Educational guide

IDENTIFYING DATA

2024_25

Subject

VALORACIÓN DE EMPRESAS

Code

00516032

Study programme

0516 - GRADO EN FINANZAS

Descriptors

Credit.

Type

Year

Period

Compulsory

Fourth

First

Language

Castellano

Prerequisites

Department

DIREC.Y ECONOMIA DE LA EMPRESA

Coordinador

TASCÓN FERNÁNDEZ , MARÍA TERESA

E-mail

mttasf@unileon.es
pcasc@unileon.es

Lecturers

TASCÓN FERNÁNDEZ , MARÍA TERESA

CASTRO CASTRO , PAULA

Web

http://

General description

Study of business valuation methods, internal and external factors affecting business valuation, and variables required to apply those methods. Selection of methods, estimation of variables and practical application with real data.

Tribunales de Revisión

Tribunal titular
Cargo	Departamento	Profesor
Presidente	DIREC.Y ECONOMIA DE LA EMPRESA	SIERRA FERNANDEZ , MARIA DEL PILAR
Secretario	DIREC.Y ECONOMIA DE LA EMPRESA	AMOR TAPIA , BORJA
Vocal		FEITO RUIZ , ISABEL

Tribunal suplente
Cargo	Departamento	Profesor
Presidente	DIREC.Y ECONOMIA DE LA EMPRESA	GONZALEZ VELASCO , MARIA DEL CARMEN
Secretario		GONZALEZ FERNANDEZ , MARCOS
Vocal	DIREC.Y ECONOMIA DE LA EMPRESA	ROBLES GONZALEZ , FRANCISCO JAVIER

Competencias

Code
A18894
B5788
B5789
B5790
B5794
B5795
B5799
C2	CMECES2 That students know how to apply their knowledge to their work or vocation in a professional manner and possess the skills that are usually demonstrated through the development and defense of arguments and the resolution of problems within their area of study.

Learning aims

	Competences
Discover those internal and external factors of firms that provide useful information for valuation and identify them in the available sources of information.	A18894	B5788 B5794 B5795
Estimate future cash flows and other relevant variables for discount methods.	A18894	B5789 B5795	C2
Apply different valuation methods to real firms in order to obtain the firm's value (through each method).	A18894	B5789 B5795 B5799	C2
Select the most suitable valuation methods considering the objectives of valuation and the firm's features.	A18894	B5788 B5789 B5794 B5795 B5799	C2
Writing professional valuation reports.		B5790 B5794 B5795 B5799	C2

Contents

Topic	Sub-topic

Planning

Methodologies :: Tests
	Class hours	Hours outside the classroom	Total hours
Practicals using information and communication technologies (ICTs) in computer rooms	20	30	50

Tutorship of group	10	15	25
Case study	5	7.5	12.5

Lecture	20	30	50

Mixed tests	2	3	5
	3	4.5	7.5

(*)The information in the planning table is for guidance only and does not take into account the heterogeneity of the students.

Methodologies

Methodologies ::

	Description
Practicals using information and communication technologies (ICTs) in computer rooms	Practice with ICTs, use of databases, and information obtained from webs specialized in financial information.
Tutorship of group	Tutorship oriented to the whole group in which the teacher helps the students to formulate, analyze, solve, and debate a problem or exercise.
Case study	Practical classes for discussion and solving of real cases (individual and in-group works).
Lecture	Participative theoretical classes, combining: - the teacher's explanation of the contents through oral expression, use of projector and/or blackboard, and other supporting materials available on internet. - questions posed by the teacher and the students (and their discussion), and - practical exercises with real data to illustrate the contentes explained.

Personalized attention

Lecture

Practicals using information and communication technologies (ICTs) in computer rooms

Tutorship of group

Case study

Description

Individual tutorship for the student's preparation of personal work, theoretical and practical. On site, at the teachers' desk, by phone, or by e-mail. During the teachers's assistance hours.

Tutorship of groups: In the computer rooms. During the practical hours assigned to tutoring in the schedule.

Tutorial sessions can be in English, if the student communicates this preference, since the module is offered as "English friendly".

Assessment

	Description	Qualification
Mixed tests	Final written exam. It will contribute a maximum of 9 points to the final mark. I will consist of theoretical questions (4.5 points) and practical exercises (4.5 points) similar to those made during the classes. The exam can be made in English, if the student communicates this preference, since the module is offered as "English friendly".	Max 9 puntos/points
	Continuous evaluation. It will contribute with a maximum of 4.5 points to the final mark. The teacher will propose some (voluntary) individual or group activities to be performed in computer rooms, that the student/s will hand in as a written work. The marks obtained may substitute the practical part of the final exam, at the discretion of the teacher. The activities can be written in English, if the student communicates this preference, since the module is offered as "English friendly".	Max 4.5 puntos/points
Others	Attendance and participation will contribute with 1 point as a maximum to the final mark. To qualify participation, the teacher will take into account the documents received on the discussions, cases, exercises, etc. developed during the classes. The final mark may be increased by making tutored works to compensate lack of attendance due to diverse reasons (0.5 points as a maximum). The activities can be written in English, if the student communicates this preference, since the module is offered as "English friendly".	Max 1 point

Other comments and second call

Sources of information

Access to Recommended Bibliography in the Catalog ULE

Basic
	Asociación Española de Contabilidad y Administración de Empresas (AECA) (2005). Valoración de pymes. AECA. Doc nº 7 de Valoración y Financiación. Bodie, Z., Kane, A. y Marcus, A.J. (2022). Essentials of Investments. 12th Edition. McGraw-Hill. Damodaran, A. (2021). El pequeño libro de la valoración de empresas. Deusto. Fernández, P. (2008). Valoración de empresas: Cómo medir y gestionar la creación de valor. 3rd Edition. Gestión 2000. Palepu, K.G., Healy, P.M. y Peek, E. (2019). Business Analysis & Valuation: IFRS edition. 5th Edition. Cengage. Penman, S.H. (2013). Financial Statement Analysis and Security Valuation. 5th Edition. McGraw-Hill. Pindado, J. [Coord.] (2012). Finanzas empresariales. Paraninfo. Titman, S. y Martin, J.D. (2009). Valoración. El arte y la ciencia de las decisiones de inversión corporativa. Pearson. Prentice-Hall.
Complementary
	Asociación Española de Contabilidad y Administración de Empresas (AECA) (1989). Métodos prácticos de valoración de empresas. AECA. Doc nº 3 de Valoración y Financiación. Asociación Española de Contabilidad y Administración de Empresas (AECA) (1989). Principios de valoración de empresas: Propuesta de una metodología. AECA. Doc nº 1 de Valoración y Financiación. Asociación Española de Contabilidad y Administración de Empresas (AECA) (2006). Aplicabilidad del modelo de Ohlson para la valoración de acciones. AECA. Doc nº 8 de Valoración y Financiación. Asociación Española de Contabilidad y Administración de Empresas (AECA) (2010). El análisis contable del rendimiento y la valoración de empresas: actividades financieras y operativas. AECA. Doc nº 10 de Valoración y Financiación. Asociación Española de Contabilidad y Administración de Empresas (AECA) (2018). Valoración por múltiplos. AECA. Doc nº 15 de Valoración y Financiación. Copeland, T., Koller, T. y Murrin, J. (2020). Valuation: Measuring and managing the value of companies. 7th Ed. John Wiley & Sons (Traducción al castellano. (2007): Valoración de empresas: Medición y gestión del valor. Ediciones Deusto). Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset. 3rd Edition. Wiley Finance. Damodaran, A. (2012). Investment philosophies: Successful strategies and the investors who made them work. 2nd Ed. Wiley Finance. Easton, P.D., Mcanally, M.L., Sommers, G.A. y Zhang, X.J. (2018). Financial statement analysis and valuation. 5th Edition. Cambridge Business. Fernández, P. (2008). 201 errores en la valoración de empresas. Diagnóstico para conocerlos y prevenirlos. Ediciones Deusto. Fundación de Estudios Bursátiles y Financieros (2009). El arte de valorar empresas, Civitas (Thomson Reuters). Hitchner, J. (2017). Financial valuation: Applications and models. 4th Edition. Wiley. Koller, T., Goedhart, M. y Wessels, D. (2020). Valuation: Measuring and Managing the Value of Companies. 7th Ed. Wiley Finance. Martínez Conesa, I. y García Meca, E. (2005). Valoración de empresas cotizadas. AECA. Massari, M., Gianfrate, G. y Zanetti, L. (2016). Corporate valuation: Measuring the value of companies in turbulent times. Wiley. Penman, S.H. (2011). Accounting for value. Columbia Business School. Pettit, J. (2011). Strategic corporate finance: Applications in valuation and capital structure. John Wiley & Sons. Pinto, J.E., Henry, E., Robinson, T.R., Stowe, J.D. y Miller, P.F. (2015). Equity asset valuation (CFA Institute Investment Series). 3rd ed. John Wiley & Sons. Rojo Ramírez, A.A. (2023). Manual de valoración de empresas, partes de empresas y unidades de negocio. Ibergarceta Publicaciones. Rojo, A.A. y Labatut, G. (2018). Aspectos prácticos de la valoración de empresas. Colección AECA. Francis Lefebvre. Tascón Fernández, M.T. (1998). Valoración contable en los procesos de fusión y escisión: Análisis de la legislación mercantil y de la normativa profesional en la Comunidad Europea, Tesis Doctoral, Universidad de León. Tascón, M.T., Polantinos, S. y Amor, B. (2006). Primeros efectos del cambio de normativa contable para la valoración de las entidades financieras españolas. Partida Doble, 178, junio, 50-63.

Recommendations

Subjects that it is recommended to have taken before

DIRECCIÓN FINANCIERA I / 00516022

INVERSIÓN FINANCIERA / 00516026


Other comments
The module is offered as "English friendly". It means that exams, written activities and tutorial sessions could be in English if the student shows this preference.