Refresher Course in Business Valuation with Aswath Damodaran
  • Introduction
  • Agenda
  • Profile
  • Venue
  • Partner
  • Registration

There are as many models for valuing stocks and businesses as there are analysts doing valuations. While we often talk about the differences across valuation models, we seldom talk about what they share in common. In this seminar, we hope to emphasize the shared foundations of valuation approaches and how to bridge differences among them.

The first part of the seminar will cover the discounted cash flow valuation, and the estimation issues that come up when estimating discount rates, cash flows and expected growth. In addition, it will look at value enhancement through the prism of discounted cash flow models. The second part of the seminar will focus on what we term the loose ends in valuation and follow up by looking at “difficult-to-value” companies across the spectrum (life cycle, sectors). The third part of the seminar will examine relative valuation, i.e., the valuation of assets/businesses by looking at how similar assets/businesses are priced by the market

Objective
The objective of the seminar is to provide the fundamentals of each approach to valuation, together with limitations and caveats on the use of each, as well as extended examples of the application of each.
At the end of the seminar, participants should be able to –

  •  Value any kind of firm in any market, using discounted cash flow models (small and large, private and public)
  •  Value a firm using multiples and comparable firms
  •  Analyze and critique the use of multiples in valuation
  •  Value “problem” firms, such as financially troubled firms and start-up firms
  •  Estimate the effect on value of restructuring a firm

Who should attend?
The mix of basic valuation techniques and applications provided in this seminar will appeal to a widely diverse audience. In particular, it will be useful for:

  •  Equity research analysts, who are interested in examining alternatives to the multiples that they use or the linkage to discounted cash flow models
  •  Corporate financial officers, who want to understand the details of valuation, either because they are planning acquisitions or are interested in
     value enhancement strategies for their firms
  •  Analysts involved in mergers and acquisitions, who would like to acquire a wider repertoire of valuation skills
  •  Portfolio Managers who are interested in the effects of corporate restructuring on firm value, and the implications for portfolio management
  •  Anyone interested in valuation

Day 1
  •  The Discounted Cash Flow Model
  •  Setting up the Model
  •  The Big Picture of DCF Valuation
  •  Valuation Examples
  •  The Discount Rate Question

  •  Risk premiums and Betas
  •  The Cost of Debt
  •  Estimating Cash Flows
  •  Estimating Growth Rates
  •  Estimating Growth Patterns
  •  The Terminal Value
Closing Thoughts on DCF valuation

Day 2

  •  Loose Ends in Valuation
      - Cash, Cross holdings and other assets
      - The Value of Control, Synergy and Transparency
      - The Liquidity Discount
      - Employee Stock Options
  •  The Dark Side of Valuation
      - Valuing young, growth companies
      - Valuing mature companies in transition
      - Valuing declining and distressed companies

  •  The Dark Side of Valuation
     (Continued)
      - Valuing cyclical companies
      -  Valuing commodity companies
      - Valuing financial service companies
      - Valuing private businesses
  •  Relative Valuation
      - Deconstructing multiples
      - Comparable company valuation

Open Q & A

Aswath Damodaran Aswath Damodaran Professor, Stern School of Business at New York University
Connect via  
 
Four Seasons Hotel Singapore
190 Orchard Boulevard
Singapore 248646

http://www.fourseasons.com/singapore

In case of queries, please email us at training@vccircle.com


Industry Partner

Singapore Venture Capital & Private Equity Association

The Singapore Venture Capital & Private Equity Association (SVCA) was formed in 1992 to promote the development of the venture capital (VC) and private equity (PE) industry.

Our Mission is to foster greater understanding of the importance of venture capital and private equity to the economy in support of entrepreneurship and innovation and to look after the interests of our members.

The association strives to promote the professional development of the industry as well as facilitate interaction and collaboration among its members. The association also acts as a platform for dialogue on regulatory and policy issues pertaining to VC and PE and builds linkages to centres of VC and PE activities in the region.

Industry Partner

CFA Society Singapore

Industry Partner

CFA Society India

The CFA Society India (Indian Association of Investment Professionals), established in April 2005, is an association of local investment professionals, consisting of portfolio managers, security analysts, investment advisors, and other financial professionals. As one of the over 140 CFA Institute member societies, the CFA Society India connects local members to a global network of investment professionals. The key objectives of CFA Society India are to promote ethical and professional standards within the investment industry in India and to facilitate the exchange of information and opinions among people within the local investment community and beyond. CFA Society India also works to further the public’s understanding of the CFA® designation and the investment industry.

Standard Fee: USD 2499 Inclusive Taxes (INR 167433 *plus tax) (SGD 3499)

Early Bird Offers:
Till 15th Feb ' 17 - USD 1624 (INR 108831 *plus tax) (SGD 2274)
Till 15 March '17 - USD 1999 (INR 133946 *plus tax) (SGD 2799)
Till 15 Apr '17 - USD 2249 (INR 150690 *plus tax) (SGD 3148)
Till 30th Apr '17 - USD 2374 (INR 159061 *plus tax) (SGD 3324)

*Standard fee applicable post 30th April i.e. USD 2499 Inclusive Taxes (INR 167433 *plus tax) (SGD 3499)

For more queries speak to Nadeem on 91-22-61456106 / 91-8879901184 or write at training@vccircle.com

There are two ways to register:

1) Online registration: Click Here
2) Offline registration through cheque/DD - Download offline registration form: Click Here

Payment Details:

1. Cheque/DD to be made in favor of "Mosaic Media Ventures Pvt Ltd" and courier it at the below address
   Mosaic Media Ventures Pvt. Ltd.
   A-83, Ground Floor,
   Sector -2, Noida - 201301

2. Directly deposit cash, submit cheque or transfer online to our ICICI Bank a/c:

International Delegates
Account Name: Mosaic Media Ventures Pvt. Ltd.
Account No: 629705015595
Bank Name: ICICI Bank
Branch Add: Mayur Vihar, Phase-1, Delhi - 110091
IFSC Code: ICIC0006297 | Swift Details: ICICINBBCTS
Indian Delegates
Account Name: Mosaic Media Ventures Pvt. Ltd.
Account No: 499324051001
Bank Name: HSBC Bank
Branch Address: Noida Sector 18
IFSC Code: HSBC0110007

 

Refund and Substitution Policy (Differ from one programme to other, please read carefully):
No refunds will be granted for cancellations made within 7 days of the workshop. Those delegates who have confirmed and do not attend, are liable to pay the full course fee and no refunds will be granted.
Cancellation fee of 50% will be applicable 15 days prior to the workshop.
Cancellation fee of 25% will be applicable up to 21 days prior to the workshop.
Participants can cancel their registration 30 days prior to the event for a full refund.
Substitutions within a company are permitted through the workshop/training date, request must be by email to training@vccircle.com
Company reserves the right to amend content, expert, venue & date(s) of the workshop
Participants will be refunded the registration fee in full in case the workshop gets cancelled.
Company assumes no liability for any costs including transportation, hotel reservations or any other costs incurred by participants in the event of cancellation