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Don Bosco Institute of Bio Sciences and Management Studies

Kumbalagudu, Mysore Road, Bangalore

Name of the Faculty

Dr. Sumandiran Prithiviraj

Course and Semester

MBA I Semester

Subject

CORPORATE VALUATION AND RESTRUCTURING

Number of Hours Req.

77 Hours

LESSON & SESSION PLAN


Session

Topic to be covered

MODULE 1: BASICS OF BUSINESS VALUATION Introduction to syllabus.

Introduction and Purpose of valuation

Distinction between price and value

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5
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10

Principles and Techniques of Valuation


Role of Valuation and key areas of valuation
Concepts of value:- Market Value, Fair value, Book Value, Intrinsic value,
Investment value, Liquidation value, Replacement value.
Role of valuation in Business acquisition and Corporate finance
Valuation process

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12

Case Study Session 1

13

MODULE 2: VALUATION MODELS Approaches and Methods of valuation

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Asset-Based Approach

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16

Earnings Based Approach (Earnings-Capitalization Method ,P/E Ratio)

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DCF Approach: Market value Based Approach
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Market value Added Approach
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Enterprise DCF Valuation: Two stage and three stage growth models

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Relative Valuation Direct Comparison and Peer group approach
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Contingent claim valuation
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30

Case Study Session 2

31

MODULE 3: ENTERPRISE VALUATION Valuation of firm in pieces : Valuation of


Debentures

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Valuation of firm in pieces : Valuation of Debentures

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34

Valuation of Equity shares

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Valuation of Preference shares
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Equity DCF Model (Dividend Discount Model and FCFE Model)
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Adjusted Present Value (APV) Model

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Economic Profit Model

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MODULE 4: INTELLECTUAL CAPITAL VALUATION Components and Valuation


of Intellectual capital

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Market to book ratio. Tobins Q,

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Analytical Approaches: Economic value added, Balanced Score card, Human


Resource Accounting.

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MODULE 5: CORPORATE RESTRUCTURING


corporate Restructuring

Introduction and types of

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Expansion: Amalgamation, Absorption, Tender offer, Asset acquisition and


Joint venture.

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56

Contraction: Spinoff, Split ups, Equity carve out Divestiture, Asset sale.

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Corporate controls: Going private, Equity buyback, Leveraged Buyouts, Anti


takeover defense.

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MODULE 6: VALUATION OF MERGERS & ACQUISITION Concepts of Value in


context of Mergers & Acquisitions

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Approaches to valuation in case of M&A: DCF Approach

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Selection of appropriate cost of capital for valuation
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70

Process of selecting target companies, Forms of Consideration and terms of


acquisitions

Implications of regulations for business combinations, Post merger integration


process

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Types of exit strategies and their implications
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73
Shareholder Value Analysis
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76

Exchange Ratio-Bases used for Computation

77

Internal Exam 1 Syllabus

Unit 1 and 2

Internal Exam 2 Syllabus

Unit 3, 5 and 6

Case Study Topics and Presentation Topics :

Refer Student Course Book


Compiled by the Faculty.