Masterclass on Business Valuation with Aswath Damodaran
  • Introduction
  • Agenda
  • Experts
  • 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.

Objective:

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 training@vccircle.com


Standard Fee:
For Indian delegate - INR 1, 25, 000 Plus 18% GST
For International delegate - USD 2500 Inclusive Taxes

Early Bird Offer for first 25 delegates:  INR 1, 00, 000 plus 18% GST,   USD 2000
Early Bird offer for 26-50 delegates: INR 1, 10, 000 plus 18% GST,   USD 2200

*Standard fee applicable for 51st registration onwards

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 training@vccircle.com

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:

INDIAN DELEGATES
Account Name: Mosaic Media Ventures Pvt. Ltd.
Account No: 499324051001
Bank Name: HSBC Bank
Branch Address: Noida Sector 18
IFSC Code: HSBC0110007
GSTIN No: 09AAECM9813A1ZL

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

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