- Identify what is being valued: enterprise value and share value
(share value)
- Take into account future prospects, expected profitability and risks
- Differentiate between value, price and cost: seller/buyer/investor vision

✔ UNDERSTANDING | Illustration: diagram of the transition from economic assets to share value
value
✔ EXPERIMENTALIZE | Group discussion: drawing on financial statements -
What sources of restatement?
✔ EVALUATE | Quiz: for each of these ratios, is there an optimal and/or
not to be exceeded?

- Asset approach: net assets and revalued net assets, net asset value
- Discounted cash flow (DCF) approach: rationale, assumptions, terminal value
- Relative approach: multiples and comparables, PER, EBITDA

✔ UNDERSTANDING | Comparative analysis: strengths and limitations of different methods
✔ APPLY | Case study: calculating a company's value using ANR, DCF and multiples
✔ EVALUATE | Quiz: in your opinion... Which multiple to favor in which context?

- Business model, growth, CAPEX, changes in WCR: impact on cash flow
- Taking intangible capital into account
- Determining the discount rate (WACC, cost of capital, beta, etc.)
- Risks associated with restatements, taxation and extra-financial factors
- Assessing the weight of terminal value and value risk

✔ UNDERSTANDING | Case study: deciphering the construction of a Business Plan
valuation business plan
✔ APPLY | Case study: testing the sensitivity of a DCF to a variation
growth rate
✔ EVALUATE | Quiz: what do you think... What does terminal value > 80% EV mean?

- Understand the acquisition process and typical SPA clauses
- Compare and contrast different approaches to valuation
- Take into account the buyer's strategy
- Determine a reasonable price range for negotiations

✔ APPLY | Survey: which valuation method is most relevant?
✔ EXPERIMENTALIZE | Case study: it's up to you... Final case study
✔ EVALUATE | Quiz: what do you think... What are the key clauses in a shareholders' agreement
concerning the transaction?