| Course Type | Elective Course |
|---|
| Course Level | Master's Degree Without Thesis |
|---|
| Year of Study | - |
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| Semester | - |
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| ECTS | 8 |
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| Name of Lecturer(s) |
- |
| Learning Outcomes |
At the end of this course, the students;
- Explain the strategic and economic motivations for mergers and acquisitions.
- Analyze the stages of the M&A process.
- Compare different corporate valuation approaches.
- Apply the Discounted Cash Flow (DCF) valuation method.
- Estimate firm value using market-based valuation multiples.
- Evaluate merger synergies and acquisition premiums.
- Assess financial, legal, and operational risks through due diligence.
- Conduct valuation analyses using financial statements.
|
| Mode of Delivery | Face to face |
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| Prerequisites | No |
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| Recommended Optional Programme Components | |
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| Course Description | The aim of this course is to examine mergers and acquisitions (M&A) processes in businesses from strategic, financial, and legal perspectives, to teach company valuation methods theoretically and practically, and to enable students to conduct real-world case studies. |
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| Course Contents |
| WEEK |
TOPICS |
|
1st Week |
Course introduction. Overview of mergers, acquisitions, and corporate valuation. Evolution of the global and Turkish M&A market. |
|
2nd Week |
Strategic motivations for mergers and acquisitions. Horizontal, vertical, and conglomerate mergers. Synergy and value creation. |
|
3rd Week |
The M&A process: target identification, valuation, negotiation, transaction structure, and closing. |
|
4th Week |
Financial statement analysis for corporate valuation. Ratio analysis and financial performance assessment. |
|
5th Week |
Corporate valuation approaches: asset-based, income-based, and market-based valuation methods. |
|
6th Week |
Discounted Cash Flow (DCF) valuation. Estimation of free cash flows and terminal value. |
|
7th Week |
Cost of capital. Weighted Average Cost of Capital (WACC), Capital Asset Pricing Model (CAPM), and beta estimation. |
|
8th Week |
Relative valuation using market multiples. EV/EBITDA, Price-to-Earnings (P/E), Price-to-Book (P/B), and comparable company analysis. |
|
9th Week |
Valuing merger synergies. Acquisition premiums, value creation, and transaction pricing. |
|
10th Week |
Due diligence in M&A transactions. Financial, legal, tax, operational, and commercial due diligence. |
|
11th Week |
Financing mergers and acquisitions. Cash offers, stock transactions, debt financing, and leveraged buyouts (LBOs). |
|
12th Week |
Post-merger integration. Organizational culture, change management, human resources, and integration challenges. |
|
13th Week |
Case studies of domestic and international mergers and acquisitions. Analysis of successful and unsuccessful |
|
14th Week |
Applied corporate valuation project. Valuation of a publicly listed company using financial data and valuation models. |
|
15th Week |
Student project presentations. Emerging trends in M&A and corporate valuation. Course review and discussion. |
|
| Recommended or Required Reading | Aswath Damodaran, Applied Corporate Finance.
Aswath Damodaran, Investment Valuation.
Patrick A. Gaughan, Mergers, Acquisitions, and Corporate Restructurings.
Tim Koller, Marc Goedhart & David Wessels, Valuation: Measuring and Managing the Value of Companies.
Jonathan Berk & Peter DeMarzo, Corporate Finance.
Richard A. Brealey, Stewart C. Myers & Franklin Allen, Principles of Corporate Finance.
İlgili SPK düzenlemeleri, Türk Ticaret Kanunu ve güncel akademik makaleler. |
|---|
| Planned Learning Activities and Teaching Methods |
- Lecture
- Discussion
- Questions/Answers
- Case Study
|
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| Assessment Methods and Criteria |
|
Quantity |
Percentage (%) |
| Mid-term |
1 |
30 |
| Presentation of Case Study |
1 |
30 |
| Total(%) |
|
60 |
| Contribution of In-term Studies to Overall Grade(%) |
|
60 |
| Contribution of Final Examination to Overall Grade(%) |
|
40 |
| Total(%) |
|
100 |
|
| ECTS Allocated Based on Student Workload |
| Activities |
Quantity |
Duration (Hour) |
Total Workload (Hour) |
| Midterm exam |
1 |
1 |
1 |
| Preparation for Quiz |
7 |
4 |
28 |
| Individual or group work |
1 |
20 |
20 |
| Preparation for Final exam |
1 |
60 |
60 |
| Course hours |
15 |
3 |
45 |
| Preparation for Midterm exam |
7 |
6 |
42 |
| Laboratory (including preparation) |
|
|
|
| Final exam |
1 |
2 |
2 |
| Homework |
6 |
7 |
42 |
| Total Work Load | 240 |
| Total Work Load / 30 (h) | 8 |
| ECTS Credit of the Course | 8 |
|
| Language of Instruction | Turkish |
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| Work Placement(s) | No |
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