Business valuation

This section of the site contains materials on corporate governance and business valuation based on Excels files with main models.

Audience

The course will be of interest to owners of medium and large business, who are ready to transfer business to hired management, and who want to build a healthy system of corporate control, management and motivation of the management board. In addition, these materials will be of interest to anyone, who would like to evaluate own business before selling or to calculate the possible value of shares at an initial public offering (IPO), as well as for those who would like to understand the main drivers that affect the value creation of a business.

About course

The course is based on studies materials and presentations of the World Bank provided as part of technical assistance to Ukraine. In addition, the course includes adapted MBA  case studies of several European and American universities, as well as own research in the field of valuation of financial institutions in emerging markets as a part of the Executive MBA Mergers and Acquisition program at Vienna University.

Course program

Introduction to Corporate Governance:
— Goals of corporate governance;
— Private companies and open joint stocks companies;
— Other stakeholders.
Corporate Governance roles and procedures:
— Shareholders annual meetings;
— Supervisory Board;
— Management Board;
— Committees;
— Internal control;
— Internal audit.
Payment and Remuneration System:
— For members of the management board;
— For members of the supervisory board;
— Remuneration based on economic value added;
— Corporate reporting.
Corporate Governance Models:
— One-tier model;
— Two-tier model;
— Disadvantages and advantages;
— Independent non-executive directors.
The role of the committees in each model:
— Audit Committee;
— Remuneration Committee;
— Nomination Committee;
— Conclusions and consequences.

Business Valuation models:
— The method of discounted cash flows for enterprises;
— The method of discounted cash flows for the assessment of banks;
— The method of comparative coefficients.
Exercises for business valuation in Excels:
— The method of discounted cash flows;
— The method of comparative coefficients.

Results

Participants will understand the principles of corporate governance and business valuation based on two models as well as receive Excels files with models for:
— Business Valuation based on two methods;
— Remuneration calculation for the management board based on economic value added.