There are as many models for valuing stocks and businesses as there are analysts doing valuations. While we often talk about the differences across valuation models, we seldom talk about what they share in common. In this seminar, we hope to emphasize the shared foundations of valuation approaches and how to bridge differences among them. The first part of the seminar will cover the discounted cash flow valuation, and the estimation issues that come up when estimating discount rates, cash flows and expected growth. In addition, it will look at value enhancement through the prism of discounted cash flow models. The second part of the seminar will focus on what we term the loose ends in valuation and follow up by looking at “difficult – to – value” companies across the spectrum (life cycle, sectors). The third part of the seminar will examine relative valuation, i.e., the valuation of assets/businesses by looking at how similar assets/businesses are priced by the market
WHO SHOULD ATTEND:
The mix of basic valuation techniques & applications provided in this seminar will appeal to a widely diverse audience.
Equity research analysts, who are interested in examining alternatives to the multiples that they use or the linkage to discounted cash flow models.
Corporate financial officers, who want to understand the details of valuation, either because they are planning acquisitions or are interested in value enhancement strategies for their firms.
Analysts involved in mergers and acquisitions, who would like to acquire a wider repertoire of valuation skills.
Portfolio Managerswho are interested in the effects of corporate restructuring on firm value, and the implications for portfolio management.
Anyone interested in valuation
WHY YOU SHOULD ATTEND:
Value any kind of firm in any market, using discounted cash flow models (small and large, private and public)
Value a firm using multiples and comparable firms.
Analyze and critique the use of multiples in valuation.
Value “problem” firms, such as financially troubled firms and start – up firms.
Estimate the effect on value of restructuring a firm.
MEET OUR EXPERT
Aswath Damodaran is the Kerschner Family Chair Professor of Finance at the Stern School of Business at New York University. He teaches the corporate finance and valuation courses in the MBA program. He received his MBA and Ph.D from the University of California at Los Angeles. His research interests lie in valuation, portfolio management and applied corporate finance. He has published in the Journal of Financial and Quantitative Analysis, the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies.
09.00 am - 05.00 pm
Registration and WelcomeTea and Coffee
Topics on the first day of the training are:The Discounted Cash Flow ModelSetting up the ModelThe Big Picture of DCF ValuationValuation ExamplesThe Discount Rate QuestionRisk premiums and BetasThe Cost of DebtEstimating Cash FlowsEstimating Growth RatesEstimating Growth PatternsThe Terminal ValueClosing Thoughts on DCFvaluation
On the second day, the following issues in valuation are explored: Cash, Cross holdings and other assetsThe Value of Control, Synergy and TransparencyThe Liquidity DiscountEmployee Stock Options Challenges in ValuationValuing young, growth companiesValuing mature companies in transitionValuing declining and distressed companiesValuing cyclical companiesValuing commodity companiesValuing financial service companiesValuing private businessesRelative ValuationDeconstructing multiplesComparable company valuation
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