STRATEGIC FINANCE

The course forms part of the broader objective of mastering the various managerial, economic, and financial evaluation aspects related to a company and an investment project. Its purpose is to provide practical tools for addressing corporate valuation issues and to foster an understanding of the underlying dynamics of investment transactions. Particular attention is devoted to valuation methodologies from a financial perspective, highlighting the available choices in light of the two key dimensions of risk and return. Throughout the course, the main valuation methods, synergy assessment, the stages of a deal, and the distinctive features of Due Diligence processes will be examined. The course will also be enriched by practical insights and contributions from consultants working with multinational companies.

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

written

The lecturer has a duty to ensure that the rules regarding the authenticity and originality of exam tests and papers are respected. Therefore, if there is suspicion of irregular conduct, an additional assessment may be conducted, which could differ from the original exam description.

The grades of the written test are divided into three sections of the task: multiple choice questions, exercises, theoretical questions

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.

This subject deals with topics related to the macro-area "Cities, infrastructure and social capital" and contributes to the achievement of one or more goals of U. N. Agenda for Sustainable Development