KNOWLEDGE AND UNDERSTANDING: Know the main business appraisal models with a focus on cash flow models and market multiples Know some particular valuation purposes (mergers and acquisitions, corporate restructuring) Know the imperfections of capital markets Understand the limits of theoretical models in practical application Understand the difference between price and value Understand the importance of using the "best" evaluation model according to the goals of the evaluation itself Understand the practical application of theoretical concepts through (possible) corporate testimonials and the analysis of the financial analysts' reports APPLYING KNOWLEDGE AND UNDERSTANDING: Know how to read and understand a business appraisal report prepared by an evaluator or a financial analyst Know how to prepare a simplified business appraisal report following the models used by financial analysts Know how to apply the main valuation models appropriately, depending on the entities to be evaluated MAKING JUDGEMENT: Students must demonstrate, at the end of the course, that they have not only learned the concepts, but they have understood and internalised them through possible application in situations other than those presented during the course COMMUNICATION SKILLS: The purpose of the oral exam is to verify the student's ability to communicate effectively and with appropriate technical language, the concepts learned during the course LEARNING SKILLS: At the end of the course, a student must demonstrate that he/she can apply the minimum knowledge and understanding described in this syllabus

PROPAEDEUTICS: A student must know the topics covered in a course in Accounting for the Bachelor's degree in Economics and Business Administration PREREQUISITES: Students should know the basic concepts of financial mathematics and the foundational concepts of the balance sheet, the income statement, and the cash flow statement. They must also know the main links between these prospects Knowledge of basic corporate finance concepts allows a student to understand the contents of this lesson easily At the start of the course, in any case, a quick overview of the foundational concepts of corporate finance will be introduced

The 'Finanza e valutazioni d'impresa' course develops the topic of business economic capital valuation. The different valuation methodologies are analysed in the lectures, starting with asset-based methods and ending with relative valuation methods, outlining their applicability in professional practice. The valuation approaches analysed with the most attention are those based on expected future cash flows, also analysing valuation reports issued by leading merchant banks. Specific topics such as mergers and acquisitions and real estate finance are also covered. Students are expected to apply these concepts by preparing a valuation report for a company listed on a capital market.

Giorgio Valentinuz, Valore dell'impresa e politica dei dividendi, Giuffrè, Milano, 2005 Silvano Corbella (a cura di), Giovanni Liberatore (a cura di), Riccardo Tiscini (a cura di), Manuale di valutazione d’azienda, McGraw Hill Education, Milano, 2020 – ISBN 9788838695971 Lecturer's slides, financial analysts' evaluation reports, corporate testimonials' notes and slides, and any further readings will be available on the Team (in MS Teams) for the course The study materials are the texts suggested above and the course slides (from the lecturer and corporate testimonials). Other materials support the understanding of the concepts presented

• Italian Valuation Principles (PIV) • Different concepts of value • Accounting-based Valuation models • Income valuation models • Combined valuation method • Discounted cash flows models • Capital markets and their imperfections • Growth rates and firm value • How to combine cash flows and discount rates • Real options valuation • Relative valuation: trading multipliers and transaction multipliers • Mergers and acquisitions • Corporate restructuring • Dividend policy • Real estate finance • New venture valuation • Private company valuation • ESG principles (main notes) • Corporate Testimonials • Analysis and discussion of financial analysts' evaluation reports

Lectures Exercises and case studies Lectures Exercises and case studies Discussion on professional evaluation reports Corporate testimonials Students are required to prepare an evaluation report of a company This report, to be carried out in small groups (preferably composed of two students, a maximum of three), shall relate to a company listed on a European capital market. The approach to be employed is that of initial stock coverage by a financial analyst For non-attending students, the drafting of the report may be individual All project instructions, in addition to being explained in class, are made available through TEAMS Lessons are recorded and made available through TEAMS (of the course itself). The availability of lecture recordings is six months from the day of the recording itself

During some lectures, the use of laptops, tablets, or smartphones (at least one for every two or three students) may be required in order to increase the degree of interactivity of the lectures, with research of information (economic and financial, mainly) of listed companies

ORAL EXAMINATION Students are required to understand the contents and not only memorise them. To verify the level of understanding, a student may be asked to solve some short exercises or to apply theoretical concepts by discussing some real examples regarding the topics addressed in the classroom Any student has to prepare the evaluation report: it is the basis for assessing the knowledge and understanding of the concepts learned in the classroom Usually, at the end of the discussion of the report, some specific theoretical questions are asked The average duration of the exam is about 35 minutes The exam covers the whole course program The final evaluation follows - as an orientation - the following grid: - grades from 18 to 24: sufficient/discrete degree of knowledge of the topics and discrete/good mastery of the technical language - grades from 25 to 27: good/very good degree of knowledge of the topics and very good/extremely good mastery of the technical language - grades from 28 to 30 cum laude: extremely good/excellent degree of knowledge of the topics and excellent mastery of the technical language The exam lists are created by combining candidates from different courses. Consequently, you cannot rely on taking the exam on a date that suits you. The lists are made in order of enrolment on ESSE3

This course explores topics closely related to one or more goals of the United Nations 2030 Agenda for Sustainable Development (SDGs)