The course aims to provide adequate and up-to-date preparation on the valuation of companies and extraordinary operations. In particular, it aims to illustrate the main methods of evaluating companies and to make people understand which method is best suited to the different company realities and extraordinary operations that the company may find itself facing.
PART ONE – The valuation of companies Introduction to company valuation methods. Theory of value. The direct methods. Indirect methods. Levered approach (or equity side) and unlevered approach (or asset side). The simple income method. The complex income method. Levered and unlevered financial flows. The simple patrimonial method. The complex asset method. Mixed asset-income methods. The “mean value” method. The Economic Value Added (EVA).
SECOND PART – Extraordinary operations Civil, accounting and tax aspects, as well as strategic and economic aspects of the operations of: company acquisition; fusion; Leveraged Buy Out (LBO); business transfer; split; transformation; liquidation; project financing.