Valuation
This web site is designed to provide supporting material for valuation
related topics. I generally categorize material by the three basic
approaches to valuation - discounted cash flow valuation, relative
valuation and option pricing applications on valuation. You can read
an overview of the three approaches to valuation before you begin.
1. Books:
If you are using one of my valuation books, you can go to the
sites that support these books. You can also get supporting material for
these books on these sites.
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Damodaran
on Valuation (Wiley) |
Description |
Investment
Valuation (Wiley) |
Description of
Book Problems and Solutions Corrections |
The Dark Side of
Valuation (PHFT) |
2. Classes
I teach a valuation class stretching over a semester in the MBA program. You can access webcasts, lecture notes and other material for the class by going here:
MBAValuation Class at Stern School of Business
I also teach an executive valuation class of shorter duration and you can get the materials for it by going here:
Executive Valuation Class at Stern School of Business
3. Topic
You can also pick a topic to browse through material
available on the topic. You can also go directly to the material
that you are interested in and download data or spreadsheets.
The overheads and solutions to the problems are stored in pdf format, and you need Adobe Acrobat to read pdf files. (You can download Acrobat Reader directly from the Adobe site at http://www.adobe.com) The spreadsheets are in Microsoft Excel format, and can be used on either a Mac or Windows system.
You can pick the valuation approach that you would like to go to, to see illustrations, solutions and other supporting material.
Discounted Cashflow Valuation
Relative Valuation
Option Pricing Approaches to Valuation
Acquisition Valuation
EVA, CFROI and other Value Enhancement Strategies
Spreadsheets | Overheads | Datasets | References |
Problems & Solutions | Derivations and Discussion | Valuation Examples | PowerPoint presentations |
Overheads |
Acquisition Analysis (Download pdf file) |
Data Sets | |
Spreadsheets | synergy.xls:
This spreadsheet allows you to estimate the approximate value of synergy
in a merger or acquisition. merglbo.xls: This spreadsheet allows you to evaluate the cash flows and the value of a leveraged buyout. |
Problems and Solutions |
Problems on acquisitions (with solutions) |
Derivations, In-Practice Questions and Discussion | |
Readings | |
Valuation Examples | Valuing
Digital (status quo) Valuing Digital (optimally managed) Valuing Compaq (stand-alone) Valuing Compaq-Digital (no synergy) Valuing Compaq-Digital (with synergy) |
Overheads | EVA Valuation (Download pdf file) |
Data Sets | |
Spreadsheets |
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Problems and Solutions | Problems with EVA/CFROI (with solutions) |
Derivations, In-Practice Questions and Discussion | EVA and NPV: The Parallels Does increasing EVA increase firm value? Are firms which increase EVA good investments? |
Readings | |
Valuation Examples | Valuing
Compaq (status quo) Valuing Compaq (restructured) Valuing Telecom Italia (status quo) Valuing Telecom Italia (restructured Compaq's optimal capital structure Telecom Italia's optimal capital structure |
Dicounted Cashflow Valuation | |
Relative Valuation | |
Option Pricing Approaches to Valuation | |
Acquisition Valuation | |
EVA, CFROI and other Value Enhancement Strategies |