Masterclass on 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 workshop, we hope to emphasize the shared foundations of valuation approaches and how to bridge differences among them.

The first part of the workshop 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 workshop 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 workshop will examine relative valuation, i.e., the valuation of assets/businesses by looking at how similar assets/businesses are priced by the market.


The objective of the workshop 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 workshop, 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 workshop 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
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Date: April 19-20, 2018
Venue: Mumbai

In case of queries, please email us at

Industry Partner

CFA Society India

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 advisers, and other financial professionals. As one of the over 149 CFA Institute member societies, CFA Society India connects local members to a global network of investment professionals.

For more than 60 years, CFA Institute and Member Societies such as CFA Society India, have held educational events featuring prominent investment professionals and thought leaders, and as the number of investment professionals across India continue to grow, we are committed to offering quality educational and networking opportunities in the region.

The key objectives of the society are to:

• Promote ethical and professional standards within the investment industry in India
• Facilitate the exchange of information and opinions among people within the local investment community and beyond
• Work to further the public’s understanding of the CFA® designation and the investment industry.

* CFA Society India is a registered trademark of CFA Institute licensed to be used by the Indian Association of Investment Professionals.”

Standard Fee:
Indian delegate - INR 1,25,000 + 18% GST
International delegate - USD 2500 inclusive of taxes

Early Bird Offer:
Till 31st Dec 2017 :  INR 1,00,000 + 18% GST (USD 2000)
Till 31st Jan 2018  : INR 1,10,000 +  18% GST (USD 2200)

*Standard fee applicable from Feb 1, 2018

Title –VIP Table (7 Seats) Title – Diamond Table (5 Seats) Title – Gold Table (3 Seats)
Deliverables: Deliverables: Deliverables:
Savings of 15% on the prevailing ticket prices Savings of 12%  on the prevailing ticket prices Savings of 10% on the prevailing ticket prices
Reserved front row round table seating Reserved second row round table seating Reserved third row round table seating
Corporate branding with delegate name tags on the table Corporate branding with delegate name tags on the table Dedicated registration desk for both days
Dedicated registration desk for both days Dedicated registration desk for both days  
Opportunity to know the attendee details, in advance, for networking opportunity Opportunity to know the attendee details, in advance, for networking opportunity  

Contact us at  91-956088566, 0120-4171111, for pricing information.

There are two ways to register:

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

For corporate group registrations & sponsorship speak to Sujatha on 0120-4171111/ 91-956088566 or write at

Cheque/DD to be made in favor of: Mosaic Media Ventures Pvt Ltd (payable in New Delhi to:

Mosaic Media Ventures Pvt. Ltd.
A-83, Ground Floor,
Sector -2, Noida - 201301

Please attach a note with details of the cheque.
Name of the delegate(s), Organization, Designation, Address, Contact No., E-mail ID

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

Account Name: Mosaic Media Ventures Pvt. Ltd.
Account No: 499324051001
Bank Name: HSBC Bank
Branch Address: Noida Sector 18
IFSC Code: HSBC0110007

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

Refund and Substitution Policy (Differ from one programme to other, please read carefully):

No refunds will be granted for cancellations made within 15 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 30 days prior to the workshop.
Cancellation fee of 25% will be applicable up to 45 days prior to the workshop.
Substitutions within a company are permitted through the workshop/training date, request must be by email to
Company reserves the right to amend content, expert, policy, venue & date(s) of the workshop.
Participants will be refunded the registration fee in full in case the workshop gets cancelled.
In case of refunds or cancellation mentioned above - the inward and outward Forex transaction cost (s) and currency fluctuation differential will be charged while accounting for the refund.
Company assumes no liability for any costs including transportation, hotel reservations or any other costs incurred by participants in the event of cancellation.