OVERVIEW

The course aims at providing the skill to achieve specific results through M&A operations and the working knowledge of the techniques involved. Additionally it pertains to the accounting aspects of complex merger and acquisition transactions as a result of business combinations. The groundword for how to value a firm (fundamentals of corporate valuation) is covered. 

AIMS AND CONTENT

LEARNING OUTCOMES

The course aims at providing the skill to achieve specific results through M&A operations and the working knowledge of the techniques involved in the corporate valuation and in the net income tax calculation. In addition, it pertains to the accounting aspects of complex merger and acquisition transactions as a result of business combinations.

AIMS AND LEARNING OUTCOMES

The course aims at providing the students with a solid basic knowledge of the principles and logics underpinning both the M&A and the corporate valuation. In particular, the course intends to:

• Examine the conditions for the origins and development of M&A
• Clarify the concepts of corporate valuation

PREREQUISITES

Italian GAAP (OIC) and discounting principles

TEACHING METHODS

Traditional formats (lectures) and interactive methods based on discussion and sharing of best practices in M&A and corporate valuation, together with the teacher and practitioners. 

SYLLABUS/CONTENT

PART I: corporate valuation

- intrinsic valuation

- core valuation techniques

- fundamentals of Discounted cash flow (DCF)

- estimation of cash flows and discount rate

- impact of taxes

- relative valuation

- special situations: emerging markets, high-growth companies, cyclical companies etc. 

- best practices and case studies 

PART II: mergers and acquisitions

- recent M&A trends

- corporate restructuring: types of M&A

- LBO

- M&A strategies

- accounting methods in M&A

- tax issues in M&A

RECOMMENDED READING/BIBLIOGRAPHY

Lessons and basic materials are in Italian because of the topic specifically concerns Italian code and Italian tax legislation. However, M&A operations and fundamentals of corporate valuation can be analyse in detail in the following selected publications:

- R.L. Brown, The concise guide to Mergers, Acquisitions and divestitures, Palgrave/MacMillan, 2007;

- P.A.Gaughan, Mergers, Acquisitions and Corporate Restructurings, 7th ed., Wiley, 2018;

- A. Damodaran, The dark side of valuation, Pearson Edu., 2010; 

TEACHERS AND EXAM BOARD

Exam Board

FRANCESCO GIOVANNI AVALLONE (President)

ALBERTO QUAGLI

PAOLA RAMASSA

LESSONS

LESSONS START

1° semester

Class schedule

M&A AND CORPORATE VALUATION

EXAMS

ASSESSMENT METHODS

The final exam is based on a written assessment (regarding both theory and cases), and an oral part starting from a brief analysis prepared by the student on a real examples of M&A and corporate valuation.

Exam schedule