Corporate Finance

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)