Do you have a basic understanding of corporate valuation using Discounted Cash Flow methods? Do you want to become an expert in corporate valuation, and do you desire a deep understanding of the theoretical foundation of valuation, including both corporate and personal taxes, under various financing policies? If you answer these questions with “yes”, this should be an interesting course for you in an international setting.
About the course
Content
In the first part of the course, we cover corporate valuation, focusing solely on corporate taxes. We analyse how to determine the value of the firm with Discounted Cash Flow Methods under passive and active debt management as possible financing policies. This requires clarifying the determination of the cost of equity with the Capital Asset Pricing Model. Afterwards, we analyse in depth the design of valuation approaches and their relationship under active and passive debt management, and we illustrate their application with case studies. We focus our analysis on a common tax system with taxation of a firm’s total profit. In addition, we analyse the consequences of a tax system where only the distributed part of the profit is taxed at the corporate tax rate, as is the case, for example, in Estonia. In the end, we will clarify how to incorporate any type of taxation system into valuation.
The second part of the course deals with corporate valuation, examining not only corporate taxes but also personal taxes. We clarify the consequences for the determination of the cost of equity and the design and use of the valuation approaches under active and passive debt management. Furthermore, we explain the theoretical consequences and illustrate the use of the valuation approaches with case studies.
Learning outcomes
This course provides participants with a comprehensive understanding of valuation with discounted cash flow methods under different financing strategies. After the course, students will be able to determine the value of a firm without and with personal taxes with Discounted Cash Flow Methods under active and passive debt management.
Programme
Virtual Phase
Students gain theoretical knowledge about valuation only with corporate taxes. Furthermore, they learn how to implement valuation approaches in Excel. In addition, students learn the basic elements for valuation with personal taxes. Consequently, the students from the different universities should have the same basic theoretical knowledge in valuation before the presence phase at the University in Göttingen.
On-site Phase
Students are familiarized with corporate valuation with personal taxes. All theoretical approaches are explained in detail and illustrated with case studies. The students have to solve the case studies in groups. At the end of the course, students must solve a more comprehensive case study and present their solution.
Assessment
Assessment is based on group valuation exercises, mainly during the course. Each group comprises as far as possible students from different universities, with up to five students. The valuation exercises during the course must be solved with Excel. In the presence phase, the students have to prepare and present the solution of one case study. At the end of the course, the teams must submit a well-formatted Excel file with the solution of the final exercise.
Lecturers
Prof. Dr. Stefan Dierkes (University of Göttingen;
Prof. Dr. Priit Sanders (University of Tartu;
Dr. Mark Kantšukov (University of Tartu;
Prof. Dr. Isabell Verleyen (University of Gent;
Prof. Dr. Leentje Moortgat (University of Gent;
Course dates
Online: 4th, 11th, 18th, and 25th May 2026 from 10.15 – 11.45 a.m.
On-site: 8th -12th June 2026 (due to the beginning of the course on Monday, you should travel to Göttingen on Sunday)
How to register?
Entry requirements: Bachelor's degree in Economics, Business Administration, Business Information Systems, or a related field in Economics.
Master's and PhD Students from all ENLIGHT partner universities are eligible to participate. Applicants must have a Bachelor's degree in Economics, Business Administration, Business Information Systems, or a related field in Economics. Students will be selected at each of these universities separately. Students interested in the course need to apply via their home university. They should contact their faculty or programme to verify whether it can fit in their curriculum and to ensure academic recognition of the credits obtained. The home university will select the permitted number of students, inform the students as soon as possible, and then send these names to the host institution. Unsuccessful students will be placed on a waiting list and may get a place if other universities do not use all their allocated places.
Please select your home university below and contact your ENLIGHT coordinator for further information on the application process, or consult the linked information.
- University of the Basque Country:
This email address is being protected from spambots. You need JavaScript enabled to view it. - University of Bern: Application instructions for students at the University of Bern
- University of Bordeaux:
This email address is being protected from spambots. You need JavaScript enabled to view it. - Comenius University Bratislava:
This email address is being protected from spambots. You need JavaScript enabled to view it. - University of Galway:
This email address is being protected from spambots. You need JavaScript enabled to view it. - Ghent University:
This email address is being protected from spambots. You need JavaScript enabled to view it. (see information about BIP's) - University of Groningen:
This email address is being protected from spambots. You need JavaScript enabled to view it. - University of Göttingen:
This email address is being protected from spambots. You need JavaScript enabled to view it. (for BIP’s) orThis email address is being protected from spambots. You need JavaScript enabled to view it. (other courses) - University of Tartu: Application instructions for students at the University of Tartu
- Uppsala University: Application instructions for students at Uppsala University.
In addition, interested students are welcome to contact Prof. Dierkes for additional information.