Advanced Valuation and Strategy - M&A, Private Equity, and Venture Capital
Erasmus University Rotterdam
Об этом курсе
5.0
Оценки: 80
Hi and welcome to this course!
Would you like to learn about the latest valuation methods that may help you to make better business decisions? Then 'Valuation and Strategy' by Erasmus University Rotterdam is the right course for you! This course is helpful for executives that need to value complete strategies and for all students interested in corporate finance and strategy. We present the latest tools and show you how to apply them!
We will revolutionize your way of decision making, by extending static techniques from corporate finance with dynamic methods to quantify strategic thinking. Traditionally, we assess the attractiveness of an investment as a mature business, where future cash flows mainly result from past decisions. But, in an ever-changing world, strategic decisions determine the firm’s long-term success and market value. Yet managers often have to consider these long-term implications using intuition and experience alone, with little guidance from structured, quantitative analysis.
Our treatment goes far beyond the use of standard valuation analysis. We introduce the expanded NPV, which brings together DCF, real options, and game theory. Thinking in terms of options, games, and adaptive strategies may help managers address strategic questions such as: How do you value a leveraged buyout? How can you value a high-tech venture with negative cash flows? When should you invest in new ventures in stages? How can you incorporate rival bidders in the analysis?
The tools we provide can improve your decisions in business and in daily life.
* Who is this class for?
We hope that our course appeals to (graduate) students in finance, economics, and business, as well as to high-ranking professionals and a general audience. This course is particularly interesting for venture capitalists, private equity investors, investment bankers, CEOs, CFOs, and those who aspire these affiliations. We offer this MOOC at 3 levels:
1.Executive Summary:
This 1-week module provides critical insights into the principles of corporate valuation and strategy. This is accessible for time-constrained executives and the general audience without any prior knowledge.
2. Student Level:
This level involves an understanding of the technical details. This level requires basic knowledge of concepts in corporate finance, e.g., the time value of money, capital structure, and the relation between risk and returns. Learners of this level can skip week 1.
3. Honors Level (honors certificate):
This level is challenging, engaging, and compelling to an intellectually rigorous student.
Программа курса: что вы изучите
Week
1Executive Summary
Welcome! My name is Han Smit, I am Professor of Corporate Finance at Erasmus School of Economics. I will be your lecturer, and together with my team, Dyaran Bansraj and Nishad Matawlie, we are going to take you on a fascinating journey that may change the way you make strategic investment decisions. This executive level course consists of a series of accessible animation videos. Step by step we develop the conceptual frameworks and new valuation principles for strategic investments that are difficult to value with traditional tools. These new valuation methods can be particularly interesting for venture capitalists, private equity investors, investment bankers, CEOs, and CFOs. This executive level course is meant for those who want to be updated on the latest insights in corporate strategy and valuation techniques. You can walk through the fundamentals of the course in less than a week! If you wish to follow the student level, you can skip this week (don't worry, you won't miss out on anything)!
6 видео (всего 18 мин.), 1 материал для самостоятельного изучения, 1 тест
6 видео
Animation - Where value comes from2мин
Animation - The value of flexibility2мин
Animation - Real options are everywhere!2мин
Animation - The value of strategic commitment3мин
Animation - Option Games: Integrating flexibility and strategic commitment3мин
1 материал для самостоятельного изучения
Outline5мин
1 практическое упражнение
Understanding expanded net present value24мин
Week
2Discounted Cash Flow Analysis
We show you how to apply DCF approaches and provide case applications illustrating the powerful potential of this valuation methodology. We consider historical analysis, the estimation of free cash flows, various DCF approaches, and multiples valuation. In the assignments we consider specialized topics such as the valuation of leveraged buyouts. After this module you will be familiar with DCF approaches and will be able to relate them to strategy.
7 видео (всего 59 мин.), 3 материалов для самостоятельного изучения, 4 тестов
7 видео
When to use DCF approaches7мин
Forecasting free cash flows based on historical performance8мин
Calculating free cash flows10мин
Calculating terminal value9мин
Using multiples valuation9мин
Answer to practice quiz 'WACC method'9мин
3 материала для самостоятельного изучения
Key value driver derivation (optional)10мин
Answer to practice quiz 'APV Method'10мин
The case of RJR Nabisco10мин
3 практического упражнения
WACC Method30мин
APV Method30мин
Test for certificate45мин
Week
3Corporate Strategy
This module closes the gap between traditional corporate finance and strategic planning by linking corporate strategy to the market value. We can assess the value of a company through the expanded NPV criterion, which is able to capture the value of the firm's growth options. We review various strategic paradigms that analyze the underlying sources of this growth option value, focusing on industry analysis, firms' internal resources and dynamic capabilities. After this module you will be able to recognise the strategic growth option value in the market value of a company.
3 видео (всего 20 мин.), 2 материалов для самостоятельного изучения, 3 тестов
3 видео
How to estimate growth option value6мин
Strategic paradigms and growth option value10мин
2 материала для самостоятельного изучения
Linking valuation to strategy10мин
Economic value added (EVA)10мин
2 практического упражнения
Corporate strategy30мин
Test for certificate45мин
Week
4Corporate Real Options
This module reviews the basic concepts and valuation principles of real options. Real options theory quantifies decision making under uncertainty and stresses the importance of wait-and-see flexibility, suggesting that managers should wait until major uncertainties are resolved and the project is more clearly beneficial. Since it recognizes that investments tend to be sequentially related over time, real options analysis is particularly suitable for valuing strategies in addition to isolated projects. After this module you will be able to quantify the flexibility component of the strategic growth option value. This is an important capability when valuing high-tech companies.
11 видео (всего 81 мин.), 5 тестов
11 видео
Animation - Real options are everywhere!2мин
Timing option5мин
Risk neutral valuation6мин
Valuing an R&D project10мин
Option to expand or contract7мин
Option replication and risk neutral valuation13мин
Multi-period, continuous, and compound models9мин
Answer to practice quiz 'Option to invest'9мин
Answer to practice quiz 'Option to expand or contract'5мин
Answer to practice quiz 'Option to abandon'6мин
4 практического упражнения
Option to invest15мин
Option to expand or contract10мин
Option to abandon10мин
Test for certificate45мин
5.0
Лучшие рецензии
автор: BB•Oct 4th 2018
Great and clear video's on the study material. Very energetic teacher who's enthousiasm was passed on to me to work even harder to score a good grade for the subject!
автор: JS•Sep 26th 2018
Great topic, great content, great explanatory animations!
Преподавателя
Han Smit
Professor of Corporate FinanceFinance
Dyaran Bansraj
LecturerFinance
Nishad Matawlie
LecturerFinance
О Erasmus University Rotterdam
Erasmus University: a top-100 ranked international research university based in Rotterdam, the Netherlands. Our academic teaching and research focuses on four areas: health, wealth, culture and governance.
Erasmus University Rotterdam: make it happen.
Часто задаваемые вопросы
When will I have access to the lectures and assignments?
Once you enroll for a Certificate, you’ll have access to all videos, quizzes, and programming assignments (if applicable). Peer review assignments can only be submitted and reviewed once your session has begun. If you choose to explore the course without purchasing, you may not be able to access certain assignments.
What will I get if I purchase the Certificate?
When you purchase a Certificate you get access to all course materials, including graded assignments. Upon completing the course, your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.
What is the refund policy?
Is financial aid available?
What literature can I consult to support my studies?
You can follow the MOOC without studying additional sources. Further reading of the discussed topics, including the Building Blocks) is provided in the textbook that I wrote with Lenos Trigeorgis: Strategic Investment: Real Options and Games, Princeton University Press, E-book ISBN9781400829392
How is this course structured?
In four weeks, we review the four most important foundations in valuation and strategy: corporate valuation, strategic management and growth option value, corporate real options, and game theory. If you don't have four weeks, you can also follow the course at your own pace. The full course content will be available from the start!
Can I also follow the course at my own pace?
Yes you can!
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