This three-day equity valuation class was offered in New York from June 4-6, and the lectures are available for download. To get a full flavor for the class, you may want to start with the website that I put together for the class.
You can then follow up by downloading the lecture note packet for the class
And here are the webcasts, organized into twelve hour and a half sessions, with the lecture note pages that are relevant for each session. Note that these sessions are long (about 3.5 hours, though there should be a 30-minute break in the middle of the video, where the webcast continues but there is nothing happening. Jump past that session or use it to take a break).
| Session (Click here) | Topics covered | Lecture notes |
1 (June 3, 9-12.30) |
Introduction to Class Big Picture of valuation
|
Page 1-33 |
| 2 (June 3, 1.30-5) Live Stream Video download Audio download |
Equity Risk Premiums Beta estimation From cost of equity to cost of capital Cash flow estimation: Getting earnings right |
Page 34-88 |
| 3
(June 4, 9-12.30) Live Stream Video download Audio download |
More on earnings and cash flows Expected growth Terminal Value Value Creation - Value versus Price Enhancement - Pathways to increase value - Acquisitions and value - Capital Structure & Value |
Page 89-161 |
| 4 (June 4, 1.30-5) Live Stream Video download Audio download |
Loose Ends in Valuation - The value of cash, cross holdings & other assets - The cost of complexity - The value of control - Dealing with truncation risk - Management options The Dark side of valuation: Valuing young companies |
Page 162-206 |
5 (June 5, 9-12.30) |
The Dark Side of Valuation - Valuing mature companies - Valuing distressed companies - Valuing financial service companies - Valuing companies with intangible assets - Valuing commodity & cyclical companies - Valuing multibusiness companies - Valuing private businesses |
Page 207-267 |
| 6 (June 5, 1.30-5) Live Stream Video download Audio download |
Value versus Price Relative valuation - The philosohical basis - The Definitional tests - The Descriptive tests - The Analytical tests - The Application tests Closing thoughts |
Page 268-End |
And once you get done, here is my post-seminar website to test out your knowledge