Educational guide
IDENTIFYING DATA 2022_23
Subject ASSESSMENT OF FINANCIAL ASSETS AND COMPANIES Code 00509032
Study programme
0509 - GRADO EN FINANZAS
Descriptors Credit. Type Year Period
6 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
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 DIREC.Y ECONOMIA DE LA EMPRESA CASTAÑO GUTIERREZ , FRANCISCO JAVIER
Tribunal suplente
Cargo Departamento Profesor
Presidente DIREC.Y ECONOMIA DE LA EMPRESA GONZALEZ VELASCO , MARIA DEL CARMEN
Secretario DIREC.Y ECONOMIA DE LA EMPRESA VALDUNCIEL BUSTOS , LAURA
Vocal DIREC.Y ECONOMIA DE LA EMPRESA ROBLES GONZALEZ , FRANCISCO JAVIER

Competencias
Code  
A5290
A5353
A5355
A5362
A5395
A5427
A5428
B701
B702
B705
B706
B708
B709
B710
B711
B713
B714
B715
B716
B717
C2
C3

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. A5290
A5362
A5395
A5427
A5428
 B701
B702
B705
B706
B708
B709
B711
B713
B714
B715
B717
 C2
C3
Estimate future cash flows and other relevant variables for discount methods. A5290
A5395
A5428
 B702
B705
B706
B709
B710
B713
B715
 C2
Apply different valuation methods to real firms in order to obtain the firm's value (though each method). A5290
A5427
A5428
 B702
B705
B706
B709
B710
B713
B715
 C2
Select the most suitable valuation methods considering the objectives of valuation and the firm's features. A5290
A5353
A5355
A5427
 B702
B705
B706
B709
B710
B711
B713
B715
B716
 C2

Contents
Topic Sub-topic
First part: Fundamentals of valuation 1. Introduction to business valuation.
Second part: Business valuation 2. Macroeconomic and industry analyses.
3. Diagnostic of the firm: internal and external factors; sources of information.
4. Methods of valuation: patrimonial methods, discount methods, relative valuation, real options.
5. Estimation of variables for discount methods: cashflow projection, growth, cost of capital, beta, risk premium, etc.
6. Selection of the most appropriate valuation methods.

Planning
Methodologies  ::  Tests
  Class hours Hours outside the classroom Total hours
Practicals using information and communication technologies (ICTs) in computer rooms 20 30 50
 
Case study 5 7.5 12.5
Tutorship of group 10 15 25
 
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.
Case study Practical classes for discussion and solving of real cases (individual and in-group works).
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.
Lecture Participative theoretical classes, combining the previous personal work of the students, who can pose their doubts, and the teacher's explanation of the contents through oral expression, use of projector and/or blackboard, and other supporting materials available on internet.

Personalized attention
 
Lecture
Practicals using information and communication technologies (ICTs) in computer rooms
Case study
Tutorship of group
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". 		9 points as a maximum
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". 		4.5 points as a maximum
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".		 1 point as a maximum
 
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., AND MARCUS, A.J. (2019). Essentials of Investments, 11th 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. (2000). Valuation: Measuring and Managing the Value of Companies, John Wiley & Sons, New York (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, Barcelona.

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., M. GOEDHART Y D. WESSELS (2015). Valuation: Measuring and Managing the Value of Companies, 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. (2007). Valoración de empresas y gestión basada en valor, Thomson.

ROJO, AA 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, nº 178, junio, pp. 50-63.

Recommendations


Subjects that it is recommended to have taken before
CORPORATE FINANCE / 00509013
FINANCIAL MANAGEAMENT / 00509016
FINANCIAL INVESTMENT THEORY / 00509029
 
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.