How does a US firm evaluate an investment in a Dutch firm, or how does it evaluate an investment in a project it undertakes itself in France? Which risks occur in an international investment setting, and how are these varying risks across different markets addressed? As firms become increasingly multinational in their operations, addressing these questions is critical in evaluating investments that cross the firm’s domestic borders.

This course starts with a discussion of basic investment concepts and general principles of equity valuation, with a deep-dive into understanding the business, forecasting performance, determining cost of capital and performing a valuation selecting the appropriate valuation method. In doing so, it addresses sources of risk in an international setting, such as market risk, currency risk or political risk. This course concludes with a hands-on valuation utilising common financial modelling techniques, and a guest lecture on practical insights into equity valuation.

This course is held in person with mandatory physical attendance. You must not miss more than one session in order to complete this course.

Your grade is composed of:

• 12% in-class participation
• 38% case study
• 50% final exam