Course Outline
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| Faculty Name: | Afzalur Rahman |
| Affiliation: | Department of Finance and Accounting |
| Email ID: | afzalur.rahman@woxsen.edu.in |
Brief Description and Relevance of the Course
Corporate valuation is the cornerstone of strategic financial decision-making — guiding investment analysis, mergers and acquisitions, fundraising, and shareholder communication. This course is designed to equip MBA students with a practical, executive-level understanding of how companies are valued in real-world contexts. Moving beyond theoretical formulas, the course emphasizes a learn-by-doing approach: students will build DCF models, perform relative valuation, conduct sensitivity analysis, and create executive dashboards using Python, Excel, Power BI, KNIME, and ChatGPT. The curriculum covers the full valuation spectrum — from financial statement analysis and forecasting to DCF modeling, WACC estimation, relative valuation, startup and M&A valuation, and ESG-integrated valuation in the Indian regulatory context. By the end of the course, students will be capable of independently valuing a company, defending their assumptions, and communicating investment recommendations with confidence — making them industry-ready for roles in investment banking, equity research, corporate finance, private equity, and consulting.
Course Intended Learning Outcomes (CILOs)
| CILO | Description | PILO Mapping | Degree of Emphasis |
| CILO-1 | Analyze the principles of corporate valuation, financial statements, value drivers, and strategic valuation contexts including M&A, startup valuation, and ESG integration in the Indian corporate landscape. | Business Domain Knowledge | Introduced |
| CILO-2 | Apply financial analytics tools (Python, Excel, Power BI, Looker Studio, KNIME) and AI technologies (ChatGPT) to perform financial analysis, forecasting, DCF modeling, relative valuation, and sensitivity analysis. | Analytical & Quantitative Skills | Emphasised |
| CILO-3 | Design and evaluate comprehensive valuation models including DCF, relative valuation, startup valuation, M&A analysis, and ESG-integrated valuation, and communicate investment recommendations through executive dashboards and reports. | Technology, Innovation & Ethics | Emphasised |
Reading Material Recommended
| Code | Textbook / Report Name | Edition / Year | CILO Mapped |
| TB1 | Investment Valuation: Tools and Techniques for Determining the Value of Any Asset — Aswath Damodaran | 3rd Edition, 2012 | CILO-1, CILO-3 |
| RB1 | Valuation: Measuring and Managing the Value of Companies — McKinsey & Company (Koller, Goedhart, Wessels) | 7th Edition, 2020 | CILO-1, CILO-3 |
| RB2 | Python for Data Analysis — Wes McKinney | 3rd Edition, 2022 | CILO-2 |
| RB3 | Corporate Finance — Berk & DeMarzo | 5th Edition, 2020 | CILO-1, CILO-2 |
| RB4 | SEBI BRSR Guidelines, Damodaran Online (www.damodaran.com), NSE/BSE Annual Reports | Latest | CILO-1, CILO-3 |
Session-Wise Topics and Reading / Reference
MODULE 1: Valuation Foundations (Sessions 1–3)
MODULE 2: Financial Analysis & Value Drivers (Sessions 4–6)
| Session | Topic | Session Intended Learning Outcome (SILO) | Pedagogy | CILO | Reading |
| 4 | Financial Ratio Analysis for Valuation | Compute and interpret liquidity, solvency, profitability, and efficiency ratios for valuation analysis using Python automation. | Lab-based, Hands-on (Python) | CILO-2 | TB1, RB3 |
| 5 | ROIC, Economic Profit & Value Creation | Analyze return on invested capital (ROIC) and economic profit to evaluate value creation using Python. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | TB1, RB1 |
| 6 | Power BI Financial Dashboard | Design an interactive financial analysis dashboard in Power BI for management reporting and stakeholder communication. | Lab-based, Hands-on (Power BI) | CILO-2 | RB1, RB4 |
MODULE 3: Forecasting (Sessions 7–9)
| Session | Topic | Session Intended Learning Outcome (SILO) | Pedagogy | CILO | Reading |
| 7 | Revenue & Cost Forecasting using Python | Apply time series (ARIMA, Prophet) and regression techniques in Python to forecast revenue, margins, and costs. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | RB2, RB3 |
| 8 | Scenario Planning & Sensitivity Analysis | Build scenario analysis (base, bull, bear cases) and Monte Carlo simulation models in Python for valuation uncertainty quantification. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | RB2, RB3 |
| 9 | Integrated Financial Forecast Model in Python | Build a complete integrated financial forecast model in Python linking income statement, balance sheet, and cash flow statements. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | RB2, RB3 |
MODULE 4: Cost of Capital (Sessions 10–11)
| Session | Topic | Session Intended Learning Outcome (SILO) | Pedagogy | CILO | Reading |
| 10 | Risk, Return & Cost of Equity | Estimate cost of equity using CAPM, build beta calculations from market data, and analyze risk-return tradeoffs using Python. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | TB1, RB3 |
| 11 | WACC Calculation & Automation | Calculate Weighted Average Cost of Capital (WACC) with automated computation in Python, including cost of debt, target weights, and country risk premium for Indian companies. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | TB1, RB1 |
MODULE 5: DCF Valuation (Sessions 12–15)
| Session | Topic | Session Intended Learning Outcome (SILO) | Pedagogy | CILO | Reading |
| 12 | Time Value of Money & Free Cash Flow | Apply TVM concepts (NPV, IRR, PV) and calculate Free Cash Flow to Firm (FCFF) and Free Cash Flow to Equity (FCFE) using Python. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | TB1, RB1 |
| 13 | Terminal Value & Enterprise Value | Compute terminal value using perpetuity growth and exit multiple approaches, and derive enterprise value and equity value. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | TB1, RB1 |
| 14 | Complete DCF Model in Python | Build an end-to-end DCF valuation model in Python with automated cash flow projections, discounting, and valuation output. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | TB1, RB2 |
| 15 | Sensitivity Analysis & Valuation Waterfall | Perform tornado charts, sensitivity tables, and build a valuation waterfall chart in Python showing contribution of each value driver. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | TB1, RB2 |
MODULE 6: Relative Valuation (Sessions 16–18)
| Session | Topic | Session Intended Learning Outcome (SILO) | Pedagogy | CILO | Reading |
| 16 | P/E, P/B & PEG Ratio Valuation | Apply price multiples (P/E, P/B, PEG) and identify comparable companies with statistical filters using Python. | Lab-based, Hands-on (Python/Excel) | CILO-2, CILO-3 | TB1, RB1 |
| 17 | EV/EBITDA & Other Multiples | Compute and interpret EV/EBITDA, EV/Sales, EV/Invested Capital, and industry-specific multiples for peer comparison using Python. | Lab-based, Hands-on (Python) | CILO-2, CILO-3 | TB1, RB1 |
| 18 | Peer Comparison Dashboard | Build an interactive peer comparison valuation dashboard using Python (Plotly/Dash) and Power BI for visual storytelling. | Lab-based, Hands-on (Python/Power BI) | CILO-2, CILO-3 | TB1, RB4 |
MODULE 7: Strategic & Advanced Valuation (Sessions 19–21)
| Session | Topic | Session Intended Learning Outcome (SILO) | Pedagogy | CILO | Reading |
| 19 | Startup & Private Company Valuation | Apply venture capital method, scorecard method, and first Chicago method for startup and unlisted company valuation using Excel and Python. | Lecture, Case Study (Excel/Python) | CILO-1, CILO-3 | TB1, RB1 |
| 20 | M&A Valuation & Synergy Analysis | Evaluate acquisition targets, compute synergy values (revenue, cost, financial), and analyze control premium and offer price range using real-world M&A case study. | Lecture, Case Study (Excel/Python) | CILO-1, CILO-3 | TB1, RB1 |
| 21 | ESG-Integrated Valuation | Analyze ESG factors, SEBI BRSR data, and integrate ESG scoring into valuation models using Python and Looker Studio visualization. | Lecture, Lab (Python/Looker Studio) | CILO-1, CILO-2, CILO-3 | TB1, RB4 |
MODULE 8: AI, Modern Tools & Capstone (Sessions 22–26)
| Session | Topic | Session Intended Learning Outcome (SILO) | Pedagogy | CILO | Reading |
| 22 | AI-Powered Valuation with ChatGPT | Use ChatGPT for automated financial research, assumption generation, scenario creation, and valuation report drafting combined with Python analysis. | Lab-based, Hands-on (ChatGPT/Python) | CILO-2, CILO-3 | RB4 |
| 23 | Automated Valuation Workflows in KNIME | Build automated valuation workflows using KNIME for financial data extraction, ratio computation, forecasting, and valuation output. | Lab-based, Hands-on (KNIME) | CILO-2, CILO-3 | RB4 |
| 24 | Executive Valuation Dashboard | Create executive-level valuation dashboards using Power BI and Looker Studio for board-level communication of valuation outcomes and investment recommendations. | Lab-based, Hands-on (Power BI/Looker Studio) | CILO-2 | RB4 |
| 25 | Capstone Project Workshop | Apply all concepts to build a complete valuation of a listed Indian company with guidance, peer review, and faculty feedback. | Workshop, Guided Lab | CILO-3 | All |
| 26 | Capstone Project Presentations | Present and defend a comprehensive corporate valuation project integrating DCF, relative valuation, sensitivity analysis, and investment recommendation. | Presentation, Project Defence | CILO-3 | All |
Performance Evaluation Components for the Course
| Session No. | Marks | Evaluation Form | AI Assessment Level | CILO Outcome Measured |
| 1–10 | 20 | Quiz on Valuation Fundamentals & Financial Analysis | 1 — No AI | CILO-1, CILO-2 |
| 11–20 | 20 | Forecasting & DCF Valuation Project | 2 — AI-Assisted Idea Generation & Structuring | CILO-2, CILO-3 |
| 21–26 | 20 | Capstone Project — End-to-End Corporate Valuation | 2 — AI-Assisted Idea Generation & Structuring | CILO-2, CILO-3 |
| End Term | 40 | End Term Practical Examination (Python/Excel based valuation problem solving) | 1 — No AI | CILO-1, CILO-2, CILO-3 |
| Total | 100 |
Evaluation Components & CILO Alignment
| Evaluation Component | CILO Alignment | Description |
| Quiz on Valuation Fundamentals & Financial Analysis (Sessions 1–10) | CILO-1, CILO-2 | This assessment evaluates students’ conceptual understanding of valuation principles, financial statements, value drivers, ratio analysis, and forecasting concepts through objective and analytical questions. |
| Forecasting & DCF Valuation Project (Sessions 11–20) | CILO-2, CILO-3 | Students build a complete DCF valuation model in Python/Excel for a listed Indian company, including financial statement analysis, forecasting, WACC estimation, terminal value calculation, and sensitivity analysis. AI tools may be used for idea structuring and code assistance. |
| Capstone Project — End-to-End Corporate Valuation (Sessions 21–26) | CILO-2, CILO-3 | Students undertake a comprehensive valuation of a listed Indian company integrating DCF, relative valuation, and ESG analysis. The deliverables include a valuation model, executive dashboard, investment recommendation report, and a live presentation with defence. |
| End Term Practical Examination | CILO-1, CILO-2, CILO-3 | A 3-hour practical examination conducted in a computer lab where students solve valuation problems using Python and/or Excel. Questions assess financial analysis, forecasting, DCF modeling, multiples computation, and business interpretation skills. No AI tools are permitted. |
Capstone Project
Students receive 5 years of financial statements of a listed Indian company (e.g., Tata Motors, Infosys, HDFC Bank, Asian Paints, Reliance Industries) and must complete:
- Analyze historical financial performance and compute value drivers
- Forecast 5 years of financial statements (revenue, margins, capex, working capital)
- Estimate WACC with country risk premium
- Build a complete DCF model
- Conduct sensitivity and scenario analysis
- Perform relative valuation using peer multiples
- Integrate ESG assessment using BRSR data
- Create an executive valuation dashboard (Power BI / Python)
- Present an investment recommendation (Buy / Hold / Sell) with justification
Rubrics
CILO-1: Analyze the principles of corporate valuation, financial statements, value drivers, and strategic valuation contexts including M&A, startup valuation, and ESG integration in the Indian corporate landscape.
CILO-2: Apply financial analytics tools (Python, Excel, Power BI, Looker Studio, KNIME) and AI technologies (ChatGPT) to perform financial analysis, forecasting, DCF modeling, relative valuation, and sensitivity analysis.
| Performance Standards | Exceeds Expectations (>80) | Meets Expectations (55–79) | Does Not Meet Expectations (<55) |
| Tool Proficiency | Demonstrates advanced proficiency across multiple tools with clean, efficient, and well-documented code and professional visualizations. | Applies analytics tools correctly with acceptable accuracy and basic competence. | Unable to use analytics tools effectively or produces incorrect outputs. |
| Financial Modeling | Builds robust, flexible financial models with proper structure, error checks, and scenario capabilities. | Builds functional financial models with basic structure and standard assumptions. | Models are incomplete, incorrect, or poorly structured. |
| Data Analysis & Interpretation | Performs sophisticated analysis with meaningful insights and clear translation to valuation impact. | Conducts basic analysis with reasonable interpretation. | Analysis is superficial, incorrect, or lacks business relevance. |
CILO-3: Design and evaluate comprehensive valuation models including DCF, relative valuation, startup valuation, M&A analysis, and ESG-integrated valuation, and communicate investment recommendations through executive dashboards and reports.
| Performance Standards | Exceeds Expectations (>80) | Meets Expectations (55–79) | Does Not Meet Expectations (<55) |
| Model Design & Integration | Designs innovative, well-structured valuation models integrating DCF, multiples, and ESG factors with clear assumptions and logic. | Designs functional valuation models with acceptable structure and basic justification. | Model design is unclear, incomplete, or poorly structured. |
| Investment Recommendation | Presents strong, data-driven investment recommendations with risk awareness, scenario analysis, and clear reasoning. | Provides reasonable recommendations linked to valuation outcomes. | Recommendations are weak, illogical, or unsupported. |
| Communication & Ethics | Delivers professional executive-level presentations and dashboards with ethical AI awareness and ESG considerations integrated. | Communicates valuation outcomes adequately with basic presentation quality. | Communication is unclear, unprofessional, or lacks ethical consideration. |
Attendance & Punctuality
Regular attendance is crucial for meaningful engagement in academic discourse and collaborative learning. Students are expected to attend all classes, with exceptions granted only in rare and justified cases. Personal or voluntary activities are not considered acceptable reasons for absence. Failure to meet attendance requirements may result in your ineligibility to sit for the end-term examination and necessitate retaking the course. Punctuality is equally important, and students arriving late without valid justification may be denied entry to class.
Copyright
All teaching materials provided during the course are protected by copyright laws. These resources are intended exclusively for the academic use of enrolled students. Sharing or distributing course content outside the institution is strictly prohibited. Unauthorized use of copyrighted material violates institutional policy and may attract disciplinary consequences. Students are reminded to always respect intellectual property rights.
Student Code of Ethics
Students are expected to maintain high standards of academic integrity throughout the course. This includes honesty in assignments, examinations, and all forms of academic engagement. The Student Code of Ethics, as outlined in the handbook, provides a framework for responsible behavior. Violations such as plagiarism or cheating will result in serious academic penalties. Adherence to ethical norms fosters a respectful and credible academic environment for all.
Appendix A: Quiz on Valuation Fundamentals & Financial Analysis
Aligned Internal Assessment Component: Quiz (Sessions 1–10)
CILO Alignment: CILO-1, CILO-2
AI Level: No AI
This assessment evaluates students’ foundational understanding of valuation principles, financial statements, value drivers, ratio analysis, and forecasting concepts.
Instructions: – Answer objective, short analytical, and case-based questions – Topics include: enterprise value vs equity value, financial statements, ratios, ROIC, forecasting, and DCF fundamentals – Calculators and Excel are permitted; AI tools are not allowed
Deliverables: – Individual quiz responses – Demonstrated conceptual clarity and analytical accuracy
Evaluation Criteria:
| Criteria | Weightage | Description |
| Valuation Concepts | 30% | Clarity of value definitions, DCF principles, and valuation frameworks |
| Financial Analysis | 25% | Ability to analyze financial statements and compute key ratios |
| Analytical Application | 25% | Correct application of forecasting and valuation logic |
| Indian Market & ESG Awareness | 20% | Knowledge of Indian valuation context, regulations, and ESG factors |
Appendix B: Forecasting & DCF Valuation Project
Aligned Internal Assessment Component: Forecasting & DCF Project (Sessions 11–20)
CILO Alignment: CILO-2, CILO-3
AI Level: AI-Assisted Idea Generation & Structuring
This assessment develops students’ ability to build a complete DCF valuation model for a listed Indian company.
Instructions: – Select a listed Indian company – Build a complete DCF valuation model in Python or Excel – Include: historical analysis, 5-year forecast, WACC estimation, terminal value, and sensitivity analysis – Provide an investment recommendation with supporting rationale – AI tools may be used only for idea structuring and code assistance
Deliverables: – Functional valuation model (Python script or Excel workbook) – Summary report with valuation outcomes and recommendation
Evaluation Criteria:
| Criteria | Weightage | Description |
| Data & Financial Analysis | 20% | Quality of historical financial analysis and data preparation |
| Forecasting Methodology | 20% | Appropriateness of forecasting methods and assumptions |
| DCF Model & WACC | 30% | Correctness of DCF model, WACC estimation, and terminal value |
| Sensitivity Analysis | 15% | Depth and clarity of sensitivity and scenario analysis |
| Recommendation & Presentation | 15% | Quality of investment recommendation and report presentation |
Appendix C: Capstone Project — End-to-End Corporate Valuation
Aligned Internal Assessment Component: Capstone Project (Sessions 21–26)
CILO Alignment: CILO-2, CILO-3
AI Level: AI-Assisted Idea Generation & Structuring
This capstone project integrates all skills developed during the course into a comprehensive corporate valuation with investment recommendation.
Instructions: – Receive financial statements of a listed Indian company (assigned by faculty) – Complete all steps outlined in the Capstone Project section – Build an executive dashboard and prepare a 12-minute presentation – AI tools may be used for idea structuring, code assistance, and debugging
Deliverables: – Complete valuation model (Python / Excel) – Executive dashboard (Power BI / Python) – Investment recommendation report – Presentation slides with live defence
Evaluation Criteria:
| Criteria | Weightage | Description |
| Financial Analysis & Forecasting | 20% | Depth and accuracy of historical analysis and forecast assumptions |
| DCF & Relative Valuation | 25% | Quality of DCF model, WACC, terminal value, and multiples analysis |
| Scenario & Sensitivity Analysis | 15% | Thoroughness of risk assessment and scenario planning |
| ESG Integration | 10% | Incorporation of ESG/BRSR factors into valuation |
| Dashboard & Visualization | 15% | Quality of executive dashboard and data storytelling |
| Presentation & Defence | 15% | Clarity, confidence, and ability to defend valuation assumptions |