Università Roma Tre

First part – Valuing a business
Definition of business value.
Business value and strategic value.
The relative approach to valuation (market prices and multiples).
The valuation techniques based on the firm's fundamentals.
The income methods:
- valuing the expected income (economic income or cash flow);
- valuing the discount rate;
- valuing the firm expected life and the terminal value.
Examples on the income methods.
The book value methods.
Valuation of intangible assets.
Firm value and equity value.
The application of “EVA model” to business valuation.
Second part: case studies
Valuing a bank.
The valuation of a distressed business.
Valuing a group of companies.
The valuation of human capital.
The valuation of brands.
Meetings with managers and business valuation experts

A. DAMODARAN, The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses, Pearson, NJ, 2018.