Web Casts: Executive Valuation - July 2014
- Philosophy
- Topics & Setup
- Regular classes
- Executive programs
- Online Classes
- Seminars/Short sessions
- Other
This three-day equity valuation class was offered in New York from July 15-17, 2014, and the lectures are available for download. To get a full flavor for the class, you may want to start with the pre-class website that I put together for the class and download the lecture notes for the class. Once you are done with the class, try the post-class website.
And here are the webcasts, organized into six really long 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). Also, the last 5 minutes of the morning session and the last 20 minutes of the evening sessions get cut off and the audio is not great. I fixed the first problem by making webcasts of the missing pages but there is little I can do about the second. (I tried headphones and it is a little better!) I am sorry, though!
| Session (Click here) | Topics covered | Lecture notes/ Other material |
1 (July 15, 9-12.30) |
Introduction to Class Big Picture of valuation
|
LN: Page 1-24 |
In practice webcasts |
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2 (July 15, 1.30-5) |
Equity Risk Premiums Beta estimation From cost of equity to cost of capital |
LN: Page 25-84
|
In practice webcasts |
||
3
(July 16, 9-12.30) |
Cash flow estimation: Getting earnings right Net Cap Ex and Working Capital Expected growth Terminal Value Value Creation - Value versus Price Enhancement - Pathways to increase value - Acquisitions and value |
LN: Page 85-142 |
In practice webcasts |
||
4 (July 16, 1.30-5) Add on: Missing section (Pg 192-201) |
More on acquisitions/value creation Narrative and Numbers: Valuation as a bridge |
LN: Page 143-201 |
In practice webcasts |
||
5 (July 17, 9-12.30) |
The Dark Side of Valuation
|
Page 202-259 |
6 (July 17, 1.30-5) Add on: Missing section (Pg 350-End) |
Value versus Price |
Page 260-End
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| A complete dividend discount model that can do stable growth, 2-stage or 3-stage valuation. This is your best choice if you are analyzing financial service firms. | |
| fcfeginzu.xls | A complete FCFE valuation model that allows you to capital R&D and deal with options in the context of a valuation model. |
| growthbreakdown.xls | A model to value the premium you should pay for growth in either an intrinsic valuation or a relative valuation. |
| fcffsimpleginzu.xls | A complete FCFF model that allows for changing margins and has default assumptions built in (to protect you from inconsistent assumptions). If you want a quick, all-in-one model to value a company with relatively few inputs, try this. |
| This model tries to do it all, with all of the associated risks and rewards. I hate having to work with a dozen spreadsheets to value a firm, and I have tried to put them all into one spreadsheet - a ratings estimator, an earnings normalizer, an R&D converter, an operating lease converter, a bottom-up beta estimator and industry averages. Try it out and make your own additions. | |
| fcffginzulambda.xls | This model is very similar to the fcffginzu model, but it allows the user to enter a measure of company exposure to country risk (that is different from beta). |