• Class Number 5445
  • Term Code 3260
  • Class Info
  • Unit Value 6 units
  • Mode of Delivery In Person
    • AsPr Xianming Zhou
    • AsPr Xianming Zhou
  • Class Dates
  • Class Start Date 25/07/2022
  • Class End Date 28/10/2022
  • Census Date 31/08/2022
  • Last Date to Enrol 01/08/2022
SELT Survey Results

Corporate Valuation is a “capstone” finance course that draws on core corporate finance principles, theories and methods previously studied. Students will work in teams to value an existing company, present their analysis and investment recommendation. The techniques covered include discounted cash flow, multiple-based and asset-based valuations. Because of the richness of the approach, most of the focus will be on discounted cash flow analysis. While this entails more work and requires significant student initiative, this type of ‘learning by doing’ should provide a lasting framework.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

  1. Demonstrate an in depth knowledge of valuation essentials;
  2. Implement and communicate techniques used to place a value on a company’s operations; and
  3. Use valuation tools to plan and monitor key corporate decisions.

Research-Led Teaching

By working through corporate valuation cases, students will learn and exercise the necessary skills for industry based research. With the distinct feature of learning by doing, this course will train students in critical analysis of real-world problems in corporate financial decisions, and evaluation and communication of valuation results

Examination Material or equipment

The final examination will be open-book, and conducted online via Turnitin.

Required Resources

Prescribed Textbook (available as an eBook via the ANU Library): Damodaran, A., Investment Valuation, 3rd Edition, University Edition (John Wiley and Sons), 2012.

The book is available for 2 hour loan in the reserve loan section of the ANU Library.

Valuation Case: to be distributed

Other Readings:

CFA Institute Code of Ethics and Standards of Professional Conduct: http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2014.n6.1

CFA Institute Standards of Practice Handbook (Standard V) (SPH): http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2014.n4.1

Other Reading (available as an eBook ppl via the ANU Library): Koller, T., Goedhart, M., and Wessels, D., Valuation: Measuring and Managing the Value of Companies, 6th Edition, McKinsey & Co (John Wiley and Sons), 2015.

The book is available for 2 hour loan in the reserve loan section of the ANU Library.

Staff Feedback

Students will be given feedback in the following forms in this course:

  • written comments
  • verbal comments
  • feedback to whole class, groups, individuals etc

Student Feedback

ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Other Information

Announcements: Students are expected to check the Wattle site for announcements about this course, e.g. changes to timetables or notifications of cancellations.

Intra-group Assessment: At the end of this course, each student will be asked to submit a confidential assessment of each group member’s overall contribution to the group work. This information, being verified, may be used to make necessary within-group adjustments to group-work marks.


Support for Students: The University offers a number of support services for students. Information on these is available online from http://students.anu.edu.au/studentlife/

Class Schedule

Week/Session Summary of Activities Assessment
1 Topic: Introduction to Valuation Readings: Damodaran Ch 1, Ch 2
2 Topic: Financial Statements and Profitability Measurements Readings: Damodaran Ch 3; KGW Ch 9, Ch 10
3 Topic: Forecasting and Free Cash Flow Readings: Damodaran Ch 10; KGW Ch 11
4 Topic: Risk, Cost of Capital Readings: Damodaran Ch 4, Ch 7, Ch 8
5 Topic: DCF Valuation Readings: Damodaran Ch 12, Ch 14, Ch 15 Test; Study Groups Are Finalised.
6 Topic: Relative Valuation Readings: Damodaran Ch 17, Ch 18, Ch 19
7 Topic: Valuing Private Firms, IPOs Readings: Damodaran Ch 24
8 Topic: Valuation Case #1 Readings: Assigned Case Material
9 Topic: M&As and LBO Valuation Readings: Damodaran Ch 25
10 Topic: Valuation Case #2 Readings: Assigned Case Material Project Proposal Due
11 Topic: Advanced Issues Readings: Course Notes
12 Topic: Review Readings: Review Notes, Sample Exam Questions Project Report Due

Tutorial Registration

Tutorials since Week 2 will be available on campus, live through scheduled Zoom sessions and as pre-recorded videos. ANU utilises My Timetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage (https://www.anu.edu.au/students/program-administration/timetabling).

Assessment Summary

Assessment task Value Due Date Return of assessment Learning Outcomes
Test 15 % 23/08/2022 31/08/2022 1,2
Term Project 30 % 25/10/2022 07/11/2022 1,2,3,5
Final Examination – online via Turnitin, 3 hours duration 55 % 11/11/2022 01/12/2022 1,2

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details


ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:

Assessment Requirements

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Integrity . In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.

Moderation of Assessment

Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.


Course content delivery will take the form of weekly on-campus lectures (recorded and available via echo360 on Wattle), and weekly tutorials delivered in hybrid format (on campus, live through scheduled Zoom sessions and as pre-recorded videos). Weekly consultations with the lecturer and the tutor will be conducted over Zoom.


Centrally scheduled examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information.

Assessment Task 1

Value: 15 %
Due Date: 23/08/2022
Return of Assessment: 31/08/2022
Learning Outcomes: 1,2


This 50-minute test is compulsory and redeemable for students. It will count towards either 15%, or 0% (if the test is redeemed or not attempted), of a student’s overall course grade.

It is an open-book test and will be submitted online via Wattle. Further details for the test will be given in teaching week 3.

The test will consist of numerical and discussion questions focusing on financial forecast, although students are expected to understand all materials covered in the first three weeks. More specifically, a completed forecast will be provided to students one week before the test, and in the test students will need to answer questions based on the information given in the forecast. 

Assessment Task 2

Value: 30 %
Due Date: 25/10/2022
Return of Assessment: 07/11/2022
Learning Outcomes: 1,2,3,5

Term Project

The term project entails analysing a real-world case of corporate valuation with a firm of each group’s choice to illustrate corporate decision-making.

It will be completed in a group containing 4-5 students. Each team member will be responsible for the assigned task required to complete the group assignment. Students should form their own groups, and once decided upon, email the instructor with the details of their group (student names and IDs of each member), with all group members included as recipients to the email. To assist students in finding a group, a discussion forum will be available via Wattle where students may post their desire to find a group, and/or existing groups looking for additional members. Students who are unable to join a group by the end of teaching week 5 will be assigned to a group by the instructor.

Each group needs to submit a one-page project proposal in teaching week 10, and may discuss with the instructor about the project topic. The proposal will count 2 points out of total 30 points for the term project. The project topic cannot be changed after the proposal is submitted.

All groups will submit their term project report, as well as the proposal, as described below. The report will count 28 points out of total 30 points for the term project. No submission or late submission of either component will result in zero mark for the component. More detailed information and requirements for the project will be distributed in class.

Submission: Submit your work online via Wattle following the indicated submission deadlines. Your submission will include three files. A PDF file of one page for your project proposal, a PDF file for your project report, and an excel file for your supporting spreadsheets (containing computation information). The files should be named as "FINM7044 Group XX - Proposal", "FINM7044 Group XX - Report" and "FINM7044 Group XX - Spreadsheets" respectively.

Assessment Task 3

Value: 55 %
Due Date: 11/11/2022
Return of Assessment: 01/12/2022
Learning Outcomes: 1,2

Final Examination – online via Turnitin, 3 hours duration

The final exam will be held during the exam period. Further details will be advised in teaching week 10 of the semester. 

This 3-hour open-book exam is designed to test the student’s understanding and comprehension of the course material and ensure they have obtained the learning objectives of the course. A mixture of theory and practical questions will be asked. Students will need to review all material pertaining to the course. The marking criteria will be based on model solutions and answers prepared by the lecturer.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.


The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

Assignments for this course are submitted using Turnitin in the course Wattle site. You will be required to electronically sign a declaration as part of the submission of your assignment. Assignments must include the cover sheet provided on the course Wattle site. Please keep a copy of tasks completed for your records.

The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit ANU Online.

Hardcopy Submission

No hardcopy submission is required.

Late Submission

No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.

Extensions and Penalties

Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

Distribution of grades policy

Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.

Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.

Support for students

The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).

AsPr Xianming Zhou

Research Interests

Managerial Compensation, Corporate Governance, Capital Markets

AsPr Xianming Zhou

Monday 09:00 10:30
Monday 09:00 10:30
AsPr Xianming Zhou

Research Interests

AsPr Xianming Zhou

Monday 09:00 10:30
Monday 09:00 10:30

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