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 corporate valuation. 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.

NB: Due to the current situation with COVID 19 pandemic, students could take a written/oral exam through Microsoft Teams platform or Aulaweb.  

Exam schedule