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Avaliação de Empresas

Home / Oferta Formativa / Oliveira do Hospital Management and Technology School / Bachelor / Bachelor in Management

Base Knowledge

Basic knowledge in general accounting and finance.

Teaching Methodologies

The following teaching methodologies are used in this curricular unit: 1) Verbal methods (say), making use of the following educational resources: Exposition, Explanation and Dialogue; 2) Intuitive Methodologies (show), making use of the following educational resources: Demo, Audiovisual Texts and Writings; 3) Active methodologies (do), making use of the following educational resources: Group Work, Case Studies.

 

Learning Results

The course unit aims to develop knowledge and skills in the areas of business valuation, shareholder value creation, and mergers, acquisitions, and corporate restructuring, with an emphasis on a practical approach.

Students are expected to be able to identify different concepts of value and the main issues associated with business valuation; apply forecasting techniques and the main valuation methods; critically analyse mergers, acquisitions, and corporate restructuring processes; and assess shareholder value creation using key metrics.

Program

1. Fundamentals of Business Valuation
1.1. Concepts and Definitions of Value
1.2. Fundamental Principles and Assumptions of Business Valuation
1.3. Due Diligence

2. Business Valuation Methods and Models
2.1. Asset-based Approach
2.2. Market Approach
2.2.1. Earnings Multiples – PER (P/E)
2.2.2. Book Value Multiples – PBV (P/B)
2.2.3. Sales Multiples – PS (P/S)
2.2.4. Enterprise Value Multiples

3. Cost of Capital
3.1. Cost of Equity and CAPM
3.2. Cost of Debt
3.3. Weighted Average Cost of Capital (WACC)

4. Income Approach to Valuation
4.1. Time Value of Money
4.2. Dividend Discount Model – Gordon-Shapiro Model
4.3. Growth and Future Growth Opportunities
4.4. Discounted Cash Flow (DCF) Valuation Models

5. Value Creation
5.1. Economic Value Added (EVA)
5.2. Market Value Added (MVA)

6. Mergers, Acquisitions and Corporate Restructuring
6.1. Fundamentals of Mergers and Acquisitions
6.2. Value Creation and Synergies in Mergers and Acquisitions
6.3. Corporate Restructuring through Judicial and Extrajudicial Procedures
6.4. Acquisition and Restructuring of Debt as a Value Creation Tool for Distressed Companies

7. Corporate Restructuring through Judicial and Extrajudicial Procedures

8. Acquisition and Restructuring of Debt as a Means of Creating Value for Distressed Companies

Curricular Unit Teachers

Vera Lucia Mendes da Cunha

Grading Methods

The following assessment methods are available:

  1. Periodic assessment: one test, worth 60% of the final grade, and a group assignment, worth 40%. The group assignment consists of the valuation of a company to be defined.
  2. Exam assessment - regular examination period: an exam, worth 60% of the final grade, and a group assignment, worth 40%. The grade obtained in the group assignment completed during the semester will be taken into account for the regular examination period.
  3. Exam assessment - resit and special examination periods: an exam, worth 100% of the final grade.

In all assessment methods, students must obtain a minimum final grade of 9.5 out of 20 to pass the course unit.


    Internship(s)

    NAO

    Bibliography

    Main Bibliography:

    • Ferreira, D. (2017). Fusões, Aquisições, Cisões e Outras Reestruturações de Empresas: Abordagem Estratégica e Organizacional. Rei dos Livros.
    • Mota, A. G., Nunes, J. P., & Ferreira, M. A. (2020). Finanças Empresariais – Teoria e Prática (6th ed.). Publisher Team.
    • Neves, J. C. (2002). Avaliação de Empresas e Negócios. McGraw-Hill.
    • Neves, J. C. (2014). Análise e Relato Financeiro – Uma Visão Integrada de Gestão (7th ed.). Texto.
    • Pinho, C., & Tavares, S. (2012). Análise Financeira e Mercados (2nd ed.). Áreas Editora.
    • Tournier, J. C., & Tournier, J. B. (2002). A Avaliação da Empresa. Bertrand Editora.

    Supplementary Bibliography:

    • Damodaran, A. (2024). Investment Valuation: Tools and Techniques for Determining the Value of Any Asset (4th ed.). Wiley.
    • Koller, T., Goedhart, M., & Wessels, D. (2025). Valuation: Measuring and Managing the Value of Companies (8th ed.). Wiley.
    • DePamphilis, D. M. (2025). Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions (12th ed.). Academic Press.