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Valuation Lecture Notes by Topic

The files here are fairly large and you can download the files in portable document format (pdf) format, if you have Adobe Acrobat installed. If you do not have an Acrobat reader, you can obtain it free of charge at http://www.adobe.com. If you are having trouble downloading, set your browser preferences to download to your hard drive (rather than open in the browser window).


Latest Lecture Notes

Full packets: Equity Instruments (Valuation) Class

  1. Discounted Cashflow Valuation (Download the powerpoint file. You can then choose to print the slides, one to a page, two or a page, in note format or whatever your heart desires.) Updated for Fall 2014 class
  2. Relative Valuation and Private Company Valuation (Download the powerpoint file. You can then choose to print the slides, one to a page, two or a page, in note format or whatever your heart desires.) Not updated for Fall 2014 class
  3. Option Pricing Applications, Acquisition Valuation and Value Enhancement (Download the powerpoint file. You can then choose to print the slides, one to a page, two or a page, in note format or whatever your heart desires.) Not updated for Fall 2014 class

Individual Presentations:

These are individual presentations on topics. They are not updated as often as the full packets listed above.
  1. Approaches to Valuation
  2. Discounted Cash Flow Valuation
    1. Basics
    2. Estimating Inputs
      1. Discount Rates
      2. Cash flows
      3. Growth
      4. Terminal Value
    3. Choosing the Right Model
    4. Tying up Loose Ends
      1. Dealing with Cash and Cross Holdings
      2. Dealing with Management Options/ Warrants/ Convertibles
    5. Examples of Valuation
  3. Relative Valuation
    1. Basics and Tests
    2. Multiples
      1. PE Ratios
      2. PEG Ratios
      3. Relative PE Ratios
      4. Value/EBIT Multiples
      5. Book Value Ratios
      6. Sales Multiples
      7. Choosing the Right Multiple
  4. Brand Name Valuation (Also part of sales multiples)
  5. Valuing Private Companies
  6. Option Pricing Applications in Valuation
  7. Valuation in Acquisitions
  8. Value Enhancement: DCF, EVA and CFROI

Additional Notes

  1. Dividend Discount Models (Download pdf file)
  2. FCFE Discount Models (Download pdf file)
  3. FCFF Discount Models (Download pdf file)
  4. Economic Value Added