing for the Activity	Spent in the Activity Itself	Completing the Activity Requirements
Course Hours	14	2	3	1.5	91
Midterm(s)	1	16	2		18
Final Examination	1	16	2		18
Total Workload					127
Total Workload/25					5.1
ECTS					5