School: University of Michigan
Registration Link: REGISTER HERE
Start Date: October 2, 2017
Workload: Not Specified
Instructor: Gautam Kaul
Credentials: Professor Kaul has won five Excellence in Teaching awards at Ross, along with earning the Victor L. Bernard Leadership in Teaching Award in 2009. He is widely published in financial journals and teaches a variety of introductory and advanced courses, including Corporate Finance, Investment and Financial Institutions, and Sustainable Enterprise.
Graded: Students must successfully complete all assignments, including a final quiz, to pass the course.
Description: How much is something worth? The answer is traditionally, ‘Whatever someone is willing to pay for it.’ In this course, students will act as an analyst, learning the steps they follow and tools they use to peg a worth on a project or organization. These include examining capital structure, current and future earnings, tangible and intangible (i.e. brand) assets, and even the quality of the management team. In this course, students will start by evaluating the criteria used to determine whether to pursue a project, such as the initial resources required and the size and speed of a return on investment. From there, Kaul will introduce students to the concept of organizations being “essentially a complex collection of “projects.” Here, they will be introduced to concepts like APV, equity valuation, and unlevering along with alternative methods for discerning value using Sears as an example.
Review: “Excellent course with moderate difficulty. This course provides a good introduction to the valuation. The professor has made best effort to explain the fundamental concepts. The assignments are with moderate difficulty to assure that the learners have a good comprehension of topics. Quizzes can be improved a bit. But overall, great course. Worth of my time.” For additional reviews, click here.
Additional Note: This is the final course in a four course series called “Finance: Valuation and Investing.” To learn more about this specialization (and register for it), click here.