Corporate Valuations - Measuring and Managing Value

The premise of the course is simple: Companies thrive when they create real economic value for their shareholders. Companies create value by investing capital at rates of Return that exceed their cost of capital. This applies equally to U.S., European, and Asian companies. It applies equally to mature manufacturing companies and high-growth internet companies. Only the implementation details are different. When companies forget these simple truths, consequences are evident; hostile takeovers in the Untied States in the 1980s, the collapse of the bubble economy in Japan in the 1990s, the broad Southeast Asian crises in 1998, and the persistent slow growth and high unemployment in Europe. While the underlying drivers of these events can be traced to a number of factors -- most often inappropriate government policies or structural deficiencies -- the lack of focus on value creation by managers is a key link in the chain leading to economic malaise or crises. This course attempts to clarify the field of Valuation and the linkages between strategy and finance. It is evident that clear thinking about valuation and skill in using valuation to guide business decisions are prerequisites for success in today’s competitive environment. Value needs to be understood clearly by CEOs, business managers, and financial managers alike. Too often, valuation has been left to experts. It has been viewed as a specialized discipline, rather than as an important tool for running the business better. The course simplifies valuation by providing step-by-step guidance on how to do it well. It provides valuation frameworks which are brought to life with detailed case studies that highlight the practical judgments involved in developing and using valuations. Most significantly, it discusses how to use “creating value principles” to make decisions about course of action for a company.

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