Obiettivi formativi
The course develops the analytical skills required to value technology-intensive companies in M&A and advisory contexts, integrating financial statement analysis, intangible asset accounting, and financial modeling with extensive use of real-world cases and primary financial sources.
Prerequisiti
Students are expected to have completed introductory courses in corporate finance and financial accounting.
Risultati di apprendimento attesi
Upon completion of the course, students will be familiar with the main accounting specificities of technology companies and their operational KPIs, able to apply core valuation methodologies to technology-intensive firms through the analysis of real-world cases and primary financial sources.
Contenuti Del Corso
The course covers financial statement analysis, management reporting, and cash flow analysis of technology companies, intangible asset and R&D accounting and operational KPIs, and the main valuation methodologies used in practice, including DCF, comparable company analysis, and precedent transactions
Testi Di Riferimento
Lectures will be based on course materials distributed at the beginning of each class.
Metodologie Didattiche
The course combines lectures with practical exercises, lab sessions, and case study discussions based on real company financial statements, earnings releases, and primary financial sources.
Modalità di verifica dell'apprendimento
Attending students will be assessed through practical exercises, individual assignments, and a group project work consisting of a financial and economic analysis of a technology company, which together account for one third (1/3) of the final grade, and a written examination comprising both theoretical and applied questions drawn from the course syllabus, which accounts for the remaining two thirds (2/3) of the final grade. The number and format of examination questions will be communicated in advance.
Non-attending students will be assessed solely through a final written examination (100%), consisting of questions and exercises covering the extended syllabus reserved for non-attending students, which will be communicated by the professor and will encompass the full content covered during the course lectures.
Criteri per l’assegnazione dell’elaborato finale
The assignment of the final project will be determined following an introductory meeting, during which the student will indicate, on a non-binding basis, at least two topics from the course syllabus applied to a real-world case.
Settimana 1
The Balance Sheet of Tech Companies: Key Features and Analytical Signals
Asset side;
Liabilities side;
Equity stock-based compensation;
Case study;
Settimana 2
Income Statement and Management Reporting
Revenue segmentation;
Gross margin;
R&D;
Management reporting in tech companies;
Case studies;
Settimana 3
Cash Flow Analysis: Financial Reporting, Earnings Quality, and Free Cash Flow
GAAP net income -> operating cash flow
FCF as a value creation measure
Capitalizations
Reverse working capital in subscription businesses: float as a financing source
Cash conversion ratio as an earnings quality proxy
Case studies;
Settimana 4
Revenue Recognition
Different cases and impact on multiples and cross-border comparability
Case studies;
Settimana 5
Intangible Asset Accounting and R&D Treatment
Recognition criteria
Case study
Settimana 6
Goodwill and Purchase Price Allocation in Tech M&A
Typical intangibles defined in a tech PPA;
Useful life of PPA intangibles;
Case study
Settimana 7
IP Valuation and Capitalized Software
Settimana 8
Non-GAAP Metrics: Construction and Interpretation
Why Adjusted metrics;
EBITDA, adjusted EBITDA, non-GAAP operating income;
Recurring vs. non-recurring items: restructuring charges and one-time items;
Case study
Settimana 9
From Data to Diagnosis: An Integrated Analytical Framework
The KPI — management reporting — financial statements triangle as an integrated analytical framework;
Operational KPI in context;
Case study;
Settimana 10
DCF for Tech Companies
Settimana 11
Comparable Company Analysis and Transaction Comps
Settimana 12
Modeling and Investment Memo
Return metrics;
From valuation to recommendation;
Case study