Aims of the course

Applied valuation course builds on advanced corporate finance, and offers in-depth treatment of business valuation issues. It explores the main concepts, methodologies and tools of valuation through main theories, academic papers and case studies. The aim is to provide students with up-to-date knowledge of fundamental valuation techniques and its applications.

Learning outcomes

On completion of this course successful students will be able to:

• Apply new tools and concepts needed for business valuation
• Assess managerial incentives, finance decisions and their impact on firm value
• Research and produce a professional valuation report and verbally communicate and defend the outcome

Annotation

This course unit focuses on the fundamental concepts of corporate finance. It is designed as an introduction to financial management, and covers both theoretical and empirical aspects of capital investment decisions, valuation and financing decisions. This course examines the financial goals of a corporation with an emphasis on value creation. The main goal of the course is to provide theoretical knowledge and practical tools that are required in financial decision-making.

Aims of the course

This course unit aims to provide an understanding of main principles of corporate finance: core investment decision rules, capital budgeting, methods of long- and short-term financing, and associated theoretical and empirical issues.

Learning outcomes

• Analyse and evaluate company‘s activities and financial condition from financial statements (balance sheet, income statement, cash flow statement) applying financial ratios.
• Apply the concept of the time value of money to solve various financial problems.
• Evaluate investment projects using different methods: NPV (net present value) and its alternatives (IRR, payback method, profitability index).
• Evaluate and compare different methods of long- and short-term financing.
• Calculate company‘s WACC, interpret it and its components in perfect markets as well as taking taxes into account.
• Relate the main tasks in financial management and corporate finance, discuss the risk of financial decisions.
• Overview the process of M&A.
• Work in teams, present work results both in writing and orally, substantiate decisions taken.

Kaip kurti vertę organizacijai ir visuomenei? Kaip išlaikyti konkurencingą verslą pandemijos metu? Kokios priemonės tinka ekonomikos skatinimui naujoje realybėje?

„Šis neapibrėžtumo laikotarpis aiškiai parodė, kad ekonomika yra ne tik apie priežastis ir pasekmes, bet ir apie vertybes. Mes rinkų “neatrandame” kaip duotybės, mes jas patys kuriame. Kokias rinkas ir kokį verslą kursime ateityje? Kaip suderinti iš pirmo žvilgsnio nederančius tikslus – būti pelningais ir kurti vertę ne tik sau, bet ir visuomenei? Šio modulio metu analizuosime įvairius verslo atvejus ir diskutuosime, kaip ši neeilinė pandemijos situacija gali atverti galimybes verslui“

– Modulio vadovė Doc. dr. Virginija Poškutė

Organizacijų pažangumą ir konkurencingumą lemia ne tik vidiniai resursai, tačiau ir aplinka, kurioje įmonės veikia bei vyraujančios rinkos tendencijos. Gebėjimas suprasti supančią aplinką, atpažinti kritinius veiksnius ir analizuoti ekonominę, socialinę bei politinę informaciją vadovams leidžia priimti racionalius, konkurencinį pranašumą nulemiančius sprendimus.

Šiuolaikiniam lyderiui svarbu suprasti ne tik vartotojų ir organizacijų elgseną, bet ir gebėti interpretuoti makroekonominę aplinką. Makroekonominių rodiklių pokyčiai atveria naujas verslo galimybes ir kuria iššūkius konkurencingumo strategijai.

Modulyje analizuojamos konkurencingumo aktualijos paremtos Harvardo verslo mokyklos (JAV) Strategijos ir konkurencingumo instituto, steigėjo – prof. Michael Porter, parengta medžiaga. ISM Vadybos ekonomikos universitetas – pirmasis ir kol kas vienintelis universitetas Lietuvoje, kuriam suteikta teisė integruoti šią medžiagą į savo dėstomas disciplinas.

Temos, nagrinėjamos modulio metu, padės suprasti, kada ir kaip šalys ir verslai gali tapti konkurencingais, kas apsprendžia konkurencingumą XXI a. Modulio užsiėmimų metu diskutuosite kartu su ekspertais, kurie turi skirtingus požiūrius į ekonomiką, valstybės ir verslo santykius, verslo vaidmenį visuomenėje.

Baigę modulį išmoksite kritiškai analizuoti šalies, regiono ar verslo konkurencingumą, diskutuoti ir vertinti skirtingų ekonominės minties mokyklų požiūrius į valstybės ir verslo vaidmenis kuriant asmens ir šalies gerovę. Suprasite, kokias naujas verslo galimybes atveria gebėjimas reaguoti į socialines problemas visuomenėje ir ribų tarp privataus ir valstybinio sektoriaus bei civilinės bendruomenės nykimas.

PILNAS MODULIO APRAŠYMAS

Modulio vadovė | Doc. dr. Virginija Poškutė

Doc. dr. Virginija Poškutė, ISM Vadybos ir ekonomikos universiteto dėstytoja. Vilniaus universitete studijavo ekonominę kibernetiką, Europos socialinės politikos analizės magistro laipsnį jungtinių studijų metu įgijo Roskildės universitete (angl. Roskilde University) Danijoje ir Bath universitete (angl. University of Bath) Jungtinėje Karalystėje. Socialinių mokslų (ekonomikos) daktaro laipsnio studijos vyko Vilniaus universitete ir Tilburgo universitete (angl. Tilburg University) Nyderlanduose.

Doc. dr. Virginija Poškutė stažavosi ilgalaikėje mokslinėje Fulbright stažuotėje verslo etikos ir socialinės atsakomybės tematika. Taip pat stažavosi Harvardo verslo mokykloje (angl. Harvard Business School), Londono ekonomikos mokykloje (angl. London School of Economics), Fudano universitete (angl. Fudan University), Singapūro vadybos universitete (angl. Singapore Management University), Lorange verslo institute (angl. Lorange Institute of Business Zurich), Bledo vadybos mokykloje (angl. Bled School of Management).

Mokslininkė yra sukaupusi didelę tarptautinio darbo (Jungtinių Tautų vystymo programa, Leuveno universitetas, CEPS/INSTEAD institutas Liuksemburge, kitų tarptautinių organizacijų projektai) ir dėstymo patirtį. Docentės interesų sritys: gerovės ekonomika, konkurencingumas, socialinė politika, verslo ir valstybės bendradarbiavimas, verslo etika ir socialinė atsakomybė.

Studentų atsiliepimai 

Eglė Karčiauskaitė | VĮ „Lietuvos oro uostai“ Projektų vadovė

„Studijas ISM vadovų magistrantūroje pasirinkau dėl noro tobulėti ne tik darbinėje aplinkoje. Didelę įtaką modulio pasirinkimui turėjo dėstytojai ir nuomonės lyderiai, kurių komentarus ir straipsnius sekiau viešojoje erdvėje, tačiau nemažiau  maloniai nustebino universitete sutikta akademinė aplinka – studentai, turintys ilgametę, unikalią patirtį skirtinguose sektoriuose. Sinergija tarp studentų ir dėstytojų  motyvuoja, įkvepia ir  suteikia neįkainojamą galimybę pažvelgti į praktines situacijas kitomis akimis.“

Jurgita Vaičiulionienė | UAB „Fondia Lietuva“ Direktorė

„Kokia gerovės valstybė kuriama Lietuvoje? Kuo naudinga privataus ir viešojo sektoriaus partnerystė? Kaip įgyti ir išsaugoti konkurencinį pranašumą? Modulis – itin praplečiantis akiratį, suteikiantis galimybę susipažinti ne tik su įvairiomis patirtimis – valstybių, verslų, lektorių, kolegų, bet ir ateities tendencijomis. Lengviau skirtingais pjūviais vertinti gaunamą informaciją, ypač viešąją, šiandien šalyje ir pasaulyje vykstančius procesus. O tai lemia kokybiškesnių sprendimų priėmimą.“

Course Description

This course introduces advanced applications in financial management that are geared to maximize firm value. Topics include valuation, investment techniques, estimation of cash flow, and various aspects of risk management. This course will go into details into some of the major corporate finance issues: financing and optimal capital structure, investments, considerations on becoming a publicly-traded company, company valuation methods most commonly used.

Learning Outcomes

During this course, you will:

• Interpret various financial statements.
• Improve financial analysis skills on financial statements.
• Evaluate companies using market multiples of comparable traded companies.
• Practice the concept and calculation of cost of capital.
• Evaluate companies using discounted cash flows.
• Analyze major corporate finance dilemmas and acquire some tools to help on decisions.
• Assess and compare the attractiveness of corporate investment opportunities.

THE AIM OF THE COURSE:

This course is the study of finance and sustainability as an integrated subject beginning with an introduction of financial and investment principles and moving towards financial analysis, financing and valuation. The course covers diverse aspects of sustainable investments and offers tools for effective financial valuation and effective risk assessment. The perspective proposed by this course is motivated by the desire of corporations for continued prosperity, expansion and in some cases even to promote their own survival. Sustainability is in essence a triple bottom-line that includes economic, social and environmental (ESG) considerations into its analysis. Sustainable Finance and Investments incorporates additional elements into that scope that include among others investment metrics, investment terms, risk, ethics, corporate responsibility, etc. Different approaches for investments and finance result from this analysis and new industries and products result from these added metrics.

Sustainable finance and investing based on environmental, social, and governance (ESG) factors remain a fairly novel concept, however numerous signs are pointing to a paradigm shift globally. This course supports capacity building in the rapidly changing financial and corporate sectors where the integration of non-financial frameworks such as the TCFD (Task Force on Climate-related Financial Disclosure), initiatives like the CDP (Carbon Disclosure Project), PRI (Principles of Responsible Investment), or the FSA Stewardship Code’s recent revision, are becoming material requirements across organizational value chains. Furthermore, this practitioner-oriented course on sustainable finance and investments will be instructed taking into account the intersection of technology, innovation, business, finance, social and natural sciences, hence covering the complexities of the topic.

The main objective of the course is to provide students with the necessary theoretical and conceptual tools used in finance and investment analysis. In light of the central role of the finance and investment sectors in fostering sustainable development and manage climate-related risks, this course will employ a mix of lectures and applied case method teaching to familiarise graduate-level students in a practical manner with the challenges and the opportunities that arise through ESG factor integration at the organizational and institutional levels. The lectures and cases will examine the approaches that various economic actors and sustainability stakeholders have been pursuing to promote sustainability and manage climate-related risks in the financial and corporate sectors.

Learning outcomes:

• To understand the implications of sustainability in priority areas of economy and the way they are reshaping global markets.
• To understand how markets react to the new standards of sustainable finance and investment.
• To be able to develop a model of sustainable financial analysis to value a financial project.
• To understand financing and investment principles by applying financial concepts and techniques to analyze sustainability activities and transactions.
• To implement sustainability related decision, all while distinguishing between positive analyses and normative judgements.

Aim of the course

The aim of this course is to provide knowledge and practical skills required to understand and analyze the financial information of a company. The course adopts a decision-maker perspective of accounting by emphasizing the relation between accounting data and the underlying economic events that generated them. The course focuses initially on how to record economic events in the accounting records and how to prepare and interpret the primary financial statements that summarize a firm’s economic transactions.

Learning outcomes

• To identify the essential accounting features, goals and be able to implement them. To be able to read, understand and examine the data in the annual report, to explain the key components in the financial statements.
• To understand accounting process and its organization procedures, to explain the difference between cash-based and accrual accounting.
• To prepare financial statements and acquire knowledge and practical skills in keeping accounting in the companies.
• To be able to account income, expenses, long-term and short term assets, equity, and liabilities. To apply financial statements correction factors. To be able to distinguish after-balance events and to show them in the financial statements. To record business transactions using financial accounting practices.
• To be able to select accounting policy distinguishing all four aspects: organizational, technical, methodological, ethical.