Executive Master of Business Valuation

Developed with input from leading M&A professionals from Dutch multinationals, bank corporate finance departments, private equity players and accountancy firm transaction professionals, the Executive Master of Business Valuation programme’s high degree of relevance to today’s valuation profession makes it unique.

Another exceptional feature of the programme is that it treats valuation in context, addressing the practicalities of each phase of a transaction from pre-deal strategy, to negotiations and due diligence, to post-deal integration. Teaching involves unique case material specifically designed for this programme.

The programme is taught by high-profile lecturers who combine world-class academic backgrounds and authoritative practical experience. Furthermore, high profile guest lecturers enrich classroom discussions.

Objectives: Technical competence, sound business judgement

The Executive Master of Business Valuation philosophy holds that valuation professionals possess thorough theoretical knowledge and the ability to apply that theory in daily practice. In addition to undisputed technical competence, they should have authority and influence with boards, shareholders and other transaction stakeholders.

Those who complete the programme will possess:
• a thorough knowledge of valuation theory, including the most recent academic research, and the ability to apply this knowledge in practice
• the ability to address valuation issues relevant in practice but not covered in textbooks
• the ability to individually perform valuations and add value to decisions at each phase of a transaction
• the ability to present and defend valuations to boards, in negotiations and in other contexts.

 

André Olijslager

“My extensive board experience and involvement in mergers and acquisitions has made clear to me the need for a strong business valuation profession. I therefore applaud the University of Groningen’s Executive Master of Business Valuation. Business valuators should possess not only undisputed technical competence, but sound business judgement that will give them authority and influence with boards, shareholders and other transaction stakeholders. The Executive Master of Business Valuation strikes the right balance between these requirements. I highly recommend it to all valuation professionals.”

Andre Olijslager, Chairman, Nederlandse Vereniging van Participatiemaatschappijen, Various other Board positions
(Chairman Advisory Board Executive Master of Business Valuation).

The Executive Master of Business Valuation is for professionals who regularly perform business valuations, who have at least two years of related experience, and who work for:

• M&A and business development departments within corporations
• corporate finance departments within banks
• private equity players
• accountancy and other advisory firms as transaction specialists

The programme is also relevant for professionals such as investment analysts and controllers.

Wim Holterman

“I am pleased to announce the second class of the University of Groningen’s Executive Master of Business Valuation. The first class of the programme, which is now well underway, proves that treating the subject of valuation in the context of the M&A process is extremely instructive. The programme is unique in its ability to address the real requirements of practice. The lecturers have put tremendous effort in developing unique instruction and case material covering valuation issues in all phases of the M&A project. And bringing together students from different backgrounds and the involvement of high profile guest lecturers is a guarantee for lively and enriching discussion.”

Wim Holterman (Programme Director Executive Master of Business Valuation),
Professor of Business Valuation, University of Groningen,
Partner PricewaterhouseCoopers

The Executive Master of Business Valuation programme treats business valuation firmly in the context of M&A transactions.

Programme overview

The programme puts business valuation in context of M&A transaction.

Valuation and the M&A process

click to enlarge

Teaching includes a mix of literature, case studies and examples; it is problem-based, making use of cases from current practice. Participants are challenged to contribute to and learn through focussed classroom discussions with fellow programme participants and faculty.

For more details about the subjects covered, please refer to the brochure.

From September till November 2011, participants work on their thesis projects with a goal of integrating the knowledge acquired in the programme with daily practice. They can add value for their employer companies by selecting a subject relevant to their daily work.

Participants defend their thesis projects in front of faculty members, at least three fellow programme participants, and a member of the programme Advisory Board or a leading M&A professional.

The programme comprises 20 two-day sessions held between September 2010 and September 2011. Each session begins Friday at 9.30 a.m., continues into the evening, and ends Saturday at 12 noon.

During the thesis phase—September to November 2011—participants consult with their thesis supervisors. Presentation and defence of thesis projects takes one day in November 2011.

Session schedule of the first edition of Executive Master of Business Valuation: 

A team of renowned lecturers addresses all aspects of business valuation:

• Prof. Dr. Simon Benninga
  Simon Benninga is professor of Finance on the Management faculty at Tel Aviv University and visiting professor of Finance at the Wharton School of Business, University of Pennsylvania and the University of Groningen. He is the author of several highly regarded and widely used academic texts on valuation and modelling.
• Prof. Dr. Kees Cools
  Kees Cools is partner at Booz & Company and professor of Corporate Finance on the Economics & Business faculty at the University of Groningen. He is also a member of the Monitoring Committee Corporate Governance.
• Prof. Dr. Aswath Damodaran
  Aswath Damodaran is professor of Finance at the Stern School of Business, New York University. He is the author of several highly regarded and widely used academic texts on valuation, corporate finance and investment management.
• Drs. H. Haanappel
  Hans Haanappel is an independent corporate finance advisor specialised in valuation and associated with the Rotterdam School of Management and Nyenrode Business University where he lectures on valuation and derivatives. He also provides specialised in-house training on valuation and leveraged buyouts for two large Dutch banks.
• Drs. Wouter van der Heijden
  Wouter van der Heijden is Director at KPMG Corporate Finance and specialises in private equity transactions and valuations. He is also a trainer at the Nederlandse Vereniging van Participatiemaatschappijen in private equity valuations and structuring.
• Drs. Mark Helmantel
  Mark Helmantel is Assistant Professor of Finance at the University of Groningen and Principal Manager Corporate Finance at PricewaterhouseCoopers where he specialises in (real) option valuation and financial instruments. He is responsible for the translation of academic knowledge into practical guidance for PwC’s global valuation practice.
• Prof. Dr. Wim Holterman (Programme Director Executive Master of Business Valuation)
  Wim Holterman is professor Business Valuation on the faculty Economics & Business at the University of Groningen and Managing Partner of the Valuation & Strategy practice of PricewaterhouseCoopers in the Netherlands. He also heads the global competence centre of PwC’s global valuation practice.
• Drs. Joost Kromhout
  Joost Kromhout is investment banker at Rabobank and specialises in equity capital markets transactions. He is a member of the bank’s valuation committee and is involved in transactions such as initial public offerings and equity offerings. He is responsible for daily execution, which involves structuring, valuation and due diligence.
• Drs. Jeroen van der Wal
  Jeroen van der Wal is responsible for the valuation practice of Deloitte in the Netherlands. He is the Dutch representative of Deloitte’s global valuation leadership. He has significant experience with valuations involving large Dutch companies, multinationals and governmental bodies.
• Dr. Ir. Jeroen Weimer
  Jeroen Weimer leads the Valuations practice of KPMG Corporate Finance in the Netherlands and engages in many types of valuations. He chairs the Knowledge Management subcommittee of KPMG’s global Valuations practice and is a member of the firm’s Business Combinations Topic team.

In addition to these lecturers, the programme features guest lecturers representing key players in transactions, such as CFOs, investment bankers, M&A heads of corporations, due diligence specialists and institutional investors and analysts. The 2009-2010 session featured:

• Mr. drs. J.L. Burggraaf, M&A partner at Allen & Overy
• Drs. C.H. van Dalen, CFO and Member of the Board of Management of TNT N.V.
• R.J. van de Kraats RA, CFO and Vice-Chairman Executive Board of Randstad Holding N.V.
• Drs R. van der Mark RA, CFO of Maxeda
• J.  Nolan MBA, Executive Vice President and Head of M&A at Royal Philips
• Drs. W.G. Jiskoot, former Board Member of ABN AMRO
• Drs J.J. de Rooij, Executive Board of Directors of SHV Holdings, responsible for Finance, IT and Finance and Business Development (M&A)

Instruction takes place in Buitenplaats De Heiligenberg in the centrally located city of Leusden (near Amersfoort). This beautiful, historic location offers an outstanding setting for the Executive Master of Business Valuation. De Heiligenberg is easily reached by car or public transportation, and several hotels are located nearby.

Schedule

The programme comprises 20 two-day sessions held between September 2010 and September 2011. Each session begins Friday at 9.30 a.m., continues into the evening, and ends Saturday at 12 noon.

During the thesis phase—September to November 2011—participants consult with their thesis supervisors. Presentation and defence of thesis projects takes one day in November 2011.

Testing and grading

Testing is done by a variety of instruments, including written and oral exams, papers, cases and presentations. Group as well as individual performance is considered. Test results in conjunction with thesis grade determine the final grade.

Degree

Those who complete the programme are entitled to the Master of Business Valuation degree.

Admission

To be admitted, an individual must hold a master’s degree or equivalent degree in an academic field relevant to business valuation and have at least two years of practical experience in business valuation.

Language

The programme is taught in English.

Fees and intake

Programme tuition for 2010 is € 23,250, and includes literature and exam fees. Facility and other fees are € 2,945. Costs for overnight stays are not included in this amount however we have made arrangements with Hotel NH Amersfoort for reduces rates for programme participants. 
Those who register before 1 July 2010 are eligible for a reduced rate. 
The costs may be split over two terms, with 50% due before September 2010 and the remaining 50% due before September 2011.

Application

The application procedure begins with completion of an application form. Qualified candidates will be invited for an interview to discuss their expectations of the programme. Candidates will be evaluated on the basis of the results of the interview, their educational background and relevant working experience. Also at that time, it will be determined whether candidates meet admission criteria and whether any pre-requisites must be met.