Business Valuation With Aswath Damodaran
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  • Agenda
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There are as many models for valuing stocks and businesses as there are analysts doing valuations. The differences across these models are often emphasized by their users, and the common elements are often ignored. VCCircle Training presents “Business Valuation” with Aswath Damodaran – Professor, Stern School of Business, New York University. This extensive program will cover discounted cash flow valuation, and the estimation issues that arise when information is imprecise or unavailable; in addition, it will look at value enhancement through the prism of discounted cash flow models, and contrast techniques such as EVA and CFROI. Also, this study will stress on the other approaches to valuation - (1) the use of multiples and comparables in what can be called relative valuation and (2) the use of option pricing techniques to value certain types of stocks and businesses. In the process, the common factors that run across these models, as well as the differences, will be discussed.



Why you should attend?
The objective of this study 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, 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 a restructuring a firm



Who should attend?
The mix of basic valuation techniques and applications provided in this study should appeal to a widely diverse audience. In particular, it should be useful for
• Equity research professionals, 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.
• Anyone 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 One

Session One:
• The Discounted Cash Flow Model
• Setting up the Model

Session Two :
• The Big Picture of DCF Valuation
• Valuation Examples
• The Discount Rate Question

Session Three :
• Open Q&A

Session Four :
• Risk premiums and Betas
• The Cost of Debt
• Estimating Cash Flows

Session Five :
• Estimating Growth Rates
• Estimating Growth Patterns
• The Terminal Value
• Closing Thoughts on DCF valuation

Session Six :
• Open Q&A


Day Two

Session Seven :
• Loose Ends in Valuation
-Cash, Cross holdings and other assets
-The Value of Control, Synergy and Transparency
-The Liquidity Discount
-Employee Stock Options

Session Eight :
• The Allure of Relative Valuation
• Categorizing Multiples
• The Four Steps in Analyzing Multiples

Session Nine :
• Open Q&A

Session Ten :
• Applying Multiples in Valuation
• Finding Comparable firms
• Controlling for differences
• Picking the Right Multiple

Session Elven :
• The Real Options Story
• The Option to Delay (and valuing patents and natural resource companies)
• The Option to Abandon
• The Option to Expand
• Equity in Troubled firms as options

Session Twelve :
• Open Q&A

Aswath Damodaran Aswath Damodaran Professor, Stern School of Business at New York University
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24th - 25th May,

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