• Class Material
  • Syllabus
  • Lecture Notes
  • Books
    • Investment Valuation, 3rd Ed
    • Damodaran on Valuation
    • The Dark Side of Valuation
    • The Little Book of Valuation
• Webcasts
  • NYU/Stern
  • Apple iTunes U
  • Yellowdig
  • YouTube
• The Projects
  • The "Big" Project
    • Project Description
    • Data for project
    • Past Projects
  • The Mystery Project
• Exams & Problems
  • Quiz Rules
  • Practice Problems
  • Past Quizzes and Exams
  • Quiz Reviews
• Add ins
  • In-class Valuations
  • Valuation of the week
  • Weekly Challenges
• In the loop
  • Calendar
  • Newsletters
  • Emails for the class
• Support
  • Data
  • Spreadsheets
  • Readings

 

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. Introduction to Valuation (Updated for Spring 2024 class).
   
2. Part I: Discounted Cashflow Valuation: This is a pdf file and works well if you have an iPad or tablet to read it on If you have trouble printing this file, 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 Spring 2024 class)
3. Part II: Relative Valuation and Private Company Valuation : This is a pdf file and works well if you have an iPad or tablet to read it on If you have trouble printing this file, 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 Spring 2024 class).
4. Part III: Real Options, Acqusition Valuation and Value Enhancement: This is a pdf file and works well if you have an iPad or tablet to read it on If you have trouble printing this file, 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 Spring 2024 class).
   
5. Part IV: Closing Presentation

Individual Presentations:

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, Cross Holdings and Other Assets
      2. Dealing with Management Options/ Warrants/ Convertibles
   5. Narrative and Numbers: Connecting Stories to Value
   6. Examples of Valuation
3. Relative Valuation
   1. Basics and Tests
   2. Multiples
   3. PE & PEG Ratios
   4. Other Multiples
   5. Choosing the Right Multiple)
4. Asset Based and Liquidation Value
5. Brand Name Valuation (Also part of sales multiples)
6. Valuing Private Companies
7. Option Pricing Applications in Valuation
8. Valuation in Acquisitions
9. Value Enhancement: in Action

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