Dr. Sven Schieszl


Patrick Launhardt (organization)



General principles of valuation

Different valuation approaches

  • Discounted cash flow
  • “Ertragswertverfahren”
  • Valuation with multiples
  • Role of real options in valuation

Specific issues in valuing companies

  • Non-operating assets
  • Corporate and personal taxes
  • Pensions and other liabilities

Relevant legal and institutional norms

Application in case studies, e. g.,

  • Fairness opinions
  • Squeeze-out valuation


Book list


  • Goedhart, M./ Koller, T./ Wessels, D. (2010): Valuation: measuring and managing the value of companies, 5. Aufl., New York 2010
  • Drukarczyk, J./Schüler A. (2014): Unternehmensbewertung, 7. Aufl., München
  • Richter, F. (2005): Mergers and Acquisitions: Investmentanalyse, Finanzierung und Prozessmanagement, München 2005


The course is open for

Bachelor of Science (4 credit points)



Exam is in "open" form.

28 July 2016, 4-6 p.m.

Location: Ulm University, "Hörsaal Chirurgie"


Date and time

First lecture: 28th April 2016.

Further lectures on: 12th May; 2nd June; 9th June; 16th June; 30th June; 7th July.



Written exam