MPF_ACP1 The Security Analysis 1

Faculty of Economics and Administration
Autumn 2020
Extent and Intensity
2/2/0. 6 credit(s). Type of Completion: zk (examination).
Teacher(s)
prof. Ing. Oldřich Rejnuš, CSc. (lecturer)
Ing. Dagmar Vágnerová Linnertová, Ph.D. (lecturer)
Ing. Dagmar Vágnerová Linnertová, Ph.D. (seminar tutor)
Guaranteed by
prof. Ing. Oldřich Rejnuš, CSc.
Department of Finance – Faculty of Economics and Administration
Contact Person: Iva Havlíčková
Supplier department: Department of Finance – Faculty of Economics and Administration
Timetable
Mon 14:00–15:50 P303
  • Timetable of Seminar Groups:
MPF_ACP1/01: Mon 16:00–17:50 VT204, D. Vágnerová Linnertová
Prerequisites (in Czech)
! MPF_ASAN Security Analysis
Course Enrolment Limitations
The course is also offered to the students of the fields other than those the course is directly associated with.
The capacity limit for the course is 72 student(s).
Current registration and enrolment status: enrolled: 0/72, only registered: 0/72, only registered with preference (fields directly associated with the programme): 0/72
fields of study / plans the course is directly associated with
Course objectives
The aim of the course is to understand the term of value, to orient in methods and models for true value determination and set the investment recommendation.
Learning outcomes
Student will be able to:
- determine the term value from the point of the financial theory;
- characterize particular models for intrinsic value determination and investigate the suit models for a stock and a market;
- stipulate Private Equity value;
- use methods and tools of charting theory;
- define investment strategy, investment recommendation and set timing.
Syllabus
  • List of lectures:
  • 1 Introduction
  • 2 Return Concept and Costs of Capital
  • 3 Fundamental analysis: global level and industry level - life cycle of an industry, industry sensitivity, market structure of an industry
  • 4 Fundamental analysis: discount dividend valuation
  • 5 Fundamental analysis: FCF concept
  • 6 Fundamental analysis: Market Base Valuation
  • 7 Fundamental analysis: Residual Income Valuation
  • 8 Private company valuation
  • 9 Technical analysis - introduction
  • 10 Technical analysis, charting, cont.
  • 11 Psychological analysis -Kostolanyho, Drasnerova, Keynesova concept, Epsteinové a Garfieldova investment psychology, Code of Ethics & Standards of Professional Conduct
  • 12 Theory of speculative bubles, behavioral finance, Efficent Market Hypothesis
  • 13 Summary of valuation problems
  • Seminars:
  • 1 Úvodní seminář
  • 2 Introduction
  • 3 Discount dividend valuation methods I
  • 4 Discount dividend valuation methods II
  • 5 Discount dividend valuation methods III
  • 6 Test no. 1
  • 7 Market Base Valuation I
  • 8 Market Base Valuation II
  • 9 Residual Income Valuation I
  • 10 Residual Income Valuation II
  • 11 Private Company Valuation
  • 12 Test no. 2
  • 13 Summary
Literature
    required literature
  • Equity asset valuation. Edited by Jerald E. Pinto. 2nd ed. Hoboken, N.J.: Wiley, 2010, xx, 441 p. ISBN 9780470571439. info
  • DAMODARAN, Aswath. Damodaran on valuation : security analysis for investment and corporate finance. 2nd ed. Hoboken: Wiley, 2006, xi, 426. ISBN 0471751219. info
    recommended literature
  • REJNUŠ, Oldřich. Finanční trhy (Financial markets). 4., aktual. a rozšířené. Praha: Grada Publishing, 2014, 768 pp. Profesionál, 3593. ISBN 978-80-247-3671-6. info
  • MUSÍLEK, Petr. Trhy cenných papírů. 2., aktualiz a rozš. vyd. Praha: Ekopress, 2011, 520 s. ISBN 9788086929705. info
  • JÍLEK, Josef. Akciové trhy a investování. 1. vyd. Praha: Grada, 2009, 656 s. ISBN 9788024729633. info
  • VESELÁ, Jitka. Investování na kapitálových trzích. Vyd. 1. Praha: ASPI, 2007, 703 s. ISBN 9788073572976. info
  • GRAHAM, Benjamin and David L. DODD. Security analysis : principles and technique. 2nd ed. New York: McGraw-Hill Book Company, 1940, xiii, 851. ISBN 007141228X. info
Teaching methods
Individual lectures, in seminars application of knowledge about evaluation risk and revenue in individual examples and application of particular methods from fundamental, technical and psychological analysis in selected securities.
Assessment methods
Two tests are written in seminars according to time schedule of the seminar. In-term test with 30 points per each. It is necessary to get at lest 36 points (total number of 60 points from both tests) + Bloomberg presentation. The half of the points from both in-term tests is added to the total score. There is only one attempt per every test! Bloomberg results presentation. Individual points from seminars, maximum 2 points per seminar. Pre final exam conditions:
• at least 36 points from both test (60 %)
Exam and final result
• Written exam (max. 70 points)
• Final grade is total number of points from two tests and final exam test – at most 100 points. Final written exam has a form of a multiple choice.
Any copying, recording or leaking tests, use of unauthorized tools, aids and communication devices, or other disruptions of objectivity of exams (credit tests) will be considered non-compliance with the conditions for course completion as well as a severe violation of the study rules. Consequently, the teacher will finish the exam (credit test) by awarding grade "F" in the Information System, and the Dean will initiate disciplinary proceedings that may result in study termination.
Language of instruction
Czech
Further comments (probably available only in Czech)
The course is taught annually.
Credit evaluation note: k = 1.
Listed among pre-requisites of other courses
The course is also listed under the following terms Autumn 2009, Autumn 2010, Autumn 2011, Autumn 2012, Autumn 2013, Autumn 2014, Autumn 2015, Autumn 2016, Autumn 2017, Autumn 2018, Autumn 2019, Autumn 2021, Autumn 2022, Autumn 2023, Autumn 2024.
  • Enrolment Statistics (Autumn 2020, recent)
  • Permalink: https://is.muni.cz/course/econ/autumn2020/MPF_ACP1