Business Valuation With Aswath Damodaran - 16-17 & 20-21 Nov 2022 | Live from California


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 cov er 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.

    He has written four books on valuation (Damodaran on Valuation, Investment Valuation, The Dark Side of Valuation, The Little Book of Valuation), and two on corporate finance (Corporate Finance: Theory and Practice, Applied Corporate Finance: A User’s Manual). He has co – edited a book on investment management with Peter Bernstein (Investment Management), has a book on investment philosophies (Investment Philosophies) and one on “can’t miss” investment strategies, titled Investment Fables. He also has a book on the relationship between risk and value, Strategic Risk Taking, which takes a big picture view of how risk management affects value. Aswath was a visiting lecturer at the University of California, Berkeley, from 1984 to 1986, where he received the Earl Cheit Outstanding Teaching Award in 1985.

    Agenda



    Day 1 | 16th Nov


    Categorizing and Responding to uncertainty
    Estimation versus Economic Uncertainty
    Micro versus Macro Uncertainty
    Discrete versus Continuous Uncertainty
    The Evolution of Uncertainty
    Forecasting in the face of uncertainty
    Payoff is greatest where there is the most uncertainty
    A COVID Break: Market Overview
    Valuing the Market: COVID effect
    Valuing Individual Stocks: A Post-Corona Version
    Value of Company in Unstable environment


    Day 2 | 17th Nov


    The Discounted Cash Flow Model
    Setting up the Model
    The Big Picture of DCF Valuation
    The Discount Rate Question
    Risk premiums and Betas
    Cash, Cross holdings and other assets
    The Value of Control, Synergy and Transparency
    The Liquidity Discount
    Employee Stock Options Challenges in Valuation
    Valuing young, growth companies
    Valuing mature companies in transition


    Day 3 | 20th Nov


    Risk: The Cost of Capital - Global
    Your choice on cost of capital & the failure rate
    A Crisis hits.. Damage assessment on March 20, 2020
    A Come back or False Security?
    A Flight to Safety? Treasuries
    Divergent Stories: Oil and Copper
    Crisis Asset: Gold and Bitcoin
    The price of risk: Determinants
    Bond Market Default Spreads: The COVID crisis
    An Equity Market Price of Risk
    The 2008 Crisis
    The Price of Risk: Equities
    Equities: Most & least damaged Industries
    Valuation after COVID


    Day 4 | 21st Nov


    The Bermuda Triangle of Valuation
    Investment Regrets and Disagreement
    Estimating Cash Flows, Growth Rates and Growth Patterns
    The Terminal Value
    Valuing declining and distressed companies
    Valuing cyclical, commodity, financial service and private companies
    Relative and Comparable company valuation
    Deconstructing multiples

    Supporting Partners



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