Application for seminars at TUM School of Management: https://seminars.wi.tum.de
Examiner: Prof. Dr. Gunther Friedl
Lecturers: Anamarija Delic, Dominik Kemsa, Matthias Regier, Johannes Viehhauser
SWS/ Credits: 4 SWS / 6 ECTS
Corporate valuation is fundamental for the functioning of capital markets. It is the basis of stock trading and corporate finance activities such as raising capital, mergers, acquisitions, demergers and disposals. The ability of market participants to identify under- or overvalued companies drives portfolio outperformance and the creation of shareholder value. In this seminar, students will learn to solve basic theoretical and practical problems in corporate valuation.
The seminar will kick off with a homework assignment that will be distributed via email before April 24. You will complete a financial model and perform a DCF valuation in Excel. You can hand in the completed model in teams of two students. You will learn more about the assignment during the kick-off session. Our corporate valuation experts will walk you through a "solution" of the homework assignment during a separate session.
Further, we will introduce you to different contextual situations (e.g. private equity, venture capital, infrastructure assets, hostile takeovers, leveraged buyouts) that you will work on for your seminar thesis and final presentation. Again, you will work on the assigned topic in teams of two students. You are expected to theoretically discuss valuation principles and the specifics of your different contextual situation and apply the techniques to a real-life business case. We will assign supervisors who support you while writing the seminar thesis. You will then hand in the thesis as well as a corresponding presentation.
A presentation of the final results will take place during a three-day block seminar (detailed information will follow; there will be a participation fee for two nights incl. breakfast and dinner). You shall actively discuss in class and peer-review the seminar paper of one other group. The block seminar will also contain industry/practice presentations, discussion sessions and socializing events (e.g. hiking).
If you have difficulties to bear the participation fee, please get in touch with Matthias Regier.
The number of participants is limited. Students will be selected based on their number of semesters as well as their grades in previous courses.
Please contact Anamarija Delic or Dominik Kemsa regarding any administrative questions.
It is mandatory to hand in the completed homework assignment but it will not be graded.
We plan the following grade composition:
1. Seminar thesis in teams of two (50%)
2. Presentation of final results in the block seminar (40%)
3. Peer-review of one seminar thesis (10%)
(Participation is mandatory)
To be announced.