Valuation Training With Prof. Aswath Damodaran
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Full disclaimer.Description
Prof. Aswath Damodaran is the Kerschner Family Chair Professor of Finance at the Stern School of Business at New York University. He received his MBA and PhD from the University of California at Los Angeles. He teaches the corporate finance and valuation courses in the MBA and executive programs. Being at NYU since 1986 he has received the Stern School of Business Excellence in Teaching Award. His research interests lie in valuation, portfolio management and applied corporate finance. He has published papers in the Journal of Financial and Quantitative Analysis, the Journal of Financial Economics and the Review of Financial Studies. He has published several books on valuation and corporate finance. In the last training that Prof. Damodaran delivered with the Institute for Mergers, Acquisitions and Alliances (IMAA) in Vienna, participants were enthusiastic with the motivating and dynamic method of delivery.
Reasons to take this program
Participants have taken this training in the past for the following reasons:
Comprehensible
Experience or take a refresher in valuation in-depth – made comprehensible by one of the world’s best and motivating instructors on valuation.
Network
Network with your peers and industry professionals that face similar challenges when it comes to valuation. A great opportunity to meet old colleagues and make new contacts.
Continued Education
Invest in your continued education! Various professional associations accept this training as Continued Education. This training counts towards the completion of our IM&A Certificate and M&AP Certificate programs, but can be also taken stand-alone.
Prof Damodaran live
Reading books or watching videos is nothing like experiencing and enjoying Prof. Damodaran in the room teaching and interacting with participants.
Great value
As we are a non-profit research organization, we offer this training at a very affordable fee – great value for money.
Course Objectives
The objective of the training is to provide the fundamentals of each approach to valuation, together with limitations and caveats on the use of each, as well as extended examples of the application of each. At the end of the seminar, participants should be able to:
- Value any kind of firm in any market, using discounted cash low 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 distressed companies or start ups
- Estimate the effect on value of restructuring a firm
Course Syllabus
Day 1
Topics on the first day of the training are:
- The Discounted Cash Flow Model
- Setting up the Model
- The Big Picture of DCF Valuation
- Valuation Examples
- The Discount Rate Question
- Risk premiums and Betas
- The Cost of Debt
- Estimating Cash Flows
- Estimating Growth Rates
- Estimating Growth Patterns
- The Terminal Value
- Closing Thoughts on DCF valuation
Day 2
On the second day, the following issues in valuation are explored:
- 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
- Valuing declining and distressed companies
- Valuing cyclical companies
- Valuing commodity companies
- Valuing financial service companies
- Valuing private businesses
- Relative Valuation
- Deconstructing multiples
- Comparable company valuation
Schedule
Day 1
- The Discounted Cash Flow Model
- Setting up the Model
- The Big Picture of DCF Valuation
- Valuation Examples
- The Discount Rate Question
- Risk premiums and Betas
- The Cost of Debt
- Estimating Cash Flows
- Estimating Growth Rates
- Estimating Growth Patterns
- The Terminal Value
- Closing Thoughts on DCF valuation
Day 2
- 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
- Valuing declining and distressed companies
- Valuing cyclical companies
- Valuing commodity companies
- Valuing financial service companies
- Valuing private businesses
- Relative Valuation
- Deconstructing multiples
- Comparable company valuation
Who should attend
The mix of valuation techniques and applications provided in this training has attracted a widely diverse audience in our past trainings. In particular, it is useful for
- Chief Executive Officers, Board Members and Business owners who are valuating their business for public offering, sale or other reasons.
- Chief Financial Officers and other corporate financial staff, who want to understand the details of valuation, either because they are planning acquisitions or are interested in value enhancement strategies for their firms.
- Head of Business Development, Strategy and M&A and other employees involved in these activities.
- Chartered Accountants, Investment Bankers and Management Consultants involved in mergers and acquisitions, who would like to acquire a wider repertoire of valuation skills.
- Equity research analysts, who are interested in examining alternatives to the multiples that they use or the linkage to discounted cash flow models.
- Portfolio Managers who are interested in the effects of corporate restructuring on firm value, and the implications for portfolio management.
- Investors such as Business Angels, Venture Capital, Private Equity, and Family Offices.