My 26-session equity valuation class will be taped starting January 28, 2002 and the lectures will be available as Real Player files (You can download Real Player for free by going to http://www.real.com). You can get the supporting lecture notes by clicking on the pdf files below - the pages covered by each lecture are provided next to each lecture. The quality of the video and audio leaves much to be desired but it will get better over time. For the syllabus and other details, visit the home page for the class.
Introduction to Valuation
Part I: Discounted Cashflow Valuation (253 pages)
Part II: Relative Valuation and Private Company Valuation (238 pages)
Part III: Real Options, Acqusition Valuation and Value Enhancement (238 pages) If you prefer two slides per page, click here.
Part IV: Closing Presentation

Session (Click here)	Topics covered	Lecture notes
1 (1/28/02)	Introduction to Class A Philosophical Defense of Valuation	Syllabus for class Project Description Introduction to Valuation (Pg 1-5)
2 (1/30/02)	Valuation Approaches	Introduction to Valuation (6-22) Lecture Note packet 1 (1-10)
3 (2/4/02)	Big Picture of DCF models Riskfree Rates & Risk Premiums	Lecture Note packet 1 (11-31)
4 (2/6/02)	More of Risk Premiums Estimating Risk Parameters (Betas)	Lecture Note packet 1 (32-44)
5 (2/11/02)	Estimating bottom-up betas Estimating cost of debt Estimating weights for cost of capital	Lecture Note packet 1 (45-63)
6 (2/13/02)	Estimating Operating Earnings Correctly Dealing with Operating Leases and R&D Dealing with Negative Earnings	Lecture Note packet 1 (64-80)
7 (2/20/02)	Tax rate for Operating Income Capital Expenditures & Depreciation Working Capital Free Cashflow to Equity	Lecture Note packet 1 (81-100)
8 (2/25/02)	Take the quiz and check the solution Historical Growth Rates Analyst estimates of growth Fundamental Growth: EPS	Lecture Note packet 1 (101-119)
9 (2/27/02)	Fundamental Growth: Net Income Fundamental Growth: Operating Income Terminal Value and Stable Growth Equity versus Firm Valuation	Lecture Note packet 1 (120-147)
10 (3/4/02)	Dealing with Cash and Marketable Securities Dealing with Cross Holdings Dealing with Management Options, Warrants and Converts	Lecture Note packet 1 (148-173)
11 (3/6/02)	Examples of Valuations - Dividend Discount Model (Con Ed, Amro, S&P 500) - Free Cash Flow to Equity (Sony, Nestle)	Lecture Note packet 1 (174-206)
12 (3/18/02)	Examples of Valuations - FCFF Valuations (Tsingtao Breweries, Daimler, Tube Investments, Home Depot)	Lecture Note packet 1 (207-236)
13 (3/20/02)	Valuing companies with R&D Valuing young companies: The Dark Side of Valuation	Lecture Note packet 1 (237-258)
14 (3/25/02)	Introduction to Multiples Deconstructing a Multiple - The Four Step Process PE Ratios : Definition, Description and Analysis Comparing PE ratios across markets	Lecture Note packet 2 (1 -31)
15 (3/27/02)	Comparing PE ratios across a sector Comparing PE ratios across the market The PEG Ratio Determinants of the PEG ratio	Lecture Note packet 2 (32-67)
16 (4/1/02)	You can take the quiz and check the solution Relative PE Ratios An Introduction to Value Multiples	Lecture Note packet 2 (68-97)
17 (4/3/02)	EV/EBITDA Price to Book Value Ratios	Lecture Note packet 2 (98-134)
18 (4/8/02)	Revenue Multiples The Value of a Brand Name Relative Value for Young firms	Lecture Note packet 2 (135-181)
19 (4/10/02)	Private Company Valuation Estimating Discount Rates for private firms Estimating Cashflows for private firms Estimating Value (Yankees)	Lecture Note packet 2 (182-214)
20 (4/15/02)	Estimating the Illiquidity Discount The Value of Control and Voting Rights Shares Introduction to Real Options	Lecture Note packet 2 (215-238) Lecture Note packet 3 (1- 8)
21 (4/17/02) (Technical failure)	More on Real Options The Option to Delay Valuing Patents as Options	Lecture note packet 3 (9-37)
22 (4/22/02)	You can take the quiz and check the solution Valuing Undeveloped resource options Valuing a Natural Resource Company Valuing the Option to Expand	Lecture note packe5 3 (38-54)
23 (4/24/02)	The Option to Abandon Valuing Financial Flexibility Valuing Equity in Deeply troubled companies	Lecture note packet 3 (55-98)
24 (4/29/02)	Acquisition Valuation Steps in acquisition valuation The Value of Control The Value of Operating Synergy	Lecture note packet 3 (99-138)
25 (5/1/02)	The Value of Financial Synergy Value Enhancement	Lecture note packet (139-184)
26 (5/6/02)	A short discourse on EVA Bringing it all together - your valuations	Closing presentation