STRATEGIC FINANCE

The course is part of the broader objective of mastering the various management and economic / financial evaluation aspects of a company and an investment project. The goal is to provide the practical tools to address the valuation issues of a company and to make people understand what are the underlying dynamics of investment operations. In particular, the evaluation methods are analyzed from a financial point of view, highlighting the possible choices considering the two dimensions "risk and return".

Attendance and active participation in the three training activities proposed by the course (lectures, thematic seminars, multidisciplinary laboratory) and individual study will allow students to:
1. Knowledge and understanding
1.1. acquire the main analytical and synthetic valuation methods relating to an investment and a business complex.

2. Ability to apply knowledge and understanding
2.1. knowing how to exemplify the different methods, understanding what differences in results they can lead to
2.2. know what the purpose of a Due Diligence process is and how it can support company valuations

3. Judgment skills
3.1. know how to determine the most appropriate method for evaluating an investment or a company

Knowledge of financial mathematics formulas relating to the discounting of flows and annuities
Knowledge of the financial statements and their reclassification according to the management criteria

1. Investment decisions for the indebted company: methods of evaluating investment projects and the cost of capital

2. From the value of investments to business value (I): DCF methods for business valuation

3. From the value of investments to the value of the company (II): the stock market multiples method

4. External growth: the evaluation in the hypothesis of integration operations

5. Due Diligence as a support to the acquisition operations

F. Beltrame, G.S. Bertinetti, A. Sclip: Analisi e valutazione finanziaria d’impresa, G. Giappichelli Ed., 2021

Verification of learning takes place through a written test. The written test consists of exercises with the aim of ascertaining the skills acquired in solving company valuation problems and notions on Due Diligence. During the written test it is not allowed to use books, notes, electronic media with the exception of a calculator

Students, in addition to the text, will be able to use the material that is distributed during the lessons, which is accompanied by practical examples.
In addition, one lesson a week is dedicated to doing exercises and practical cases.

Italian

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